I found out what someone I work with is paying per month on a Jeep Renegade

"E90M3" (e90m3) 04/17/2019 at 14:26 • Filed to: None

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$653 per month on a Renegade. Some people’s money   decisions baffle me. I knew he bought it new in January of 2018 and it’s not some obtusely short loan either, it’s either 60 or 72 months. 

Sovande > E90M3 04/17/2019 at 14:28

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Damn. That’s about the price I was quoted for a 2018 V60 R Design...

benjrblant > E90M3 04/17/2019 at 14:30

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Are you sure about the term? was there a down payment on that?

$650/mo for 60 mo just seems... whack.

CarsofFortLangley - Oppo Forever > E90M3 04/17/2019 at 14:31

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FUUUUUCK

E90M3 > benjrblant 04/17/2019 at 14:32

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I’m fairly certain the interest rate is above 16%

davesaddiction @ opposite-lock.com > benjrblant 04/17/2019 at 14:32

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Was probably crazy underwater on his trade-in. 

benjrblant > E90M3 04/17/2019 at 14:32

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dear lord

davesaddiction @ opposite-lock.com > E90M3 04/17/2019 at 14:33

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What was his trade-in, and how much did he still owe on it?

Spamfeller Loves Nazi Clicks > E90M3 04/17/2019 at 14:33

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... $653 a month? For a fucking Renegade ? Does he have six bankruptcies and an underwater mortgage?!

At 60 months he is paying $40k, and I bet it’s a base, so double the MSRP !

davesaddiction @ opposite-lock.com > E90M3 04/17/2019 at 14:33

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https://www.nbc.com/saturday-night-live/video/dont-buy-stuff/n12020

E90M3 > Spamfeller Loves Nazi Clicks 04/17/2019 at 14:34

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I believe his credit is terrible, and probably just looked at the monthly payment. 

KingT- 60% of the time, it works every time > E90M3 04/17/2019 at 14:34

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Snuze: Needs another Swede > E90M3 04/17/2019 at 14:34

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Does compute.

I just checked real quick, you can option a Renegade all the way up to $36,555 MSRP. No money down at full MSRP , 2.99% rate, 60 month loan came out to be $657/mo.

Ash78, voting early and often > E90M3 04/17/2019 at 14:36

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That’s a shitload of negative equity from a trade-in, most likely. Plus a terrible APR.

gettingoldercarguy > E90M3 04/17/2019 at 14:36

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E90M3 > davesaddiction @ opposite-lock.com 04/17/2019 at 14:36

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I believe it was a Hyundai and not sure how much he still owes. 

E90M3 > Ash78, voting early and often 04/17/2019 at 14:37

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I believe it’s a sky high interest rate.

Ssfancyfresh > E90M3 04/17/2019 at 14:38

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Wuuuuuuuuuuuuutt

We pay less for a loaded Tahoe. Sure, i t’s a lease, but damn!

E90M3 > Snuze: Needs another Swede 04/17/2019 at 14:38

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Or a sky high interest rate. 

farscythe - makin da cawfee! > E90M3 04/17/2019 at 14:38

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ooo... thats slightly more than my rent for a 3 bedroom house with a front n rear garden

BeaterGT > davesaddiction @ opposite-lock.com 04/17/2019 at 14:39

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On fire, and all of it.

Ash78, voting early and often > E90M3 04/17/2019 at 14:39

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Yeah, but even a CRAZY interest rate (15 %+) doesn’t usually change the payment that much. Not like double what you’d expect the payment to be . That normally takes something on the capital side of the equation. I’ve seen people have three prior cars follow them around. Eventually you run out of ability to roll it into a new loan, but some lenders are very generous.

E90M3 > farscythe - makin da cawfee! 04/17/2019 at 14:40

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I’m surprised your rent is that low. 

ST80MND > E90M3 04/17/2019 at 14:40

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Some quick maths give it a $39K and change price, no interest. It makes me think in Canadian dollars, as I'm sure that's about the price of a 'well' optioned mistake here. So, if that's American money, then that gets my vote for 'Bend over and take this ,    dry.' Of the year award.

davesaddiction @ opposite-lock.com > BeaterGT 04/17/2019 at 14:42

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This is a good assessment. 

Snuze: Needs another Swede > E90M3 04/17/2019 at 14:43

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That makes more sense.  But I was just curious how high you could get the payment with good credit/low rate.  I was should that you could hit that number.  

Spamfeller Loves Nazi Clicks > E90M3 04/17/2019 at 14:43

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So yeah. 21% interest probably, no down payment, and paying more than  a new compact car in interest .

davesaddiction @ opposite-lock.com > E90M3 04/17/2019 at 14:45

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SAD!

412GTI > E90M3 04/17/2019 at 14:48

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Can confirm, Renegades are the new FCA bogu e (bad credit) vehicle . Our dealer always target them to Subprime people when advertising. The Renegade and Journey have the most subprime rebate support that can help really low scores get approved by Chrysler Capital or other banks.

When I sold I had a guy trade two vehicles in (wanted to trade three), all upside down, on a new Cherokee. Ended up around $780/mo when all said and done. He was happy to be under $800/mo and only be paying on one car. People are reta ...erm dumb. 

Spanfeller is a twat > E90M3 04/17/2019 at 14:52

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Holy fuck 

SPAMBot - Horse Doctor > E90M3 04/17/2019 at 14:52

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That is considerably more than the payment for my Ferrari. Granted, I’m paying much more BC I want it paid off in 32 months, not 72. And I had a sizeable down payment.

I just like using the ‘more than my Ferrari’ phrase. It is comical to me haha

farscythe - makin da cawfee! > E90M3 04/17/2019 at 14:54

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up north in the netherlands...it would be at least double that in the big cities possibly triple

ranwhenparked > E90M3 04/17/2019 at 14:54

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Until last year, I was paying $700 a month for a house on a 1/2 acre. Downside was that it was a 2 bed/1 bath '60s tract house, but I felt like it was a reasonable deal. 

Arrivederci > Ash78, voting early and often 04/17/2019 at 14:54

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15% on $25k over 60 months is about $600/mo. A “normal” rate of about 5% brings that down over a hundred bucks to $472.

ranwhenparked > E90M3 04/17/2019 at 14:56

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So, he only looked at the monthly payment and still decided $653 was reasonable?!

Montalvo > E90M3 04/17/2019 at 14:57

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Lol wtf? That is crazy, it  isn’t t oo far off from where I want to be on the ZL1 I am looking to get and that will be for 48 months.

dannyzabolotny > farscythe - makin da cawfee! 04/17/2019 at 14:57

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Where on earth is that

dannyzabolotny > E90M3 04/17/2019 at 14:58

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Probably rolled a lot of negative equity in from a previous car... people seem to love trading in their nearly-new cars for newer cars even when they have no equity in them.

E90M3 > ranwhenparked 04/17/2019 at 15:00

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Apparently, I think he was also making more then too. I know it doesn’t sound smart, but sometimes you just have to have it. 

HammerheadFistpunch > E90M3 04/17/2019 at 15:01

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Thats crazy sauce, I think my 60 month on my tdi sportwagen was something like $310/mo.  Then again, cars are just more expensive and that sucks.  The good news is that we make, buy and sell so many cars that you can’t really complain about new car prices if you can get a decent car at stripped car prices for gently used.

E90M3 > SPAMBot - Horse Doctor 04/17/2019 at 15:01

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It’s about a hundred more than my payment was on the M3. Granted I put 40% plus taxes down.

That is a great phrase to be able to use.

E90M3 > dannyzabolotny 04/17/2019 at 15:02

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I think this case is interest, but negative equity would also do it. 

ranwhenparked > E90M3 04/17/2019 at 15:02

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Which brings up even more questions - a Jeep Renegade is the vehicle you just have to have? 

farscythe - makin da cawfee! > dannyzabolotny 04/17/2019 at 15:04

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assen the netherlands

dont get too excited tho... i only earn about 2 grand a month

E90M3 > ranwhenparked 04/17/2019 at 15:04

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There are so many questions. I mean, I found the Renegade to be horrendous.

vondon302 > E90M3 04/17/2019 at 15:08

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Well he's going to be working until he's 80 or dead with that kind of financial acumen.

Highlander-Datsuns are Forever > E90M3 04/17/2019 at 15:18

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It’s got to be negative equity on a trade. I don’t know why people do this to themselves.

WilliamsSW > E90M3 04/17/2019 at 15:21

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That’s barely less than my payment on the Mercedes, and my loan term is probably shorter, too.

And I will pay mine off early, too.  

My bird IS the word > E90M3 04/17/2019 at 15:25

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Im paying 250 a month on a 72 month. How do you fuck that up so badly?

E90M3 > My bird IS the word 04/17/2019 at 15:36

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I mean, they did buy a renegade so... 

E90M3 > WilliamsSW 04/17/2019 at 15:36

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It’s amazing what a high interest rate can do to a loan. 

smobgirl > Highlander-Datsuns are Forever 04/17/2019 at 15:40

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The number of people I know who don’t realize they don’t get out of paying when  trading in an underwater vehicle is remarkable. 

VajazzleMcDildertits - read carefully, respond politely > E90M3 04/17/2019 at 15:56

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I put 1000 down on a CPO 2011 STI in 2012 and my monthly payment was not that high. 

E90M3 > VajazzleMcDildertits - read carefully, respond politely 04/17/2019 at 15:56

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But was your rate above 10%? 

VajazzleMcDildertits - read carefully, respond politely > E90M3 04/17/2019 at 15:57

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Nowhere close, but then again it seems I have actually made a good decision from time to time 

E90M3 > VajazzleMcDildertits - read carefully, respond politely 04/17/2019 at 15:58

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I believe his rate is above 16%.

I almost bought an M3 where the payment would’ve been 1000 a month for 60 months, but then I would have been borrowing almost 50k at like 4.5%. 

VajazzleMcDildertits - read carefully, respond politely > E90M3 04/17/2019 at 16:00

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The longer I spend on Oppo the more I find myself using this.

My rate was 2.9%. 

AMGtech - now with more recalls! > E90M3 04/17/2019 at 16:08

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That’s about the same as I pay for my Ducati and one Mercedes. Holy shit.

Long_Voyager, Now With More Caravanny Goodness > farscythe - makin da cawfee! 04/17/2019 at 16:15

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That’s $153/month more than our house payment on a 3 bedroom home on a 3/4 acre lot.......

mazda616 > VajazzleMcDildertits - read carefully, respond politely 04/17/2019 at 16:16

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My rate on my Mazda6 is 2.9% as well. And I was wanting it lower.

E90M3 > AMGtech - now with more recalls! 04/17/2019 at 16:18

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Holy shit indeed. 

Captain of the Enterprise > E90M3 04/17/2019 at 16:26

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How are they spending that much? it’s not even a hugely expensive car new.

farscythe - makin da cawfee! > Long_Voyager, Now With More Caravanny Goodness 04/17/2019 at 16:30

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guess you’re further away from civilization than me

that seems to be how pricing works

Nothing > E90M3 04/17/2019 at 16:30

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Man, bad credit and negative equity are killers.

The good news is they probably qualified for the bad credit rebate though Chrysler Capital. It’s great to get $1500 off when you pay $5k/ year extra in interest!

dannyzabolotny > farscythe - makin da cawfee! 04/17/2019 at 16:47

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Ah, that makes sense. I earn about $3200 a month after taxes, and my girlfriend earns about $4000 a month after taxes, and our rent is $1200 for a large 2-bedroom apartment in a nice, quiet area. Still feels like a lot of money to spend on rent.

Long_Voyager, Now With More Caravanny Goodness > farscythe - makin da cawfee! 04/17/2019 at 16:51

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Only about 15 mins outside 2 “major” cities in WI.

farscythe - makin da cawfee! > dannyzabolotny 04/17/2019 at 16:52

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it is... and same here... better of buying in a way... but then... that only gets cheap once your paid off

*shrugs*

im still planning to win the lottery

Long_Voyager, Now With More Caravanny Goodness > E90M3 04/17/2019 at 16:52

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And to think, we pay $500/month on a 3 bedroom home........

farscythe - makin da cawfee! > Long_Voyager, Now With More Caravanny Goodness 04/17/2019 at 16:58

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well.. shit.. im in the capital of my province... and only about 15 minutes away from the capital of another one

also less than 2 hours away from damn near anywhere in my country :p

SPAMBot - Horse Doctor > E90M3 04/17/2019 at 17:19

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I would much rather have an M3 lolol. If only they would have paid their last car off and saved that payment  for a year, they would be in a much better spot. Oh well, hopefully they learn eventually

ItalianJobR53 - now with added 'MERICA and unreliability > E90M3 04/17/2019 at 17:34

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That’s almost twice what I pay for the Mini and the Vette combined!

ItalianJobR53 - now with added 'MERICA and unreliability > VajazzleMcDildertits - read carefully, respond politely 04/17/2019 at 17:35

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The Mini was at 2.24 

Dr. Zoidberg - RIP Oppo > Long_Voyager, Now With More Caravanny Goodness 04/17/2019 at 20:26

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Good Lord

WilliamsSW > E90M3 04/17/2019 at 20:33

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And that’s why it’s so critical to maintain good credit, and understand basic finance. Otherwise you may end up paying far more than you need to — with lifelong financial consequences.

WilliamsSW > ranwhenparked 04/17/2019 at 20:45

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Well this helps explain why he has terrible credit at   least.

WilliamsSW > smobgirl 04/17/2019 at 20:46

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Wat ? Seriously?

Spasoje > E90M3 04/17/2019 at 21:00

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I was at a Jeep dealer recently – the salesguy mentioned how he saw someone lease a Compass for ~$800 a month for 48 mo! R i d i c u l o u s .

gmporschenut also a fan of hondas > 412GTI 04/17/2019 at 21:03

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fuck

smobgirl > WilliamsSW 04/17/2019 at 22:09

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“We’ll pay it off, no matter how much you o we!”

See? Just like that, everything is fixed!



WilliamsSW > smobgirl 04/18/2019 at 00:00

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Ugh. Yeah I could see how someone who lacked critical thinking skills could fall for that. 

functionoverfashion > E90M3 04/19/2019 at 09:19

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I had never even financed a car until a few years ago, when rates were so low and our need for safe, reliable cars was very high. On that note, we are paying $540/mo TOTAL on the two cars we financed (Volvo XC70 and Mini).

This is not sustainable - I mean, regular people paying obscene interest rates and monthly payments on regular cars. This doesn’t end well. 

E90M3 > functionoverfashion 04/19/2019 at 09:27

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It is absolutely not sustainable; t here has to be a bubble at some point. It doesn’t help people are making these decisions to take on loans like this either.

I almost financed an M3 at ~1k a month for 60 months. Yeah that would have been really dumb, but it was also an M3 and I could’ve comfortably made the payment. Looking back I’m really glad I didn’t because my M3 only costs me ~1k in interest and I learned a hell of a lot about loans in the process. 

Mercedes Streeter > Long_Voyager, Now With More Caravanny Goodness 07/16/2019 at 09:28

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Mortgage? Because holy shit if so I need fuck out of Illinois. lol

Long_Voyager, Now With More Caravanny Goodness > Mercedes Streeter 07/16/2019 at 10:09

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Yep.

Granted we bought it on foreclosure, but it’s a 3 bedroom home on a 3/4 acre lot on the quiet side of town. Stuck another $15k in to get it where we wanted it.

All said and done we have $65k in a house that’s valued over $140k currently and it’ll be paid off in the next 3-5 years.