housedj

iTrader: (2)

mathgeek, your best bet would be to try & sell the 3G in autotrader for just enuff to get the loan paid off. then go get your car. if you need help in dealing with these car dealers PM me. i can also probly get you an EVO WITHOUT a markup here in AZ. remember, if you give up 2 much info they will screw you. when you go look at cars , DO NOT TELL THEM anything about trading a car, down pymt, or how much you want to pay a month.

ONLY FOCUS ON THE PRICE!!!
once you haggle them down on a final price, THEN slam em with a trade in or down pymt. i got a buddy who did that on his evo & is only financing $17k!!!!!!!!!!

osunick

iTrader: (8)

If you do this, it's going to be scary for you. Because, what's going to stop you from trading in on the IX when it comes out, and you'll still be 10K underwater (if not more) on the evo whan that thing is out. Eventually you'll be financing 60K on a stock Lancer if you're not careful. Hopefully the bank would stop you but you never know. If you wreck the car you're also out 10-15 grand and I have no idea if you can even get gap insurance when the gap is that big. Don't do it! SSL is a waste of money. Get your own stereo installed if you care, sunroofs add weight right where you don't want it (the roof), and the IX has a very attractive alcantara/leather combo standard which looks better than the leather IMO. Oh, and if your wife is aware of your financial situation AND still is pushing you to get even more options, get a new wife. She'll ruin you in the long run.

housedj

iTrader: (2)

nsnguyen, GAP is only offered to you when you are at the dealer signing papers to buy a car. you cannot get it any other time. so no matter how much the car is or what's owed, GAP does exactly that-covers you.

mathgeek

My wife isn't trying to ruin me. She just wants me to be happy. In her mind, though, if you're going to shipwreck yourself financially, you might as well do it with style. Part of her wants the Evo because of the attention. She gets looks of envy when she drives my Eclipse GTS. How many more looks would she get in one of the baddest cars on the planet? She secretly likes the idea of owning one, because I've hyped it up nonstop for so long. She's curious as hell.

The $820/month for 84 months is fair (stupid, but fair). I owe 10K more on my Eclipse than I could get for it (trade-in or private sale). That negative equity has to be put somewhere. The augmented interest rate is fair too, since the finance company is assuming more risk by lending so much more on a car than it's worth. I know and understand the game. Yeah, I could pay down my eclipse, but then it will continue to depreciate, as well. I would not break even for about two more years. So until then, I'd have to pay to play.

As far as the options go, I'm attached to leather but could live without it. I'm concerned about the durability of the cloth Recaro seats (some previous threads have alluded to the fact that they're tearing prematurely). The sunroof is a plus, but it's just something else that can break and rattle. The stereo is not as issue, since I can always have one installed. Maybe I should look at an RS (except for the fact that it doesn't have ABS and I'm a fanatic when it comes to safety).

Well, you all have given me a lot to think about. It's so difficult to be responsible. Human nature is so fickle. We always want what we don't have. Heck, two years ago I didn't think I could live without owning the Eclipse GTS.

housedj

iTrader: (2)

mathgeek you could always do the deal & refi after 12 consecutive ontime pymts. + if you can get a bank to approve that loan (try Wells Fargo they approve everybody) your credit score would go up significantly with a pymt that high. in my opinion, any 4cyl car for more than $650/month isn't worth it, HOWEVER, you only live once...

cleanevo

iTrader: (10)

that is going to be a 50,000$ evo , that is not worth it , i paid 10,000 for mine i a love every bit of it .

MTMS4

I must admit in my youth I lusted after many of the performance car "du jour" and made some fairly big sacrifices to get them e.g. no vacation, no nights out with buddies etc., but this was when I was single and had no family committments.

I can't believe a 36 year old professional, with 4 kids no less, is contemplating digging himself a hole this big and I can't believe your wife is encouraging you/supporting you to do it. It's also a pretty pathetic excuse to buy the car "just for the attention", but hey, it's your money and your life. You know it doesn't make sense financially, but if it will make you happy (and possibly destitute) then go ahead. I'm earning more than you, have no kids, my morgage will be paid off in 8 years and even I wouldn't dream of doing this. Maybe I don't love the Evo enough

EvoLife

I still escapes as to how you see paying DOUBLE for the car as fair. Stupid, yes.

Take some words of advice from another post:

Evolving03

iTrader: (8)

Bad bad move, think of what you could do with the thousands and thousands that you'd be losing in this deal.

bolsen

iTrader: (2)

dude, a car nice but sure **** is NEVER worth 800 a month. I don't understand why some people just don't understand financial responsibility

Pay you debts, and then make the purchase...

Fourdoor

iTrader: (11)

You would be in the same boat as those morons who paid $45,000 or $50,000 for an EVO when they first came out.... unable to afford the payments, and no possibility of selling the car for what you owe on it. It will end up re-posesed (if you are lucky) or you will scrape up the money each month for the payments and end up hating your EVO more than you have ever hated anything in your life. If you have gap insurance on the Eclipse, leave in in a bad neighborhood for a week or so.... as long as it takes for it to get stolen without you actually commiting any crime

Keith

F&I-EVO

no one is going to finance you for 7 yrs being that upside down (10K).

YOU WON'T GET THE LOAN!

soule77

Don't do it man a GTS is a nice ride, wait it out and trade in on the IX. 10K upside down thats a lot of negative equity. Were you upside down when you bought the eclipse? The evo is a great car but it is not worth financial ruin.

mathgeek

I was offered a loan under these conditions, with no money down. Crazy, huh?

ez76

iTrader: (5)

99.9999+% of cars only ever depreciate so why would you want to own one at all, whether by financing or outright purchase. It's not like it's an asset that's generating more money for you.

Despite the arguments people make up, mostly all of the money we spend on cars is "pissed away" strictly speaking. It's a question of what driving the car is worth to your happiness and how much you are willing to ****.

In fact, if you realize this, leasing a car can be of the cheapest ways to derive pleasure from an automobile for a period of time. If you're of an investing mindset, it frees up capital that would otherwise would be tied up in a cash-hemmorhaging chunk of metal.

The ways in which people finance cars more often reflects practicalities of their money situation than any special financial wisdom; you can always take the bus.

To the original poster, I wouldn't do this deal unless you could buy the car outright anyway without missing a beat. If it were me, the pleasure I'd get from it would always be overshadowed by the financial overextension I made to acquire it.