I recently like 5 months ago bought an 06 XLT F150 Supercrew, and a nice truck indeed, my aunt got screwed on the payments. She went alone, and as a gift to me she bought me this truck brand new, bu t the interest is insane!! almost $600 extra!, and we're paying $800 a month for an xlt, and that is way to much money.So I am now doing research on a king ranch,fx4, or lariat (supercrew on all 3). So this is where you guys come in. I need some suggestions on what I need to look for to trade in my xlt for a 07 of 1 of these 3 trucks I mentioned above, what should I do, and some tips on getting a cheap payment of no more than $650. I will not get screwed(no pun intended )
If your truck is only 5 months old you can refi as new yourself and get a better rate and term. Just keep it.
I agree, refinance is your best option.
Just to put it in perspective, I assume your truck new was around $35-36K?Your trade in value will be around $25-$26 if your lucky. Cars depreciate horribly once you drive them off the lot.
Thats funny she got such a high rate, Ford should have had better options for her to choose from.
I bought mine back in July a Lariat loaded up for 1.9% for 72 months, the best part is seeing the total interest paid over the life of the loan is only like $2400 for 6 years. My payment is just over $600.00 per month and that was with my trade that I was upside down on a little bit.
I agree that its to late now but you may be able to refinance through your local bank at a better rate. Trading in will screw you more, I tried after 3 months on mine, paid around $44,000 for it and 3 months later only good for $32,000 on trade so I kept it.
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2006 F-150 Lariat Supercrew 150" wheelbase
20 X 8 Roush Wheels
275/55/20 Michelin LTX M/S
Powerslot rotors
Hawk LTS brake pads
Ford Telescoping trailering mirrors
Custom woodgrain factory steering wheel
Hella LED/CELIS Taillights
Lincoln Mark LT handles
Roush chrome edition grill
Edge Evolution, painted to match
I bought mine in Aug of 06 and got o% for 6 years theres def deals out there just gotta find them. Your best bet is to refi you wont break even till another 3 to 4 years for a trade
Definitely try refinancing as new. I recently refinanced mine and knocked exactly $100/month off of my payments. What everyone is sayng about trading it in now is correct, you will not lower your payments through trading your truck in. I recently tried trading my 2006 XLT SCREW, that I bought in Feb 06, in on a 2007 Lariat SCREW. I owe just a tad over $28k on my current truck and the best the salesman would offer me was $18k. The 07 was a nice truck, but there was no way I was going to take a $10k bath on my current truck.
You're going to get screwed if you try to trade it in. They depreciate horribly, and nobody wants a 5-month old used vehicle on their lot---it is used---why would anybody buy a used one when they can get the same thing new?
You can usually refi one or two year old vehicles as "new". Obviously they won't refi more than what the vehicle is worth, but if your aunt went with a "3rd party "fininance buisness", I would do everyhting I could to drop them.
I too bought my KR in Sep 06 and got the 0% for 72 months.
If the first person says "no", then keep going. On a side note, just be weary of all the possible inquiries on your credit report. They could lower your score. Normally auto inquiries conducted within 14 days will count as 1 hit, but keep that in mind.
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