Just looking for some advise- Purchased 07 shelby GT and would like to get out from under the payments. Does anyone out there have any experience successfully parting with their "baby" in these tough times? I purchased at 39,999 "sticker" and financed at about 10% which was a mistake, but I also did not see this market comming, so I'm probably upside down after paying on the loan for only about 14 months. It has 6500 pampered miles on it and is clean, clean, clean. Anyhow, I have to start somewhere, so this is the best place for advice. Thanks folks, Mambo
I feel for ya! I paid allot more for mine, I paid the stupid tax on top of the MSRP. Personally I took out a home equity loan for mine, which is now at 2% and minimum payments are under $200 a month. Something to consider if you want to keep your "baby". As far as what you can get????? People will try to rape ya and get you for all they can. Like ya said times are tough. Good luck with what ever you decide.
5 Year loan at over 10%. At the time, things were going great, now times are tough. I'm sharing with you guys because I know there may be some good ideas out there. I obviously was not thinking too clearly when I signed on the line. And yes, I do feel foolish. Mambo
So, you are really into this for over 50k. I am guessing your payment is $850. First I think you need to get the interest rate down. The car should be sold to get your liability as low as possible. Whatever is left is your tutition cost for the school of hard knocks. Not a lot of options. Really, I know it is easy to say but, you need to increase your income and decrease your costs. It's easy to say... Harder to do. Maybe a part time job until this is paid off?
mambo;first don't feel foolish,you bought with your heart not your head;we've all done it.Feel foolish if you do it again. Petes right'get a part time job and pay this sucker down;you didn't say what pay-off was but S-GTs can be had for nothing,don't look to the board to see what they ought to sell for,go to e-bay and see what they are bringing.If you really love this car fight for it and you'll have great stories of what you overcame to keep it.Just my 2 cents Steele
Mambo: As hard is it may seem to do, if you sell it, get back on your feet and not have this worry hanging over you, you will sleep better at night. One day, you will be able to buy a car just like yours, maybe something better. I gave unique performance $200k+ and that is money basically put in a camp fire and lit on fire. Don't feel foolish, we all make mistakes. I will never give more than a 10% deposit if I build another car one day. My mistake and 125 other guys made the same one as me. Mike
Call your bank and see what they can do. Your in the same position millions of other new car owners are in. If you tell them the situation they may work with you on the payments. Banks rather get something then nothing. Worse comes to worse and I hope it doesnt get this deep you can always turn the car back into the dealer(bank) and tell them you cant afford the car anymore. Yes it will hurt your credit but its better then doing nothing at all. M2C Jim
