Refinance ...
Thread Starter
Burning Brakes
Joined: Jan 2010
Posts: 868
Likes: 80
From: Walnut Creek CA
Refinance ...
Thinking about refinancing .
Car 2012 GS 3LT 19k miles. Bought brand new in 2012
Will sell the car at the end of next year.
Loan was 72 months at 2.79% and monthly payments of $722
Currently owe $31,000. Car was appraised at $41,200
Refinance loan.
72 months at 3.29% with monthly payment of $480
Currently in the process of buying second property and would be nice to lower car payment
What’s your opinion?
Car 2012 GS 3LT 19k miles. Bought brand new in 2012
Will sell the car at the end of next year.
Loan was 72 months at 2.79% and monthly payments of $722
Currently owe $31,000. Car was appraised at $41,200
Refinance loan.
72 months at 3.29% with monthly payment of $480
Currently in the process of buying second property and would be nice to lower car payment
What’s your opinion?
Race Director
Joined: Aug 2002
Posts: 13,580
Likes: 783
Thinking about refinancing .
Car 2012 GS 3LT 19k miles. Bought brand new in 2012
Will sell the car at the end of next year.
Loan was 72 months at 2.79% and monthly payments of $722
Currently owe $31,000. Car was appraised at $41,200
Refinance loan.
72 months at 3.29% with monthly payment of $480
Currently in the process of buying second property and would be nice to lower car payment
What’s your opinion?
Car 2012 GS 3LT 19k miles. Bought brand new in 2012
Will sell the car at the end of next year.
Loan was 72 months at 2.79% and monthly payments of $722
Currently owe $31,000. Car was appraised at $41,200
Refinance loan.
72 months at 3.29% with monthly payment of $480
Currently in the process of buying second property and would be nice to lower car payment
What’s your opinion?
Unusual to get a 72 month loan on a non-new car is it?
Thread Starter
Burning Brakes
Joined: Jan 2010
Posts: 868
Likes: 80
From: Walnut Creek CA
Only fee i will have to pay is title transfer from WF to BOA, thats like $15 at DMV
Yes it is unusual to get 72 m loan on new car, my cousin is finance manager at chevy and works with WF and was able to get me 72m.
Race Director
Joined: Aug 2002
Posts: 13,580
Likes: 783
No fees, no refinance processing or any other fees and no prepayment penalty.
Only fee i will have to pay is title transfer from WF to BOA, thats like $15 at DMV
Yes it is unusual to get 72 m loan on new car, my cousin is finance manager at chevy and works with WF and was able to get me 72m.
Only fee i will have to pay is title transfer from WF to BOA, thats like $15 at DMV
Yes it is unusual to get 72 m loan on new car, my cousin is finance manager at chevy and works with WF and was able to get me 72m.
when I do the calculation 72 months , $31015 and 3.29 % - I get $475.27
Thread Starter
Burning Brakes
Joined: Jan 2010
Posts: 868
Likes: 80
From: Walnut Creek CA
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Race Director
Joined: Aug 2002
Posts: 13,580
Likes: 783
Thinking about refinancing .
Car 2012 GS 3LT 19k miles. Bought brand new in 2012
Will sell the car at the end of next year.
Loan was 72 months at 2.79% and monthly payments of $722
Currently owe $31,000. Car was appraised at $41,200
Refinance loan.
72 months at 3.29% with monthly payment of $480
Currently in the process of buying second property and would be nice to lower car payment
What’s your opinion?
Car 2012 GS 3LT 19k miles. Bought brand new in 2012
Will sell the car at the end of next year.
Loan was 72 months at 2.79% and monthly payments of $722
Currently owe $31,000. Car was appraised at $41,200
Refinance loan.
72 months at 3.29% with monthly payment of $480
Currently in the process of buying second property and would be nice to lower car payment
What’s your opinion?
If you sell in Nov 2015 and refi with the rate you mention you will owe about $26260 - so by refi you will get about $3300 less in your pocket at the end of next year when you sell it.. So it depends on what that $$ will do for you now as opposed to in Nov 2015.
Thread Starter
Burning Brakes
Joined: Jan 2010
Posts: 868
Likes: 80
From: Walnut Creek CA
If you sell in Nov of 2015 like you say above.. and you leave your loan as is-- you will have about $23047 owing on your car.
If you sell in Nov 2015 and refi with the rate you mention you will owe about $26260 - so by refi you will get about $3300 less in your pocket at the end of next year when you sell it.. So it depends on what that $$ will do for you now as opposed to in Nov 2015.
If you sell in Nov 2015 and refi with the rate you mention you will owe about $26260 - so by refi you will get about $3300 less in your pocket at the end of next year when you sell it.. So it depends on what that $$ will do for you now as opposed to in Nov 2015.
Yeah for me not a big deal, but it will definitely get my fiance off my back and complaining that my car payment is too high
And it will help a little with new property payments too
Melting Slicks
Joined: Apr 2012
Posts: 2,566
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St Jude Donor '14
Race Director
Joined: Aug 2002
Posts: 13,580
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Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
I will tell you that credit union values on cars is not at all accurate which isn't necessarily a bad thing when you're looking to buy a car or refinance. Most of them do 72 months on newer cars.Furthermore,what they think it's worth now has no bearing on what it'll be worth when you sell it next year,and I seriously doubt in the real world you get anywhere near 41 grand for it.. HIGHER INTEREST RATE and now you're extending your term again for a lower payment and will cost you more in the long run if you don't sell...but...240 or so bucks in your pocket every month is nothing to sneeze at I guess.
Race Director
Joined: Mar 2005
Posts: 11,549
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From: Southampton NJ
Race Director
Joined: Jan 2011
Posts: 11,973
Likes: 463
From: Tonawanda New York
I knew it had to come down to a woman! Tell the fiancé the wedding is off until the car is paid. Stick with your loan and get it paid off. Don't refinance and extend that car loan even longer. It may hurt a little now but when it's paid you'll be glad you did. I'm at 0% for 72 months 2 1/2 years to go!
Pro
Joined: May 2014
Posts: 695
Likes: 4
From: Long Island New York
Seems 72 months is common on these cars. 6 months into my 72 month loan at $675 a month. I did a pretty small down payment because I used the cash I made from selling my previous car to pay off my student loans
Race Director
Joined: Apr 2006
Posts: 12,971
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From: Huntsville AL
Drifting
Joined: Jul 2011
Posts: 1,549
Likes: 33
From: Los Angeles CA
This potential choice would actually cost you more money. If the item were appreciating, like a house, then refinancing often makes sense. But your car is worth less every day. The idea is to make the depreciation hit as small as possible. I would tell your fiance that the wise financial decision is to maintain your existing payment structure now which puts more money in your pocket at the end of the year when you sell it. Not to mention the lower interest rate. But that's just me. I hate paying interest.
Le Mans Master
Joined: Jan 2008
Posts: 7,155
Likes: 44
From: If you wanna live life on your own terms, you gotta be willing to crash and burn Florida
Le Mans Master
Joined: Jan 2008
Posts: 7,155
Likes: 44
From: If you wanna live life on your own terms, you gotta be willing to crash and burn Florida
Good decision. I have those SL and they are a thorn in my side, but I made the choice at the time, so gotta do what's right. Any extra $ goes on those. Because my car interest rate is lower than my SLs!