Pontiac Solstice Forum banner
1 - 20 of 62 Posts

·
Registered
Joined
·
8 Posts
Discussion Starter · #1 ·
My wife and I are really freaking out about buying this car. This is such a dream car and is actually close to being affordable for us.

But with 5 kids ... we really ought to put the money elsewhere (bigger house, piano lessons, braces etc). Right now I have a nice practical 2003 Honda Civic -- payments only $270. Solstice would be double that!

Is anyone else having to really stretch the budget to get one of these cars? I thought the emotional desire to buy it would wear off, but I just keep getting more and more excited about driving it.

Making matters worse -- I even got one of the first 1000 (Sly with the works). I am a smart guy, but the Pontiac Marketing people have totally duped me into wanting this car.

Am I going to look back at this moment in 5 years and regret spending too much money or regret giving up the car buying opportunity of a lifetime?
 

·
Premium Member
Joined
·
5,849 Posts
You are in a pickle.
My dilemma is the opposite. I'd like to wait it out for the higher hp. There's talk of a turbo down the line.
 

·
Registered
Joined
·
1,147 Posts
You could always do a lease - then if finances are better in 3 years - buy it :thumbs:

Also, if the market for a 1k is what some people think it will be - you may be able to buy-out the lease and sell for a profit (but I wouldn't bet on it :( ).

This isn't the wisest financial move for me either - but you only live once. If you're like me, you'll be at least in your 50s (if you're lucky) before the financial obligations ease - infact, they are likely to get worse (college), before they get better. I'm trying to fit this car in before my oldest hits college.

It's now, or wait a decade and a half! :willy:
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #4 ·
I didn't think about a lease.

Do you think they would let me lease a 1st 1000 with the option to buy at the end of the lease? I haven't heard of anyone doing that or if Pontiac is even offering a lease?

If that makes the payments lower, that may work. Hopefully in 3 years we'll be much better off financially and could afford more then.
 

·
Registered
Joined
·
249 Posts
Lease or finance it for 84 months.
 

·
Registered
Joined
·
535 Posts
Poor Sol said:
I didn't think about a lease.

Do you think they would let me lease a 1st 1000 with the option to buy at the end of the lease? I haven't heard of anyone doing that or if Pontiac is even offering a lease?

If that makes the payments lower, that may work. Hopefully in 3 years we'll be much better off financially and could afford more then.
You could also do a smart buy with GMAC. You actually own the car but with much lower payments. Then at the end of the three years you have a balloon payment which you can finance. Or you can just give the car back to GM, just like a lease. That is what I am going to do.
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #7 ·
Have they given you the terms for the SmartBuy? I haven't seen any Solstice Financing options yet.

Do you end up paying much more in total payments that way? Or do you just risk that interest rates go up?

Anyone see a downside to the SmartBuy other than just dragging out the time it takes to pay off the car?
 

·
Registered
Joined
·
535 Posts
Poor Sol said:
Have they given you the terms for the SmartBuy? I haven't seen any Solstice Financing options yet.

Do you end up paying much more in total payments that way? Or do you just risk that interest rates go up?

Anyone see a downside to the SmartBuy other than just dragging out the time it takes to pay off the car?
The smart buy is almost the same, payment wise, as a lease (MIne$270) But I actually own the vehicle. If by chance I decide that I don't want to keep it after 3 years I can just turn it back in or sell it. The beauty is that if you sell it after three years then you do not have to pay taxes like you would if you leased it. My last lease I sold the vehicle just before the end of the lease. But I had to pay taxes to buy if from the leasing company and then the person who bought it from me had to pay taxes too. But if I own it and sell it outright at the end of three years then I don't have to pay any taxes on it at that time. I know this is confusing but I think it is the safest way to go if you are planning on maybe keeping the car but want lower payments. If you go to GMAC's website I am sure it explains it better!
 

·
Registered
Joined
·
210 Posts
What are GM's financing options - Anyone??

Poor Sol said:
Have they given you the terms for the SmartBuy? I haven't seen any Solstice Financing options yet.

Do you end up paying much more in total payments that way? Or do you just risk that interest rates go up?

Anyone see a downside to the SmartBuy other than just dragging out the time it takes to pay off the car?
I also read about the SmartBuy and was also wondering about the interest rate on this - haven't been able to obtain any GM rates as of date - So far I've only been able to get 5.35 from CapitolOneAutoFinancing for 48 mo or more - and I've went ahead and requested the check for that - I can cancel if I don't use it - atleast I have something in the lower 5%. Local banks are wanting high 6% and 7%. :brentil:
 

·
Registered
Joined
·
535 Posts
morts01 said:
I also read about the SmartBuy and was also wondering about the interest rate on this - haven't been able to obtain any GM rates as of date - So far I've only been able to get 5.35 from CapitolOneAutoFinancing for 48 mo or more - and I've went ahead and requested the check for that - I can cancel if I don't use it - atleast I have something in the lower 5%. Local banks are wanting high 6% and 7%. :brentil:
I believe the smart buy is calculated more like a lease. So I am not sure how much interest rates play in it. The only time the interest rate will take affect is when you finance the balloon payment at the end of 3 years.
 

·
Registered
Joined
·
535 Posts
morts01 said:
I also read about the SmartBuy and was also wondering about the interest rate on this - haven't been able to obtain any GM rates as of date - So far I've only been able to get 5.35 from CapitolOneAutoFinancing for 48 mo or more - and I've went ahead and requested the check for that - I can cancel if I don't use it - atleast I have something in the lower 5%. Local banks are wanting high 6% and 7%. :brentil:
How long can you hold the check?
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #12 ·
The SmartBuy option may be the way to go then.

If at the end of the contract I am doing better financially, then the balloon shouldn't be a problem.

If things aren't that great, then walking away sounds good. Of course the car may be worth more than the balloon at which point I could trade it in and get some value out of it (possibly).

If anyone has already done a SmartBuy for their Solstice, would you mind sharing the terms (length, payments, balloon amount etc)?

Thanks everyone! Keep up the good info and maybe I can convince my wife!
 

·
Registered
Joined
·
179 Posts
Poor Sol said:
My wife and I are really freaking out about buying this car. This is such a dream car and is actually close to being affordable for us.

But with 5 kids ... we really ought to put the money elsewhere (bigger house, piano lessons, braces etc). Right now I have a nice practical 2003 Honda Civic -- payments only $270. Solstice would be double that!

Is anyone else having to really stretch the budget to get one of these cars? I thought the emotional desire to buy it would wear off, but I just keep getting more and more excited about driving it.

Making matters worse -- I even got one of the first 1000 (Sly with the works). I am a smart guy, but the Pontiac Marketing people have totally duped me into wanting this car.

Am I going to look back at this moment in 5 years and regret spending too much money or regret giving up the car buying opportunity of a lifetime?
:agree:
I feel for you - I too have concerns. Daughter (15) is a cheerleader (Moneypit) and will need a car in 1 yr. (not my sol), my son is attending a local college on his own money with our help. I still have payment on my 2000 Firebird and I can not sell it - neg. equity - so I'm worried. BUT, I know if I don't get this car now, then I never will. I may do a 2nd job for a while to see if the pinch lowers, but between the car payment and insurance, I figure this will cost me around $525.00 per mo. You only get 1 trip on this old mud ball, and I hope to make the most of it with a smile. Good luck to us both! :yesnod:
 

·
Registered
Joined
·
210 Posts
45 Days

CoolOne2006 said:
How long can you hold the check?
.

The check is good for 45 days and you can request one other check at same interest rates just before this one expires for another 45 days. It is simple interest rate and you are locked into the rate for the full term of the loan. Current rates are: 4.99% for 30-36 months; 5.35% for 37-60mos and 5.65% for 61-72 mos; No Down Payment - No Application Fees - No Prepayment Penalty;Loan Amount: $7,500-$100,000 ($10,000.01 min. in AZ)

*Annual Percentage Rates (APRs) are 0.25 percentage points higher for telephone, fax, or mail applications and 0.50 percentage points higher with the invoicing option. Payments are monthly. We provide auto and motorcycle loans in all states, except New Hampshire.

So I just requested a blank check up to $20,000 and have that locked up - you either fill it out and sign it - loan then starts or destroy it if you don't use it - I figured atleast this way I have some half-way decent APR's locked in - I really read the contract over and I didn't find any hidden clauses, etc.
 

·
Registered
Joined
·
50 Posts
I've got my Capital One check ready for my Mysterious as soon as she comes in...have used their service several times for bikes...good rates, instant approval on web site, and check the next day. Feel much better knowing the day my car gets here I can just go fillout the check and drive off!
 

·
Registered
Joined
·
210 Posts
I feel the same way!

Ridgeback said:
I've got my Capital One check ready for my Mysterious as soon as she comes in...have used their service several times for bikes...good rates, instant approval on web site, and check the next day. Feel much better knowing the day my car gets here I can just go fillout the check and drive off!

:agree: I feel the same way! Got mine ready too! I'm glad to see that someone has used them in the past and that they got good service. Thanks for the info
 

·
Registered
Joined
·
401 Posts
I know some will say I am raining on someones, parade. But I have always looked at things as wants and needs. The Solstice is a want for 99.9% of us. I think in your life right now with the 5 kids and all that goes with that, I say the money is better spent else where. I went through this several times 25+ years ago with the chance to purchase a 1964 Vet convertable and a condo in Florida. The family won out and I do not look back and think I did the wrong thing. Now with kids out, one getting married and one in the Air Force this is now the time for the wife and I to do things for ourself, before grandchildren. When we saw the Solstice at the Chicago 2003 Auot Show we new this was our WANT. It can be hard for you to pass up, but family and there needs out weigh everything else and you will not look back on it as being the wrong thing to do. The other way you might. Just my thoughts, good luck with what ever you do.
 

·
Registered
Joined
·
8 Posts
Discussion Starter · #18 ·
Just when I was getting excited again, someone had to be reasonable :banghead:

I think when my Solstice is delivered I will have to chain myself to my house to stop me from letting the car lure me in. I know if I actually walk into the dealership and test drive it that all hope of resistance will be futile.
 

·
Registered
Joined
·
2,171 Posts
POTFH said:
I know some will say I am raining on someones, parade. But I have always looked at things as wants and needs. The Solstice is a want for 99.9% of us. I think in your life right now with the 5 kids and all that goes with that, I say the money is better spent else where. I went through this several times 25+ years ago with the chance to purchase a 1964 Vet convertable and a condo in Florida. The family won out and I do not look back and think I did the wrong thing. Now with kids out, one getting married and one in the Air Force this is now the time for the wife and I to do things for ourself, before grandchildren. When we saw the Solstice at the Chicago 2003 Auot Show we new this was our WANT. It can be hard for you to pass up, but family and there needs out weigh everything else and you will not look back on it as being the wrong thing to do. The other way you might. Just my thoughts, good luck with what ever you do.
Excellent advice and I couldn't agree more. I'm finally at a point in life where I can do this, but a father and mother have a responsibility to see to the stability and needs of the family first, then buy the toys after the children are on their own, no matter how painful that might be! ;)
 

·
Registered
Joined
·
182 Posts
GET THE CAR :)
 
1 - 20 of 62 Posts
Top