I might've goofed. Need advice.

[kodiakisland]

I am swallowing REAL hard at a $1500/month payment.

I hate my $400/month payment.

$1500/month isn't what bothers me. 72 months does. I've always gone by the rule if I can't afford a 48 month loan, I can't afford it. Unless I'm getting 0% financing, 72 months is a no go.

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[GoHawks63]

$1500/month isn't what bothers me. 72 months does. I've always gone by the rule if I can't afford a 48 month loan, I can't afford it. Unless I'm getting 0% financing, 72 months is a no go.

I have always financed for 5-6 years just as a cushion, but have always paid extra and have paid off all of my cars within 3-4 years. Heck, I paid my Roush off in just over two.

I am semi-retired now. I had a money market account that I was contributing towards every month that wasn't factored into my longer-term retirement plans, It was always meant to be a future car fund. I cashed that out and had discussed with my financial planner if I should just pull out the rest and just pay off the car completely.

His advice was to keep my money in my investments since I was going to make more there than what I would be paying in interest for the loan I was going to take out.

So, between my money market and what I received on my paid off trade, I put down just over 65% of the purchase price. I am putting down extra on my monthly payment and quite honestly, I can pay off the entire amount if I choose to, or if it looks like theinvestment situation reverses itself.

 

[vrtical]

This is confusing $92k for a 25 WTF.

 

[masonwins]

Personally i would go in and speak with them. Face to face conversations have a way of getting a little more traction. Worst they can say is no. Then regardless, go grab a cheeseburger on your way home and find a nice spot and enjoy it. hope it works out.


As far as your personal life stuff (pay, living arrangements etc) thats your business. Do you. If you can squirrel away a few sheckles then do that. Thank you for your service, and enjoy your ride.

I appreciate it man! The GSM is going to give me a call today to discuss.

 

[BUCKYBRONCO2021]

I appreciate it man! The GSM is going to give me a call today to discuss.

Thats good. Good luck i hope it works out! If by some chance they dont call I'd make the trip and do a face to face. Nothing like a little face time to motivate people. Hard to say you cant come to the phone when im standing there. I know its a hike but its also an excuse to take a road trip. I Might be taking a road trip to Jersey myself to get the over-payment back on the registration fees i paid. They seem to be dragging their feet on that one lol.

 

[ftank]

Know what you want going into that call. And ask for more than that. Suggestion - maybe they can give you ford points that you can use for oil changes and service that amounts to $5k over the next few years. Did you get a 2024 model or 2025? If it was a 2024 model you might ask for the full $10k. Good luck and enjoy that Raptor, it’s a hell of a ride!!

 

[Fordified1]

Wait, what???

You're 32, living at home, making 10k plus a month and driving a 100k Raptor with no plan of moving out because rent is too expensive ... I'm sure your parents are proud.

Our 28 year-old son moved back in with us in a separate part of the house, is a mechanic and pays rent, and we like him being there because he takes care of the house and animals when we’re traveling (which is a lot) and he can help me around the house. He is super tight with his money and is saving up. And I get to spend time with him that I missed when I was working 70 hours a week..

 

[Shazamalingo]

I have always financed for 5-6 years just as a cushion, but have always paid extra and have paid off all of my cars within 3-4 years. Heck, I paid my Roush off in just over two.

This is the way. If the rate is not crazy, take the longest term loan and just pay the extra amount to manually bring the effective interest rate down. This way, you get a free cushion. Any financial advisor would recommend this to any client with self control.

 

[Toccoa]

Our 28 year-old son moved back in with us in a separate part of the house

 

[masonwins]

I want to thank everyone that gave me advice and reassurance. Honestly was all super helpful. Even the gut checks!

 

[masonwins]

This is confusing $92k for a 25 WTF.

Pay to play unfortunately. Raptor Off-Rodeo in Nevada anyone? Hope to see one of ya’ll there

 

[masonwins]

This is the way. If the rate is not crazy, take the longest term loan and just pay the extra amount to manually bring the effective interest rate down. This way, you get a free cushion. Any financial advisor would recommend this to any client with self control.

Yea, this was what I was thinking too. My payment is $1500 per month, but I’m going to put extra $500-$1000. Then drop big payments of $5-10k when my bonus hits and tax season comes around.

 

[VirginiaHeritage]

$1500/month isn't what bothers me. 72 months does. I've always gone by the rule if I can't afford a 48 month loan, I can't afford it. Unless I'm getting 0% financing, 72 months is a no go.

Agreed.

The last two vehicles I financed were at 0% (12 years ago) and 1.9% (7 years ago). Both Subarus, and Subaru-Chase financing.

If Ford had offered a rate like 1.9%, I would have financed the Bronco, and I would have had more money at the end vs. paying cash, based on investment returns.

 

[Brian_B]

I’ll be transparent.

You don’t have to be around here. Lots of people like to get all judgmental. But your business is your business - all us other folks aren’t making your car payment; you are, and if you can live with it (preferably comfortably without any “situations”) that’s fine with me however your situation may be.

This is a Bronco forum, not a lifestyle coaching or wealth management forum. Not everyone has the same means or options at their disposal.

 

[raptorusmaximus]

I suspect they knew it was coming and chose not to tell you.

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