What are the chances of landing a Sahara/Rubicon under $600/Month if financed?

[misanthrope]

So why the lengthy message?

Seems like the one that wasted most of their time was you tbh

That was kind of my point, dur.

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[jlroman2]

Well damn..

 

[RikFlairWoo]

Misanthrope:

a person who dislikes humankind and avoids human society.
synonyms: hater of mankind, hater, cynic.

Username checks out?

 

[misanthrope]

Misanthrope:

a person who dislikes humankind and avoids human society.
synonyms: hater of mankind, hater, cynic.

Username checks out?

Not all people...but as a teacher of men, those who need help and recognize that, then ask for help and refuse it when help is offered, those lead me away from the society of man. One day soon, that will be in a Jeep.

One who previously made bad karma, but who reforms and creates good karma, brightens the world like the moon appearing from behind a cloud.

 

[emilboya]

So....basically he did exactly what any foolish kid would do, ignored all o the advice to the contrary, acted impulsively and got boned on the loan. There are lots of horror stories out there from people who have tried to get out of a Chrysler Capital loan (it seems the Santander loans are worse than the TD Auto ones). The name may have changed, but the service is still atrocious.

Like 75% of people who believe they will refinance at some point (and refi does incur additional costs), jroman probably won't, or it won't be the deal he thought it would be, or will end up in this deal for at least the 18 months before his income doubles, but, hey, why not waste our time asking about it?

I get that he hated his Cherokee/finance deal. I get that the JL Sahara in Granite metallic is as tempting a siren as there is "doubling in 1.5 years". I get that his income is But to not listen to those who have been there and been swallowed whole by the regret of acting impulsively just smacks of immaturity.

Whatev. In the end, it's his money. And now, it's his Jeep. I just hope nothing goes wrong before that big pay raise.
p.s. a 4% interest rate equals roughly 10% of the purchase value at maturity...

calm down Bertha

 

[Saejin]

A 720 o should have gotten him an interest rate lower than 4%...questions begs did the dealer work the rate in order to adjust the monthly payment to what the OP wanted. Never negotiate based on monthly payment...dealer will always win.

I once went against advice in a forum in order to get my last vehicle. All were saying wait a few months and prices will come down. It was when the new Honda Pilot was released. We bought the first one on the lot. Paid MSRP. Needed it due to planned Sumer road trips and couldn’t wait. Happy with the decision we made as the Pilot is serving us well.

Regardless, he has his Jeep and he’s happy. I’d rather be in a Jeep than a Cherokee too. Congrats and enjoy!!!

 

[misanthrope]

calm down Bertha

So, really, you felt you were adding something to conversation with your brilliant and well-reasoned response of "calm down Bertha"? Looking to garner some cheap bud-fueled likes on a post from 2+ months ago about a young man seemingly mature enough to ask for financial advice and then acting like a young man anyway and ignoring it with your brilliant "calm down Bertha". Because a person's financial solvency isn't important to you, just the 2 1/2 Men, slapstick laugh track response you can get from "calm down Bertha". What a tool.

 

[ALEX-4LO]

A 720 o should have gotten him an interest rate lower than 4%...questions begs did the dealer work the rate in order to adjust the monthly payment to what the OP wanted. Never negotiate based on monthly payment...dealer will always win.

I once went against advice in a forum in order to get my last vehicle. All were saying wait a few months and prices will come down. It was when the new Honda Pilot was released. We bought the first one on the lot. Paid MSRP. Needed it due to planned Sumer road trips and couldn’t wait. Happy with the decision we made as the Pilot is serving us well.

Regardless, he has his Jeep and he’s happy. I’d rather be in a Jeep than a Cherokee too. Congrats and enjoy!!!

Actually 720 gets him rate of 4-4.9 % depending on the length of term which it sounds like he pushed it to a 72-84 month term.

Above 740 + is where you get the lower rate and no one should really go over 60 months that is just way too long. Currently 48 months is a stretch for me.

What kind of hurts you if you go in to the dealership buying in monthly price budget they will get ya.

 

[ALEX-4LO]

What did help you a little was putting 6k down. However I’m sure that went into your negative equity on trade or helped pay down the interest in you 84 + month term loan. Either way refi will help if you do it quickly , 90% fail to do so. I would just pay as much as you can every month when it’s in the budget and pay off the loan sooner.

 

[TopPinArcher]

I don’t read all the posts in the thread so not sure what advice you’ve been given. Here’s what I would do. Sell the Jeep privately and take the hit. Take out a low interest personal loan to cover the loss and enough to get a good gas milage commuter car(if you already have that then you’re a step ahead) Pay off the personal loan and pay down whatever other debt you have and save the rest. In short order you’ll be better off, your credit score will be better, you can get a good credit union loan and have some cash down to get the rate and term you need. Being patient is key. Chalk everything up to a learning experience. 2 of the most important things my old man taught me. #1. Cash on the barrel. #2. Pay yourself first.
Good luck in the future.

 

[Saejin]

oh, didn't see he did an 84 month term. That changes things. I would refi the loan ASAP or like the OP says when his salary goes up. Again, you'd be shocked at what dealers will and won't do to close a deal and make money. Even if you qualify for a lower APR, they will move you into a loan with a higher APR to meet the payment you told them you wanted. Its funny seeing the sale manager when I'm buying a car come up to me and say what payment would you be comfortable with.

I helped out a fellow forum member who was being offered $15k on his trade in. I told him to take it to Carmax and they offered him $18k on the spot. He went back to the dealer and in the final deal he got $19k which paid it off and still got the Jeep for about 5% below invoice. Obviously money was made by the dealer, but much less so than if he had gone with the original trade in offer.

Anyway, seems this thread is OBE now and needs to be closed.

 

[SubZero_JL]

oh, didn't see he did an 84 month term. That changes things. I would refi the loan ASAP or like the OP says when his salary goes up. Again, you'd be shocked at what dealers will and won't do to close a deal and make money. Even if you qualify for a lower APR, they will move you into a loan with a higher APR to meet the payment you told them you wanted. Its funny seeing the sale manager when I'm buying a car come up to me and say what payment would you be comfortable with.

I helped out a fellow forum member who was being offered $15k on his trade in. I told him to take it to Carmax and they offered him $18k on the spot. He went back to the dealer and in the final deal he got $19k which paid it off and still got the Jeep for about 5% below invoice. Obviously money was made by the dealer, but much less so than if he had gone with the original trade in offer.

Anyway, seems this thread is OBE now and needs to be closed.

Agreed! I basically stole my Jeep form the dealer! They gave me more than what my trade was worth in order to cover cost of Jeep. In the end, the payment worked to what I wanted and the interest was a little higher than I wanted but they payment was right, so I will just refinance it and be done with it. I just wanted out of my Ram 1500 and in to my Jeep!

But yes, some dealers will do just about anything to earn your business. It helps I am military too so they tend to bend over backwards for me. Great experience with them and I was satisfied.

 

[Muzzle of Bees]

Definitely get a quote from someplace like carmax before trading it in. Better yet is to sell it via private sale. You have to take sales tax into consideration. Most states reduce trade in value from new car sales tax. So that might save another $1,000 or so depending on your area.

Easy math for that. We have an 8.25 % sales tax. 1000*.0825 = 82.50 towards the sale for every thousand dollars.
It is hard to get to 1k savings that way.

 

[wvgasguy]

oh, didn't see he did an 84 month term. That changes things. I would refi the loan ASAP or like the OP says when his salary goes up. Again, you'd be shocked at what dealers will and won't do to close a deal and make money. Even if you qualify for a lower APR, they will move you into a loan with a higher APR to meet the payment you told them you wanted. Its funny seeing the sale manager when I'm buying a car come up to me and say what payment would you be comfortable with.

I helped out a fellow forum member who was being offered $15k on his trade in. I told him to take it to Carmax and they offered him $18k on the spot. He went back to the dealer and in the final deal he got $19k which paid it off and still got the Jeep for about 5% below invoice. Obviously money was made by the dealer, but much less so than if he had gone with the original trade in offer.

Anyway, seems this thread is OBE now and needs to be closed.

LOL, I bought a Vette in 1976 out of college with little to put down. I needed a 48 month loan to keep the payment low. My local banker told me I was committing financial suicide. I think I was one of the first 48 month loans he had ever made. I think my payment ended up being $116/month

 

[wvgasguy]

Easy math for that. We have an 8.25 % sales tax. 1000*.0825 = 82.50 towards the sale for every thousand dollars.
It is hard to get to 1k savings that way.

18,000 trade in would save him $1485 in taxes. I'm missing your point I guess.

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