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I just "reversed engineered" the numbers to figure out what my OTD-breakdown would look like to the dealership (not sure if this humanities student got it right though--double check the math perhaps?):
$16,294 Car
$ 1,141 Tax
$ 250 Doc Fee
$ 105 Plates/Registration
--------------
$17,800 Total
-$1,000 Rebate
Final OTD $16,800
I would echo the advice about sticking firm and only discussing an "Out The Door" price (OTD) or "all-inclusive" price. It really makes sense—this is the figure you’ll pay at the end of the end of the day, so keep your eyes on this ball (and this ball only). If you hear “blah, blah, blah plus this fee, and this fee, and that fee,” simply reply "hey, once you get your numbers straighten out, put together, and properly crunched by your calculator, email or call with your best OTD price...I don't want to waste your time and certainly not my time."
I figure, you ain’t getting paid to do their math or track their line items, so why the heck worry about this? Get a good OTD and let them sort out how much goes to the DMV, Uncle Sam, the dealership, the sales man, Uncle Pauly on the corner, the rest of the local mafia, and whomever else they might have their books. They’ve got accountants to do this dirty work!
That said, sometimes life doesn't go as planed. Here's a link to help you sort through the fees (which are real and which aren't) if you got bogged down at a less than ideal dealership:
http://www.edmunds.com/advice/buying/articles/117494/article.html
Best,
JAMG
If you pay cash, there's no college grad rebate (we tried when we bought the car today-no luck). So, they can manipulate your interest rate and finance fees to make up the loss on the OTD price.
Basically, unless these are set in stone, I would assume that the $1000 college rebate will disappear in uncompetitive interest rates, so I would leave it out of the OTD calculation.
Udo- if you are paying cash, you could finance and pay off as soon as your first payment is due.
If the finance rates go high when it's time to put down our John Hancocks on their papers, we've got a credit union we belong to that is willing to 5.25% @ 60, but yeah we'll lose that nice rebate (which would probably be a deal breaker). There's always the option to walk out (and ask politely for our fully refundable deposit).
Has anyone read the "fine print" on Toyota's financing? Are there any fees for "early payment"? Or might this vary by each state?
If there's no "early payment" fees, we might finance 50% or more (keeping the cashing in a high-interest savings account) just to have a safety-net during these crazy economic times.
But it sounds like people think the OTD is a very good price? (Perhaps too good?)
FYI, the interest rate for a 1-tier college rebate buyer (if you for some reason you cannot get special apr) is actually 5.25% last I checked (2 months ago), and for college rebate people, becoming a 1-tier buyer is much easier. SO there you go, you get low financing and the rebate if things do not work out with promotional 2.9% apr.
At 2.9% APR, $15,000 for 36 months is $436/month...
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This is actually the first new car I'm purchasing and the first time I'll be financing (always purchased very-used cars and paid cash to dealer or private party in the past). Can you give me a quickly lesson on the "tier" mumbo-jumbo stuff?--I've also seen it at the bottom of Toyota's fine print. At least for me it might as well be in written in Greek or Russian.
How does the "well-qualified buyers" relate to the "fine-print" tier system? If I recall there's at least 3 different tiers for APR? Would "well-qualified buyers" equal "1-tier?"
Does your down payment ever determine your APR? Which of the following would be the case: A) dealer gives you a high APR when you give them a large down payment or
Thanks.
I'm still trying to figure out this APR thing too (just posted my own question), so I don't think I can answer your APR question.
You can indeed buy a car with $0.00 as your down payment. You can probably walk into some dealerships tonight with no money, sign a piece of paper, and walk out with a shiny new car plus a few thousand dollars in nice cold, hard, green cash. You can also buy a gun and a bullet and shoot the bullet into your left foot. Does this mean either of things is a good idea to do? While I don’t think these two things are literarily on the same level, depending on your financial outlook, they might metaphorically be similar.
I think the house market's most important lesson was buy only what you can truly afford. This approach makes good sense for you—and (if enough people do it) good sense for the rest of the nation too.
Here's how I figured out what my down payment would be--it might work for you too:
Payment: Figure out what you want your car payments to be. Remember (if you're like us) your insurance for the new car might be double the insurance for the clunker you currently drive--add this insurance increase into to your budget. I need our monthly payment to be in the $75.00- 90.00 a month.
Car: Figure out what car you really want and ballpark the OTD. Take note of the cheaper cars just below your “want-car” that might be tempting (this might be your plan
Jump on the Edmunds calculator and see if you can afford the car:
http://www.edmunds.com/apps/calc/CalculatorController?pmtcalAction=affordability- &tid=edmunds..calculators.basic_loan_tab.afford.tab_link..*
Play with the numbers and see what happens. However, don’t forget about the last important calculation.
Time: Figure out how quickly you need a car. We were lucky; our little '92 Geo was still running (as long as we weld the muffler back on every 6 months) so we've actually been shopping for a car for over a year now (started casually saving 2-3 years ago, started seriously saving 1 year ago).
Adjust those numbers and dreams and saving plans as needed. In June 2008, when I really wanted a shiny new Corolla, our numbers didn't add up at all (the payments would have been way too high—we had very little saved). I could have bought a different car (Kia, Hyundai, maybe a Fit), but we waited, saved religiously and tracked the incentives on the Corollas. It took a year, but I think it'll work out that we get the shiny car that I want at a payment I can do, and it's only 1 year later than I had hoped.
i am concerned that many people have test driven it and result in 149 miles, but they thought there is some flaw so they didn't select this one. Now it is the only one left. The dealer would rather not lower the price because of its mileage which they think is normal and reasonable.
Shall I worry about this although it will have same warranty as other new cars?
Your comments are appreciated.
You should worry about
Aggressively pursuing financing options on the internet, credit unions, and possibly the dealer himself. You can leave $1500 or more on the table here.
getting bids from 10 or more dealers last week of the month to see if you can shake out another $700 or so off the price.
Good luck
--jjf
Hi, I am going to buy a new 09 corolla LE which is the only one of this model available in the dealer's new car inventory. Everything is fine except there is 149 miles on odometer although it is labelled as a brand new car.
i am concerned that many people have test driven it and result in 149 miles, but they thought there is some flaw so they didn't select this one. Now it is the only one left. The dealer would rather not lower the price because of its mileage which they think is normal and reasonable.
Shall I worry about this although it will have same warranty as other new cars?
Your comments are appreciated.
Do you actually mean 149 miles is ok for a new car? I shouldn’t worry about it at all? Please clarify what you really mean. (sorry, English is second language) Thanks.
The dealer said if I wanted to get 1000 college graduate rebate I could only choose Toyota finance for a loan whose APR should be higher than my credit union. The current OTD price I got ($15,700) is already 1000 below the invoice price shown on edmunds. The dealer said I was at the point and they didn’t have much room. Do you think I can still shake our more off the price if I wait till the last week of month? There is only one or two 09 model corolla left for most dealers Thanks again.
And yes, you have to do toyota financing to get college rebate. 1-tier rate should be 5.5% or something similiar. If you really want the lower rate, then go through toyota financing, pay teh first few month ( it is required), then refinance.
If you do the financing with college grad, if you refinance, after a few payments, the payments will be mostly interest. If paying off the loan early refinancing in month 3 I don't know if toyota is obligated to refund the difference. (interest on a 14000 loan for 36 months minus that of 3 months ) I believe they are. In any event, it seems about the same, unless you can beat their rate by even more. .
--jjf
Never got such low price from other dealers...
CL Cruise Control NC No Charge Extra Mile Benefits
FE 50 State Emissions SV Extra Mile Service Rewards Program
KE Remote Keyless Entry w/Key Transmitter - (5 Yrs/60,000 Miles)
WT Window Tint RD Roadside Assistance
A0 The Extra Mile Option Package A - (3 Yrs/36,000 Miles)
- Carpet Mat Set P4 Vehicle Shield Package
- Cargo Net - Lusterizing Sealant
- Mudguards - Sound Shield
- Rear Bumper Protector - Sealant Cleaner
- Custom Tape Stripe - Rental Car Assistance
But all the other dealers offer 300-500 more than that...That's why I'm confused...
\
I know $1000 graduate rebate requires finance.
I have saved the money but i was hoping to take advantage of the low APR offered by Corolla, hence wanted to know on the downpayment etc. My idea is to take the loan provided by Corolla and put my money in a high yielding CD or savings account...and pocket the difference.
Thanks
I am a first time car buyer, hence this question..should i ask for a carpet car mat or rubber car mats. I live in MA and hence some of my friends are suggesting rubber mats as carpet mats gets soggy and difficult to clean. Is it true?
Thanks
The Sandman :shades:
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
I am about to purchase a NEW 2010 Toyota Corolla LE for the OTD price of: $17,900. I am a bit scared because I feel that this price is too high. This OTD price is for a 2010 magnetic gray Corolla LE model. This price also includes the $500 loyalty rebate and $1000 graduate rebate. Also, the APR I get is 3.9% for 60 months and I am putting down $2,500 so my estimated monthly payment is about $285 per month.
Also, I live in Los Angeles, so the tax is about 9.25%.
Before I sign all the paperwork and close the deal please let me know if you think this price is too much and if you have recently bought a 2010 Corolla LE, let me know how much you paid.
Thanks in advance!
what the point of negotiatng OTD price when you do not give us the atcual negotiated car's price?
1. We do not know what the MSRP was....
2. We do not know what the fees are at that dealership.
3. Some places in CA have city tax also (if i remember correctly)
4. Some states do rebates post tax, some after.
Anyways....with the info you given, you got the price to around 17.3K. If that is for a base LE, it's an OK price. Keep in mind that that price is only an esitmate with the assumotion that your Title and Prep fees cost $400. In other words, you can go lower.
As always....do not tell the dealership about any rebates (aside from the regular customer cash) you have until AFTER you negotiated price.
I need to mention that I am seeking the help from a person who works for AutoLand. I went into a couple of dealerships and did not like my experience at all with the salesmen. Therefore, it was recommended, through my credit union that I ask AutoLand to help me because they do all the hassling and bargaining for me. At first I was going to take Toyota's rebates and finance through my credit union but in order to get Toyota's rebates you must finance with them. Therefore, I am financing through the dealership instead of the credit union but the person from AutoLand is still helping me get a good deal. With that said, it is difficult to discuss the rebate after the fact because upfront he asked me, "do you qualify for the college rebate" what was I suppose to say? "Maybe I do, maybe I don't?" Also, the dealership the person from AutoLand is dealing with is from Torrance, so I am not sure what the MSRP or their sticker price is.
Today he just spoke to me and now the OTD price is $17,600.14. There are no additional costs, the amount I have to pay is $17,600.14.
I have the official contract in my hands, and here is the breakdown of it:
APR: 3.9%
Finance charge: $1,574.46
Amount financed: $15,100.14
Total payments: The amount you will have paid after you have made all payments as scheduled: $16,674.60
Total sale price: Down payment: $4,000 (this includes $1500 in rebates and my $2,500 down payment)
= $20,674.60
Monthly payments are: $277.91
Cash price of motor vehicle and accessories: $17,160
Documentation preparation fee: $55.00
Sales tax: $1,592.39
Total cash price: $18,807.39
Is there any information you would like for me to give you?
With taxes (MA), doc fee and registration it came to 16,045. Also opted for Toyota financing.
Thanks guys for all your help. Hope my info helps someone.
Which dealership (or city) in MA did you work with? Would you recommend them?
Thanks,
JAMG
base LE + Cruise Control + Keyless = $16800 OTD.
I asked the salesperson to throw in a Carpet, he charged me $100. Then it turned out that he did not throw in the trunk carpet, and he refused to do it after I found out. He argued the trunk carpet is a different option from the front&rear carpet (I believe he lies. Please correct me if I get him wrong). Is it fair to get the whole set of carpet for $100?
So $16800 + 100 for carpet = $16900 OTD. (I believe this is not the great deal, but a OK deal)
Then I used the $1000 rebate for college, which brings it down to
$16900 - $1000 = &15900.
I downpaid 10k, then I need to finance about $5900 for a apr@5.9%.
The tax in CA is 9.25%.
The finance guy also mentioned, as a part of Obama's stimulus policy for this year, I can get the tax for the car and registration fee back when I file the income tax for 2009, is this true?
That means you save the federal income tax on the amount of the sales tax..
So, if the tax was $1500 and you are in the 25% federal tax bracket, then your savings will be about $375.
As always, consult a tax professional..
regards,
kyfdx
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The price quoted includes the $500 cash-back Corolla is giving currently. Features include auto-transmission, all weather guard package, cruise-control, keyless entry, carpet mats - the basics.
Is this a reasonable price or am I being over-quoted ? Please let me know as I want to purchase it while the $500 cash-back is available.
Thanks !
Maya.
Thanks, Jan
price of 16500 included all costs (dealer, title, tags, fees, state tax)
hollywood toyota, hollywood, florida
I saw another Atlanta poster earlier that paid 15850 OTD if I remember correctly for an LE. If I compare my OTD price on XLE with sunroof and maybe a couple extra's I'm only $950 higher. I may not have gotten the best price, but since it's an XLE rather than just a base or LE I don't think it's a bad price either. Comments?
Price included the $400 doc fee, tax, plates, $2,000 toyota rebates. Had a trade at about $9K so was trade plus $7045 = $16045 OTD
If the $16800 includes your 1K trade-in, then the real OTD price would be $17800. In fact, they probably made money off your trade-in too. I sold my 1993 Saturn with 200K miles on it and no AC for $1k private-party after I bought the Corolla, so unless your old car was a real clunker, $1K for it isn't much.
The deal you got is at least $1950 higher than what i paid for my LE in ATL, then. I'm not sure that's a great deal, but given it's an XLE with options, it may be OK.