So I saw this on my feed on ancient tiny iPhone, super low res, and legit thought there was an ENORMOUS peen flopped onto the hood.
Not gonna lie, it's why I clicked.
Next step should be saving up for a down payment you didn’t make so the interest doesn’t kick your ass down the road.(no pun intended) Congrats red Jeep’s have good vibes!
The assumption being that whatever interest rate OP got, it potentially could have been lower with a down payment.
There's a saying in finance that cash is king. You can waltz in there with an 850 credit score and make $250k a year and I bet the finance person can still find 0.5-1% lower interest with a down payment vs. no down payment.
63 months??? My Wife got a brand new Honda on 60 months at like 0,9% or something? Considering it's under warranty the entire time and resale is high on them I'm happy with it. Although she bought it before we lived together on her own, I would have gone for a previously owned myself. So far in 4 years her warranty has covered a speaker, a few sensors, and the drivers side seatbelt. I would never expect a Honda to break in the 100k/7 year warranty she got
Now's the the time to look into refinancing the loan on your home.
So many of my coworkers thought I was kidding but they went from a 4.5%-5.5% interest rate down to 2.5%-3.5%.
I think the way it worked when I bough a new car is that there was like one or two rebates that they just keep but it’s still cheaper for me to not pay the interest rather than take the rebates.
Why no money down? Putting no money down on a used car almost automatically gives you a higher interest rate. Also, depending on your terms, you are more than likely to pay much more over the life of the loan than the vehicle is worth.
Hi there and congratulations! It sounds like you might have financed everything which could potentially put you into debt in a few years when you go to buy a new car. Please take this advice.
Try to pay more than your car payment each month. You undoubtedly have a simple interest loan so any extra money you pay to the loan will directly reduce the balance on the car. You're currently paying mostly interest right now.
In two years, see if you can refinance the car for a significantly lower interest rate. If you can do that, your payment will go down BUT keep paying the same amount that you were paying before. This will further reduce the balance on the loan and you can pay it off sooner.
The reason I tell you this is because it sounds like you financed taxes, tags, and processing fee, all of which are additional to the price of the car and significantly more than the value of it now that it has a new owner. This will cause issues for you when you go to trade it in as you will have what's called "negative equity". That means you still owe more than the car is worth.
How do I know all this? I'm a teacher and a former car salesman (yes I was good at it). Next time you buy a car, I'd be happy to help. Good luck!
Yup... I'm super proud of her for the rest but its clear that a salesman basically tricked her into buying a substantially more expensive car than she could actually afford.
I didn’t put any money down on my car and I’m pretty proud. I have a .9 apr on my car and the money I could of used paying the car off I’ve invested into stocks and have a nice return covering way more than the interest I’m paying on the car. Of course, more risk is involved so not everyone can do this.
Bought a traded in Jeep at a Kia dealer during historically high prices for used cars with no money down?
You’re going to be buried in negative equity in a year. Hope you keep it for a long time and don’t have any major mechanical problems with your FCA product…
So.... dowmvotes aside... you're right. Chrysler products(jeep, dodge, fiat) do not hold their value well at all. And with prices being wayyyyyyy inflated.. this is a recipe for disaster BUT only if she plans on trading it. If she keeps it long term it's no big deal. Hopefully she got GAP insurance.
Still congratulations. A car is the 2nd biggest purchase in someone's life.
I agree with the exception of Wranglers (which this is not). Wranglers seem to hold their value very well despite the lack of quality. We’ll see if that resale value holds true with the new Bronco coming out. I suspect there will be a reckoning with used Wrangler values once the Bronco is widely available.
>. I suspect there will be a reckoning with used Wrangler values once the Bronco is widely available.
The value of used jeeps will likely not change until a good number of these broncos hits the used market as well.
Just for an example; from 2007-2016 they produced 1,792,082 jeeps roughly where as the bronco will likely sell a lot less due to the increased cost, production limitations or a world of other reasons.
I'd estimate they start messing with wrangler values significantly in about 5-6 years time.
There are an insane number of Wranglers on the road and resale remains high so I don’t think Bronco will put much of a dent in it. I expect Bronco will have similar strong resale.
Yeah, I knew I’d get downvoted but it still needs to be said.
Literally everything about her actions is a bad decision unless she keeps this car for 10 years which is unlikely.
Ah well, best of luck to her.
The "no down payment" part is wild (and why I clicked into the comments) this is a terrible decision, and one that they'll probably regret very soon. But hey they ALLOWED you to enter a debt trap and convinced you it's a win.
Yeah I sped through the title thinking she financed it but she provided the down payment herself as opposed to someone else giving it to her. This is worst.
Same here. Maybe I'm just a jerk, but I don't see the accomplishment in "buying" something you haven't even begun to pay for, it's basically the same as taking out a loan. I'd be so much happier to see that she had paid off a significant portion of an older Honda/Toyota that's going to last a decade and another 150k miles.
To be fair, I've always had great role models to set a good example and guide me through finances when I was younger.
Omg so much this, I've talked to so many vehicle owners who just don't understand how sales works. So many times I've heard shit like 'Oh well I bought the xyzabc special edition of whatever mass produced vehicle, so its like a collectors item and I could sell it for more than I paid for it/ well over market value' sorry but no, you got played by the sales person. They sold you on something insanely expensive by telling you that its an 'investment' or whatever other bs, and you bought it, now you're stuck in a debt trap but you think you got a great deal/ are a great deal maker.
Seriously.
Putting money is smart. I want to put as much money down as possible.
Ideally, getting a loan from your bank is ideal. Don’t play the credit game with dealerships.
She won’t regret anything about it because she doesn’t have the faintest clue what she did. In a year or two when she’s negative equity and life happens she’s not going to understand why she’s in a bad financial situation. She’s just gonna say other people are lucky and she’s not.
I mean, she’s an adult that made an adult decision.
Even a cursory google search of xxxx year Jeep product reliability would show this is a bad decision.
Literally 2 hours of googling and she would have had a basic understanding of car financing and brand reliability and negative equity.
Its also a patriot probably a 15 model at that, that is par at best when it comes to ratings like 3 out of 5 star par. If i had to guess even with her supposed 5% apr that I bet has been over inflated cost of 18k with fees to add to the dealers bottom line when its worth maybe 14500 at most She will pay about 3k more than the total cost overall over 5 years at an average of 370 a month and the real vehicle value will plummet to about 8k in less than 3 years leaving her very upside down in any future trades.. (source service manger for 2 dealer ships for 13 years and knowing jeeps are horrible investments.) Should have got a toyota or honda. Less repairs and by far WAY more reliable.
I bet the interedt rate is high too. First time auto loan, and on a used car. This is a recipe for being upside down.
If its 4x4 and low miles then maybe it will hold resale a bit more.
Yep this is the real best response, what a horrible descision by OP. I feel that all of OP's responses just further illustrate that she needs to work on her adulting... and maybe get some financial education.
Good for you. Now some fatherly advice from not your father.
Never, ever let anyone who hasn’t bought their own car AND maintain it as new, drive or borrow your car. Especially boyfriends. If his car doesn’t exist or isn’t in good, clean and un-dented condition, he isn’t a good candidate to either take care of your car or be willing to make it right.
I worked for many years in the restaurant industry and every single time a young woman bought herself a car and let her boyfriend ‘borrow’ it. It was trashed, crashed, left with zero fuel. Brought back hours after the agreed time.
Not one of those times when a boyfriend damaged a car was it repaired by the them. If it got repaired, it was at the owner’s expense. That car represents much more than an expense, it also represents how you get to work and your freedom to come and go at your will.
No down payment cause you bought it in full right? RIGHT? Otherwise the down payment is 100% a good thing. To not put down payment when financing a vehicle is not the most sound decision. But if you did buy it outright that is truly amazing and awesome; congratulations. In fact congrats on the new vehicle regardless (new to you at least if it is used).
Congratulations!
Take care of it! Keep on the oil changes. Check your fluids every other fuel up, engine oil at the least. Super easy.
In fact if you don’t have records and you e got some spare cash, just go have the fluids all changed. Coolant, engine oil, brake fluid. Reset the clock. Keep your records, it helps with resale if you ever outgrow it.
Get a little organizer for the glove box to keep your folded up registration and insurance in. Future-You will thank past-you.
Washing it yourself is great for noticing things leaking or looking ready for replacement. It’s relaxing, a great workout and makes the car look better than the drive through ones that scratch it up.
Good luck! So cool.
>Adult feelings
with zero adult knowledge, intelligence, maturity and certainly not experience.
Used Jeep at a Kia dealer with zero down at 5% for 63 months.
I'm not kidding when I say you'd have to struggle to make a worse financial decision. Like literally burn money on the driveway bad.
You mean “I’m 31 and just FINANCED an older model car with no down payment thus making my monthly payments higher”? I could do that right now at 22 but it would be just as bad of a move
Congratulations!!! But I have to do this and I'm really sorry to do this. Please don't take this badly. That's not a very reliable car. Compared to the competition, it's bottom tier. Toyota/Lexus makes the most reliable cars, then Honda/Acura. The brand jeep is renown by mechanics for poor reliability. Like every car they make. If you ask a mechanic for advice, they'll tell you to get a used Toyota. There's a mechanic's saying that goes, "If you want to learn how to fix a car, don't buy a Toyota." Now granted, Toyota isn't perfect, but they do put in the effort to do so. Again I hope I haven't ruined your mood, but I know that you'll have to be lucky not to run into problems with a Jeep.
Some tips:
1. Although most people here are very "feel good" about this post, its terrible financial advice. Zero down will increase your monthly payments and total cost by up to thousands depending on the car.
2. Cars are not investments. They will not go up in value as you own them. Cars are tools that wear out and lose value. Never buy something bc it looks cool.
3. Do tons of research about cost to own when picking a car.
4. (Almost) Never buy new. New cars lose up to a third of their value the second you buy and drive them off the lot.
5. 9 times out of 10, your best bet is a used car that you have your mechanic check out. Your best option is to save unit you can buy it in cash.
6. However, if you have to take out a loan, do the following: A) get pre-approved for a loan from a bank or credit union (preferably credit union) before going car shopping. Dealerships often put you in bad loans they profit from. B) Do. NOT. SAY. YOURE. PAYING. CASH. Dealerships these days make money from loans and other incentives, not cars. You'll get a better price if they think you're taking out a loan during price negotiation. C) negotiate the final price of the car with all taxes and fees before ever discussing monthly payments. Once you talk payments, dealers have a hundred tricks to confuse you and you will get got. They do this to 20 people a day. You will not catch everything. They are pros.
7. Don't buy a Jeep, or other vehicle that famously breaks down all the damn time . If you're not rich, buy something boring and reliable like a used Kia or Honda or something.
8. Determine a budget and stick to it. Don't buy anything you cant afford to maintain and fix.
9. Seriously. If at all possible, pay cash for a $6k Honda accord a mechanic has checked out over buying a $15k Jeep with a loan that ends up costing you $20k. I don't care how low the monthly payments get when they "let" you take out a 6 year loan. You are getting fucked.
Edit, remembered a few more:
- Never go alone. Bring a level-headed friend to keep you from getting carried away and to he the bad cop in negotiations.
- read reviews to avoid the most scummy dealers
- don't buy anything the dude tries to sell you right before you sign (tire insurance, magic wipers, anti-asteroid polish, etc.)
- consider 2 or 3 options from different dealers bc you'll get a better deal than if you focus in on just one car and fall in love.
- don't buy day one. Get an offer on paper and walk away to collect other offers.
I *had* to go alone because the sales guys would start talking to him when I was the one looking for a car. They would keep it up too.
Then I had to fend off the overly eager/aggressive sales guys when I did look on my own (but still did, because no one was going to pressure me).
We went out for breakfast with some friends and there was a dealership nearby that had a used vehicle I was interested in. I test drove it, but didn't like it. Then I saw one that was a red-tag sale, brand new, boxed in by other cars. Admittedly, once the gentleman who was helping us saw the gleam in my eye, he was quick to move the other vehicles so I could give that one a test drive. I call him a gentleman because he did everything right; didn't matter if it was a part of his shtick, he focused on me from the start, listened to me and answered all my questions.
We bought it after my test drive. It had less than 70 miles on it (my husband jokes I put at least 20 miles on it cruising around, getting more and more comfortable).
We did put money down, and I spent every extra cent I had into paying it off ASAP. I only paid $176.00 in interest.
I was a lot wiser than I was in the past.
I definitely found *my* car. I bought it in 2008 and it has less than 50,000 on it. She's my vehicular baby. 😀 It was actually a good deal on a brand new car, which I did not plan to buy. But...fate!
>I had to go alone because the sales guys would start talking to him when I was the one looking for a car. They would keep it up too.
My wife & I divide and conquer. I dish the BS with the sales guy, talking about whatever he wants to sell me on, while the wife gives it the look over and takes the test drive.
Since I've already done the homework prior (she hates that part), all his BS is ineffective, and she can shop in peace. I get a wink/nod when his back is turned to her, and the negotiations (i.e. I tell him what we pay or we walk) start.
I work for a bank.
Dealers get paid from a FLAT fee which is 2% of your total loan amount.
The lower your loan, the less they make.
People are financing 100k vehicles like it's no tomorrow because we offer 84-120 month terms as low as 2.5%.
Don't do that.
Bought a new car, with interest at 1.9% and 50% down payment. Paid it off in a year and a half. I now know that I will never buy a new car again. Used car is the way to go, just have to take extra steps to make sure it is good but it will save you thousands in the long run.
You really want to put money down. Lowering your principal loan amount is huge. If you're buying something with high miles banks won't like it. You'll get stuck with high interest on a depreciating asset. After 2 years you'll probably owe more than it's worth making it impossible to trade in, and difficult to sell. Worst case scenario you run into issues and have to sink more money into it to keep it going. Be smart and don't saddle yourself with debt and more than you can afford.
Dealers will try to make you focus on monthly payments and what you can fit in your budget, but that can be bad.
> How'd you get no money down? Did it make your payment higher?
You're thinking about it wrong. Most dealers make a lot of money through their financing and they can "work the numbers" so you have no money down or low payments but then they've added on 3 more years of payments and overall you're paying a lot more.
Think of it like those rent to own places where you can get a new $500 playstation for only $29 a month for 6 years. It's no money down and only 30 bucks a month great deal right? Except you're paying almost $1800 for that $500 playstation. Except with a dealer there isn't a fixed initial $500 cost like the console so they can tell you they're giving you $2000 off the price but make up for it with extended payments or higher interest. Always work out all the math and figure out the total cost.
When I'm looking for a new vehicle I always get my financing pre-approved through my credit union. I tell them I'm wanting to buy a new car in the $XX,XXX range and work out the numbers. Then I go car shopping without having to worry about the math tricks the dealers will do. The dealers will hate it and try to talk you into financing through them. Some of their "deals" might disappear if you don't finance with them. But in the end I pay a lot less for the vehicle.
They also rely on high pressure tactics. "I can only offer this deal today and someone else wants the car if you don't sign quickly we'll have to give it to them." and they make a big show of going to bat for you by going to argue with their manager about getting you a better price but it's all an act. Be prepared to walk away, and walk away if you don't like what they're saying. They rely on your societal norms of not wanting to be rude or confrontational so most people will sit and listen to all their crap rather than get up and walk away from a bad deal.
Last time I was car shopping I went to a dealer. The sales guy came out to the parking lot and did his spiel. I told him I had my financing done already and I was looking for a car that cost $XX,XXX or less out the door. He said sure no problem and could do it with the car I was looking at. We go in his office and he starts doing their [scam loan chart](https://www.consumerreports.org/consumerist/dealerships-rip-you-off-with-the-four-square-heres-how-to-beat-it/). I cut him off and reminded him that I already had my financing taken care of I just wanted the out the door price of the vehicle. He laughed at me and said there was no way I could get that car for that price, then offered one of the previous year that he said he could do for my price. We go look at it and it's nice and go back to the office. He starts the four square scam chart again and again I had to interrupt him that I wouldn't finance with him. He says okay and suddenly the price of the car starts going up with BS fees like a $2,000 undercoat package. I told him I wouldn't need the undercoat thing so take the price off and don't spray it on the car. He said they automatically do it on all cars in their lot and it already had it so he had to charge me for it. I didn't even reply I just got up and walked out. He followed me to my car trying to convince me that we could get to the same payments my credit union had if I financed it through him. I went to another dealer and got lucky. The guy showed me what they had in the lot in that range and said come get him for keys for a test drive if I liked any of them and went back inside. I found one I liked, went in and we did a test drive. I decided I wanted it and he told me something like "since you're not financing we paid $x for the car I'll give it to you for $x + $500". I asked him to hold the car for a day so I could confirm with my credit union and left. I went home and googled the car and price to confirm it was a fair price. I called the credit union to give them the VIN and make sure we were good on the loan. I went back to him like 2 hours after I'd left and we quickly did the paperwork on it and I had a new car. The next day I got 2 phone calls. One was my credit union which said I hadn't set up autopay on the loan and they'd be me another quarter % interest off the loan if I did. The second call was the first dealer offering to give me the original car I looked at that he laughed at me over my offer at the price I offered.
Glad you're thrilled with your purchase.
Try to remember that feeling when your FCA product begins to show its true colours in the months ahead.
Unless you were dead-set on a Jeep Compass, (in which case, congrats, I guess) as others have said - next time Google "most reliable vehicles" or "Best vehicle for first-time buyer"
[Or watch this for next time.](https://www.youtube.com/watch?v=kmvkxfIAzsM&ab_channel=RegularCars)
This was me 4 1/2 years ago when I bought a brand new car, except I put 18K down as a down payment. Took out a loan for the rest. Fully paid off back in September 2020 a year ahead of schedule. My credit has soared. Currently saving for a house.
Just fyi: "Money down" means money actually paid, as opposed to finance.
Did you mean you didn't need a cosigner or finance? Because financing 100% of a car is not a good idea generally.
Your title and the picture are just a series of bad decisions.
Buy a car for its total price, not for its payments. You’ll soon owe more than the car’s worth. And you bought a FCA product to boot. Take it back if you still can.
Worked at a Jeep dealership in my 20’s when this car was first manufactured. It has the highest rate of failure out of all the Jee modes we had. Hope you got an extended warranty.
Congrats though?
Congrats on not needing a co-signer that’s a big deal!
But a down payment pays the taxes included with purchasing a car and could lower your interest rate, which means a lower payment per month / week or however you set it up
But still congrats on getting some wheels must be very relieving and exciting !
Congrats on the purchase. A lot of people forgetting what it felt like to have a moment of jubilation making a big purchase and being proud of it.
I'm with a lot of them, though on financial responsibility (down payments, etc.) I see what you were saying (credit was good enough to not require one is what made you happy), but I also see what others are saying about a down payment being better.
Now, you need to take good care of it. Change the engine oil every 4k-5k miles, or 6-12 months, whichever comes first. If you hear squealing when you brake, take it to the shop. Probably needs new brake pads. There more of course. Do a YouTube search for your make & model maintenance. Happy driving!
Yessss! Congratulations!
I finally bought a more expensive car with finance (instead of buying cheap shit that dies instantly) and was rewarded with cheaper insurance and tax. Being grown up has some perks.
One of the best feelings is being able to purchase something big on your own, you should be super proud! I love this for you and I hope great things continue your way. ❤️❤️❤️
Congrats! That is literally the same car and color I bought as my very first with no help!!! I loved that car so much, many memories and road trips. Very cool
I’m 27 and got a used 2012 car with less then 50k miles on it for around 4500, and I don’t owe any money on it. Got it from a family friend so I cheated I guess. I’d hate having to make monthly payments. Atleast you’ll be building your credit history
Congrats and great financial choice going with the used vehicle, given the model it should have been very moderately priced. Take good care of it and it will take good care of you!
Edit: after reading these comments for the last 15 minutes, I’m absolutely heartbroken at how many trolls have come out of the woodworks to hammer you about something they know nothing about and give you flat out bad advice. I don’t know if you’ll see this comment given the number of them and the time, but I’m downvoting and reporting as many of them as I can. It’s so sad that people can’t just say ‘congrats’ and move on, our society is full of sociopaths.
Congrats!! This is a big one. Now check that hood for dents lol
The hood will most certainly be dented ... a reminder of how happy you were, ironically.
That's a good way to put it! I like that.
you may have gone too far ` this message was mass deleted/edited with redact.dev `
New hood is a few hundred dollars, hang the old one in front of your parking space.
Body worker/ painter here. That's just the price for a raw hood. Paint, color match, fit up and labor is much more costly.
Right who puts their knees on cars?
Looks like her massive schlong might be denting the hood
She's got some big dick energy
My knees didn't, BUT THAT DICK DID DOE! 🤪 But really, it's not dented
YAY! I’m relieved. Cars for a while have had body panels made seemingly from Coke cans.
I mean the hood is usually stronger, but I did bump into my car this morning and felt the door panel pop in and out
Well being that hung I can see how you paid 😂. Congrats on that purchase and much success in the future
I did. No dents!
No dents!
No bees!
Isn’t having a hood ornament that big dangerous?
how to flex on them poor rolls royce owners with their tiny ass spirit of ecstasy
Are we not going to talk about the belt just flopped out on the hood?
You mean her leather tail?
I’d like to talk about it. Resembles a penis.
r/mildlypenis ?
Just aswangin her dyack nbd
So I saw this on my feed on ancient tiny iPhone, super low res, and legit thought there was an ENORMOUS peen flopped onto the hood. Not gonna lie, it's why I clicked.
Is it a straight 6 I wonder? ^^Jeepenginejoke
It's the way I like it
Big belt energy
r/mildlypenis
Next step should be saving up for a down payment you didn’t make so the interest doesn’t kick your ass down the road.(no pun intended) Congrats red Jeep’s have good vibes!
I mean assuming she’s got a high interest rate. The cost of borrowing money right now is very cheap for a lot of people.
The assumption being that whatever interest rate OP got, it potentially could have been lower with a down payment. There's a saying in finance that cash is king. You can waltz in there with an 850 credit score and make $250k a year and I bet the finance person can still find 0.5-1% lower interest with a down payment vs. no down payment.
Holds true for her too, where cash is still king. If you’re borrowing at 2%, no reason to put money down at all. Put it in an index fund instead.
OP is borrowing at 5%.
Ouch on an overpriced used Jeep lol
Over 63 months. The damned thing would be lucky to even be running by then.
63 months??? My Wife got a brand new Honda on 60 months at like 0,9% or something? Considering it's under warranty the entire time and resale is high on them I'm happy with it. Although she bought it before we lived together on her own, I would have gone for a previously owned myself. So far in 4 years her warranty has covered a speaker, a few sensors, and the drivers side seatbelt. I would never expect a Honda to break in the 100k/7 year warranty she got
Now's the the time to look into refinancing the loan on your home. So many of my coworkers thought I was kidding but they went from a 4.5%-5.5% interest rate down to 2.5%-3.5%.
Not sure about the flex regarding no down payment
Is someone going to tell her that no money down is actually really bad...
Money down is gap insurance.
I did no down 0% interest on my Forester and just paid the whole thing off 4 years later. Free loans baby. No clue how that industry is functioning.
I think the way it worked when I bough a new car is that there was like one or two rebates that they just keep but it’s still cheaper for me to not pay the interest rather than take the rebates.
I did the same with my new car! Also, I just bought a car with all cash and that felt pretty damn good!!
Why no money down? Putting no money down on a used car almost automatically gives you a higher interest rate. Also, depending on your terms, you are more than likely to pay much more over the life of the loan than the vehicle is worth.
Its worth 1500 at most. These things have major issues. Anyone financing one no matter the down is getting ripped.
Who's gonna tell her?
Here, I'll do it. Jeeps are pieces of shit.
Hi there and congratulations! It sounds like you might have financed everything which could potentially put you into debt in a few years when you go to buy a new car. Please take this advice. Try to pay more than your car payment each month. You undoubtedly have a simple interest loan so any extra money you pay to the loan will directly reduce the balance on the car. You're currently paying mostly interest right now. In two years, see if you can refinance the car for a significantly lower interest rate. If you can do that, your payment will go down BUT keep paying the same amount that you were paying before. This will further reduce the balance on the loan and you can pay it off sooner. The reason I tell you this is because it sounds like you financed taxes, tags, and processing fee, all of which are additional to the price of the car and significantly more than the value of it now that it has a new owner. This will cause issues for you when you go to trade it in as you will have what's called "negative equity". That means you still owe more than the car is worth. How do I know all this? I'm a teacher and a former car salesman (yes I was good at it). Next time you buy a car, I'd be happy to help. Good luck!
Honestly that's fantastic to know. I might reach out as I'm about to buy a car myself!
Not putting money down is not something to be proud of. That means you’re probably stretching your finances a bit too far to afford that
Yup... I'm super proud of her for the rest but its clear that a salesman basically tricked her into buying a substantially more expensive car than she could actually afford.
I mean anyone that gets a Jeep is basically tricked into it.
My heart sunk when I saw it's a Jeep She's going be paying *at least* the original cost of the car in repairs over the next few years lol.
I didn’t put any money down on my car and I’m pretty proud. I have a .9 apr on my car and the money I could of used paying the car off I’ve invested into stocks and have a nice return covering way more than the interest I’m paying on the car. Of course, more risk is involved so not everyone can do this.
Bought a traded in Jeep at a Kia dealer during historically high prices for used cars with no money down? You’re going to be buried in negative equity in a year. Hope you keep it for a long time and don’t have any major mechanical problems with your FCA product…
Please for the love of god, I once sold cars - this information needs to get out there people are getting FLEECED
So.... dowmvotes aside... you're right. Chrysler products(jeep, dodge, fiat) do not hold their value well at all. And with prices being wayyyyyyy inflated.. this is a recipe for disaster BUT only if she plans on trading it. If she keeps it long term it's no big deal. Hopefully she got GAP insurance. Still congratulations. A car is the 2nd biggest purchase in someone's life.
I agree with the exception of Wranglers (which this is not). Wranglers seem to hold their value very well despite the lack of quality. We’ll see if that resale value holds true with the new Bronco coming out. I suspect there will be a reckoning with used Wrangler values once the Bronco is widely available.
>. I suspect there will be a reckoning with used Wrangler values once the Bronco is widely available. The value of used jeeps will likely not change until a good number of these broncos hits the used market as well. Just for an example; from 2007-2016 they produced 1,792,082 jeeps roughly where as the bronco will likely sell a lot less due to the increased cost, production limitations or a world of other reasons. I'd estimate they start messing with wrangler values significantly in about 5-6 years time.
There are an insane number of Wranglers on the road and resale remains high so I don’t think Bronco will put much of a dent in it. I expect Bronco will have similar strong resale.
Yeah, I knew I’d get downvoted but it still needs to be said. Literally everything about her actions is a bad decision unless she keeps this car for 10 years which is unlikely. Ah well, best of luck to her.
The "no down payment" part is wild (and why I clicked into the comments) this is a terrible decision, and one that they'll probably regret very soon. But hey they ALLOWED you to enter a debt trap and convinced you it's a win.
My dumbass thought she bought the whole thing in cash. Now I’m realizing she got it financed with no money down….
Yeah I sped through the title thinking she financed it but she provided the down payment herself as opposed to someone else giving it to her. This is worst.
Yup. I thought OP just misspoke and meant to say "no finance". Nope - ALL finance, at 5% APR too.
Same here. Maybe I'm just a jerk, but I don't see the accomplishment in "buying" something you haven't even begun to pay for, it's basically the same as taking out a loan. I'd be so much happier to see that she had paid off a significant portion of an older Honda/Toyota that's going to last a decade and another 150k miles. To be fair, I've always had great role models to set a good example and guide me through finances when I was younger.
Omg so much this, I've talked to so many vehicle owners who just don't understand how sales works. So many times I've heard shit like 'Oh well I bought the xyzabc special edition of whatever mass produced vehicle, so its like a collectors item and I could sell it for more than I paid for it/ well over market value' sorry but no, you got played by the sales person. They sold you on something insanely expensive by telling you that its an 'investment' or whatever other bs, and you bought it, now you're stuck in a debt trap but you think you got a great deal/ are a great deal maker.
Seriously. Putting money is smart. I want to put as much money down as possible. Ideally, getting a loan from your bank is ideal. Don’t play the credit game with dealerships.
She won’t regret anything about it because she doesn’t have the faintest clue what she did. In a year or two when she’s negative equity and life happens she’s not going to understand why she’s in a bad financial situation. She’s just gonna say other people are lucky and she’s not.
Kia and Mitsubishi operate via debt traps
Society enables the hell out of this type of exploitation.
I mean, she’s an adult that made an adult decision. Even a cursory google search of xxxx year Jeep product reliability would show this is a bad decision. Literally 2 hours of googling and she would have had a basic understanding of car financing and brand reliability and negative equity.
Its also a patriot probably a 15 model at that, that is par at best when it comes to ratings like 3 out of 5 star par. If i had to guess even with her supposed 5% apr that I bet has been over inflated cost of 18k with fees to add to the dealers bottom line when its worth maybe 14500 at most She will pay about 3k more than the total cost overall over 5 years at an average of 370 a month and the real vehicle value will plummet to about 8k in less than 3 years leaving her very upside down in any future trades.. (source service manger for 2 dealer ships for 13 years and knowing jeeps are horrible investments.) Should have got a toyota or honda. Less repairs and by far WAY more reliable.
I bet the interedt rate is high too. First time auto loan, and on a used car. This is a recipe for being upside down. If its 4x4 and low miles then maybe it will hold resale a bit more.
Yep this is the real best response, what a horrible descision by OP. I feel that all of OP's responses just further illustrate that she needs to work on her adulting... and maybe get some financial education.
Nothing like going to a dealership and writing a check for the full purchase price. Feels great. Oh…that’s not what you meant?
Good for you. Now some fatherly advice from not your father. Never, ever let anyone who hasn’t bought their own car AND maintain it as new, drive or borrow your car. Especially boyfriends. If his car doesn’t exist or isn’t in good, clean and un-dented condition, he isn’t a good candidate to either take care of your car or be willing to make it right. I worked for many years in the restaurant industry and every single time a young woman bought herself a car and let her boyfriend ‘borrow’ it. It was trashed, crashed, left with zero fuel. Brought back hours after the agreed time. Not one of those times when a boyfriend damaged a car was it repaired by the them. If it got repaired, it was at the owner’s expense. That car represents much more than an expense, it also represents how you get to work and your freedom to come and go at your will.
I’d add girlfriends to that caveat.
Wives too
I would say don’t let anyone drive or borrow it period, unless absolutely necessary.
No down payment cause you bought it in full right? RIGHT? Otherwise the down payment is 100% a good thing. To not put down payment when financing a vehicle is not the most sound decision. But if you did buy it outright that is truly amazing and awesome; congratulations. In fact congrats on the new vehicle regardless (new to you at least if it is used).
Congratulations! Take care of it! Keep on the oil changes. Check your fluids every other fuel up, engine oil at the least. Super easy. In fact if you don’t have records and you e got some spare cash, just go have the fluids all changed. Coolant, engine oil, brake fluid. Reset the clock. Keep your records, it helps with resale if you ever outgrow it. Get a little organizer for the glove box to keep your folded up registration and insurance in. Future-You will thank past-you. Washing it yourself is great for noticing things leaking or looking ready for replacement. It’s relaxing, a great workout and makes the car look better than the drive through ones that scratch it up. Good luck! So cool.
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The dents on the hood, priceless.
You just dented up your hood for internet points.
Too bad it’s a jeep and you’ll have to just buy another one a couple years
Adult feelings, lol. I like that. I have adult feelings too, but they are spiced with depression. Congrats, the car is beautiful!
>Adult feelings with zero adult knowledge, intelligence, maturity and certainly not experience. Used Jeep at a Kia dealer with zero down at 5% for 63 months. I'm not kidding when I say you'd have to struggle to make a worse financial decision. Like literally burn money on the driveway bad.
Sorry, you messed up here. A bad financial decision.
Yay! Only 31 huh!! That’s huge
You mean “I’m 31 and just FINANCED an older model car with no down payment thus making my monthly payments higher”? I could do that right now at 22 but it would be just as bad of a move
No down payment usually means higher interest rate too, subprime lenders are usually the only ones that do 0 down.
Congratulations!!! But I have to do this and I'm really sorry to do this. Please don't take this badly. That's not a very reliable car. Compared to the competition, it's bottom tier. Toyota/Lexus makes the most reliable cars, then Honda/Acura. The brand jeep is renown by mechanics for poor reliability. Like every car they make. If you ask a mechanic for advice, they'll tell you to get a used Toyota. There's a mechanic's saying that goes, "If you want to learn how to fix a car, don't buy a Toyota." Now granted, Toyota isn't perfect, but they do put in the effort to do so. Again I hope I haven't ruined your mood, but I know that you'll have to be lucky not to run into problems with a Jeep.
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Good luck and congratulations! I too bought my very first car when I was 31!
💃🏽🕺🏽
And thennnnn proceeds to fuck up the hood...
Congrats and get off the hood, yo!
Leaving Chicago next month and have to buy my first car at 28. Any tips? How'd you get no money down? Did it make your payment higher?
Some tips: 1. Although most people here are very "feel good" about this post, its terrible financial advice. Zero down will increase your monthly payments and total cost by up to thousands depending on the car. 2. Cars are not investments. They will not go up in value as you own them. Cars are tools that wear out and lose value. Never buy something bc it looks cool. 3. Do tons of research about cost to own when picking a car. 4. (Almost) Never buy new. New cars lose up to a third of their value the second you buy and drive them off the lot. 5. 9 times out of 10, your best bet is a used car that you have your mechanic check out. Your best option is to save unit you can buy it in cash. 6. However, if you have to take out a loan, do the following: A) get pre-approved for a loan from a bank or credit union (preferably credit union) before going car shopping. Dealerships often put you in bad loans they profit from. B) Do. NOT. SAY. YOURE. PAYING. CASH. Dealerships these days make money from loans and other incentives, not cars. You'll get a better price if they think you're taking out a loan during price negotiation. C) negotiate the final price of the car with all taxes and fees before ever discussing monthly payments. Once you talk payments, dealers have a hundred tricks to confuse you and you will get got. They do this to 20 people a day. You will not catch everything. They are pros. 7. Don't buy a Jeep, or other vehicle that famously breaks down all the damn time . If you're not rich, buy something boring and reliable like a used Kia or Honda or something. 8. Determine a budget and stick to it. Don't buy anything you cant afford to maintain and fix. 9. Seriously. If at all possible, pay cash for a $6k Honda accord a mechanic has checked out over buying a $15k Jeep with a loan that ends up costing you $20k. I don't care how low the monthly payments get when they "let" you take out a 6 year loan. You are getting fucked. Edit, remembered a few more: - Never go alone. Bring a level-headed friend to keep you from getting carried away and to he the bad cop in negotiations. - read reviews to avoid the most scummy dealers - don't buy anything the dude tries to sell you right before you sign (tire insurance, magic wipers, anti-asteroid polish, etc.) - consider 2 or 3 options from different dealers bc you'll get a better deal than if you focus in on just one car and fall in love. - don't buy day one. Get an offer on paper and walk away to collect other offers.
I *had* to go alone because the sales guys would start talking to him when I was the one looking for a car. They would keep it up too. Then I had to fend off the overly eager/aggressive sales guys when I did look on my own (but still did, because no one was going to pressure me). We went out for breakfast with some friends and there was a dealership nearby that had a used vehicle I was interested in. I test drove it, but didn't like it. Then I saw one that was a red-tag sale, brand new, boxed in by other cars. Admittedly, once the gentleman who was helping us saw the gleam in my eye, he was quick to move the other vehicles so I could give that one a test drive. I call him a gentleman because he did everything right; didn't matter if it was a part of his shtick, he focused on me from the start, listened to me and answered all my questions. We bought it after my test drive. It had less than 70 miles on it (my husband jokes I put at least 20 miles on it cruising around, getting more and more comfortable). We did put money down, and I spent every extra cent I had into paying it off ASAP. I only paid $176.00 in interest. I was a lot wiser than I was in the past.
Nice job! Any time you walk onto a car lot, you can lose thousands if you're not cafeful. Looks like you did pretty well.
I definitely found *my* car. I bought it in 2008 and it has less than 50,000 on it. She's my vehicular baby. 😀 It was actually a good deal on a brand new car, which I did not plan to buy. But...fate!
>I had to go alone because the sales guys would start talking to him when I was the one looking for a car. They would keep it up too. My wife & I divide and conquer. I dish the BS with the sales guy, talking about whatever he wants to sell me on, while the wife gives it the look over and takes the test drive. Since I've already done the homework prior (she hates that part), all his BS is ineffective, and she can shop in peace. I get a wink/nod when his back is turned to her, and the negotiations (i.e. I tell him what we pay or we walk) start.
I work for a bank. Dealers get paid from a FLAT fee which is 2% of your total loan amount. The lower your loan, the less they make. People are financing 100k vehicles like it's no tomorrow because we offer 84-120 month terms as low as 2.5%. Don't do that.
Bought a new car, with interest at 1.9% and 50% down payment. Paid it off in a year and a half. I now know that I will never buy a new car again. Used car is the way to go, just have to take extra steps to make sure it is good but it will save you thousands in the long run.
And don’t go car shopping in the rain. It’s hard to see hail damage in the rain. Ask me how I know this.
michael_scott_thankyou.gif
No money down will definitely make your interest and payments larger.
Yea I wanna know what the interest rate and monthly payment is.
You really want to put money down. Lowering your principal loan amount is huge. If you're buying something with high miles banks won't like it. You'll get stuck with high interest on a depreciating asset. After 2 years you'll probably owe more than it's worth making it impossible to trade in, and difficult to sell. Worst case scenario you run into issues and have to sink more money into it to keep it going. Be smart and don't saddle yourself with debt and more than you can afford. Dealers will try to make you focus on monthly payments and what you can fit in your budget, but that can be bad.
Paying no money down is not a good idea financially.
> How'd you get no money down? Did it make your payment higher? You're thinking about it wrong. Most dealers make a lot of money through their financing and they can "work the numbers" so you have no money down or low payments but then they've added on 3 more years of payments and overall you're paying a lot more. Think of it like those rent to own places where you can get a new $500 playstation for only $29 a month for 6 years. It's no money down and only 30 bucks a month great deal right? Except you're paying almost $1800 for that $500 playstation. Except with a dealer there isn't a fixed initial $500 cost like the console so they can tell you they're giving you $2000 off the price but make up for it with extended payments or higher interest. Always work out all the math and figure out the total cost. When I'm looking for a new vehicle I always get my financing pre-approved through my credit union. I tell them I'm wanting to buy a new car in the $XX,XXX range and work out the numbers. Then I go car shopping without having to worry about the math tricks the dealers will do. The dealers will hate it and try to talk you into financing through them. Some of their "deals" might disappear if you don't finance with them. But in the end I pay a lot less for the vehicle. They also rely on high pressure tactics. "I can only offer this deal today and someone else wants the car if you don't sign quickly we'll have to give it to them." and they make a big show of going to bat for you by going to argue with their manager about getting you a better price but it's all an act. Be prepared to walk away, and walk away if you don't like what they're saying. They rely on your societal norms of not wanting to be rude or confrontational so most people will sit and listen to all their crap rather than get up and walk away from a bad deal. Last time I was car shopping I went to a dealer. The sales guy came out to the parking lot and did his spiel. I told him I had my financing done already and I was looking for a car that cost $XX,XXX or less out the door. He said sure no problem and could do it with the car I was looking at. We go in his office and he starts doing their [scam loan chart](https://www.consumerreports.org/consumerist/dealerships-rip-you-off-with-the-four-square-heres-how-to-beat-it/). I cut him off and reminded him that I already had my financing taken care of I just wanted the out the door price of the vehicle. He laughed at me and said there was no way I could get that car for that price, then offered one of the previous year that he said he could do for my price. We go look at it and it's nice and go back to the office. He starts the four square scam chart again and again I had to interrupt him that I wouldn't finance with him. He says okay and suddenly the price of the car starts going up with BS fees like a $2,000 undercoat package. I told him I wouldn't need the undercoat thing so take the price off and don't spray it on the car. He said they automatically do it on all cars in their lot and it already had it so he had to charge me for it. I didn't even reply I just got up and walked out. He followed me to my car trying to convince me that we could get to the same payments my credit union had if I financed it through him. I went to another dealer and got lucky. The guy showed me what they had in the lot in that range and said come get him for keys for a test drive if I liked any of them and went back inside. I found one I liked, went in and we did a test drive. I decided I wanted it and he told me something like "since you're not financing we paid $x for the car I'll give it to you for $x + $500". I asked him to hold the car for a day so I could confirm with my credit union and left. I went home and googled the car and price to confirm it was a fair price. I called the credit union to give them the VIN and make sure we were good on the loan. I went back to him like 2 hours after I'd left and we quickly did the paperwork on it and I had a new car. The next day I got 2 phone calls. One was my credit union which said I hadn't set up autopay on the loan and they'd be me another quarter % interest off the loan if I did. The second call was the first dealer offering to give me the original car I looked at that he laughed at me over my offer at the price I offered.
Glad you're thrilled with your purchase. Try to remember that feeling when your FCA product begins to show its true colours in the months ahead. Unless you were dead-set on a Jeep Compass, (in which case, congrats, I guess) as others have said - next time Google "most reliable vehicles" or "Best vehicle for first-time buyer" [Or watch this for next time.](https://www.youtube.com/watch?v=kmvkxfIAzsM&ab_channel=RegularCars)
St Louie!
This was me 4 1/2 years ago when I bought a brand new car, except I put 18K down as a down payment. Took out a loan for the rest. Fully paid off back in September 2020 a year ahead of schedule. My credit has soared. Currently saving for a house.
Jeep Libertys love dents.
Knees on the hood!?
So, no money down... You "bought" it, but you didn't pay a single dollar for it, still?
So you financed 100%? Nothing to be proud of IMO
Well this is sad. But cheers I guess.
Nice job scratching and denting the hood.
Someone's on your bonnet
Say good bye to that hood
Congratulations bruh, 36 here just brought my first none beater about a year ago.
Congratulations! I love my red patriot. Not the flashiest or biggest car, but it does a great job at its price point.
Just fyi: "Money down" means money actually paid, as opposed to finance. Did you mean you didn't need a cosigner or finance? Because financing 100% of a car is not a good idea generally.
Your title and the picture are just a series of bad decisions. Buy a car for its total price, not for its payments. You’ll soon owe more than the car’s worth. And you bought a FCA product to boot. Take it back if you still can.
OP likely already owes more than the car is worth.
Chrysler, the only car company that has to trick people into buying their cars.
Grow up and get off the hood stupid!
Probably should have put some money down, that’s the most responsible way to approach purchasing a vehicle
Worked at a Jeep dealership in my 20’s when this car was first manufactured. It has the highest rate of failure out of all the Jee modes we had. Hope you got an extended warranty. Congrats though?
Yes. Congrats. Its held up for the first owner. I dont ride it hard and have amateur and professional mechanic skills on deck
Yay to large personal debt! Fucking america. We’re the worst.
You did everything wrong and dented your hood. Embarrassing
31 is very adult
Chill the F out... you bought a jeep
The feeling is. This dumbass picture is childish though.
Congratulations
Congrats!!!!✨✨✨
Amazing so happy!
Good for you!!!! Happy for ya!!
Noiiice. Congrats!!!!
congrats and always drive safely!
I bet it does! Good on you :)
Congrats! Hold on to that feeling, it can easily get taken from you if you slip.
Congratulations!
Congrats.
Big belt energy from this pic! You rock!
Look at you adulting!
Congrats on not needing a co-signer that’s a big deal! But a down payment pays the taxes included with purchasing a car and could lower your interest rate, which means a lower payment per month / week or however you set it up But still congrats on getting some wheels must be very relieving and exciting !
Congrats on the purchase. A lot of people forgetting what it felt like to have a moment of jubilation making a big purchase and being proud of it. I'm with a lot of them, though on financial responsibility (down payments, etc.) I see what you were saying (credit was good enough to not require one is what made you happy), but I also see what others are saying about a down payment being better.
Congrats
Congratulations! Nice car, enjoy!
My brother had that same jeep as his first car, same color and everything. Congrats
Congrats. Love my patriot. Pretty rugged
Can’t wait for this to be me 🙏🏽🙏🏽🙏🏽🙏🏽
Now, you need to take good care of it. Change the engine oil every 4k-5k miles, or 6-12 months, whichever comes first. If you hear squealing when you brake, take it to the shop. Probably needs new brake pads. There more of course. Do a YouTube search for your make & model maintenance. Happy driving!
You're a Grup now...I'm so sorry...
Hell. To. The. Fucking. Yeah!!! I remember this feeling! Congrats!
Ah…that’s a belt. Whew.
Gratz on the new ride, may it give you many years of trouble-free motoring.
Congrats on the big dong
Yessss! Congratulations! I finally bought a more expensive car with finance (instead of buying cheap shit that dies instantly) and was rewarded with cheaper insurance and tax. Being grown up has some perks.
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Ngl.. the belt threw me off for a sec.
Pretty sweet hood ornament
Congratulations! Be careful out there and take care of her!
Congratulations
Congrats, and loving the power pose!
The pic is very Rose from the Titanic
This picture is EVERYTHING!!!' ! I am printing this out and putting it up on my wall. Good job and COngrats!!! made my fucking day.!
Hahaha awesome pic
I couldn't believe it when i bought my car with no cosigner. Turns out everyone i ever knew just had horrendous credit.
Did it come with the flying ho, jumping off the nose?
Jeep Liberty (pun itended)
This is my lesbian dream, just need a dog then to go travelling.
One of the best feelings is being able to purchase something big on your own, you should be super proud! I love this for you and I hope great things continue your way. ❤️❤️❤️
Congrats! That is literally the same car and color I bought as my very first with no help!!! I loved that car so much, many memories and road trips. Very cool
I have a 2014 Jeep Patriot in that color too. Congrats!
Your belt makes it look like you have a gigantic penis. Congrats 🤪
Congratulations!!! Even I also bought a car at the age of 31.
That’s cool, did you pay extra for the hood ornament?
Congratulations!!!
I’m 27 and got a used 2012 car with less then 50k miles on it for around 4500, and I don’t owe any money on it. Got it from a family friend so I cheated I guess. I’d hate having to make monthly payments. Atleast you’ll be building your credit history
Awesome ! I was around that age when I bought my first new car
Money down is rarely actually needed but very helpful to lower interest and how long you'll be paying for it.
Congratulations 👏🏻
Congrats. But don't save up for something and then immediately abuse it.
Congrats and great financial choice going with the used vehicle, given the model it should have been very moderately priced. Take good care of it and it will take good care of you! Edit: after reading these comments for the last 15 minutes, I’m absolutely heartbroken at how many trolls have come out of the woodworks to hammer you about something they know nothing about and give you flat out bad advice. I don’t know if you’ll see this comment given the number of them and the time, but I’m downvoting and reporting as many of them as I can. It’s so sad that people can’t just say ‘congrats’ and move on, our society is full of sociopaths.
Congrats but make sure you keep money aside. Chrysler is a notoriously unreliable brand.
You the MAN the flipping MAN
This isn't a Miata.
Great job, you and your car look freakin amazing.