Whoever has an ST or has ordered one...

Discussion in 'Fiesta ST Sales and Service' started by mcummings182, Sep 4, 2013.

  1. kvetcha

    kvetcha Active Member

    Leases have advantages and disadvantages. The advantages are lower monthly rates, new car every few years, and no worries about long term reliability (since you'll be swapping the car out before anything catastrophic is likely to happen). The downside is that after three years of monthly payments you won't actually *own* anything. You're basically paying the dealer to rent the car, and once your lease is up they still get to sell it.

    Buying a car will tend to cost you more per month, but after your payments are done you *own* the damn thing and can do what you like with it. You'll obviously have to handle repairs, etc out of pocket, but when you're saving $450 a month on a car payment it's not as much of an inconvenience.
     
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  3. mcummings182

    mcummings182 Member

    I'm hoping they can work with me, I will just have to wear a low cut shirt when I go in haha. I am trading in my current Fiesta, but won't be getting anything for it because it's a lease. I will probably actually owe a little bit of money, depending on if they can get me an early bird special.
     
  4. RodMoe

    RodMoe Well-Known Member

    hmmmm I never thought to try that.. :wacky:
     
  5. captainmorbid

    captainmorbid Active Member

    Every time I try that, they charge more...
     
  6. FiestaST

    FiestaST Active Member

    haha perfect idea!! It is def. nice to be a girl when it comes to negotiating lol I think you will be fine getting a good deal on a lease especially since you already leased from them.
     
  7. Removed

    Removed Guest

    Back on topic, I'm putting ~$10k down, price will be around $25.5k, payments are estimated to be around $300/mo. This is through my credit union.
     
  8. FiestaST

    FiestaST Active Member

    wow I am putting 4.5k down. Wish i decided to order this car earlier so I could have saved. I might have time to save more though as my car wont be here till November I am guessing. I can't wait till people start posting pictures and videos of their first day having the car.
     
  9. Removed

    Removed Guest

    I sold my 2005 Accord in May to finance the ST, back when they expected a July/August release date. It's been... interesting... carpooling the past 4 months, but it's allowed me to put even more away for a downpayment/toys for the new car. Especially since it looks like I'll new winter tires fairly soon after delivery.
     
  10. wash

    wash Active Member

    I got 1.99% financing from my bank, I put $3,000 down, got $1,000 in Labor day rebates. My sticker was just under $25,000 (options: Recaro package and Nav) and my payment on a 60 month loan is something like $413/month.

    I could have got 1.74% on a 48 month loan but that pushed it over $500/month and the actual savings over the span of the loan was $150 or something. If I pay it off early like I hope to do, the cost of going long term with higher interest will be even less. What I get is a little more financial flexibility in case I have unexpected expenses.
     
  11. Steve

    Steve New Member

    My credit isn't that good. I just got it up to 650 before I went in. My OTD price is $28k and I'm putting 3k down. So I'm financing $25k. The salesmen estimated my monthly payments for 72 month loan at $500. He said that they always estimate at the high end. I checked on the Ford site and $25k at 11% apr is $500 a month so his estimate sounds about right for someone with my credit. Maybe I'll get lucky and they'll give me a lower rate but I should be ok with $500. A lower payment just means I can pay more extra to the principle each month. I'm not taking 6 years to pay this car off!

    He also quoted me at $325 a month to lease the car. But I drive 13,000 miles a year just to and from work, and that's if I only work 5 days a week. I don't want to lease anyway.

    Also, when you use Ford's site to calculate payments, they don't add in the tax. So you have to play with what you put into the down payment to get your total at what you will actually be financing with your loan.
     
    Last edited: Sep 4, 2013
  12. Always negotiate the final price of the car BEFORE you even mention the word lease and then go from there. And yes, you aren't trading in anything as you don't own your current leased car.
     
  13. mcummings182

    mcummings182 Member

    I am trying to save as much money as I can before I do this. It's just so hard having so many other bills and school loans!
     
  14. FiestaST

    FiestaST Active Member

    Me too! That is why I am in no rush with it coming in. I know that feeling about student loans I could buy a house with mine :( and they dont have any good option for repayment. I am pretty paying a mortgage
     
  15. mcummings182

    mcummings182 Member

    It's really not fair at all. They think you are gonna get a job making 100 grand and expect you to pay it all back within a few years. I'm trying to get mine consolidated, which I will only have to pay $220 a month which is awesome. But they won't consolidate the 4 private loans I have, so I'm gonna end up having to pay a little over $400 a month, which really sucks. That's why I'm not even sure if I will be able to afford this car now :(
     
  16. Steve

    Steve New Member

    They don't want you to pay it off within a few years. One of my $20,000 loans if I paid the minimum payment for the entire length of the loan would come out to a total of $87,000. That's what they want to happen, but I'm not letting it. I have a total of $77,000 in loans. I just graduated with a B.S. in Mechanical Engineering. My payments will be $1000 a month, I'm hoping. My friend graduated with $80k and was paying $1000. That's is what I budged for and I'm gonna be screwed if it's more. I'm getting somewhat lucky with my new job though. 5 hours of overtime a week pays for this car and right now I'm getting between 5 and 15 hours of OT a week.
     
  17. FiestaST

    FiestaST Active Member

    I am in the exact same situation as both of you guys above. Lucky for me I work for the state and overtime is unlimited. Luckily I can work for the car and hopefully my student loan on top of that and rent etc. It is going to be tight but I need to reward myself with something for working so much. My payments will be $1400 a month next summer. Right now I only pay interest at $655. The student loan concept is a complete scam. How are we supposed to live? So I feel for you guys
     
  18. mcummings182

    mcummings182 Member

    Damn you must make a lot of money if you can afford to pay $1000 a month. I'd rather the pay the lowest amount possible and I wouldn't even care if it takes the rest of my life. I would rather still have money in my bank account then be broke and not be able to afford anything at all.
     
  19. Mike

    Mike Member

    Here's a little trick from Finance 101 that banks don't advertise. As an example a loan for $1000 at 5% interest owes $1050 at the end of the period ($50 interest). If you pay $500 during the middle of the period and $500 at the end, the interest (simple compounded) will be only $32.50. The moral of the story is don't make payments every 30 days, make half the payment every 15 days and you can shave between 5 and 10 years off the term of the loan. If the bank/institution gives you some bull$%^# story on why they cant accept that tell them you'll file a complaint with the Consumer Financial Protection Bureau.
     
    Mayhem likes this.
  20. amathophobia

    amathophobia Member

    Good advice. Thank you.
     
  21. Mikeygti

    Mikeygti Active Member

    Good advice for sure.
    Fortunately one of the "perks" for us Canadians right now is 0 percent financing from Ford for 72 months.
    And thats on top on the employee discount which is about 2300.00 for a loaded FiST. Pretty good, Eh ?!?
     

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