# I got owned



## justinporto (Oct 11, 2006)

I'm a 18 year old college student and im working two jobs just to be able to afford a GOAT. my dad doesnt have good credit and i have no credit. i went to a dealer today and they wanted 1500 down and a 16.50 interest rate for 72 months for a 04. under my name they wanted 500 down but 18% interest for 60 months. 

one idea my dad had was to take the car at that finance rate and when he goes to work to go to his credit union and take out a loan from them. he said they would give him 8% for sure because he has been working there for over 30 years. 

well then he remembered he cannot do that because he is quitting at the end of januarary because he recently became fluient in Arabic so he is going overseas with the military to be a translator for them over in Iraq. If he does take out the loan with the credit union and he does quit he will be forced to pay off the loan before his last day at work. and i cannot come up with the money by then.

looks like my hope of getting a goat is very slim for now. which is too bad i really love this car and i love everything about it. :confused


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## 6QTS11OZ (Mar 27, 2005)

justinporto said:


> I'm a 18 year old college student and im working two jobs just to be able to afford a GOAT. my dad doesnt have good credit and i have no credit. i went to a dealer today and they wanted 1500 down and a 16.50 interest rate for 72 months for a 04. under my name they wanted 500 down but 18% interest for 60 months.
> 
> one idea my dad had was to take the car at that finance rate and when he goes to work to go to his credit union and take out a loan from them. he said they would give him 8% for sure because he has been working there for over 30 years.
> 
> ...


As long as he is still affiliated with the military he should be able to keep his account at the credit union. If not, once he's settled in Iraq I'm sure he can open an account there.


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## purplehaze (Dec 27, 2005)

shoot if he is going to be a translator in Iraq then get ready to buy you a brand new one.... that is if your pops is cool enough to kick down some cash. those jobs pay very well.


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## fergyflyer (Apr 18, 2005)

The smart thing, financially speaking would be to buy a car for what you have saved up. Run that car for a couple years. 
In the mean time get a credit card. Charge all your gas, but only your gas on it. Pay the credit card off monthly.
Now you have a credit history and your credit is good. You should also be able to save some money for a down payment. When you go into a car dealer in 2 years for a new GTO they will be offering you all kinds of sweet deals to get your business. 
Look at it this way. If that 04 GTO is 20,000. You put 2000 down. Taxes are $1400. You are financing 19,400. At 18% for 72 months your payments are about 425 per month. Then you would really end up paying 30,600 for an 04 GTO. It's not really worth that. You would be killing yourself with interest. (I did those numbers in my head, don't kill me if they aren't exact, but they are pretty close).


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## GTO JUDGE (May 14, 2005)

*If your Dad is still a member of a C.U. in good standing, he will remain a customer after he is no longer employed with the affiliated company. If he takes out the loan and it is guaranteed, you will NOT have to pay the loan off. 

C.U.'s prefer to have the monthly deductions coming out of a pay check, others prefer direct debit of a checking or savings but that is not a requirement for all of them. They generally discount the interest rate a little by doing so.

If the loan is taken out and he leaves employment, that loan should be carried over with a payment book. You should be ok. You must establish credit under your name. Unfortunately your Dad's credit is not good, because this is a perfect start for establishing your own through cosigning. 

As stated by fergyflyer.. get yourself some credit cards and pay the balances off monthly. This is a start.

The interest rates quoted you are rates given to people who were bankrupt, and for unsecured loans. 

If your Dad has a mortgage, talk to the lending institution on a home equity loan, or personal line of credit. At least this way your Dad can claim the interest for income tax purposes.

Sux getting old.... but it sux being young too (sometimes) in this case, it's sometimes.*


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## Dragon 32 (Jan 27, 2006)

fergyflyer said:


> The smart thing, financially speaking would be to buy a car for what you have saved up. Run that car for a couple years.
> In the mean time get a credit card. Charge all your gas, but only your gas on it. Pay the credit card off monthly.
> Now you have a credit history and your credit is good. You should also be able to save some money for a down payment. When you go into a car dealer in 2 years for a new GTO they will be offering you all kinds of sweet deals to get your business.
> Look at it this way. If that 04 GTO is 20,000. You put 2000 down. Taxes are $1400. You are financing 19,400. At 18% for 72 months your payments are about 425 per month. Then you would really end up paying 30,600 for an 04 GTO. It's not really worth that. You would be killing yourself with interest. (I did those numbers in my head, don't kill me if they aren't exact, but they are pretty close).


:agree Take it slow and easy, credit is very important today. If you do your credit right you can afford more for less.


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## Good 2 go (Sep 7, 2005)

Dragon 32 said:


> :agree Take it slow and easy, credit is very important today. If you do your credit right you can afford more for less.



:agree Couldn't agree more! Start off on the right foot now, show a little restraint and things will pay off in the long run. You've got a lot of years ahead of you, and when you're ready, you'll be set up to not only buy, but _afford_ the "toys".


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## b_a_betterperson (Feb 16, 2005)

justinporto said:


> I'm a 18 year old college student and im working two jobs just to be able to afford a GOAT. my dad doesnt have good credit and i have no credit. i went to a dealer today and they wanted 1500 down and a 16.50 interest rate for 72 months for a 04. under my name they wanted 500 down but 18% interest for 60 months.


Hate to say it, but you simply can not afford a GTO at this time. 

At this stage of your life, you are far, far better off driving a beater and avoiding debt at all costs. As FergyFlyer said, get a credit card to start a credit history -- but under no circumstances are you to carry a balance and pay interest.

Regarding college, are you attending a school you can afford or racking up student loans? If it's the latter -- then forget about any new car until those are paid off.

Best of luck to you. If the college you're attending offers a personal finance or money management course, take it. Otherwise, I suggest reading these books. Check your library first so you don't have to pay for them -- or buy them used through Amazon. 

1. The Richest Man in Babylon by George S. Caslon
2. The Millionaire Next Door by Thomas J. Stanley
3. Rich Dad, Poor Dad by Robert T. Kiyosaki


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## bigmac (Jul 9, 2006)

:agree :agree :agree :agree 

most of the people who own a goat are working, out of college... I seriously doubt there are many teen owners....:cool


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## fattirewilly (May 26, 2006)

fergyflyer said:


> The smart thing, financially speaking would be to buy a car for what you have saved up. Run that car for a couple years.
> In the mean time get a credit card. Charge all your gas, but only your gas on it. Pay the credit card off monthly.
> Now you have a credit history and your credit is good. You should also be able to save some money for a down payment. When you go into a car dealer in 2 years for a new GTO they will be offering you all kinds of sweet deals to get your business.
> Look at it this way. If that 04 GTO is 20,000. You put 2000 down. Taxes are $1400. You are financing 19,400. At 18% for 72 months your payments are about 425 per month. Then you would really end up paying 30,600 for an 04 GTO. It's not really worth that. You would be killing yourself with interest. (I did those numbers in my head, don't kill me if they aren't exact, but they are pretty close).


You're getting sound advice here. I've also read 2 of the 3 books mentioned in the other thread...also good advice. That said, if you don't have a bunch of school debt or financial burdons, check out lendingtree.com. I've done a car loan (2000 Dakota) and a home mortgage, through them and it couldn't have been better. My GTO is a toy...it's owned outright.

You are getting owned at an 18% rate. Don't do it. Good luck.


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## AA GTO SP (Nov 11, 2006)

I feel for ya man, I'm in a similar situation. I'm 18 and just finished my first semester of college. Basically you're looking at A. Getting this sick car and working all the time to pay it off. Or B. Having a decent to P.O.S. and a life. Just save until you can put a big chunk down on the car and have low payments. Pretty much the best solution for you right now is the one you HATE. Good luck man.


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## justinporto (Oct 11, 2006)

fergyflyer said:


> The smart thing, financially speaking would be to buy a car for what you have saved up. Run that car for a couple years.
> In the mean time get a credit card. Charge all your gas, but only your gas on it. Pay the credit card off monthly.
> Now you have a credit history and your credit is good. You should also be able to save some money for a down payment. When you go into a car dealer in 2 years for a new GTO they will be offering you all kinds of sweet deals to get your business.
> Look at it this way. If that 04 GTO is 20,000. You put 2000 down. Taxes are $1400. You are financing 19,400. At 18% for 72 months your payments are about 425 per month. Then you would really end up paying 30,600 for an 04 GTO. It's not really worth that. You would be killing yourself with interest. (I did those numbers in my head, don't kill me if they aren't exact, but they are pretty close).



yes i have been doing that. ive been driving my grandmas 1991 honda civic since i was 16 and i got a credit card with a $500 limit. i always pay it in full every month. i guess i am just tired of seeing all these lil rich kids that are younger then me get newer cars and arent even thankful of them. and i am also tired of driving my civic and everytime i hit 55 on the highway the check engine light comes on. but thanks for all the feedback guys, you have been very helpful.


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## thecommish16 (Oct 16, 2006)

I agree with these guys, everyone wants the big sportscar, but coming from someone whos had a couple new Camaro Z28's, I can tell you that if I had to pay 18% interest, and then pay for the repairs, upgrades, insurance, gas...I'd never do it. I'm even second guessing buying a GTO because of the fact that I KNOW it will NEVER be worth what im going to pay for it...gonna depreciate like crazy. 

Wait until you have your degree, a nice job, and then buy the car you want. easier said than done, but it will be something to work for. In the meantime open a savings account called "car", and just push some extra cash in there from time to time. In 4 years if you have a few grand, you have a nice down payment.

JUST my advice!


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## AA GTO SP (Nov 11, 2006)

Well uh...I am not going to be able to wait until I get a real job to get one of these. I won't get another car until I can get my goat. So yeah man we really are in the same damn position and it ****in sucks. BTW I'm not sure what state you live in or insurance company you carry, but for my insurance company to cover me on a GTO it was anywhere from 2800(for an 04) to 3500(for an 06) per year. So expect that ballpark price for yours as well, which would add a minimum 280 dollars a month onto your car payments.


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## Taxman (Dec 24, 2005)

Damn

Im 24 here I got mine at 8% refianced through Credit union at 5.2%

Id skip getting it if they want you paying prison interest.

Wait a year or 2 get it cash


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## Taxman (Dec 24, 2005)

Taxman said:


> Damn
> 
> Im 24 here I got mine at 8% refianced through Credit union at 5.2%
> 
> ...


Insurance on my with a not soo great record is 1100 every 6 months includes other drivers and cars too


Pay insurance at once saves me a good bit


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## MrPopular (Nov 27, 2006)

Damn I'd never pay 18% interest... right now I'm paying 6.08% which for me (22 year old with good credit, but a short credit history) is really good. Payments are only $290 a month. It works out well. Take it from a kid who's made mistakes in the past.... HOLD OUT.


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## kerno (Apr 6, 2006)

18 percent ought to come with a gallon jar of Vaseline. That is not financing - that is theft. With the current financing available on new cars, a 2006 would cost you less.


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## b_a_betterperson (Feb 16, 2005)

justinporto said:


> i guess i am just tired of seeing all these lil rich kids that are younger then me get newer cars and arent even thankful of them.


Read "The Millionaire Next Door." There's a difference between _looking_ wealthy and _being_ wealthy. Ever hear of Warren Buffett? He's the second richest man in the world behind Bill Gates. Know what he drives? An old Buick! And some friends got him a vanity plate because he wouldn't spend the money on one. Know what it says? FRUGAL.

When I was starting out -- I saw guys a few years older than me tooling around in their Mercedes and BMWs. Really pounded on my self esteem as I couldn't afford those kinds of cars -- and was stuck driving stuff like Plymouth Omnis and other crap wagons like that.

Turns out those clowns were leasing -- and setting aside nothing for retirement, a house, a rainy day, etc. Know where those guys are now? Some half baked apartment complex somewhere. You've seen them. A $60,000 car parked under a carport at the Smokin' Oaks Apartments. Meanwhile, let's just say I'm doing a little better than that.

Live within your means, save for retirement, save for a piece of property and keep debt to a minimum and great, great things will happen. And those rich kids? You'll be surprised. Mom and Dad could very well be up to their eyeballs in debt -- yet keep spending to keep up appearances. There are people in my neighborhood with $200,000 worth of leased cars in their garages -- yet they have no furniture in their living room and dining room -- and their TV stand is the cardboard box the TV came in. Believe it!


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## bg2m8o (Jul 25, 2006)

b_a_betterperson said:


> Hate to say it, but you simply can not afford a GTO at this time.
> 
> At this stage of your life, you are far, far better off driving a beater and avoiding debt at all costs. As FergyFlyer said, get a credit card to start a credit history -- but under no circumstances are you to carry a balance and pay interest.
> 
> ...


Best advice on this post. Dead on. No Goat for you yet, nor anything else but to finish school and read the books above.


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## thecommish16 (Oct 16, 2006)

I agree with this guy...I am ONLY looking into a GTO because im done with college, have a good job, and own a house. I couldn't justify 30 grand for a 400hp car if I was living in an apartment...and I see that ALL the time. I Have MANY friends leasing BMW's etc for 500-800 a month when they live at home or in a basement apartment. It's so rediculous.


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## Taxman (Dec 24, 2005)

Look at what you can pay, pay it down quick. I pay 1k or more a month on my car, goal is to pay off in one year.

A place asked what my payments where on the GTO, I told them they tried to sell me a Z06


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## stone4779 (Oct 25, 2006)

Man I am telling you from experience that you should just wait until you have a career and a home before you jump into something like this. 72 months is 6 freakin years! Lets assmue you find one for $20K and pay the TT&L as the down payment($2000-$3000!) That leaves $20K to finance. You'll be paying $440-$460 every single month of the next 6 damn years. Damn man you could open a business with cash like that. Use your head :willy:
Not to mention the cash you'll be spending on gas 

There are other cars besides a GTO that are nice.

Find an older LS1 Z28 or SS etc and finance that, and put away the rest or use it wisely.
You can find one one reaaal cheap and they are faster anyways  I bought my '99 Z28 M6 with 26K miles for $11500 in *2001*


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## Sabraxas (Oct 29, 2006)

Listen to everyone hear. I did almost exactly what everyone is saying ( except for the house part, that's coming later ). I drove around for 5 years in my camaro ( not as nice as you think since it's a v-6 with only 160 hp and it weighs over 4k lbs. That car goes 0-60 in about 2 days and the paint is chipping all over). I worked and went to school. I graduated, got my degree in math and found a good job with great benefits in the insurance industry. After I knew I was settled in the job and was gonna stay for awhile I went car searching and in less than a month I found my golden chalice and have been happy since and I got a 8.5% interest rate and put close to nothing down. LOL. But I'm gonna pay this puppy off in 2 years so I can avoid much of even that interest. Trust me I can say from experience, everyone hear is speaking gold. 

P.S. : I still have the camaro as my daily beater. :lol:


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## stone4779 (Oct 25, 2006)

Sabraxas said:


> Listen to everyone hear. I did almost exactly what everyone is saying ( except for the house part, that's coming later ). I drove around for 5 years in my camaro ( not as nice as you think since it's a v-6 with only 160 hp and it weighs over 4k lbs. That car goes 0-60 in about 2 days and the paint is chipping all over). I worked and went to school. I graduated, got my degree in math and found a good job with great benefits in the insurance industry. After I knew I was settled in the job and was gonna stay for awhile I went car searching and in less than a month I found my golden chalice and have been happy since and I got a 8.5% interest rate and put close to nothing down. LOL. But I'm gonna pay this puppy off in 2 years so I can avoid much of even that interest. Trust me I can say from experience, everyone hear is speaking gold.
> 
> P.S. : I still have the camaro as my daily beater. :lol:


Yeah I got 8% and Im happy. Im happy with the GTO though....the other option was a Solstice GXP, I would have been just as happy with that I suppose..

and lol I STILL have my '84 Z28 beater from high school...no motor/tranny and it needs refreshed paint but I still got her :rofl:


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## Habuzaki (Feb 13, 2006)

The good thing is, right now no one wants to steal your identity because of your bad credit. Enjoy it while you can, all of us with 750+ credit scores live in constant fear of getting our credit jacked. Sure, I have a new GTO, a house that has doubled in value in 4 years, a great job, and almost no debt (besides mortgage). But every time I turn around someone is there trying to hack my id, trying to take all I have and ruin me for years. I may look like I'm living the life of Riley, but you can't put a price on peace of mind. Keep your crappy credit and enjoy your worry free sleep at night. 

(just trying to do the glass half full thing here)


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## BobG (Dec 20, 2006)

I'd add one more book to the list: 
"The Total Money Makeover" by Dave Ramsey.

I'd also add one more piece of advice to the volumes of good advice here: Avoid the credit trap altogether. A high credit score only shows that you have and maintain open lines of credit. you don't need to "build your credit" by borrowing on a credit card and paying it back. don't worship at the altar of the credit score. You can STILL get a mortgage (at the best rates)for a home by paying your rent and utilities early or on time for at least 2 years, and you use a mortgage underwriter that does MANUAL UNDERWRITING (not FICO score lending).

What kind of sense does it make that if I CLOSE a credit card account, my credit score goes DOWN? I don't have or use credit cards. guess what I have ... ??? money. cause I'm not sending it all out in payments. You said that your car payment would be about 450 / month. If you took that 450 / month and invested it in decent mutual funds instead of spending it on a car, and you did that every month from age 25 to age 65, you'd have about 5 million dollars at retirement. I hope you like that car.

save up and pay cash. buy used and let someone else take the depreciation butt kicking. live on less than you make. don't buy stuff you can't afford, with money you don't have, to impress people you don't know or don't even really like ...

my vehicles: 1998 mercury mountaineer (265K miles on it)
1989 F-150 (91K miles on it)
1970 GTO (only gets driven on nice sunny days)

that's my 2 cents. My goal is to have a ZERO FICO score.


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