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  Topic Review (Newest First)
09-27-2007 09:30 PM
vossler I am out of Port Hueneme, CA with Naval Mobile Construction Battalion FORTY. We are on deployment in the Middle East at the moment and finally get back in Feb... We have to go back to Iraq in Mar 09... long story but i was pissed because we were supposed to get to go to Okinawa...

Anyways, I called USAA last night (who i currently have insurance with...) And yes... I was very very very shocked at how much insurance was. I pay $185 full coverage for my convertible mustang GT. The lady on the phone was saying something like $66... i thought i was mis understanding her and thought it was 66 dollars difference coming to about $240... but then she said, "no, it's just $66 a month for the same coverage you have on your mustang" Yeah, i was very shocked. And to make it better... my 'youthful mistakes' are finally getting off of my record. in august when i renew my policy, 3 speeding tickets are coming off. I am in an awesome position and things are just looking better and better...

I also talked to them about the loan and what i plan on doing. i am refinancing the mustang with them and hoping to get a better rate at the same time, then when i go to get financing for the lotus and with the $15k, I will be in a good place. I did lots of research into my options last night and think i have it figured out. I think the next thing to do would be to find the car now.

I want a white, orange, or red, btw...
09-27-2007 07:56 PM
vossler
hey

[QUOTE=zygotesoup;804755]
Quote:
Originally Posted by vossler View Post
2000MR2 SpyderQUOTE]



all right!


you on spyderchat?
I knew i recognized that name! yeah, i am on spyderchat forum but since i left texas and came out to cali, i left the car for my brother to drive and i got a mustang. ill hit it up and say whats up!
09-27-2007 07:04 PM
zygotesoup [QUOTE=vossler;803881]
2000MR2 SpyderQUOTE]



all right!


you on spyderchat?
09-27-2007 06:20 PM
SanAnEliseMan oh and learn how to negotiate a car deal before you go
09-27-2007 06:19 PM
SanAnEliseMan I am a 2LT in the air force so it is definitely doable. BUT the problem is you made poor decisions on the other cars. I would suggest waiting until you have at least one of them paid off. Oh and if you dont have USAA for car insurance then get it! My Elise insurance was the same as my G35 coupe. If you have any questions just PM me. Where are you stationed?
09-27-2007 05:51 PM
wallabyguy
Quote:
Originally Posted by t65tampa View Post
No wonder so many Americans are sinking further and further in debt, if a company like Chase would allow somebody who makes $100,000 a year (probably only $70,000 after taxes) to go into debt up to $70,000 for something like a car. I can understand making a stretch to buy a home, business, or education. Going into big debt to buy a depreciating car is not very wise. Just my opinion.
I hope no one was looking for a blessing in my post. I was simply stating the critera the bank uses regarding income to debt on a vehicle.
09-27-2007 04:40 PM
CFRA_7 Yes, you can easily find an Elise for around $30K if you are willing to travel and are open as to color and options. Iíve tracked EBay sales for the last two weeks. The average ďcompletedĒ sales price was $31K and 12K miles with clear titles. Most 2005s are still under warranty so any little problems can be handled.

If you want one with less than 12K miles, you may pay more. If over 12K miles, you may pay less. Here is CA, the average price seems to around $3K more than the EBay average.

Let me now issue a disclaimer before I risk negative comments. Iím not trying to value anyoneís Elise. Iím only providing a statistic. I use EBay because most sellers on the Lotus Forum donít necessary tell what they sold the car for. Some do but many donít. A car is only worth want someone is willing to pay. Only completed sales establish a market. Asking price is no indicator of the market.
09-27-2007 04:12 PM
fishguy
Quote:
Originally Posted by t65tampa View Post
. Going into big debt to buy a depreciating car is not very wise.
the truth can be seen when you look for it.
best advice in the entire thread (so far)
09-27-2007 02:46 PM
t65tampa
Quote:
Originally Posted by wallabyguy View Post
All very good points.

I would add that Chase likes to hold car notes to no greater than 70% of an individuals income except for rare circumstances. Example. An individual makes $100,000.00 a year. Chase would like to see the vehicle note not exceed $70,000.00.
No wonder so many Americans are sinking further and further in debt, if a company like Chase would allow somebody who makes $100,000 a year (probably only $70,000 after taxes) to go into debt up to $70,000 for something like a car. I can understand making a stretch to buy a home, business, or education. Going into big debt to buy a depreciating car is not very wise. Just my opinion.
09-27-2007 01:08 PM
Vampyre If you have sold one car you are closer, sell the other and payoff the loan, not having any car payments makes you a better loan risk.

You will be able to save money so much faster not having those cars or bills that come with them.

**Check insurance rates, for some 21 yr olds it is as much as the car loan. You might be SHOCKED at the rate they quote you.

Wish you luck...
09-27-2007 10:02 AM
vossler update... i got rid of the MR2... my brother is buying it from me straight up and not even having to worry about the upside down part.

Now all that's left is the mustang which is sitting at about 15-16 blue book and i owe 20k...meaning that i have about 10k cash in hand after a trade-in. of course these are just rough estimates... Is that enough to negotiate with a dealer with? im getting anxious! **** the middle east... i wanna come home right now and get a lotus!
09-27-2007 07:03 AM
ChrisB Personally, I think you are continuing your string of "youthful mistakes", but here's my $.02:

With your upside-down situation on the other two cars, you're not in a great financial position to do what you want. I would slow down and privately sell one of your current cars ASAP, getting out from under the depreciation and insurance costs. Continue saving (for a year or more?) while looking for a good deal on a used Elise. There are some great deals from time to time in the For Sale section here. They aren't necessarily the cheapest ones offered, but the best value. For financing check out your options at USAA and not just for car loans, but any kind of loan.

And thanks for your service. It is very much appreciated. Godspeed.
09-27-2007 07:02 AM
vossler haha! i was hoping to get more feedback by placing in two spots! oh well... haha. thanks for all the input guys. ill keep checkin to see if a dealer is willing to work with that though. in the meantime... i will continue to pay these ridiculous payments on the two cars i have right now...
09-27-2007 06:58 AM
wallabyguy threads merged
09-27-2007 06:58 AM
vossler the problem is that yes im upside down and not really sure how much... but most likely between the two it's somewhere between 6k-10k. i am in the service though but i never ask for 'extra' treatment. i do my job and get paid just like everyone else. I am going to have a hard time getting these two cars out from under me without taking a big loss... my stupidity from previous cars and expenses rolled over onto these car notes... it's a chain reaction that is hurting me badly today now that im wary of my mistakes and a little smarter. I JUST WANT AN ELISE!!!
09-27-2007 06:44 AM
jordantii 15K down makes you very attractive for finance. Are you upside down on the two other cars? If not, just sell them privately or see if you can trade them in.

If you bought a 35K car with 15K down minus fee's you are only financing about 23.5K that puts you at a 67% loan to value. That is not much of a risk for a lender.

Are you in the service? If so use that to your advantage.

Good luck.

Jordan
09-27-2007 06:31 AM
vossler this is the hard part... unfortunately im paying for my youthful mistakes...

2000MR2 Spyder = 13k

2004 Mustang GT convertible = 20k

basically with the blue book values that i have got from KBB... im looking at about $6k-$10k upside down combined.

Once i get out of these cars... the elise would be my only debt beside rent and cell phone.
09-27-2007 06:24 AM
wallabyguy What is the debt like on the other 2 cars?
09-27-2007 06:17 AM
vossler that sounds like a good idea. I am in kuwait and i get back to the states in late Feb, so that's perfect. I just need to know if a dealer will even consider working on this with me.
09-27-2007 06:15 AM
CosmosMpower I'm in the same boat and have seen a few pass through here at that price. Most of them were high mileage or had small problems but they are out there. May want to wait till the beginning of next year when the 08 cars come out then the 05's should maybe drop a little (especially if the 08 s/c rumor is true)
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