Advice on POSSIBLE purchase...

[FuriousGXP]

So, I found a nice red G8 GXP near enough to me that I'm getting very excited about buying. I've wanted one of these ever since they came out with the G8 but I was in Germany at the time and then Pontiac was gone before I got back to the states. There appears to be only 1 GXP for sale on the entire West Coast and it's reasonably priced at $30K with 46K miles on it. Carfax shows a clean history and I've already started a dialog with the owner via e-mail. I'm guessing this car would cost me around $500/mo and I'm already paying $400/mo on a 2011 Caravan. I just paid off my '02 Saab 9-5 Aero yesterday and the GAGT has been paid off for years. If I do buy the GXP, the Saab will be getting sold (but I'll probably get less than $3K if even that for her.) I have good credit (might bump up to excellent now that the Saab is paid) so getting a decent loan shouldn't be too much of a problem. USAA looks like I should be able to get less than 3% for a 2009 vehicle.

So, IF I can convince the wife and the bank that I need this car, what sort of things should I be looking for when I go to see it in person? Does anyone know of any common issues with the G8's or the GXP model? I'll probably sign up on a G8 forum but I figured I'd ask here first.

Link to car: http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?endYear=2014&zip=95961&keywordPhrases=GXP&listingType=used&listingTypes=used&sellerTypes=b&mmt=%5BPONT%5BG8%5B%5D%5D%5B%5D%5D&modelCode1=G8&makeCode1=PONT&startYear=1981&showcaseOwnerId=0&searchRadius=100&bodyStyleCodes=SEDAN&listingId=340364013&listingIndex=1&Log=0

[FuriousGXP]

I should add, I'm going to have a 3rd daughter born within the next week or so. I have a decent paying job (E-7 in the USAF) and my house payment is easily covered by my housing allowance from the military.

I'm VERY excited about this car, that's why I need a solid dose of reality in case this isn't a good purchase. Don't be afraid to call it a bad idea if you feel that's what it is. If the price is too high for these, please tell me what I should suggest. (KBB is basically the asking price.)

[[ChaosweaveR]]

Do it, the GXPs are few and far between.

After all, the thrill of owning an LS3 powered VE Commodore in the states will be like no other.

[FuriousGXP]

I think the wife is onboard now. I'll have to talk to the bank and my insurance before I have any solid answers. Hopefully things will line up nicely.

[G8chick]

Check out the G8 forums, there will be tons of info right at your finger tips.

G8board

GRRR8.net

I am on both GXP would be so much fun

[Ringo64]

Seems a bit much for a GXP for me but they definitely are rare. if you can afford it I'd say grab it!

[Frosty]

Only 1,829 G8 GXPs were produced in 2009, so it is a rare car that will only appreciate in value over time. I say get it!

[FuriousGXP]

I've talked with the seller via e-mail and we've agreed on $28500 so that I can keep my payments around $500/mo. I still have to talk to my insurance and take a test drive but it looks like this will probably happen.

Now, I've never bought a car from an individual before. I know I have my pre-approval from the bank but how do we go about transferring the money? My bank is USAA so there's no local branch for us to go visit for this either. Obviously I'll be asking my bank about the process but any advice or "what to avoid" stories you can provide would be great.

[Frosty]

Avoid money orders since most banks consider them forgeries anymore. Personal checks are typically a no-no too since they can bounce.

I have always put down a cash deposit of say $500 and then the balance is paid via a certified bank check, or in today's modern banking, perhaps you can do electronic funds transfer between your bank and the seller's. The deposit proves you are serious to the buyer and it insures that he won't sell it to the next guy that comes along since you've made a good faith down payment on the car.

[FuriousGXP]

Sounds complicated considering this guy lives nearly 100 miles away from me. I might just try to look into a local credit union to do the loan since my van is currently financed through a local one. I'd rather have a branch we can sit down with a loan officer and do the paperwork just to avoid some of the "what if" scenarios I might face otherwise.

[FuriousGXP]

AND.......the dream has died for now. The bank will only loan up to 80% of their estimated car value (they estimated it at $27,925) so the most I can get from them is $22,340. I don't have enough liquid assets to come up with the remaining $6,160 I'd need to purchase so this won't be happening.

On a completely unrelated topic, who would like to donate $6,160 to me for "miscellaneous" purposes? Anyone???

I'm bummed out a bit but I can accept that maybe now isn't the best time for me to get into another car loan. I think I could have managed the $460/mo loan and the $20/mo increase in my insurance but the 20% up front is a killer with my current budget. Maybe if he still has it in the future but I doubt he'll hang onto it long enough for me to find that much cash. He sounded like it's been up for sale for a while and he's considering selling it to a dealer if he can't get a buyer.

[Ringo64]

That blows, sorry man. If I had the ability to loan you that 20% I would

[FuriousGXP]

So, just for grins and giggles I e-mailed a dealer in Merced, CA that has a G8 GXP with nearly 30K miles on it list at $45K. That's approximately $10K over the current KBB value. I asked them why they priced it so high and this was their response:

The G8 GXP is priced at $45,000 plus fees due to the extreme low supply of them. They are really hard to find, especially with lower miles and really clean and well maintained. We are willing to sell the car for the listed $45,000 plus fees and at the same time we don't mind keeping the car around if it doesn't sell since we were at one point in time a Pontiac dealer and look at this vehicle as a collectors piece.

Um...yeah. As much as I want one of these, there's no way in hell that I'm going to pay that much more PLUS fees (which they made sure to mention each time.) I don't know why they even bother to list this car since any "collector" could spend less money buying a $30K car (of which there are at least 10-15 of them around the country) and getting it shipped out here for less than $45K total. Plus, the only possible buyer would have to have cash in hand since no bank will finance for this much over the estimated value of the car. It almost makes me want to drive down to Merced and act as though I'm buying it just to see how far I could string them along before I walk away laughing.

Link to car

[markpetersonii]

AND.......the dream has died for now. The bank will only loan up to 80% of their estimated car value (they estimated it at $27,925) so the most I can get from them is $22,340. I don't have enough liquid assets to come up with the remaining $6,160 I'd need to purchase so this won't be happening.

On a completely unrelated topic, who would like to donate $6,160 to me for "miscellaneous" purposes? Anyone???

I'm bummed out a bit but I can accept that maybe now isn't the best time for me to get into another car loan. I think I could have managed the $460/mo loan and the $20/mo increase in my insurance but the 20% up front is a killer with my current budget. Maybe if he still has it in the future but I doubt he'll hang onto it long enough for me to find that much cash. He sounded like it's been up for sale for a while and he's considering selling it to a dealer if he can't get a buyer.

Have you tried Navy Federal Credit Union? They do loans up to 10% over the price of the vehicle worth (I believe). I know its above the amount but, I can't remember how much above.

[FuriousGXP]

I haven't tried them. I know I used to have Service Credit Union which I believe was associated with Navy Federal. I don't know if there's a Navy Federal Credit Union around Beale AFB but maybe the credit union on base is associated with them as well. I might look into that later but I'm sort of taking this as a sign for now that I should wait until after the baby is here (Monday morning) and reassess my finances a month or two from now to see what I can safely handle. I did purchase a new stereo for the GAGT for now to help me get over the desire for something "new" for now.

[FuriousGXP]

I think I may love you now. (Not in a ghey way though...)

They finance up to 125% of a car's value (which they valued at $28,500 - the asking price.) The dream is revived and they are offering me 1.99% since I'm a SNCO. They are also refinancing my van at the same 1.99% (down from 3.99%) so that helps too.

[Ghost]

I think I may love you now. (Not in a ghey way though...)

may the luvin begin...

[markpetersonii]

I think I may love you now. (Not in a ghey way though...)

They finance up to 125% of a car's value (which they valued at $28,500 - the asking price.) The dream is revived and they are offering me 1.99% since I'm a SNCO. They are also refinancing my van at the same 1.99% (down from 3.99%) so that helps too.

You're welcome!

By the way, I want to thank you for helping me out as well. I might be getting an 09 G8 GT this week. haha The wife wants one.

[Ghost]

nice!