Value of vws keeps plummeting

[MrFancypants]

Man..... I paid for over half of my car up front, and the other half a year later. I don't like debt on consumer goods when I can avoid it, in addition to the benefits of not paying interest to a bank it simplifies your monthly finances.

 

[Injen1us]

Example,

You're fresh out of college and buy a GTI for $30k out the door @ 9% APR for 60 months. You put nothing down! (This example is insane by the way, but happens!) The above scenario would put your loan at $37,365, which is $623 a month for 5 years.

Now lets say you get bored with your GTI after 2 years and you have a balance of $22,413 on your loan. You want to trade her in for a shiny new WRX at $31,000 OTD. (This includes taxes, title and fees to make it simple.) You trade in your GTI, and the dealer offers you $13,000. You don't have a down payment and there are no incentives on the WRX. Since you owe $22,413 and the dealer offers $13,000 for trade, you have $9,413 negative equity (which includes interest from the original loan) that needs to be rolled into the new loan. After rollage, the WRX is now $40413! You have to take out another loan @ 9% APR for 60 months... This will put you at $50,334 with a monthly payment of $839.

In my teenage years I worked as a loan processor for a BMW dealership and this is the sort of thing I'd see every other loan. It's freakin' insane!

Great example dude! :thumbsup:

 

[Verserk-MK6]

Yea might b over thinkin this with my first baby on the way.. my gti is still my perfect car. Why change that for a kid.

Sent from my SM-G935T using Tapatalk

I have 2 Kids and all 4 of us Fit just Fine in the car.

That being said i do have a cargobox for long trips.

 

[alpha3]

Or just take the path I chose, and don't bother with kids?

Heh...there you go; although I have two 'kids' but they have four legs each. Amazing how expensive their doctor bills are, though....and that's only for annual checkups and shots....but I digress.

 

[ben_m]

Example,

You're fresh out of college and buy a GTI for $30k out the door @ 9% APR for 60 months. You put nothing down! (This example is insane by the way, but happens!) The above scenario would put your loan at $37,365, which is $623 a month for 5 years.

Now lets say you get bored with your GTI after 2 years and you have a balance of $22,413 on your loan. You want to trade her in for a shiny new WRX at $31,000 OTD. (This includes taxes, title and fees to make it simple.) You trade in your GTI, and the dealer offers you $13,000. You don't have a down payment and there are no incentives on the WRX. Since you owe $22,413 and the dealer offers $13,000 for trade, you have $9,413 negative equity (which includes interest from the original loan) that needs to be rolled into the new loan. After rollage, the WRX is now $40413! You have to take out another loan @ 9% APR for 60 months... This will put you at $50,334 with a monthly payment of $839.

In my teenage years I worked as a loan processor for a BMW dealership and this is the sort of thing I'd see every other loan. It's freakin' insane!

That is absolutely absurd, and people wonder why the economy is in the state its in half the time.

I have a friend who works for a nation wide chain and he told me some similiar stories how someone had to have a new 3series and traded in their perfectly good 2 year old 3series to save $50/month on a lease.....

 

[Injen1us]

That is absolutely absurd, and people wonder why the economy is in the state its in half the time.

I have a friend who works for a nation wide chain and he told me some similiar stories how someone had to have a new 3series and traded in their perfectly good 2 year old 3series to save $50/month on a lease.....

I think alot of people think cars are like cell phones... get a new one every couple years...

 

[NYCSuits]

Low trade values don't bother me, I still have 73 months left on my loan with a low monthly payment of $439.97. Haters will say I'm lying and that my deal is too good to be true but my dealer pulled all the strings to get me what I wanted.

On a side note, anyone know where I can get some Nankang tires? I want only the best for my car

 

[lilonespaz]

Low trade values don't bother me, I still have 73 months left on my loan with a low monthly payment of $439.97. Haters will say I'm lying and that my deal is too good to be true but my dealer pulled all the strings to get me what I wanted.

On a side note, anyone know where I can get some Nankang tires? I want only the best for my car

F me thats such a good deal.

I did a 72 month loan at $316 a month with 4% interest... so yeah haters gonna hate on that wicked deal.


Edit*
Crap did i just fall for sarcasm... now that i reread that i think that was sarcasm. :thumbup:

 

[lilonespaz]

Meh. Im ive got less than 9k left due on the car. I dont plan on selling it yet. Im gonna get rid of my payments and let the piggy bank grow again before i think about buying a new car. Unless ya know something drastic like engine failure or an accident forces me into a new/used car

 

[Tjbell]

Example,

You're fresh out of college and buy a GTI for $30k out the door @ 9% APR for 60 months. You put nothing down! (This example is insane by the way, but happens!) The above scenario would put your loan at $37,365, which is $623 a month for 5 years.

Now lets say you get bored with your GTI after 2 years and you have a balance of $22,413 on your loan. You want to trade her in for a shiny new WRX at $31,000 OTD. (This includes taxes, title and fees to make it simple.) You trade in your GTI, and the dealer offers you $13,000. You don't have a down payment and there are no incentives on the WRX. Since you owe $22,413 and the dealer offers $13,000 for trade, you have $9,413 negative equity (which includes interest from the original loan) that needs to be rolled into the new loan. After rollage, the WRX is now $40413! You have to take out another loan @ 9% APR for 60 months... This will put you at $50,334 with a monthly payment of $839.

In my teenage years I worked as a loan processor for a BMW dealership and this is the sort of thing I'd see every other loan. It's freakin' insane!

AHH ok I understand now, thank you for explaining that!

 

[damagi123]

Low trade values don't bother me, I still have 73 months left on my loan with a low monthly payment of $439.97. Haters will say I'm lying and that my deal is too good to be true but my dealer pulled all the strings to get me what I wanted.

On a side note, anyone know where I can get some Nankang tires? I want only the best for my car

strong post

 

[NYCSuits]

F me thats such a good deal.

I did a 72 month loan at $316 a month with 4% interest... so yeah haters gonna hate on that wicked deal.


Edit*
Crap did i just fall for sarcasm... now that i reread that i think that was sarcasm. :thumbup:

I tried to make the trolling clear as day.

Going back to the main topic though...TDI owners have their trade offers from VW locked in for the next two years. So they basically can drive their car for the next two years and only worry about $500ish depreciation due to increased mileage...kind of unfair in my opinion but what are you going to do.

 

[lilonespaz]

I tried to make the trolling clear as day.

Going back to the main topic though...TDI owners have their trade offers from VW locked in for the next two years. So they basically can drive their car for the next two years and only worry about $500ish depreciation due to increased mileage...kind of unfair in my opinion but what are you going to do.

but nah thats nice of VW

 

[Saabstory]

It's only nice if you are willing to bet on VW weathering this storm and not filing bankruptcy...

And if you only drive near 1042 miles a month... I drive closer to 3500 a month; so yeah... not such a good deal anymore.

 

[Uberryan]

It's only nice if you are willing to bet on VW weathering this storm and not filing bankruptcy...

And if you only drive near 1042 miles a month... I drive closer to 3500 a month; so yeah... not such a good deal anymore.

Lol you don't actually think VW is going to go belly up over this, do you?

You think $10bil is a huge deal to them? I'm sure it's a noticeable chunk, but they're not losing sleep over it, and trying to liquidate all assets. Hell, they just produced another Bugatti at a tremendous production to profit loss.