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Old 10-07-2014, 08:46 AM   #15
lilfleck
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The folks that had mom and dad pay are likely not going to chime in... don't blame them either. It's just reality. Honestly, if you aren't sure if you can afford it, I would not buy it.

It's really not worth having a financial obligation that is really not necessary. In the event you can't make payments, you're credit is going to take a dump and will cost you MORE money in the long run.

The GTI is awesome... but don't put yourself into a tough situation that you can't afford comfortably.
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Old 10-07-2014, 09:06 AM   #16
Kyle805
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Picked mine up right before my 20th birthday. 3.9 apr without a consigner and every payment made by me. Pretty high rate but given my age and a new car I can't complain, worth every penny.


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Old 10-07-2014, 09:06 AM   #17
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I'm 24 first new car dad cosigned I'm making the payments 2.5% financed through the dealers bank.
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Old 10-07-2014, 09:30 AM   #18
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Got my car once I graduated college (had a job out of school), 21 years old with my mom as a co-signer, 0.9% Top Tier through VW Credit...the car and the bills are all in my name
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Old 10-07-2014, 09:32 AM   #19
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FWIW, I bought my GTI used when I graduated @ 21. Just my name. Had 3.5% I think.
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Old 10-07-2014, 10:41 AM   #20
vwgti2.0t
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Bought mine brand new in Jan. 2011 (car is a 2011). First new car, and had graduated college 6 months before. I turned 23 like 10 days before I bought the car.

1.9% APR, 60 months, $1500 down, no cosigner. Paid it off in June of this year.

FWIW, I'm not sure if VW still has this, but they used to have a "recent college grad" program which is what I used. I believe you can get it 6-12 months before you grauate if you have a job offer and you can use it up to a year after you graduate. If you have had no bad marks on your credit, you get the best interest rate possible at the time and VW even pays your first months payment. So basically I got 1.9% interest and a free $450 (first payment) for being a college grad. Definitely something to look into.

I would assume anyone under 18 that has this car, it's being paid by mommy and daddy. I would also assume most people still in college with this car, it's being paid by mommy and daddy with a few exceptions. Over 18 with a good job I don't see it being too tough to make the payments though. I know people that never went to college and went into the union right after high school and immediately started making some pretty decent coin.
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Old 10-07-2014, 01:14 PM   #21
afctom
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Originally Posted by lilfleck View Post
The folks that had mom and dad pay are likely not going to chime in... don't blame them either. It's just reality. Honestly, if you aren't sure if you can afford it, I would not buy it.

It's really not worth having a financial obligation that is really not necessary. In the event you can't make payments, you're credit is going to take a dump and will cost you MORE money in the long run.

The GTI is awesome... but don't put yourself into a tough situation that you can't afford comfortably.

Yeah although if they are paying their parents back then it's nothing to be ashamed about IMO. Just very lucky!

As for the payments, they aren't an issue, I only work 20 hours a week so obviously don't earn much but more than enough for the payments as I have no other responsibilities for now. I don't know how different the finance plans are over in America, but I dunno if over here VW would even consider an 18 year old with only a part time wage coming in.

I was just curious when making the post as it does seem that there are a lot of 18-21 year old GTI owners, so it's obviously not that difficult to get one with monthly payments

Just from browsing I'm getting ridiculous figures from VW like 10-15 APR!

Last edited by afctom; 10-07-2014 at 01:27 PM.
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Old 10-07-2014, 01:16 PM   #22
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I'll chime in. Let me start by saying that I'm extremely grateful to have this car as my first car. I'm 17 and in my senior year of high school right now. We got the car a little less than 2 years ago. My parents (My dad mostly.) purchased it outright. I'm paying for a little more than 1/3 of it. I pay them back monthly. Again very grateful. All the mods I have I've paid for by myself, and I also pay for all my gas.
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Old 10-07-2014, 01:22 PM   #23
afctom
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I'll chime in. Let me start by saying that I'm extremely grateful to have this car as my first car. I'm 17 and in my senior year of high school right now. We got the car a little less than 2 years ago. My parents (My dad mostly.) purchased it outright. I'm paying for a little more than 1/3 of it. I pay them back monthly. Again very grateful. All the mods I have I've paid for by myself, and I also pay for all my gas.
Thats cool man. What is your insurance like?
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Old 10-07-2014, 01:27 PM   #24
ThatGTI
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Thats cool man. What is your insurance like?
I'm not sure off the top of my head, I'd have to check. It's under my parents which is a big help.
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Old 10-07-2014, 01:27 PM   #25
Tkulhanc134
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Quote:
Originally Posted by lilfleck View Post
The folks that had mom and dad pay are likely not going to chime in... don't blame them either. It's just reality. Honestly, if you aren't sure if you can afford it, I would not buy it.

It's really not worth having a financial obligation that is really not necessary. In the event you can't make payments, you're credit is going to take a dump and will cost you MORE money in the long run.

The GTI is awesome... but don't put yourself into a tough situation that you can't afford comfortably.

This

But then again, we all wish our parents would offer us to buy a car. When i was a senior in high school, the mk6's came out and i remember i wanted it badly, tried to convince my parents and they said no (i didnt had a job at that time). My dad almost got me a mk5 gli with dsg that has 30k miles on it, selling it for 17-18k iirc, but he says too much power for you. so i drove around my 2004 tsx which is handmedown from mom for couple years until it started giving me issues n got a better job (not a graduate job), i was delivering pizzas starting from spring semester of my first year to end of spring semester on my second year, then got a job (im a turkish citizen and us citizen, every turkish men has to attend military bootcamp for 16 months straight, so i need a real job non-min. wage to prevent me to being taken in on passport check whenever i visit for family.) then moved up to a marketing job (said mandatated real job) that my dads good friend owns, more like a hook up, been working over 2 years now, so i decided to treat myself with something nice and finally have a car that doesnt smell like pizza.
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Old 10-07-2014, 04:41 PM   #26
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Tips: I'm in my late 20's but I've never owned a car I didn't pay for myself.

1) Don't finance a car you will not love. A lot of people will tell you to buy this or that and save up for what you want. That's stupid. That's like dating a girl you don't really like and committing to her for a five year relationship. By the third month, you'll hate her guts and you don't appreciate a car you hate. So if you have to go a year or two older or from a driver's edition to a base, do what you have to do. But get the engine and base model you love or at least REALLY like. There's nothing more sadder than someone who wanted a performance car who ended up in a Corolla. I think happiness should be number 1 above feasibility and economic sense.

2) Wait until you make the first payment to start driving it hard/modding. There's a reason for this. When you're young, you feel like you accomplished yourself by making the down payment, signing the papers and driving off the lot. Little do you know, about 50 days later you have to make a payment and it hurts. It hurts less than rent, but a lot more than a cell phone bill. It's a VERY REAL payment to make, compared to the stuff you're used to when you're young.

3) Don't stress if your interest rate is high. If you don't have a great cosigner and you don't have excellent credit or established credit, your interest rate is going to suck. But that doesn't make it a BAD idea to buy. It's less ideal, but to be honest, there's no such thing as a perfect situation to buy a car. It'd be nice if you could save up $17,000 cash, walk into a dealer, haggle to $2,500 below market value, get free mats and a blowjob thrown in but that's not how the world works. A terrible deal for one person is a life saving deal for another.
Two of my friends own WRX's. One of them has parents with an 800 score who bought him a Hyundai Elantra for college paid off. Graduation time they took him to a Luxury Car dealership, traded in the Elantra for $4500 and gave the dealer $4000 cash on top, cosigned with him and he got like a 0.9% rate. They cosigned with him for a $4000 credit card, bought plane tickets with it and paid them off using his bank account to boost and nurture his credit score to a 770+.
Another friend? He cosigned with his parents for their house when his dad got hurt at his job, his mom got breast cancer and he got tied into their medical bills and foreclosure battles. After 2 long years, his mother is healthy, his dad is working and he has.... a 540 credit score. He just started a new job, had $2000 saved up and his car literally died. He was late to work and his boss said, "You've been here two weeks, if you come late again, don't bother coming in at all." We searched and searched and couldn't find a deal on a car to save our lives. Finally we walked into a dealership and he got approved for a WRX for around $20,000 with an interest rate of... 18%. Ouch.
But what else could he do? Scour Craigslist? Get fired? Buy a POS that's just gonna break down again on him?
Sure he's losing like... 40% of his payment to interest but in 5 months, he's overpaid by $250-300 and chopped off over $1500 of his principal. He already called and they said next month he can get his interest slashed in half. But he's HAPPY.

He's a lot happier than our other friend who followed the Ivory Tower idealistic "save save save and fix your credit" advice. That dude is miserable as hell and hates his car.

So that being said, if you have a job, set aside some money for a down payment, walk into a dealership and find out what they can approve you for. Also ask your bank.
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Old 10-07-2014, 04:58 PM   #27
XGC75
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My story, to build off the above: cash is king. I needed a car and have stupid student loan debt. I could have 1) saved up for the car I want or 2) financed the car. It turns out that saving up would have eaten so much of my cash flow that my student loans, by the time I paid them off, would have cost more than the car itself in interest than if I had financed the whole thing.

So that's what I did. Bought the car barely used, 100% on my credit. I pay the minimum and put all the extra cash flow towards the big student loans. Saves me gobs of cash and my student loan repayment is 4 years sooner than I'd initially planned for. The catch is that I'm stuck in this car for a long time, but I'm alright with that given the alternatives.

Edit: FWIW, I was never underwater with my auto loan, either. It was CLOSE (within a couple hundred of NADA black book) for a couple months, but never flipped. Not that it would have mattered, but just for completeness of thought.

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Old 10-07-2014, 05:17 PM   #28
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Last sentence of op says any response appreciated....
Touche. I hesitate to ask how hard a hit you took when you swapped up... I just found out a friend of mine bought a loaded G37S and is paying over 900 a month. That's like... almost 4x my car payment.
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