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09-08-2009, 09:29 PM
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#1 (permalink) |
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First Korea, Now TEXAS!
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CAR HELP - FINANCING EVEN BIGGER UPDATE IN OP!
DH and I are trying to make the best decision for ourselves for a car...
We went into the Overseas New Car Sales last week and spoke to her a bit about a 2009 Ford Focus. We then went home and told my parents about the car and got their opinion. It wasn't a good one might I add.. So we went back in yesterday to see what kind of financing we might be able to get and we put down a refundable $300. I got a call today and we had been approved through both Service Credit Union and Ford Motor Company. Here's the numbers part: -DH is an E-3 in the Army (PFC) - look up pay grade for his monthly paycheck with dependants. -We are pretty much guaranteed housing because he's coming from an overseas tour unaccompanied etc etc. So that takes care of housing. -So from what we were told the Interest Rate is 8.9% for 48 months. The financing amount would be $14,582.50. Making the monthly payments around $360/month. -Onto Insurance... Because DH has never had insurance other than under his parent's name, his name on the policy for USAA makes it a tad bit higher. Around $140/month So as of right now the total payment for this car with insurance shows: $500 a month. Now on E-3 pay would you do it? -keep in mind we have a newborn coming in February...  His credit isn't that great. We were lucky to have gotten this financing. Lets just say its in the "poor" range... he's only 21. I have HORRIBLE credit so financing with my name isn't worth it. Please read the WHOLE thread before going off on what a dumb idea this is. There's a lot that comes into play with our situation. So we went into car sales today to get our $300 allotment stopped. This is the story and the email I wrote TONIGHT to our sales lady who unfortunately wasn't there to witnes the act that went on... HOPE YA'LL LIKE IT!  I think I did good.  btw, she'll get the email tomorrow when she goes into work.[Sales Lady's Name], As I am sure you've been notified, my husband and myself; as well as my family, spoke about the car and laid out all of our options. We looked into Financing, we looked into length of months for financing, interest rate, as well as the actual car itself. When going over the offers that were presented to us on Wednesday from Ford Motor Company and Service Credit Union we saw that even if the amount of months were changed to 72 months we would still never be able to afford a car at (according to this website http://www.bankrate.com/calculators/...alculator.aspx) would have been at $296.00 not including insurance, which shows to be around $140 a month. As you know, my husband is an E-3, his pay does not fit in the bracket of being able to afford a car brand new off the lot for over $436 a month. We went into your office hoping to speak to you but were unfortunately met by some rude gray-haired man in the managers chair as well as Charise (another sales woman). My husband went in and initially addressed Charise in our request to cancel the allotment we set up and was cut off by this man. Not once did he introduce himself or tell us who exactly he was. My husband went in nicely and said that we had found a better deal in a used car that would fit our pay grade and would not be purchasing a brand new car on such a small paycheck and that it wouldn't be appropriate for someone who is having a child next year to be paying 1/4 of his paycheck for a car. This man proceeded to berade my husband for saying that he had found a better deal and that he "Doesn't ever want to hear that someone found a better deal" etc etc. Again, my husband shrugged him off, not knowing exactly who he was he turned his attention again to Charise. She then walked over to your desk and began to look for the Allotment paperwork. When she found nothing the man went over to your desk and looked himself and saw that you submitted the paperwork on Wednesday 09/09/09 and that, according to him, because the paperwork had been submitted already that it was to late to STOP payment on that allotment. Fine, I told him that's fine, he then told me to write out a statement of cancellation for the allotment and that my husband needed to sign it, so we did. As I wrote the letter the man CONTINUED to berade us and our decision and asked "Why, if we weren't going to get the car would we waste your time..." and "resources" in the first place. I had my husband sign the letter, told the man our decision was in the best interest of our family and that was that and he told us that the payment would be taken out no matter what and then 10 days later it would be back into our account (25th of Sept).Anastasia, As I am sure you've been notified, my husband and myself; as well as my family, spoke about the car and laid out all of our options. We looked into Financing, we looked into length of months for financing, interest rate, as well as the actual car itself. When going over the offers that were presented to us on Wednesday from Ford Motor Company and Service Credit Union we saw that even if the amount of months were changed to 72 months we would still never be able to afford a car at (according to this website http://www.bankrate.com/calculators/...alculator.aspx) would have been at $296.00 not including insurance, which shows to be around $140 a month. As you know, my husband is an E-3, his pay does not fit in the bracket of being able to afford a car brand new off the lot for over $436 a month. We went into your office hoping to speak to you but were unfortunately met by some rude gray-haired man in the managers chair as well as Charise. My husband went in and initially addressed Charise in our request to cancel the allotment we set up and was cut off by this man. Not once did he introduce himself or tell us who exactly he was. My husband went in nicely and said that we had found a better deal in a used car that would fit our pay grade and would not be purchasing a brand new car on such a small paycheck and that it wouldn't be appropriate for someone who is having a child next year to be paying 1/4 of his paycheck for a car. This man proceeded to berade my husband for saying that he had found a better deal and that he "Doesn't ever want to hear that someone found a better deal" etc etc. Again, my husband shrugged him off, not knowing exactly who he was he turned his attention again to Charise. She then walked over to your desk and began to look for the Allotment paperwork. When she found nothing the man went over to your desk and looked himself and saw that you submitted the paperwork on Wednesday 09/09/09 and that, according to him, because the paperwork had been submitted already that it was to late to STOP payment on that allotment. Fine, I told him that's fine, he then told me to write out a statement of cancellation for the allotment and that my husband needed to sign it, so we did. As I wrote the letter the man CONTINUED to berade us and our decision and asked "Why, if we weren't going to get the car would we waste your time..." and "resources" in the first place. I had my husband sign the letter, told the man our decision was in the best interest of our family and that was that and he told us that the payment would be taken out no matter what and then 10 days later it would be back into our account (25th of Sept).I would like a guarantee that this payment will be put back in our account as we are PCSing soon and can't afford to be handing money out 12 days before we are set to leave Korea. I do thank you for your personal help in getting us the information we needed to make this decision. I do hope you see where we are coming from. Thank You, Joseph and Ashley *****
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    Last edited by Manchu Ma'am; 09-10-2009 at 08:34 AM. |
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09-08-2009, 09:37 PM
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#4 (permalink) | |
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Senior Member
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 Why don't you see what your rate would be if you have a loan for longer than 48 months? |
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