Sonic Loan Roll Call

[sx sonic]

Finally back to work and making money after 1 1/2 years (denied unemployment because school "conflicted with ability to work". Weird because I'd regularly work 56hrs + a week and go to school prior to being laid off).

To celebrate no longer living off my emergency funds I got 5 months ahead on the Sonic. I'm hoping to get 1 year ahead on payments which should leave me owing $5k and then seriously overpaying each month.

We'll see, I just got approved for another loan to get a dirtbike so it depends whats left for spare income after that and house payments.

 

[getthebiscuit]

Bought: 05/14
Monthly minimum payment: $236
Amount left: $15,000
Mileage: 800
Loan: 75 months on %4.32
2014 sonic LT
Havent made any payments yet but i plan on paying $500 a month to knock off a huge chunk

 

[ChicksHateMe]

From reading this Loan thread so much lately, I had a dream about buying a new Sonic last night. Geez, mines only got 2,300 miles on it.

The dream stunk too. I was first approved then turned down for the loan. That was when I woke up, then got up and looked out the window. Mine was still there

 

[MrSnuggles]

Bought: 10/2012
Monthly payment: $295/min
Amount left: ~$12,000
Mileage: ~26,000

*Sigh* Almost traded it in for a Mustang... Then calculated commute costs and would be losing more money if I did. Sonic < Mustang. I still want it though.
Well with this new job going to finish paying off car either in 6 months or a little later if I decide to mod it.

 

[Fempunk]

Bought: 10/2012
Monthly payment: $295/min
Amount left: ~$12,000
Mileage: ~26,000

*Sigh* Almost traded it in for a Mustang... Then calculated commute costs and would be losing more money if I did. Sonic < Mustang. I still want it though.
Well with this new job going to finish paying off car either in 6 months or a little later if I decide to mod it.

I want a stang too. Too much $!

 

[Stew]

Bought new: 1/2013
Monthly minimum payment: $289, been paying $300, 2.34% interest
Amount left: $12,800
Mileage to date: 25,000

Update from my March 8th post above:

Bought new: 1/2013
Monthly minimum payment: $289, been paying $300, 2.34% interest
Amount left: $11,500
Mileage to date: 35,500

I just paid the last $7000 on a credit card that I've been working on paying off, now the only debt I have other than the house is my Sonic. I am hoping to have it paid off by 2nd quarter next year if not sooner! After that then I'll pad the savings account and make max contributions to the IRA's, yippee!

 

[Preloader]

Bought: 9/2012
Monthly minimum payment: $393
Amount left: $15,000
Mileage to date: 24,000

I've been wanting to add my update.

Been paying extra. Since March I got my principle down by $3,500. Not as good as I had intended, but still moving along nicely.

Amount left: $11,500
Mileage to date: 32,000

 

[94383Z71]

Nice Pre! Your goal of 10k before the year's end is well within reach (without knowing your nitty gritty)

Purchased:7/2013
Monthly payment: $172.22
Balance: $7,421
Miles: ~20,000 (from 7,000 purchased)

I'm fortunate enough to be able to make a payment a week as it stands. Pumped to have it paid off within 12mo from now (as is the plan anyways)

Also came from a unique situation where I save more in gas during the average month than my monthly payment. Bought it used as well, ended up as a really good situation.

Might as well give a small update too.

Sitting at $6,400 balance as of today. Pretty happy with progress, as I am saving for an emergency fund/car payments/spending money for my last school year and spent a fair bit on mods this month!

This is also a 1 year update from the vehicle purchase, which was ~$10,200 @ 2.5%. Not bad for being in college!

 

[DaBlackapino]

Purchased One
Certified Used 2012 Chevy Sonic LS
Miles When Purchased 28,171 Miles
Asking price of Car was $13995.00
Down Payment $6000.00 (My Father put this Down WHICH was a Surprise
Bank Financed $8421.00
Monthly Payments for 60 Months is $148.10
Insurance for First Time Driver is $173.60. Now I'm a First Time Driver so Almost ALL of the Big Companies (StateFarm Quoted $238,Allstate wouldn't even Insure me because I was a First time Driver) Progressive is My current Insurer. Now Keep in Mind this. I got my DL on 5/22/2014 & My Sonic on 5/27/2014. So Basically I've only been driving for little more then 2 months. So..that's not bad.

 

[Preloader]

If you're half Filipino, it's no wonder they are scared to insure you. J/k

Is the Sonic in your name? If so, sounds like you're on your way to an excellent credit profile.

Get that sucker paid off early and you can get lower insurance rates.

 

[hkaep]

2014 LT sedan
bought 6/30/14
mth payment: $221
total cost w/ %: about $13,400.00

 

[Preloader]

Just hit the 4-digit club! :banana:

I owe 9,000 now. Got all my other finances in line and my emergency savings funded. So I can attack this loan with guns loaded.

 

[HollywoodTurbo]

Purchase price was around $16700
Payment $205
Paid it off at the two year mark.
Mileage: 55,000
I will never finance a car again. If you can't buy it in cash, you can't afford it. Same goes with student loans...


Google the name dave ramsey. Check out his baby steps and read a few of his books. FWIW, his plan works.

 

[Preloader]

Agreed.

This was my first financed car, and a valuable lesson. No regrets, but I won't buy new again. A friend turned me onto Ramsey a little over a year ago. Completely transformed how I manage my income, bills, and purchases.

I don't have any credit cards. I don't buy stuff I can't afford. I don't live check to check anymore.

 

[NewZJ]

I had a 6yr loan on the car. I really should refinance it for shorter term and get lower interest.

I'm down to $9k left on it, it'll be paid off in a little over a year

19k miles

 

[ahtoxa]

Still paying extra, too. I usually do $500-550 each month, working on getting ahead.

I don't mind the car payments, but I did get myself into negative equity a number of years ago, which wasn't the smartest of decisions, given how quickly cars depreciate. So, it took me about a year to get out of that.

 

[ChicksHateMe]

I had a 6yr loan on the car. I really should refinance it for shorter term and get lower interest.

I'm down to $9k left on it, it'll be paid off in a little over a year

19k miles

Check out Digital Credit Union. http://DCU.org Digital Equipment Corp created there own back for employee's. They are out of the Computer biz, but the bank is thriving and awesome. It's more popular around where I live I think, but I see testimonials from people all over. You can't beat the rate of 1.49% if you just open some kind of account with them. I got a loan for 120% at 1.99%. Helped me catch up on other credit. They went as low as 1.24% for a month or two, but it's back up. If you have decent history, You might want to check them out.

 

[EPYON96R]

I did $500 down . $500 a month for 72 months. Got bamboozled id say. 5 Yr free oilchange 75000 miles bumper2bumper. I still owe all of it because i just bought the car august 25. Have terrible credit so im okay eith this until i refinance after 1yr. And its my first new car so im still just enjoying it! My previous cars were mechanic specials i got for good prices.

 

[PlayCrackTheSky]

I did $500 down . $500 a month for 72 months. Got bamboozled id say. 5 Yr free oilchange 75000 miles bumper2bumper. I still owe all of it because i just bought the car august 25. Have terrible credit so im okay eith this until i refinance after 1yr. And its my first new car so im still just enjoying it! My previous cars were mechanic specials i got for good prices.

Say what??? 500 down and 500 a month for 72 months?

I think you need to look at your paperwork. Something isn't right with those numbers.

 

[ahtoxa]

The poster said they have terrible credit. If the APR is somewhere around 15% (possible with bad credit), then you can come close to $500 if your buy an RS.