Toyota Tundra Forums banner
1 - 20 of 22 Posts

·
Registered
Joined
·
281 Posts
Discussion Starter · #1 ·
Ok this might get long. My own personal story of how I came to own my Tundra. If anything this may help someone from going through the same mistakes.

July '05 - My girlfriend at the time had just graduated nursing school and was about to start her job. Since we'd been living off of my income the whole time and were about to get some more money we figured we'd get her a new car. Went down to the local dealership were my buddy was a manager and got a nice new 05 Ford Explorer (during their family pricing) for about $7,000 off MSRP. Since she didn't have the greatest credit we put the whole thing in my name (NEVER EVER EVER EVER EVER DO THIS!!!!) and were going to refinance when we got married and put her name on it too. We leave the dealership with a new car and $550/mo payments for 6 years.

Fast forward to June '06 and she goes crazy throws me out and starts dating a guy she works with right away. She agrees to keep making payments on the Ford while she tries to get it refinanced in her name. This continued up until March of this year. I get a call from the Ford dealership service guy. Says my Explorer is ready and I can come get it. Weird, I think. When I get over there, he tells me she dropped it off for its 30,000 mile maintenance, let him know she got a new vehicle and that I could come get my car.

Ok, so now I've just inherited a $550/mo payment (I hadn't had a car payment in about 2 years.) Well I sure as heck don't want the Explorer and my new girlfriend is really iffy about riding in the car I got from my ex, so I hatch a new plan. First thing, I'm buried and I know it. I owe $25,000 on the Explorer. Kelly Blue Book Private Party is about $18,500. I take it to the Ford dealership and have them appraise it. He says he'll give me $17,000. OUCH!!. Wish I had looked at resale values before buying.

I take that number back to work and say ok, "Here's what they'll buy it for next door, show me what we can do on a Tundra." He runs some numbers and after going back and forth with the finance people a little to help me out with my amount financed since I'm buried $8,000 he gives me the bottom line. For $100 more a month and another 2.5 years from my current loan on the Explorer, I can have my Tundra. Ok I say, put my name on the 5.7 Slate Metalic truck coming. I'm about two weeks from making the payment on the Explorer (April 3rd) and I'm not doing that.

Well our owner gets his Super White Tundra (configured just like mine) in on the next truck, but since he just had surgery can't drive it yet and it gets parked out back. Well April 2nd rolls around and no truck yet. Manger calls me into his office and says "You know the rates end today and there is no guarantee for tomorrow." Well he gets on the phone with our owner who graciously gives up his truck so that I can get my Tundra.

So that boys and girls is the story of how I got my Super White, 5.7 4x4 SR5.

Morale of the story. Don't put a vehicle loan for someone else in your name......ever.
 

·
Registered
Joined
·
281 Posts
Discussion Starter · #3 ·
preach on brother!

good story. enjoy your ride.
I enjoy the hell out of it which is what made it real easy to spend the extra money. I hated the two weeks I had to walk out my door and see the Explorer.
 

·
Premium Member
Joined
·
126 Posts
I enjoy the hell out of it which is what made it real easy to spend the extra money. I hated the two weeks I had to walk out my door and see the Explorer.

That says it all right there! :tu: I think I now have my justification statement for getting rid of my Nissan. Why pay on something you just hate!
 

·
Registered
Joined
·
1,539 Posts
Well, I traded in a perfectly good Highlander Limited that was paid off against the Tundra. I have a payment again, but damn, do I like this truck!
 

·
Registered
Joined
·
1,580 Posts
If you ask me, there are a lot of financially questionable decisions here (I know you didn't ask but you did start a thread on this subject):
  1. Buying a new vehicle before any new income came in :confused:
  2. Co-signing someone elses car loan :confused: :confused: :confused:
  3. Financing a vehicle for six years :confused: :confused:
  4. Thinking that the ex-girlfriend could get it refinanced even though you must have known she was upside-down and would have to come up with some cash :confused:
  5. Letting your new girlfriend convince you get a new truck simply because she didn't like who owned it before. :confused:
  6. Buying a new Tundra to solve the financial problem :confused: :confused: :confused:
Sorry, guy, but I think there are a lot of morals to this story. :eek:
 

·
Registered
Joined
·
595 Posts
Statcoder

You and I think alike!
 

·
Registered
Joined
·
117 Posts
Sorry, guy, but I think there are a lot of morals to this story. :eek:

There's only one moral I can see:

Journies are long. Journies are hard. But all journies ending with a new Tundra, is a journey well worth it! :p
 

·
Registered
Joined
·
281 Posts
Discussion Starter · #10 ·
If you ask me, there are a lot of financially questionable decisions here (I know you didn't ask but you did start a thread on this subject):
  1. Buying a new vehicle before any new income came in :confused:
  2. Co-signing someone elses car loan :confused: :confused: :confused:
  3. Financing a vehicle for six years :confused: :confused:
  4. Thinking that the ex-girlfriend could get it refinanced even though you must have known she was upside-down and would have to come up with some cash :confused:
  5. Letting your new girlfriend convince you get a new truck simply because she didn't like who owned it before. :confused:
  6. Buying a new Tundra to solve the financial problem :confused: :confused: :confused:
Sorry, guy, but I think there are a lot of morals to this story. :eek:
1. Bought the vehicle after she got a two year contract from the hospital and a signing bonus. (omitted from story)

2. We were engaged at the time, but yet a rough lesson to learn.

3. Again stupid but wanted lower payments.

4. Well we were trying to just get her name on the loan and mine off. Our F&I guy came up with a way to do it but it never came to fruition.

5. She never convinced me. I have an older truck too, but the choice for the Tundra was all mine.

6. Didn't really solve the problem. Solved the emotional distress I had of looking at a car that reminded me of someone I never want to think of.

I guess the big thing is that if I hadn't had to make a payment I was gonna save up and put a chunk down on a Tundra in about two years, but since I was gonna be making a payment it might as well have been for something I wanted to drive.
 

·
Registered
Joined
·
281 Posts
Discussion Starter · #11 ·
It kinda suks you have to make higher pmts the next several yrs while someone else is pouring the coals to your ex.
Yup I've figured its going to be all said and done about a $50,000 life lesson. Figured I'd share it in the hopes someone could avoid learning it the hard way. But at least now it a much more fun, life lesson.
 

·
Registered
Joined
·
1,268 Posts
It kinda suks you have to make higher pmts the next several yrs while someone else is pouring the coals to your ex.
Thats the cost of doing business....just think of how much more he would have had to spend had they been married then divorced......the 8000 he lost would have covered part of the legal bills to say nothing of the split in assets, etc....I'd say he made out ok......
 

·
Registered
Joined
·
1,580 Posts
I wouldn't say $50K or even nearly that much. In the long run it's a good lesson for not that much. You're a good sport to post your story here on this forum. :ts:

There definitely a lot of questionable financial moves described on this forum like people wanting to trade in trucks they have driven for just a few months and people evaluating a purchase purely based on monthly payment amounts. My understanding is that every vehicle transaction costs at least a couple of grand to the brokers/dealers if the spread that I see on edmunds.com is correct. It's like everyone here gets great value for their trade-in. There must be a hell of a lot of people out there paying a lot of money for used trucks.
 

·
Registered
Joined
·
45 Posts
Did you try to sell the explorer outright? Or just didn't want to wait that long?

One of my car buying stories, we go in to look at a new tC and start talking to the sales guy, telling him what we owe on the old nissan altima. He says, we'll never get what we want and that (and here's the kicker) we should go look at some other foriegn cars like a Kia or Hyundai, they're cheaper and have better warranties. We walked out of there royally confused. Thinking, this idiot salesman just told us to go to another dealer.
What the hell is his problem. A month later we sold our Altima outright to some nice people. Then went and bought the tC elsewhere.
Some people just crack me up.
bb
 

·
Registered
Joined
·
2,966 Posts
In the end it doesnt matter what people think of your deal. The only thing that matters is that you are happy with your new truck. No matter what the story or product, there will ALWAYS be that one guy who thinks hes a financial wizard and says he could have gotten it cheaper or worked a better deal or he knows someone who could have gotten it for you cheaper.

As long as you are happy nothing else should be important or anyones business.

Congrats on the new truck!!
 

·
Registered
Joined
·
1,539 Posts
In the end it doesnt matter what people think of your deal. The only thing that matters is that you are happy with your new truck. No matter what the story or product, there will ALWAYS be that one guy who thinks hes a financial wizard and says he could have gotten it cheaper or worked a better deal or he knows someone who could have gotten it for you cheaper.

As long as you are happy nothing else should be important or anyones business.

Congrats on the new truck!!
Excellent post!
 

·
Registered
Joined
·
281 Posts
Discussion Starter · #17 ·
Thanks guys for taking the time to read this. I just thought it would be kinda neat to see how people end up in certain trucks. Not everyone has their vehicle paid for when it gets traded in and has a lot to put down. Just goes to show that car buying is more about emotion than fiscal sense I think.
 

·
Registered
Joined
·
338 Posts
Thanks guys for taking the time to read this. I just thought it would be kinda neat to see how people end up in certain trucks. Not everyone has their vehicle paid for when it gets traded in and has a lot to put down. Just goes to show that car buying is more about emotion than fiscal sense I think.

I think my wife would agree seeing I forgot to tell her I was buying a new truck until I brought it home, like the last three times...:eek:
 

·
Registered
Joined
·
37 Posts
"$7,000 off MSRP. Since she didn't have the greatest credit we put the whole thing in my name (NEVER EVER EVER EVER EVER DO THIS!!!!) and were going to refinance when we got married and put her name on it too. We leave the dealership with a new car and $550/mo payments for 6 years."

I cannot even imagine what kind of rate you got. It would take some creative financing to get an explorer for $7000 off MSRP and have monthly payments that high for 6 years. Your payments equal $39600. Wow.
 

·
Registered
Joined
·
932 Posts
In the end it doesnt matter what people think of your deal. The only thing that matters is that you are happy with your new truck. No matter what the story or product, there will ALWAYS be that one guy who thinks hes a financial wizard and says he could have gotten it cheaper or worked a better deal or he knows someone who could have gotten it for you cheaper.

As long as you are happy nothing else should be important or anyones business.

Congrats on the new truck!!
On this I agree. However, the thread should've read, "I got a new truck!";)
Live and learn...
Congrats on the new truck.
 
1 - 20 of 22 Posts
Top