Phoenix Gold Phorum

http://www.wlfi.com/dpp/news/local_wlfi ... e_20090401

That's where I work. This is what hit the news tonight. Have a plant meeting in the morning. Hope it goes well. My wife and I are getting a car in a day or two as long as the bank OKs it.

After seeing this I now wonder if it would be safe to get a car (we need a 2nd vehicle, my truck is the only one) or if the bank, knowing I work there, would approve??

FYI: 2004 Chrysler Sebring sedan. Leather interior, sunroof, only options it doesn't have are the V6 and the premium sound. premium sound??? It's coming out anyways, and 52,000 miles on it. It's in mint condition. Not even so much as a scratch on the outside. Single owner and very well maintained. $6875 w/a $500 down payment = @ $185.00/mo.

Best of luck man!! The tough times just seem to keep coming around here.

As for the car .. my wife drives a 2000 version. Had it since new and haven't had to spend a single penny on it aside from oil changes and gas. (knock on wood) Oh and a new set of tires 3 yrs ago. It's about to turn 110K.

Good luck with the job!

Daaaang. That's awful

The banks putting ridiculous demands on the way they'll loan us money. We can only borrow 80% of what the cars TRADE-IN value is according to nada.com


Just found the perfect car, an 01 Pontiac Bonn SSEi, 88000 miles, $4500..... 80% of the nada trade-in value is $4800 and we have $500 to put down on top of that.




And the wife doesn't like the body style of the car. Go figure!

As for work..... the news, like usual, blew things out of proportion. In our meeting that it is a last resort to sell. We did take a 5% base pay cut. About a $.75 pay cut for me.
Oh well, what can I do?

smgreen20 wrote:The banks putting ridiculous demands on the way they'll loan us money. We can only borrow 80% of what the cars TRADE-IN value is according to nada.com


Just found the perfect car, an 01 Pontiac Bonn SSEi, 88000 miles, $4500..... 80% of the nada trade-in value is $4800 and we have $500 to put down on top of that.

Dang, if loan value is $4800 and asking price is $4500 I wold be a little wary. Loan value is ALWAYS supposed to be lower than the asking price so the buyer would need a down payment and the bank has equity.