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2012 Jeep Grand Cherokee?

Credit Card Debt discussions & tips

2012 Jeep Grand Cherokee?

Postby nico » Thu Nov 08, 2012 1:45 pm

I'm not sure if the dealership we went to yesterday was trying to screw us over or not. We have a 2010 Hyundai Elantra, we have outgrown it and every time we turn round something is breaking on it. We owe $12k on it but would like to trade it in on a 2012 Jeep Cherokee Laredo. Nothing special, cloth seats, sunroof, no navigation. The one we want is $34k. The guy we talked to came off the Jeep $1000, offered us $9000 for the car, wanted $6000 as a downpayment with a $600 monthly payment, at 72 months. My husband makes $8000 before taxes, $6500 after per month. We do have $14k in credit card debt but we pay $2000 a month on them bc we want to get rid of it.....It accumulated while he was in school. The numbers he gave us just seemed a bit off to me. We walked away but we have an appt with another dealership and I'm hoping he comes back with a lower down payment and a monthly payment no higher than $450. Do the numbers we were offered seem a bit high to anyone else?
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2012 Jeep Grand Cherokee?

Postby tormey48 » Thu Nov 08, 2012 1:48 pm

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2012 Jeep Grand Cherokee?

Postby gabrielo23 » Thu Nov 08, 2012 2:02 pm

I went in and just inserted the basic info on your Hyundai not knowing the mileage, the trim package, engine, etc. Trade in value was $9779. I'd suggest you go into or plug in the info and see for yourself. You can also do the same thing for the Cherokee to get the average retail.
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2012 Jeep Grand Cherokee?

Postby victorian » Thu Nov 08, 2012 2:07 pm

It doesn't matter what anyone in AnswerLand thinks with regard to the pricing you got at the dealer. What matters is this ....

Your credit score ...have any idea what it is?
If not, you need to find out.

The higher the score the better your chances for getting favorable financing. The most common credit score rating is the FICO score. The range runs from a low of 300 to a high of 850. The high down payment would seem to me to be a signal that your credit rating might be a little on the low side.

Ever get a credit report?

This would be a good reason to get one; you're allowed one free report per year.

I'm no financial adviser but it would be in your best interest to *first* pay off your credit card debt before buying a new vehicle.

The $14K in credit card debt is killing your chances for getting decent financing on any car (or any type of loan). doesn't matter how or where it was accumulated. If you're regularly putting $2K/mo to buy down the debt (a great idea) then it'll take 7 months to go to get rid of it long as you aren't racking up more charges. Keep a lid on credit card purchases; if you can't pay for it with cash then don't get it. You will need to practice some tough fiscal responsibility for awhile if you ever hope to get decent finance rates and terms on a car.

In the scenario above, you'd be footing a $36K + car loan. What was the interest rate? The big down payment was probably due to what the dealership found in your credit report or, more specifically, your credit score. A dealership can get your score very quickly ....did the sales rep show you your score?
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