Here is my situation...
 

Okay, so I looked at my bank balance yesterday and I'm starting to get worried. First off, I had $5000 in my account back in April of last year when I bought the Mach 1 by working and working and putting every waking dollar into a savings account if I ever needed it. Then I bought the Mach 1, I put $2,000 down and ended up financing close to $20,000 (I realize I got raped by the dealership now as the car had 35,000 at the time)...anyway, I go to check and see where I'm at financially both in the bank and on my car payment and I find out that I have $2,700 left in my bank ($304/mo payments on the car auto withdrawl) and I still have $18,900 left to finance on the car....how the f*** is that? All of my money can't be going to interest. I understand if $40-$50 are taken for interest here and there, but practically the whole check? WTF!

So I started to look around to see if I could find anything else that might make more sense financially...turns out my cars current trade-in value is $11,000-$12,000 and the car I was looking at (2006 GT) is currently at $16,500...not bad, I can finance $4,000...but that'd still leave me upside down with $6,000+ dollars left to pay on the Mach 1's finance....Damn! I'm in a hole! I'm running low on money, jobs are scarce and hard to find (believe me I've been trying) and I don't know what to do. My cars clutch is slowly going out, 5th gear is dying off, etc, etc...if I keep this car I'm going to go broke sometime, it's just a matter of when.


/rant

Any comments, advice or anything? Sorry about the rant there...I'm just starting to understand the hole I've dug myself into...

My advice to you is maybe to downgrade to a 00-04 GT if you have to. You'll be at a power loss, but it would probably be cheaper to maintain in the long run. You can save up more money, and then trade that 00-04 GT in on an 05+ one when you get back on your feet.

No matter what I do I'm still upside down debt wise, though. I talked to a dealership a while back when I was having the IAC problems with the car and they said I'd have to downgrade to a $4000 or lower car to have a little debt, but regardless I'll still have some debt left over. :eek2:

Yes, true, but you could at least help yourself by having a smaller debt.

Yeah maybe. I'm just wondering how my parents let me make such a financial mistake. I mean really...They said it's probably not the wisest decision to make, but hell if it were my kid I'd slap them on the head before I let them get this deep. Seriously, it's really pretty ridiculous..

Don't blame the rents just ask yourself how you let yourself make this mistake. Then slap yourself around a few times and find away to keep the bitch.

+1 not their fault. The real question was did you need a Mach when you were still in school without a steady income etc. Probably not hell none of us even "need" a mustang. I choose to get a sixer and keep it until I'm out of school and I'm thankful I did that because I've been without a job for a while now and I'm glad I have no car payments to be making. I would say if you really think your in the hole downgrade and talk to your family for some help. If they know your getting rid of something that means a lot to try and be closer to getting out of the hole you will have a better chance of them wanting to help you out. Good luck its tough times a lot of people are having a hard time at the moment

I'll admit, it was a really stupid move on my part. And it's not completely my fault, but at the same time don't you think they should've done more to prevent this from happening?

This sounds eerily similar to Chris' situation....

You've only got a couple of options really, sell the car Private and make as much as humanly possible, or keep it and run it 'till it dies..

My bank account or the car?

the car. Money will go either way lol either to the car or some skank will spend it all :(..... kidding (or am I)... http://i175.photobucket.com/albums/w...ookaround1.gif

Yeah that relationship I had the last few months definitely didn't help any.

word!!! Thats why im glad im still single, atleast for now until i get a real job.

Uhm, yeah dude, welcome to the world of loans. You normally pay interest up front. Over time you end up paying more towards the principle and less towards the interest.

Personally, i think it shoudl be illegal for loans to work that way, but that is the way they normally run, so unless you actually see the loan through to the end you are NOT getting the deal you are told you are getting

Hell dude, i pay $1,550 for mortgage. Approc 1,000 of that a month is in interest, 230-300 acutally go towards paying off the loan, andanother 200-250 is towards my escrow.


DO NOT TRADE IN YOUR CAR

You will SO take it in the ass if you trade that car in.

1st off, trading in a 04 mach 1 for an 06 GT is fucking stupid! the new GT will be more to insure, it has a lesser engine, and it is "just a GT" but a Mach1 is a Mach1

If you MUST get rid of it, sell it yourself. do NOT let a dealership buy it off you for 11,000 so they can turn right around and sell if for 18,000.

Honestly I kinda want an S197 GT so that I can start on a fresh slate modding wise and for whatever reason I absolutely love the S197s for one reason or another.

http://img45.imageshack.us/img45/7919/roflcopter9gr.png

you paid 22 thousand dollars for a mach1 that turns it self off?

jack its not a lesser engine, ide take the new 3v's over that 4v...

Oh look, another joke about my car shutting off....H-A-H-A-H-A

...dick

even so, why would u pay 22,000 for one that doesnt turn off by itself? dude 22,000? ive seen em for 14,000 here with 23,000 miles.

Do what you need to do to put yourselft through college.

After your down with school/have a job, buy whatever car you want.

Just my 2 cents.

Fuck yes it is a better engine.

the 4v's pull gobs of power out of modifications and you dont have to get the fucking POS custom tuned because of a stinking CAI

the 4V pulls more power / tq stock too.

lol

The 3vavles are certainly a bit better than the 16v, but the 32v stomps both.

wtf:beatup:

maybe try selling the mach, take some of the money and put down on your principle, the rest use to beef up your account, and if you still want a stang get a fox...:confused:

dude king, i paid the same amount of money for my gt (though it only had 13k miles on i and was in 2005) so dont let steve be a dick.

as for you situation, you either need to work your ass off, or sell it and reduce your debt. im one of the lucky few to have the car paid off since day 1

Yeah I was thinking about getting a fox if I end up selling.

Well, that's how financing works. For the first half of your payment plan, more than half of your payments are paying interest and isn't till you reach the end of your payment plan that you actually really start paying down the principal.

You should have paid a lot more attention to the finance charge the dealership was offering you. I took out my loan through the dealership in 2004 at 8.9% for $23,000. That included the extended warranty to 7/75. I promptly went to my credit union and got a laon for the total 23 grand at 4% interest. That was my best offer because of my credit score.

My bottom line cost for a sticker price ( in 2004) at $ 29,500. goes like this.

Sticker price on the car was 29,500
X-plan from work car went down to 27,500
Using Ford financing went down to 26,500
down payment of 3500 bucks to 23,000

My finance charge from ford would have been 5800 bucks.
with my loan from my credit union I saved about 3000 bucks on charges.

My car will be paid for in 7 more months. I think my total price with interest will total about
24 grand with my credit union vs. 32 grand with the dealership.. My math may be a little scetchy but somewhere in the ballpark.

But this took a almost a whole day of haggling at the dealsership to get the sticker price down to start the ball rolling. :smokin:

trade it in for a tacoma before it breaks and enjoy being worry free.

King. look at my car. i paid $7400 loan total (with everything added in), and it is in great shape for a 10 1/2 year old car, with 142000 miles. if you MUST trade it in, go for a regular SN95 car. the GT's are dirt cheap and really easy to insure. full coverage for me at 23 years old is 80 bucks a month. i have PI heads and intake coming for 500 bucks. making same, if not more power than a New Edge, with the added compression. they are just cheaper all around. yes, less power than the Mach 1, but HELLUVA lot cheaper dude.


so, in all, if you must, i mean absolutely MUST trade it in, consider a SN95 or a Fox Body. they are cheap too.

leo u paid 8?

do you people not give a fuck about the price of your car? lol