WTF?!?!?!?! Weird situation

[b16coupe]

Ok, so my b16 let go for the 3rd time and I decided to get a new car. So my friends and I go looking for cars and I find a 2000 mustang gt for 15k. I drove the car and loved it. So I go through the process of buying the car but I dont have any credit and my mom(my cosigner) has a 788 becon but with limited credit. While I am up at the used car place they say that I am approved(i really wasn't, they just thought that i would be because of my mom's credit) for the loan from state farm and they tell me that my payments are gonna be 287/month. I am happy and sign the bill of sale paper. The tell me to go up to state farm and sign some papers. Now is where the fucked part is. When I get up there this morning they tell me that i wasn't approved for the loan. So i was like wtf? And now I am confused. I have the "affidavit & notification of sale of motor vehicle"; is that the bill of sale? Do i own the car now? or does the car lot still own it and can they take it away from me. So what is everyone's thought on my situation. Should i be pissed that they fucked up and can possibly take the car away? or can they take my car away?

 

[posol]

did you get the title? if not, you don't own it.

and they did youa favor anyway.

15k for a 2000 mustang seems over priced to me...

 

[phyregod]

I'd bring the car back ASAP if you still have it. They will report it stolen. In Texas, a bill of sale on a motor vehicle is as good as used toilet paper. You have to have a certificate of title transfer filled out. Not sure what the laws there are, but you can be certain of one thing. If you didn't pay for it, they will come for it, and you could end up with a "Unauthorized use of a motor vehicle" charge. The po-po's will drag you away.

 

[Battle Pope]

Unless that shit has like NO miles on it, yeah that's at least a couple grand more than I would pay.

 

[erikespo]

Good.. Now you can be smart and get a honda

 

[karnash]

Quoted post[/post]]
did you get the title? if not, you don't own it.

and they did youa favor anyway.

15k for a 2000 mustang seems over priced to me...

WAY overpriced.

If I was in the market for a 6 year old ford, I would not pay 15k for one....8-9 at the most for a 6 year old mustang. Average 20k miles a year...

 

[b16coupe]

It has 44k on it. and after talking to my boss who used to be in car sales, this is pretty common. I think they are lowering the price now anyway so my mother and i can get approved.

 

[micah]

arent brand new mustangs like 16k or so?

 

[b16coupe]

GT's are over well over 20grand i believe

 

[dveit]

not the 05s. Pretty sure they're around $25,000+ for GT's.

I could be wrong though... Don't really pay that much attention to stangs.

 

[Battle Pope]

Yeah, that was one of Ford's selling points. Theoretically you could purchase an 05 GT for right around 25 grand.

 

[Sweet InStinct]

fords depreciate fast... and break down even more so... well known tested theory... ... ...

dont buy it..

Edit: I mean try to re-buy it

 

[Xaero3953]

FCK that, i have a 94 gt, that i sold to my uncle, that, if taken care of, runs perfectly. Never broken down a day in it's life.
It runs as good if not better than my EK, and the gt's got over 270K

 

[totalburnout]

Quoted post[/post]]
not the 05s. Pretty sure they're around $25,000+ for GT's.

I could be wrong though... Don't really pay that much attention to stangs.

Dealers fees and market ups. The '05s may be available now that the '06s are out but they were on back order in my area and the dealer tacked on fees. More than likely you're going to be paying around $27,XXX-$28,XXX for a Mustang GT that is normally equipt.


As for the price, yeah its high. My girlfriends dad's '03 GT with 24,000 miles is worth about $16,000.


The car you're looking at is the first year of the second to last body style, so its not even like its going to be desireable because its the last year of a intermittent body style between the 90's and the major revamp in '05.

Blue Book on the car you're looking at in "Good" condition from a dealership with 44,000 miles $11,820. You're getting fucked hard. Don't you use the internet to look things up? I wouldn't be caught dead buying a car for blue book either, I picked up my WRX for $2500 under private party blue book and its a desired model.

http://www.kbb.com/kb/ki.dll/kw.kc.ur?kbb....tang&6;FO;D4&&&

Go back and renegiotiate on the price or else you're being foolish, far, far better deals can be had for that price. Heck for that price you can get a 3 year newer car with almost half the miles! I'm not saying don't buy a mustang, because I do enjoy the car myself, but not for that price.

 

[b16coupe]

Thanks for the suggestions. I didnt know the blue book was so low. I will give them a call in a little bit.

 

[B16]

Quoted post[/post]]
Thanks for the suggestions. I didnt know the blue book was so low. I will give them a call in a little bit.

You were about to buy a car without even knowing how much it was worth to begin with? I have a bridge I'd like to sell you..

Seriously you thought 15k was a deal for a slow POS mustang GT?

 

[b16coupe]

Just got off the phone with the guy. i got the car is down to 10600. Yeah, i know it was dumb of me not to do research on the price of the car. But i have it worked out now.......well.....hopefully.

It is kinda slow for a v8 i guess but it is faster than and ej with a b16 in it.

 

[posol]

are you SURE you want a mustang???

even at 10k... theres 12312312 other cars you can buy for 10k.

 

[B16]

Quoted post[/post]]
It is kinda slow for a v8 i guess but it is faster than and ej with a b16 in it.

Unless your ej with b16 is slower than my del sol with b16.. the mustang is NOT faster. Last time I was at the road course in Reno there was one that could not shake me on the straights. Not to mention how aweful the thing braked and handled. I expected a 4.6L V8 to pull on me on the straights at 4,000ft elevation, but he couldn't.

Quoted post[/post]]
are you SURE you want a mustang???

even at 10k... theres 12312312 other cars you can buy for 10k.

I'm sorry, but I think they are utter crap.

 

[b16coupe]

Yeah, I'm sure that i want it. And a delsol with a b16 does 0-60 in the late 6's. The mustang does it in the late 5's. But i do agree about the braking and handleing.