IronMedic

well guys i tried and it didnt go through. i was unable to get a bank to sign off on my deal for a used 99 vette. they all say the same thing...too much disequity. kinda sucks but i guess i will just move on for now. i have a 2005 eddie bauer expedition that i really dont need to be driving anymore. im working on a payment plan to get the disequity paid off quick (or within a year). i cant buy it as a 2nd car cuz of my car payments. u guys know anyone who wants to help me with the disequity? LOL! if not, ill just work to pay it off and make something happen LOL!! my credit is in great shape and there is no problems with it. banks have no problem financing me but the disequity is too great. take care guys, just had to rant a bit

im probably just gonna bump my payments up to eat up the disequity quicker.

5150time

Sorry to hear about that.

Don't give up! Once you get one, you'll know why I said that.

JoshVette

Save it up and buy it outright, they're getting a lot cheaper these days, ecspecially the older ones.

It will happen, just keep trying. It did for me and I never thought I'd have one.

madeouttaglass

Good idea. May I suggest that you go a little bit further? Buying any car with less than no money down is not the best way to get ahead in life. Take some time and look around our C5s for sale section. You might be surprised how much more car you could have bought for the $$ that you were talking about. I hope you find yourself in a C5 in the future.
And Thank You for your service.

jrose7004

Sorry for your problem!

wstory1

Keep working towards the Vette. It's worth the wait.

Humy

did you give the dealer finance guy a shot - I was shocked when I got a better rate from the dealer finance dept than my bank

Vetteman Jack

Be patient, it will happen.

IronMedic

yup the dealer did some work and couldnt get it to work out. i always put money down in my disequity positions. the amount i wanted to put down wasnt enough. this just fuels me more to get a vette! if i work my negative off almost completely, im gonna go buy myself a Z06! i understand why you guys do the whole "once you get a vette, u wont go back!" deal. after driving one and seeing other vettes out there, it made me feel proud to be an american and owning an american dream car.
maybe ill get lucky and win at quinto! i play like once every 2 weeks. well im 26 and i have dreams so im gonna live them all out. "whatever it takes" is my motto in most situations!

army2000

Sorry to hear about the Vette. Do like the Army bubba's and go to Iraq/Afghanistan for a year. You'll have enough money to pay off your Eddie Bauer POS and buy a newer C5...Good luck "Wingnut"

AC54ME

Hang in there - if its meant to be, it will be.

You can assist - keep saving, and keep the credit payments up to date.

Humanoid 2.0

You should not be getting a loan for a 7 year old car; most banks stop at 5 years anyway. If you want a 99 Vette pay cash.

Rogue Wave

I think you're doing the right thing and when the time is right we'll be here.


Good luck.

IronMedic

well this is my game plan. im gonna go buy me a reliable car under $1000 and drive it for 1 year. im gonna sell my expedition on autotrader or locally on the base. im gonna take a loan out for the negative trade and make huge $$$ payments on it and include payments from a potential deployment to shorten the lifespan of the loan. when i mean huge payments, i mean HUGE. im not gonna throw in money values on here cuz i dont want to be slapped or laughed at. since i am air force, my deployments are only 4 months at a time. i could be silly and ask for an 8 month deployment if they let me. that should be enough to pay off the negative and have extra to live off of. maybe ill get lucky and my truck will be worth more on trade because it has "low mileage" down the stretch should i not be able to sell it.

once that is done, im gonna go vette hunting and start off fresh and make 24-36 month payments instead of the traditional 60-72 month and just pay the living $#@$@# off on it and just straight up own it. this is the measure of my resolve and this is how it will be. no more monkey business and im gonna make this work! if i do leave for a deployment, it will be this summer. if i make this work out, i could have a vette either for my birthday or xmas. my birthday is dec 14 and we all know when xmas is. either way, im getting what i want!

as always, i am open to any lottery winners who wouldnt mind chipping in a few bucks out of the kindness of their heart LOL!

Tino

Keep at it and it will happen for you one day soon

DjCritterus

Mark, let my wife or mother hear you give that same advice to me and see if they jump at you through the computer screen with a hatchet!

Seriously... Iron medic, bide your time and save some cash. Save enough to pay outright for what you want or get a small loan and have leftover cash for some mad mods (trust the forum... you will want mod money). It worked for me and My wife. The two of us and our vette are extremely happy.

C6 DVL

The trade you have, you are probably 7 to 8 thousand in negative equity.
The dealer can to the deal because on a 99 Vette the value is not high enough to roll the 7K from your trade in to the new loan. Banks will give upto 130% of NADA trade in value, so if the 99Vette is 14,000 in the book, 130% is only $18,200 and that is not going to cover your $7,000 you owe on the other car.

What to do?

1. Find a more expensive/higher value Vette. For example, A vette thats in NADA trade-in for 25,000 at 130% the bank will advance 32,500 for the car plus taxes and DMV Fees. That will get you out of the prev. loan, but your payments will be much higher plus, the minute you drive out, your vette loan will put you at least $11,000 in negative equity, unless you will keep the car for the duration of the loan and not care the value of it.

2. This version of how to depends of how bad you want it. If your credit is so so and youre not going to be going for a mortgage in the next 6 yrs and you want to give up your soul for the vette, this is what you do. Go pick out a vette that you want, go for 2002+ year. Sign for the car, Take it home and then call the bank that you have your was to be trade. Tell them you can't afford the payment and you would like to do a voluntary repo. Being that you have your new loan and will make all the payments on time, 5 yrs later, you will still be able to get a new loan probably at 14%. Bank look at your history, they will see a repo, but they will also see you make all your vette payments with out being late. Credit Card? you probably not get any for the next 18 months, then you will get offers ay 19%+. Mortgage? you will probably just pay a little bit more on the rate.

3. I can not tell you, and don't do it, Insurance companies and Fire Marshal are all well aware of the practice and the first thing they look for is how muich did you owe on the car.


If you owe more that 7 thousand on your trade than what it's worth, and you are not planning to buy a house or rely on credit in the next 5yrs, #2 is really not that bad of advice.

I'm a finance manager in a car dealership and I see this all the time

do it, your Vette is waiting for you

devnull

Sorry to hear that bud.

Sounds like you have a good game plan set to make it happen though, and the car will mean that much more to you when you get it.

I know exactly how you feel, I wanted a vette since I was 7.

Good luck with it man, and keep us posted.

-Curry

troy144

You have a great attitude and personality. Meet the right woman and maybe this will be easier. Are you already married...sorry I hate to tell you this but the easy money method goes to a few pretty women, not guys that want Corvettes. (I can't wait for the comments on this ) If you want the thing just work for it

Z16 #1669

[QUOTE=IronMedic]
once that is done, im gonna go vette hunting and start off fresh and make 24-36 month payments instead of the traditional 60-72 month

Boy...talk about *** backwards!!