Worst mistake I've every made with a car.
Jan 6, 2004, 10:20 PM
#16
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well the Truth is, almost every other lancer owner out there has the same problem..that 0-0-0 thing was the best marketing tool they could have ever come up with...sucker peope in, hay we'll give you a Cool New Lancer today...don't give us ANY money, and give us a payment 12 months from now........Sucked in a lot of unsuspectiong Firts time buyers...
Jan 6, 2004, 10:33 PM
#17
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not me... i dropped 5,000 down, and paid the rest off after that 12 month period, not that everyone has the money to do that, but i highly suggest trying to give them as much as you can when buying a car, just my opinion
Jan 6, 2004, 10:40 PM
#18
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bought my car for $13,400 + waranty and whatever else goes along with that... I put $1400 down, and my payments are $270 for another 50 months. I plan to pay it off quick...
Jan 7, 2004, 02:42 AM
#19
I'm in a similar situation, but I knew it going into it. The car is new to the US market, so the resale value is likely to decline quickly. And I knew that a 0-0-0 financing would put me upside down on the loan for a while. I don't wanna know what my balance is on my 2 year old lancer with 28k miles on it, but I know I won't be selling it soon, and in only 2 more years I will own it completely... something I have never done to a car to date. So I'm actually quite happy with the Lancer. This should make you feel a little better. Despite body roll, my Lancer is constantly passing higher horsepower cars on the race track and autocross courses. It handles better than many people think.
Jan 7, 2004, 04:22 AM
#22
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best way to go about car payments is giving the most in one shot
dude.. i originally owed 16 grand flat... new car not used... i've had it for a year and some change... meaning i knocked off some sweet *** off of the amount i originally owed...
what i ended up doing was pay for half of it (yeap i did! lol) got a loan for the other half and now i'm paying that off... which isn't bad at all... i over pay to make the apyments go way faster
i know this car isn't the best, but it's my car, it's my toy, i'm gonna make the best of it
LANCERS RULE!!!
i've had ONE late payment which was nothing, they totally waved it cuz i always pay a lil extra more, sometimes even 200 MORE than what is due that month...
what i ended up doing was pay for half of it (yeap i did! lol) got a loan for the other half and now i'm paying that off... which isn't bad at all... i over pay to make the apyments go way faster
i know this car isn't the best, but it's my car, it's my toy, i'm gonna make the best of it
LANCERS RULE!!!
i've had ONE late payment which was nothing, they totally waved it cuz i always pay a lil extra more, sometimes even 200 MORE than what is due that month...
Last edited by oz-e; Jan 7, 2004 at 04:24 AM.
Jan 7, 2004, 05:12 AM
#25
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what were you thinking buying that car at that price and with that interest rate? i only pay 100 dollars per month more for my evo not to mention the fact that the standard lancer is a sh** box of an old ladies car you could have gotten an rsx for less. didnt you shop around? good luck live and learn then get evo.
Jan 7, 2004, 05:25 AM
#27
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Have you ever thought about refinancing? I took the no payments for a year, which is what I really needed to get me out of college and into a new job so I could start making payments. I got a 7.9% interest rate through 
and my first payment is due at the end of this month. I've been saving and will drop a huge first payment, make a few more, then refinance at a lower interest rate. I'm lucky enough to have one of the highest credit ratings so I can get a really low interest rate, but I suggest you try out the refinancing market and knock your interet rate down a bit.
and my first payment is due at the end of this month. I've been saving and will drop a huge first payment, make a few more, then refinance at a lower interest rate. I'm lucky enough to have one of the highest credit ratings so I can get a really low interest rate, but I suggest you try out the refinancing market and knock your interet rate down a bit.
Jan 7, 2004, 05:39 AM
#28
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Always price 3-4 cars with insurnace before buying. Shop for insurance first. I'd rather put an extra 100/month into a loan than a high-risk insurance premium.
0-0-0 after 1 year and 20-40% depreciation = upside-down
Hope you have gap insurance.
0-0-0 after 1 year and 20-40% depreciation = upside-down
Hope you have gap insurance.
Jan 7, 2004, 06:55 AM
#29
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I paid $8100 for my 2002 with 9996 miles used with remainder of factory warranty. I put it on a credit card with 0% until July and then 3.9% until it is paid off.
Those "0-0-0" type deals are the worse thing you could ever do. You lose $2k just by driving the car off the lot plus you are not paying it down untila year later..........
Those "0-0-0" type deals are the worse thing you could ever do. You lose $2k just by driving the car off the lot plus you are not paying it down untila year later..........
Jan 7, 2004, 07:23 AM
#30
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I feel the same way, I simply purchased the car with it being slightly out of my means to do so, somewhat hurting my cash flow. It's a stretch, but when I'm driving it I'd never give it up. I pay $157.10 (CAN Dollars) Bi-Monthly which fits better with my salary & other bills, and I get insurance free through my company - I think I pay more for my cell phone - but I can certainly say that if I could turn back time, I'd have kept my old car to make my life/debt that much easier. It's hard to see the value of good cash flow when you're test driving a fancy new car! I would see it differently if I was debt free from credit cards and stuff, but I was extremely stupid and didn't pay those off before I bought a new car. If there's any advice I have it's don't put off/ take into account other debts before taking on more, which was a mistake for me personally.