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Discussion Starter #21
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...
 

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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.
 

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Discussion Starter #23
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!
 

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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 -eek- at the rate they quote you.

Wish you luck...
 

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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.
 

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Yes, you can easily find an Elise for around $30K if you are willing to travel and are open as to color and options. I’ve tracked EBay sales for the last two weeks. The average “completed” 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. I’m not trying to value anyone’s Elise. I’m only providing a statistic. I use EBay because most sellers on the Lotus Forum don’t necessary tell what they sold the car for. Some do but many don’t. 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.
 

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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.
 

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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?
 

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Discussion Starter #33
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... ;)
 
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