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I'll Buy YOUR car for $10,000!!!
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Discussion Starter #1
I am in need of outside opinions.

I currently have an 02 Zx3 (see sig) and have seriously been considering getting an 05 ST due to the family pricing ($15414 with sunroof, perimeter alarm and side airbags).

My problem is this: I currently owe $10900 on my Zx3 and the dealer will give me 6000 for it on trade in. My credit isnt that great (548 on experian and 608 on transunion). Ford credit wants 480 a month for 48 months or 420 a month for 72 months.. now..this seems awfully high to me as if it goes the full 72 i will have paid 30k for a 20k loan (15k car+5000 negative equity). I do plan on seeing what my credit union has to say in the next few days but want opinions.

Should I keep my 02 with 412xx miles on it? It will probably need a tranny in 10-15k miles. Or should i go with the ST and eat the interest?

Thanks
 

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I am in need of outside opinions.

I currently have an 02 Zx3 (see sig) and have seriously been considering getting an 05 ST due to the family pricing ($15414 with sunroof, perimeter alarm and side airbags).

My problem is this: I currently owe $10900 on my Zx3 and the dealer will give me 6000 for it on trade in. My credit isnt that great (548 on experian and 608 on transunion). Ford credit wants 480 a month for 48 months or 420 a month for 72 months.. now..this seems awfully high to me as if it goes the full 72 i will have paid 30k for a 20k loan (15k car+5000 negative equity). I do plan on seeing what my credit union has to say in the next few days but want opinions.

Should I keep my 02 with 412xx miles on it? It will probably need a tranny in 10-15k miles. Or should i go with the ST and eat the interest?

Thanks
Have you considered looking into a re-fi on your ZX3?
 

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Liter-a-cola? I measure my drinks in YARDS!
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9,786 Posts
I am in need of outside opinions.

I currently have an 02 Zx3 (see sig) and have seriously been considering getting an 05 ST due to the family pricing ($15414 with sunroof, perimeter alarm and side airbags).

My problem is this: I currently owe $10900 on my Zx3 and the dealer will give me 6000 for it on trade in. My credit isnt that great (548 on experian and 608 on transunion). Ford credit wants 480 a month for 48 months or 420 a month for 72 months.. now..this seems awfully high to me as if it goes the full 72 i will have paid 30k for a 20k loan (15k car+5000 negative equity). I do plan on seeing what my credit union has to say in the next few days but want opinions.

Should I keep my 02 with 412xx miles on it? It will probably need a tranny in 10-15k miles. Or should i go with the ST and eat the interest?

Thanks
I thought I owed a lot on my focus still...
 

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don't do it man. if you can't afford it then don't do it. what do you NEED the new car for? you don't really NEED anything. Just keep your car and build up your credit in other places. Then when your car is dead in like 5 years and you really NEED a new car you'll be able to afford it.
 

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I would reccommend selling your current ZX3 for whatever you can get for it and just buying a cheap car w/ a small loan. Your getting raped on interest charges. One could buy a brand new 05 ZX3 for about what you owe on your 4 year old one.....
 

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I can't stop typing...I can't stop typing...I can'
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Dude when did you buy your 02, was it towards the end of the year?
If you bought a 02 LATE in the year you may have the 5 year 100,000 mile powertrain warrantee on them.

I didn’t find this out until I brought the car to a dealer and it popped up with a 5 year warrantee, not just the standard 3yr 36k warrantee on it.
 

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Ford Credit probably has special finance rates for 48 months but not for 72 months. That's why there is such a difference. Pretty good deal if you can do the 48 months:

15414X6.75(i think this is your tax rate)=16454.45. Plus 5000 upsidedown =21454.

480 X 48= 23040. That means Ford Credit is only making 1586 on interest. Plus they are finaning YOUR 5000 problem at a very low rate (bonus!).

Don't even THINK about the 72 month thing. If you can't do 480, don't do it at all.
 

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Refinance your current car and pay as much into it as you can afford.
How much are you paying a month? Also what is your intrest? As MC9ZX3 said you are getting raped on intrest charges.
 

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Ford Credit probably has special finance rates for 48 months but not for 72 months. That's why there is such a difference. Pretty good deal if you can do the 48 months:

15414X6.75(i think this is your tax rate)=16454.45. Plus 5000 upsidedown =21454.

480 X 48= 23040. That means Ford Credit is only making 1586 on interest. Plus they are finaning YOUR 5000 problem at a very low rate (bonus!).

Don't even THINK about the 72 month thing. If you can't do 480, don't do it at all.
dont forget this isn't simple intrest....it's compounded intrest
 

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Don't do it. Wait at least until your balance is equal to what you owe on it. Work on your credit (pay EVERYTHING on time EVERY TIME). Wait for a better Focus.
 

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I'll Buy YOUR car for $10,000!!!
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Discussion Starter #13
Re-financing the 02 is not an option. I bought it in Germany and it technically doesnt exist in the States, no title, no registration, no inspection. My credit union wont refinance it without a title. When I bought the car, my credit was in the mid 400's because of stupid college credit cards and an apartment contract that I legally got out of, but they charged me 1300 in reletting and other [censored] fee's. The Soldier Sailor Act let me legally break my lease contract for military service, but they still ruined my credit.

I am paying 420 a month on my current Zx3 so doing 480 a month for 48 shouldnt be a problem, but it is still alot for a focus. I am just worried about the tranny in it, I think I will need a new one (or rebuild the old) in about 10-15k miles.
 

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So your car is basically illegal here in the states?

No registration or title? Hope you don't get pulled over


Good luck with it all though.
 

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how is the car insured or licensed here? A german Foci in the US could bring problems when trying to resell it.
I would keep the car until you get more of it paid off, and repair your credit to help with the payments.
 

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Dont do it!!! you will only have the same problem 5 years down the road when u want to trade out of the ST. since u rolled the negative equity into the focus you owe more than the car was ever worth. Thats not good. Honeslty just keep paying this car off until you owe nothing on it or you get your balance low enough that rolling a thousand into the new car isnt that big of a deal. As tempting as a new car sounds, it doesnt sound like you are financially able to take on a new car. But the worste thing you can do is buy a new car and roll that much money into a new car, it only gets worse years from now because the focus doesnt hold its value well and u will be in the same situation.
 

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I'll Buy YOUR car for $10,000!!!
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3,602 Posts
Discussion Starter #19
So your car is basically illegal here in the states?

No registration or title? Hope you don't get pulled over


Good luck with it all though.
Been pulled over a couple of times.. when asked about the plates, i just say "US Army in Europe" and the officer replies "this isnt the autobahn son, slow it down"


The car is insured thru USAA (military insurance) and they know that the car is not registered in the states. The car looks like a NA Focus, but was not built in Hermillso or wherever most NA foci are built.
 

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KEEP THE 02. I traded my 02 zx5 in and the dealer gave me 7500 for it...I also only had 25,000 mi. on it... but I am only paying 290.00 for my ST.
 
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