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Old 06-14-2009, 01:58 PM   #1
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Getting out of my Focus' payments...

So I'm starting to realize I have a lot better things to do with my money than pay for my Focus.

I've financed it through Ford Credit and have paid off $6,000 of the $12,000 I owe on it.

I'm finding that the cost doesn't justify having a new car. I'd much rather have the money that goes towards paying it off every month.

I had some big, unexpected bills to pay on my CCs last year and I need to get my finances in order. The Focus isn't helping with that.

I'm thinking of taking it to the Ford dealer and telling them my situation. One of the Ford dealers near me has a nice 99 Ranger for 6500 - which would presumably reduce my monthly payments, get me around and so fourth. I'm thinking they might let it in on a "trade" and help me finance the remainder...

What's your opinion?


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Old 06-14-2009, 02:19 PM   #2
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Yes and no... its always cheaper to keep your car instead of moving to a similar payment. You have to pay for getting the loan, plus they are probably going to give you between 40-60% of your payoff. So your loan will probably go up.... The payment might be less, but you will probably owe more. Too bad i'm probably looking to get back into a small hatch again. We will see.
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Old 06-14-2009, 02:52 PM   #3
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Ok......I'm confused. You owe $6K on your car and now you want to get rid of it and get something a lot older with no warranty and owing about the same? I don't get it. Is this just to get a lower payment? If you only owe $6K on an '07 Focus, I'd keep it and have it paid off in a couple years.
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Old 06-14-2009, 03:06 PM   #4
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If your credit is decent you might want to see about refinancing your car loan. You didn't mention what your interest rate is now, but there are some really attractive rates out there if you shop around.

My rate is way too high, but I have too much credit card debt to refi. I wish I could.
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Old 06-14-2009, 04:58 PM   #5
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My opinion on this matter is that if you're paying more than 2.9% interest on a new vehicle you're paying way to much and you shouldn't be trying to buy a new car.
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Old 06-14-2009, 05:04 PM   #6
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From my understanding when we bought our truck we owed like 3k on the car we traded in for it so they added that 3k to the price of the truck. Now if what I just said is true(may not be sorry if it isnt) then you would have an older vehicle that would get worse gas milage and then cost 12500. Sounds like you should just keep the focus.
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Old 06-14-2009, 05:50 PM   #7
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I agree with everyone on this.

Plus, the second you start rameling on about your personal life to a car salesman, your going to sound like charlie browns' mom... No one is going to care that you're having money issues! Who doesn't?!

Keep the car.
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Old 06-14-2009, 05:51 PM   #8
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I suppose I should just live with it...
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Old 06-14-2009, 08:42 PM   #9
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pay it of, you'll be thankfull u did later!
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Old 06-14-2009, 09:17 PM   #10
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well to be honest everyone is right on this one you will have lower payments but in the end you will end up paying close to the same(if your lucky) or most likely more on the ranger then your focus so if your going to pay close to the same or more i would keep the 2007 focus with the 30+ MPG and will last a long time over a 99 ranger that brake down faster and gets like 24mpg (just a guess
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