R

[rugedraw]

This has been quite a read, if I'm understanding this correctly, OP was sold an STX for $74k, it sounds like $16k of that was a payoff amount on the Cadillac. Even still, max STX MSRP price is what, $48k?

Maybe there is a Tremor on the way that was $74k, if not and OP was mislead, where is the additional $10k coming from, ADM fees?

Two lessons here:

1. Research your dealer extensively, almost all dealerships have reviews on cars.com and google reviews, a short read of some of the feedback that isn't service department related on cars.com means I wouldn't even consider contacting this dealership, assuming this is the same one you bought from: Alpine Ford in Pueblo, CO

2. Always always read the paperwork, ask for clarifications if you don't understand something, if something doesn't make sense and they can't clearly explain it, don't sign.

It's safe to say there are dealerships that are out there doing underhanded things.

It is also safe to say there will continue to be dealerships like that and more will appear if people continue to do business with those dealerships.

No, he was sold the truck for $44k. He thinks his trade was paid off, but the contract shows it had negative equity when he traded it in. The $74k was including the above and taxes, tag and fees and also included all the interest involved in a 75 month loan. The math is correct because I loaded the deal they gave him in my dealer software that calculates everything and I came up with the same figure. OP is not factoring in the almost $17k he owed on his trade nor the interest in every monthly payment. When you lease a vehicle, the interest is not disclosed on the contract but on a purchase, the interest is shown and the total amount of interest charges you will be paying is showed. That is the number he was looking at which is not the correct place to look on the contract to determine the selling price of the truck.

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[powerboatr]

No, he was sold the truck for $44k. He thinks his trade was paid off, but the contract shows it had negative equity when he traded it in. The $74k was including the above and taxes, tag and fees and also included all the interest involved in a 75 month loan. The math is correct because I loaded the deal they gave him in my dealer software that calculates everything and I came up with the same figure. OP is not factoring in the almost $17k he owed on his trade nor the interest in every monthly payment. When you lease a vehicle, the interest is not disclosed on the contract but on a purchase, the interest is shown and the total amount of interest charges you will be paying is showed. That is the number he was looking at which is not the correct place to look on the contract to determine the selling price of the truck.

AND a thousand thanks to RUGEDRAW... no matter what the outcome of this thread.
you have provided education and a level ease
thanks man, you earned a few beers on this one.

 

[JohnMcClane]

No, he was sold the truck for $44k. He thinks his trade was paid off, but the contract shows it had negative equity when he traded it in. The $74k was including the above and taxes, tag and fees and also included all the interest involved in a 75 month loan. The math is correct because I loaded the deal they gave him in my dealer software that calculates everything and I came up with the same figure. OP is not factoring in the almost $17k he owed on his trade nor the interest in every monthly payment. When you lease a vehicle, the interest is not disclosed on the contract but on a purchase, the interest is shown and the total amount of interest charges you will be paying is showed. That is the number he was looking at which is not the correct place to look on the contract to determine the selling price of the truck.

Hadn't even considered he was looking at the fully amortized amount, that makes more sense.

Jesus, though, do I even want to know the rate?

 

[antho]

Hadn't even considered he was looking at the fully amortized amount, that makes more sense.

Jesus, though, do I even want to know the rate?

I would guess around 4-5%

 

[Jeff1024]

I would guess around 4-5%

I would guess more. I am not trying to get in the middle of anyone's financial situation but it takes some serious work to get to a 74k Loan on a 44k truck purchase even with a bit of negative equity.

Some very rough math

Purchase Price of 44k
74 Month Loan
I'll assume 0 down
Trade of 14,500 with 16,800 owed.
6% sales Tax
8% Interest

I didn't factor in Tags and other fees but its rough math.

All that gets you 51,500 Financed 14K in interest and a total loan of $63,365.

Goes to Show how quickly folks can get in over their heads on purchases. I am not trying to be mean but the original poster is paying 75k for a XL 2WD drive truck that is worth maybe 30 - 35K at this point. On top of that he is basically throwing away 15 to 20k in nothing but interest expense, just straight wasted money.

Insane.

 

[rugedraw]

To respect his privacy, I won't get into those details. I believe this man's head was not in a good place at the time he bought that truck and he is very confused about what transpired at the dealer that day. The fact the dealer gave him incorrect paperwork is only adding to the confusion.

 

[powerboatr]

To respect his privacy, I won't get into those details. I believe this man's head was not in a good place at the time he bought that truck and he is very confused about what transpired at the dealer that day. The fact the dealer gave him incorrect paperwork is only adding to the confusion.

dealers.....incorrect paperwork??? what you talking about willis ?

this thread really highlights how important it is to seek out reputable places to buy vehicles.
and do the next day on signing stuff, this way the brain digests stuff the googliey eyes miss when trying to get a deal done


and highlights the good folks here that are the best sounding board.

 

[JExpedition07]

STX 4X4 can get up to around $56,000 loaded up. My SuperCab 5.0 was $50,500 sticker, with X-plan and recent college grad discount I lopped a decent amount off of that but that was the sticker on it. Once you option the 5.0 or 3.5 the MSRP really starts to jump up fast as other changes start to come into play. The 2.7 was like a $800 option but the 5.0 and 3.5 are both $2,400+ so the spread usually starts there. Those cheap entry prices you see advertised all over are for the base 3.3 or 2.7 with no extras and base wheels.

 

[Jeff1024]

STX 4X4 can get up to around $56,000 loaded up. My SuperCab 5.0 was $50,500 sticker, with X-plan and recent college grad discount I lopped a decent amount off of that but that was the sticker on it. Once you option the 5.0 or 3.5 the MSRP really starts to jump up fast as other changes start to come into play. The 2.7 was like a $800 option but the 5.0 and 3.5 are both $2,400+ so the spread usually starts there. Those cheap entry prices you see advertised all over are for the base 3.3 or 2.7 with no extras and base wheels.

All Valid - his had the 2.7....I believe it was posted that the sticker was 44k and after TTL, negative equity on his trade, and Interest the total loan cost was 74k.

Not beating up on him, people buy cars they cant afford all the time, but the mind does boggle a bit when people are spending 74k to purchase a truck that has a sticker of 44k.

Sometimes we all look at what others have and get caught up in it, like they have a F250 Tremor why shouldn't I? The reality is a TON of the folks driving around in fancy stuff are in debt up to their eyeballs to do it.

 

[m_bt54]

What a wild ride… The fact he shared his documentation tells me it’s legit. Regardless, still one of the craziest things I’ve seen on the internet today.

 

[parkerdog]

You guys keep saying He and Him, did anyone else notice the first name? Are you sure? Don't want to offend anyone in this day and age.

 

[JJSnell]

So I jumped out of this thread cuz I didnt buy it and after now reading the whole thing and having Ruged review his paperwork... there is still alot that doesnt make sense... For one, why did she make her profile private? Why did she rename the title of the thread? How do you make payments on a truck that you dont own? She considered the STX a rental? How much did she pay for the rental? If she never made a rental payment, then its not a rental. Did she make payments every month to the bank? Didnt the bank require insurance? What did the insurance paperwork say? Wouldnt the insurance agent say something about it being an STX and not a Tremor? Let alone an F250 Tremor? And the most important Q of all... how does this take you a year to figure this out?
I try to give people Grace. Ive never been through a divorce, but my son had 8 surgeries before he was one.... I also ran my own company through all of that. By the Grace of God, I didnt have to fold shop and my son is doing great today at 19yrs old....
But all this from a brand new account with no other posts and, "Hey I ordered a Shelby but got a Ford Fiesta and have questions after driving it for a year", just didnt sit right.
Sounds like she dropped the thread and is gone now... hmmpf?

 

[JohnMcClane]

All Valid - his had the 2.7....I believe it was posted that the sticker was 44k and after TTL, negative equity on his trade, and Interest the total loan cost was 74k.

Not beating up on him, people buy cars they cant afford all the time, but the mind does boggle a bit when people are spending 74k to purchase a truck that has a sticker of 44k.

Sometimes we all look at what others have and get caught up in it, like they have a F250 Tremor why shouldn't I? The reality is a TON of the folks driving around in fancy stuff are in debt up to their eyeballs to do it.

You mean you all aren’t following Ramsay’s 50/30/20 rule?

50% Car Payment
30% Rent
20% Utilities/Subscriptions

Other expenses you just keep loading on a credit card and forget about.

You guys keep saying He and Him, did anyone else notice the first name? Are you sure? Don't want to offend anyone in this day and age.

Valid point, males, females, asexual businesses, and genderless government entities can make questionable financial decisions.

 

[antho]

You guys keep saying He and Him, did anyone else notice the first name? Are you sure? Don't want to offend anyone in this day and age.

@parkerdog
What do you mean “YOU GUYS”?!?!? How dare you? Just because you identify as a dog doesn’t mean you can gender assign us!

 

[parkerdog]

@parkerdog
What do you mean “YOU GUYS”?!?!? How dare you? Just because you identify as a dog doesn’t mean you can gender assign us!

Woof.............wo WOOOF WOOOOF!

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