2013 CWP Speed3 or 2008 Evo X?

[EricM]

Hory shiet, I almost bought that car about 2 months ago. It was going to be trailered back to Springfield. Instead of that one, I picked up a new loaded ST (201a) from my brother-in-law (salesmanager at a local Ford Dealer).

When faced with a decision to buy a brand new car for the same price as a 5-year old Evo that's been beat to shit, I made the obvious choice for the slower, gayer focus since it was new.

[El_Diablo]

Originally Posted by Trey-Z So, got a little issue here... Basically, since this is my bro's first car and his first big loan..the bank did not approve the loan in his name alone. I can't co-sign him coz I just got my car this year also. My sister is willing to do it for him, but they have the same situation credit wise, lack of credit history. We're still waiting to get approved with $500 down payment. The last time I checked his credit score was 680, and I think it's the same with my sister. What to do? Are there any Salesperson over here to help? Thanks! In my case, I was at the same situation that time, but I had credit history and I got all the incentives too.

As stated already, score isn't the issue. I've had worse get approved on older vehicles with high mileage & no money down. The issue is the lack of history. You would likely be a better cosigner than your sister as long as you have a decent history. Other than that look to aunts, uncles grandparents or good friends. Most of the time, even with money down, they won't accept it. Not to be rude, but $500 isn't a lot of money down anyways. to change a banks mind you'll typically need atleast 5-10% of the total loan amount if you have no history of revolving credit.

[usgiorgi]

Originally Posted by El_Diablo As stated already, score isn't the issue. I've had worse get approved on older vehicles with high mileage & no money down. The issue is the lack of history. You would likely be a better cosigner than your sister as long as you have a decent history. Other than that look to aunts, uncles grandparents or good friends. Most of the time, even with money down, they won't accept it. Not to be rude, but $500 isn't a lot of money down anyways. to change a banks mind you'll typically need atleast 5-10% of the total loan amount if you have no history of revolving credit.

You hit the nail on the head. The downpayment should be close 2-3k for this car. Plus, if you can't afford a larger downpayment, how are you going to register a brand new car? The registration fees vary state to state, but I know it's going to be close to a thousand dollars for all the fees....

[EricM]

Whenever I needed my first loan on a car when I had no credit, the only way I got it was by paying almost half of the total price in cash. And the bank rewarded me by giving me a fucking 12.1% interest rate. Definitely co-sign or go buy a car with actual money when you have it.

[[R]usty]

Damn $500 down, not a great financial choice but you guys are young. When I bought my speed I put well over half down and paid $450 a month to get it paid off in a year and a half. Interest accrues pretty quickly and the amount you pay in the end may surprise you. Anyway, doesn't bode well with financing that your down payment is so low and your brother has a lack of credit history. If your brother or sister make enough money they maybe able to level out his chances. If he gets denied with a co-signer he maybe should hold off and build up his credit.

[usgiorgi]

I'm surprised nobody has said it yet. Maybe he's in no place to get a new car if:

A) He has no credit background
B) He doesn't have enough money for a decent downpayment
C) Needs a cosigner just to get approved....
D) Insurance will be high (being so young)

Why not get a decent used car for a little bit until his credit improves/gets established? Being a cosigner is often times detremental to the cosigner's credit.

[[R]usty]

Originally Posted by usgiorgi I'm surprised nobody has said it yet. Maybe he's in no place to get a new car if: A) He has no credit background B) He doesn't have enough money for a decent downpayment C) Needs a cosigner just to get approved.... D) Insurance will be high (being so young) Why not get a decent used car for a little bit until his credit improves/gets established? Being a cosigner is often times detremental to the cosigner's credit.

I agree. But if he can make a payment on a car then he should do/buy what he wants, no matter it it's stupid or not. If he defaults, lesson learned the hard way. My advice to this kid is be smart. Think EVERYTHING threw before you make a decision.

A little tip: If the bank offers you some stupid interest rate (10% +) don't do it.

[Trey-Z]

Okay.. After the thinking process of all your inputs.......... I forwarded my info,,and I added $ on his down payment. I am such a damn good brother!!FML!! I've been saving up for my downpipe and upgraded intercooler, and tune!!! Now, it has to wait! He better pay me back soon!! lol Now the waiting game... Thanks again for all the inputs.. I think I have a headache!

[Trey-Z]

Update: Pardon me for the late update. We have a little issue on the credit side because they are giving us 10+% of APR. So we've checked out different dealerships..and out curiousity. We tried test driving the New 2013 Golf R. I'm not really familiar with Volkswagen platform. I know GTI coz my friend has one. Anyways, honestly.. I like the ride quality, the feel of changing gears are silky smooth.. But of course..it costs too much.. So, We went home..and my brother has this urge to want the car..he wants it really bad..that he couldn't sleep. He was like that for a week..and one Saturday..he told me that he's going for it. I was like.. It's not possible. Apparently, he already spoke to one of our aunts to co-sign with him. By this time, he saved himself a decent downpayment. We'll see... What do u think of this Golf?

Edit: I didn't know that it is AWD!




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[adlpb]

Originally Posted by Trey-Z Update: Pardon me for the late update. We have a little issue on the credit side because they are giving us 10+% of APR. So we've checked out different dealerships..and out curiousity. We tried test driving the New 2013 Golf R. I'm not really familiar with Volkswagen platform. I know GTI coz my friend has one. Anyways, honestly.. I like the ride quality, the feel of changing gears are silky smooth.. But of course..it costs too much.. So, We went home..and my brother has this urge to want the car..he wants it really bad..that he couldn't sleep. He was like that for a week..and one Saturday..he told me that he's going for it. I was like.. It's not possible. Apparently, he already spoke to one of our aunts to co-sign with him. By this time, he saved himself a decent downpayment. We'll see... What do u think of this Golf? Edit: I didn't know that it is AWD! Sent from my iPhone using Tapatalk - now Free

Honestly, the car is overpriced. To be brief, it has a good interior. Everything else is junk. Terrible AWD system, no TC disable, I can't even begin to describe how bad this car is.

Here's a video to help. Keep in mind they're comparing it with a MR which is $7K more than a GSR. At the price of a Golf R why not just get a new evo X?

Volkswagen Golf R vs Mitsubishi Lancer Evolution MR! - Head 2 Head Episode 5 - YouTube

Volkswagen Golf R vs Mitsubishi Lancer Evolution MR! - Head 2 Head Episode 5 - YouTube

[usgiorgi]

Golf R is a very nice car, but very overpriced IMO. It is AWD and the dual clutch option makes shifts insanely fast. However, the reliability aspect is just... idk shit haha.

If he can afford that, he should look into other cars in the price range. Hell, he can get a new evo!

[EricM]

Fail fucking, fail. Awful decision that's overpriced. Good luck with any sort of warranty work on that car, not to mention maintenance. I don't see why you wouldn't just buy an Evo. Much more potential.

[manila]

The Golf R is nice, but like others have previously stated the AWD cannot be matched with the EVO. I haven't been updated on this thread lately, but why won't he just get a speed?

[Trey-Z]

Yeah.. I was just reading the reviews.. We'll take a note on that. Thanks everybody. Good thing I posted here first. We were going for speed3 but we are having a hard time dealing with financing..giving us 10+%.. He doesn't wanna come back. We'll see if we can for a new Evo. The price range is actually pretty close.


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[usgiorgi]

If the financing is 10%+, obviously there are some major red flags in his and cosigner's credits. Unless the dealership was taking a huge risk by selling the car to him, they wouldn't give such a high percentage. Afterall, they do want to sell it. But they must think that he won't be able to afford it.

Seeing as a cheaper car would be 10+%, do you really think mitsubishi or VW will give any better of a deal?

[Trey-Z]

I was the first co-signer.. Now, we're going to use my aunt's..and we'll see how it goes.. She has a pretty decent credit..she's been here for a while..and she's a nurse with 2 jobs and no kids..lol


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[killer-ms3]

5.0 Mustang

/thread

[El_Diablo]

So many choices but yet so much VW fail....

[cuethenoise]

In before car is wrapped around a tree and totaled. Speed3 is way too much car for a first car!

[JgamB]

Originally Posted by cuethenoise In before car is wrapped around a tree and totaled. Speed3 is way too much car for a first car!

All of these cars other than the VW have telephone pole written all over them for a young driver. Obviously we've all lived through our mishaps, but I blew up some perfectly good underwear at that age when cars were *much* less powerful.

Those nannies on the VW might actually be beneficial. There's no way in hell I'd let an inexperienced driver take the wheel of my MS3.

It's not my place to tell anyone how to spend their money, but this *appears* to be a huge budgetary stretch to land a vehicle with high insurance premiums and very expensive maintenance. Those other vehicles are called economy classes for more than just their MPG - think of tires, brakes, more frequent oil changes, insurance rates, speeding tickets, and soap/wax because you care what your car looks like. And modding.. and tuning...

[Bludypoo]

Originally Posted by JgamB All of these cars other than the VW have telephone pole written all over them for a young driver. Obviously we've all lived through our mishaps, but I blew up some perfectly good underwear at that age when cars were *much* less powerful. Those nannies on the VW might actually be beneficial. There's no way in hell I'd let an inexperienced driver take the wheel of my MS3. It's not my place to tell anyone how to spend their money, but this *appears* to be a huge budgetary stretch to land a vehicle with high insurance premiums and very expensive maintenance. Those other vehicles are called economy classes for more than just their MPG - think of tires, brakes, more frequent oil changes, insurance rates, speeding tickets, and soap/wax because you care what your car looks like. And modding.. and tuning...

Thanks Dad!

[JgamB]

Originally Posted by Bludypoo Thanks Dad!

Any time, son. Let me know when you're ready to learn about the birds and the lesbian porn.

[Cjburn]

I bought my 2013 MS3 w/tech from CJWilson, nice guys, but have never had a worse experience buying a car. I actually originally bought a red one, but after a porter gouged the door and then the body shop who fixed the door dented the front bumper I just took a black one out of inventory. Its nice being in my mid 30's with a 700+ credit rating. I have come to the point where I regret not getting the 5.0 I really wanted, but living in Northern Illinois made my balls shrivel thinking of driving another Mustang through the winter. Who knows, after the snow flies I might trade in MS3 on a Mustang, when I can get a great deal on a Mustang, probably at the end of January. I paid 25.2 OTD on the MS3, so low 23's plus TTL.

[DansSpace]

Man. Buying a car with $500 down sounds crazy. Who wants to make $500 payments for a $23,000 car?

/Is currently paying $270 a month for a 2013 speed3.

[CaptObvious75]

Originally Posted by DansSpace Man. Buying a car with $500 down sounds crazy. Who wants to make $500 payments for a $23,000 car? /Is currently paying $270 a month for a 2013 speed3.

I wish. Fuck Canada and our 38k mazdaspeeds

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[yourname2221]

Any updates? Let's see what mistake your brother feels like making next.

[Trey-Z]

Originally Posted by yourname2221 Any updates? Let's see what mistake your brother feels like making next.

We're still having a rough time for him. My aunt backed out in co-signing him. So, nothing is left but to start saving up for down payment. Currently, he said he thinks he saved up enough $$ for a down payment. We'll try to go this weekend to check this out.

Cars for Sale: 2008 Mitsubishi Lancer Evolution GSR in Matteson, IL 60443: Sedan Details - 355280090 - AutoTrader.com

@Raider; Can u check this pleaassee??.. JA3AW86V58U047788

Thanks,
Carlo

[Raider]

done