# $611.67 a month for 40 months!!!!



## WanaGTO (Sep 7, 2008)

Welp, NOT HAPPENING. Just got back from the dealer. As I stated before, I have no credit history...little did I know how much they would try to RAPE me for that! I was putting 6K down on the car which was windowed at 17,999...they wanted to charge me...are you ready???? 611.67 a month for 40 months!!! HELL NO! 24% INTEREST...

GTO is a NO GO!....what a f***ing shame


Moral of story: dont buy a car without credit history...those A**holes!


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## alsgto04 (Nov 21, 2007)

Dude cant you find a co-signer that is so ridiculous they are really trying to rape you those interest are way to high. Damn those stealership:shutme
Damn i feel sorry for you.


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## 2006GTOLS2 (Sep 23, 2005)

WanaGTO said:


> Welp, NOT HAPPENING. Just got back from the dealer. As I stated before, I have no credit history...little did I know how much they would try to RAPE me for that! I was putting 6K down on the car which was windowed at 17,999...they wanted to charge me...are you ready???? 611.67 a month for 40 months!!! HELL NO! 24% INTEREST...
> 
> GTO is a NO GO!....what a f***ing shame
> 
> ...


Sorry to hear this man. Sometimes no credit history is worse than bad credit history. I'm assuming you are young. Take this advice from a 38 year old that has been there and done that.........establish a good credit history as young as you can, and maintain that good credit history at all costs!!! If you don't, and your credit gets bad, it will haunt you until you correct it. I know from experience. Good luck to you.


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## PDQ GTO (Jun 21, 2007)

Walk away and never look back; you did the right thing Big Time. Chill for a while, but keep your eye out; there will be other Goats...


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## 05GTO (Oct 6, 2004)

Put the car on hold for a year, go to a bank and establish a relationship, open a checking account then borrow $10,000 for 24 months, don't laugh, take the 10K and purchase a 12 month CD, give the CD to the bank to hold as collateral. Make your monthly payments 4 days early and in person and be sure to speak to the person that loaned you the money on each visit. Pay an extra $100 toward the principle each month when you make your payment.

At the end of 1 year cash out the CD and pay off the loan, you should have $ 5,000 to $ 6,000 left over. I'll bet that bank will loan you money for a car as long as the credit you have is good. 

Just my 2 cents,


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## WanaGTO (Sep 7, 2008)

Yea guys...Im so upset about it. I was so set on having this car and everything seemed to be lining up so nicely. I'm kind of at a loss for words about the whole situation. Thanks for the credit advice 05GTO..i will try to implement your ideas.

Looks like I won't be one of you guys for quite some time now


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## WanaGTO (Sep 7, 2008)

btw....yea I turned 20 in August for anyone wondering why I dont have a credit history


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## koman (Sep 25, 2006)

WanaGTO said:


> btw....yea I turned 20 in August for anyone wondering why I dont have a credit history


don't feel bad, i had no credit too at 26... yet i had a credit card for 6 years a checking account for 4 years and an apartment for 2 years. if i had it to do all over again i'd stay on the cash basis i lived by before...


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## 6QTS11OZ (Mar 27, 2005)

Try joining a credit union too. They normally have better auto interest rates than banks.


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## Rukee (Feb 8, 2007)

You'd end up paying over 30 grand for the car!


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## WanaGTO (Sep 7, 2008)

6QTS11OZ said:


> Try joining a credit union too. They normally have better auto interest rates than banks.


What exactly is a credit union??


Rukee said:


> You'd end up paying over 30 grand for the car!


Yea I know! They were trying to rape me! I can just see they guys at the bank viewing my credit app....

"Oh, yea!...lets bend this guy over!"


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## GTO JUDGE (May 14, 2005)

Good advice coming from the guys....

Have a parent, aunt, uncle that will co-sign a loan? If you do you will get a loan and a % rate contingent on their credit history. This is the only way a young guy can swing a loan. With the way things are going right now many will be lucky to even get a loan. 

Start by getting a couple of credit cards. Make purchases using the credit cards. As soon as you do, cut a check out for the whole amount and set it aside. As soon as the bill comes in the mail put the check in the mail right away. The creditor will get this payment some 15 days a head of time. Keep doing this. You *MUST* discipline yourself to do this though. If you don't start establishing credit you will never be able to secure a loan for a reasonable rate. 

If you get a someone to co-sign a loan, you will begin your credit establishment even if it is piggybacked with the person who co-signed the loan. Even if this car loan doesn't happen you still need to start for future loans. Using a C.C. and using it like I stated will start you off.


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## popcorn man (Oct 10, 2008)

lots of good advice, credit card and bank advice especially,things will get better good credit will follow.


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## 6QTS11OZ (Mar 27, 2005)

WanaGTO said:


> What exactly is a credit union??


Plain and simple;

Credit unions are not-for-profit. This means that after expenses are paid and reserves are set aside, surplus earnings are returned to members in the forms of higher dividends, lower loan rates and free or low-cost services. 

Credit unions have members, not customers. Each person who deposits money in a credit union becomes a member of the credit union. Credit unions are run by a volunteer board of directors.


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## Tacmedic (Feb 24, 2006)

*My advice...*

...and worth what you paid for it is to save up and pay cash for cars. I have never had a car loan and damned if I am going to borrow money for an asset that depreciates as quickly as an automobile.:willy:


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## ROBSGTO (Jul 6, 2008)

WanaGTO said:


> Welp, NOT HAPPENING. Just got back from the dealer. As I stated before, I have no credit history...little did I know how much they would try to RAPE me for that! I was putting 6K down on the car which was windowed at 17,999...they wanted to charge me...are you ready???? 611.67 a month for 40 months!!! HELL NO! 24% INTEREST...
> 
> GTO is a NO GO!....what a f***ing shame
> 
> ...



What year was the car?You can get 72 months on an 06 so your payments will be cheaper.


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## raspantienator (Nov 20, 2007)

Now you have the motivation to build your credit history. You'll still be ahead of many your age -your day will come soon. Good luck.


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## aeprominant (Oct 11, 2008)

Hey all, this is my first post here as I just got my first goat 2 weeks today. 

I just turned 20 years old on Sept 1, and I am currently financing my 04 GTO at 4.75% interest with no cosigner.

The week I turned 18 I went to my bank and got a credit card, and my Dad took me to the dealership and cosigned an 04 Alero. For the passed 2 years I have been buying everything with my credit card while never missing a car payment or a credit card bill. I have also kept the same job for almost 3 years. I got my loan through belco credit union, and they said my credit score was almost perfect. I have my Dad to thank for that, he is the one who talked me into getting the credit card, the Alero. I also have him to thank for teaching me about having a strong work ethic. 

All it takes is a year or 2 of credit building.


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## GTO JUDGE (May 14, 2005)

ROBSGTO said:


> What year was the car?You can get 72 months on an 06 so your payments will be cheaper.


Payments will be cheaper but the accrued interest will far exceed the 40 month rate.


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## GTO JUDGE (May 14, 2005)

aeprominant said:


> Hey all, this is my first post here as I just got my first goat 2 weeks today.
> 
> I just turned 20 years old on Sept 1, and I am currently financing my 04 GTO at 4.75% interest with no cosigner.
> 
> ...


Welcome to the forum... I think many of us have traveled down the same road your Dad steered you. You are reaping the benefits your Dad provided you. :cheers


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## FASTKNIGHT05 (Sep 17, 2008)

dont give up your search,, but rest assure these banks cant survive if they dont give out descent loans,,,, i guess thats why they are buying each other out:cool


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## WanaGTO (Sep 7, 2008)

aeprominant said:


> Hey all, this is my first post here as I just got my first goat 2 weeks today.
> 
> I just turned 20 years old on Sept 1, and I am currently financing my 04 GTO at 4.75% interest with no cosigner.
> 
> ...


Congratulatoins...sounds like your dad taught you all the right things. Unfortunately, my dad upped and left my family when I was 14. I wish I had had the same excellent advice that you had. I suppose I could get an LS1 GTO for cheaper but I really want the LS2...can't beat the mileage to power of those 05's 06's. I have by no means given up...In good time Ill have my goat


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## markfothebeast (Feb 28, 2008)

Did you ever think that the insurance would be as much as the payment if you did get a good rate? Probably around $250-$300/mo.


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## WanaGTO (Sep 7, 2008)

markfothebeast said:


> Did you ever think that the insurance would be as much as the payment if you did get a good rate? Probably around $250-$300/mo.


Already gotten the insurance quote and my rate is $182/month


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## ROBSGTO (Jul 6, 2008)

Hey man,don't give up! I picked mine up Saturday after searching quite a while................you'll get one sooner ot later.


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## HoustonGTO (Oct 14, 2008)

My interest rate is 9%. Way too high but I got it anyways. I have a great job and will be able to pay it off a lot quicker than I'm supposed to. So, in the long run it won't be too bad. The price you pay on your first financed car. And as far as the insurance goes....get married. Mine went from about $200 a month for just me on my 95 Z28 to $120 a month for me and my wife, 2 cars full coverage. It'll go down more next year when i turn 25.


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## Copasetic (Oct 20, 2008)

ROBSGTO said:


> Hey man,don't give up! I picked mine up Saturday after searching quite a while................you'll get one sooner ot later.


Freaky, that's when I got mine. But seriously, try and get any close family member that trusts you and knows you will be responsible with car payments to co-sign. My credit score is 750(it's a shallow score, it's all from buying McDonald's with a credit card) and with me as the buyer and my dad as a co-signer(he has terrific credit) my rate was still 12.5%. What I had to do was have my dad sign as the buyer and me as the co-signer to get the interest to (a still rather high)9%. You might have to do the same, but that just takes me back to what I said before: Try and do this with a family member that you really trust and vice-versa.

It really bothers me when someone like you, who honestly wants the car in a huge way and is willing to pay for it on their own gets screwed over completely...

By the way, the kicker of me getting the car financed is that I have saved up enough money to buy the car flat-out; I just wanted to finance to help build credit.


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## WanaGTO (Sep 7, 2008)

Thanks guys...Im still working on it. And I will update you guys whenever something new happens.


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## rcu316 (Jan 28, 2007)

WanaGTO said:


> Already gotten the insurance quote and my rate is $182/month


That is over $2k a year! That alone would keep me out of the GTO.


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## MistrThou (Oct 21, 2008)

VolvoTeen?
Your TB thread inspired me to buy a GTO. 
Mine's a helluva lot cheaper tho.
I traded in my wagon, motorcycle and have pretty good credit.
Plus mine's an 04.


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## WanaGTO (Sep 7, 2008)

MistrThou said:


> VolvoTeen?
> Your TB thread inspired me to buy a GTO.
> Mine's a helluva lot cheaper tho.
> I traded in my wagon, motorcycle and have pretty good credit.
> Plus mine's an 04.


HA! are you serious?! Yea its me, volvoteen lol. :lol: Nice to see you here. And glad I was able to persuade you. Who are you on Tbricks??


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## Biggie862005 (Oct 23, 2008)

hey guys, this is my first post here. Im looking into getting an 05 or 06 goat. Im still in college but once i get out im getting one. is there a huge difference between the 04's and the 05-06?


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## Copasetic (Oct 20, 2008)

Biggie862005 said:


> hey guys, this is my first post here. Im looking into getting an 05 or 06 goat. Im still in college but once i get out im getting one. is there a huge difference between the 04's and the 05-06?


About 50 horsepower. :lol:

The differences off the top of my head are that the 2005-2006 has a bigger engine, dual exhaust, different hood, different rear-end, and I'm pretty sure a different transmission.


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## 6QTS11OZ (Mar 27, 2005)

Copasetic said:


> About 50 horsepower. :lol:
> 
> The differences off the top of my head are that the 2005-2006 has a bigger engine, dual exhaust, different hood, different rear-end, and I'm pretty sure a different transmission.


The trans and rear ends are the same. Also the '04s have smaller brakes. The throttle bodies on the '04 are cable driven and the 05+ are drive-by wire.


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## MistrThou (Oct 21, 2008)

WanaGTO said:


> HA! are you serious?! Yea its me, volvoteen lol. :lol: Nice to see you here. And glad I was able to persuade you. Who are you on Tbricks??


MistrThou

I try to change it up a bit. 299 a month for my beast.. and 68 per month for insurance. 'Course, mine's not for racing or boasting. It's a daily car. Gonna drive it all winter and everything.


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