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Real-World Trade-In Values

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Comments

  • stickguystickguy Posts: 32,073
    That’s the total you are paying including interest.

    2019 Acura TLX A-spec 4 cyl. (mine), and 2013 Acura RDX AWD (wife's)

  • nyccarguynyccarguy Stamford, CTPosts: 13,097

    So this is going to be another I don't know if I posted this in the right spot but I hope you all can help I guess I'm looking for just a little reassurance because buying a car is always a pain in the butt when it comes into negotiating I picked up a 2016 Denali ultimate pickup with 39000 miles for 37000 even. $3,200.50 and sales tax with a $358 DMV fee and whatever fee give me a $443 payment spread out over 84 months that's what $12,000 down I'll be financing $28,559 a finance charge of $8,735 and I keep seeing deferred price $49,294 what exactly is the Deferred price

    Throws the Flag! Blows the whistle! Raises the arm and opens up the door to the penalty box! Why on god's green earth are you taking out an 84 month loan to begin with, much less on a 2 year old vehicle with 39,000 miles?

    Can you black out your personal information at take a snapshot of the contract for us to take a look at?

    2001 Prelude Type SH, 2015 Infiniti Q40 AWD, 2017 Honda Pilot Touring AWD

  • tjc78tjc78 South JerseyPosts: 8,285
    OK, how is your credit? The interest rate on this loan seems really high to me. I backed into the payment and it's nearly 8%.



    If you get it down to 4.5% and afford a little more monthly you could save 5K


    2017 Buick Enclave / 2017 Hyundai Elantra

  • qbrozenqbrozen Posts: 25,613
    So this is going to be another I don't know if I posted this in the right spot but I hope you all can help I guess I'm looking for just a little reassurance because buying a car is always a pain in the butt when it comes into negotiating I picked up a 2016 Denali ultimate pickup with 39000 miles for 37000 even. $3,200.50 and sales tax with a $358 DMV fee and whatever fee give me a $443 payment spread out over 84 months that's what $12,000 down I'll be financing $28,559 a finance charge of $8,735 and I keep seeing deferred price $49,294 what exactly is the Deferred price
    1. Buy a less expensive vehicle if you need 7-yr financing on a used one.
    2. As was just said, a 5-yr loan at a halfway decent rate is not much more per mo.
    3. Buy a less expensive vehicle.

    '18 BMW 330xi; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 47-car history and counting!

  • pensfan83pensfan83 PennsylvaniaPosts: 1,217
    edited January 11
    4.5% is actually right in the ballpark, at least at my company. Even if you take into account a maximum markup from the buy rate, which is generally around 2%, the rate is still higher than it should probably be unless you are below Tier 1 for credit.

    4.19%-4.49% for 12-48 months
    4.29-%-4.59% for 49-60 months
    4.79-5.09% for 61-72
    1997 Honda Prelude Base -2018 Acura TLX A-Spec SH-AWD - 2014 Nissan Altima 3.5SL
  • henrynhenryn Houston, TXPosts: 2,468
    I belong to 3 credit unions, this one has the best rates for car loans.

    Note that they do not want you to finance for 84 months unless you're financing over $40k. Which is a pretty good rule of thumb, I would say.


    2018 Ford F150 XLT Crew Cab, 2016 Chrysler Town & Country Touring
  • kyfdxkyfdx Posts: 117,101
    84 month loan on a 3 year old used car?

    7.9% is probably top tier. :o

    Not that I've shopped that combination..

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • andres3andres3 Southern CAPosts: 10,759
    kyfdx said:

    nyccarguy said:

    mhockey21 said:

    @nyccarguy I am but grew up in Cos Cob! Was just at Half Full Brewery near you

    However, no one answered my question

    We have a resident expert who will get back to you sometime today and give you a "dead on balls accurate" number of what you should pay for the Q3. Why the need for Quattro in FL?
    It's hard to order a car from the used car factory...
    It rains a lot in Florida; Quattro every time!
    '16 Audi TTS quattro 2.0T, '17 VW Golf Alltrack SE 4-Motion 1.8T, '16 Kia Optima LX 1.6T
  • andres3andres3 Southern CAPosts: 10,759
    kyfdx said:

    nyccarguy said:

    mhockey21 said:

    @nyccarguy I am but grew up in Cos Cob! Was just at Half Full Brewery near you

    However, no one answered my question

    We have a resident expert who will get back to you sometime today and give you a "dead on balls accurate" number of what you should pay for the Q3. Why the need for Quattro in FL?
    It's hard to order a car from the used car factory...
    It rains a lot in Florida; Quattro every time!
    '16 Audi TTS quattro 2.0T, '17 VW Golf Alltrack SE 4-Motion 1.8T, '16 Kia Optima LX 1.6T
  • My credit took a crap recently so I was expecting a mediocre rate.i plan on keeping the truck for a long time   as its gone a be an extra vehicle  I'm sure the numbers add up I guess I just wanted  the internet to  tell me the same thing  
  • tjc78tjc78 South JerseyPosts: 8,285
    Numbers look right, I would try and get a better APR if possible.  

    On a side note, surprised they are using an AS/400 system.   Haven’t seen that a car dealer in a long time.  

    2017 Buick Enclave / 2017 Hyundai Elantra

  • xwesxxwesx Fairbanks, AlaskaPosts: 12,766
    edited January 11
    If it is going to be an extra vehicle, I would go the complete opposite route: Find yourself something that you can buy for that down payment, still keep it a long time, and still use it as the "extra" vehicle. Save the $37,300 you would have spent over the following SEVEN years!
    2014 Audi Q7 TDI, 2008 and 2013 Subaru Forester(s), 1969 Chevrolet C20 Pickup, 1969 Ford Econoline 100, 1976 Ford F250 Pickup
  • I plan on paying for the warranty plus taxes separate..no need to finance that too any suggestions as to where I can inquire auto loans  I checked chase where i do all my banking and they came in around the same thing 
  • xwesxxwesx Fairbanks, AlaskaPosts: 12,766
    If you're under 700 credit, and must do the seven-year loan, you probably won't get a better rate. If you have the option of a high-credit family member who will co-sign, that's probably the only thing that will bring it down with any significance.
    2014 Audi Q7 TDI, 2008 and 2013 Subaru Forester(s), 1969 Chevrolet C20 Pickup, 1969 Ford Econoline 100, 1976 Ford F250 Pickup
  • kyfdxkyfdx Posts: 117,101
    As I noted above, the rate is not that bad for a used car on an 84 month loan

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • henrynhenryn Houston, TXPosts: 2,468
    xwesx said:

    If you're under 700 credit, and must do the seven-year loan, you probably won't get a better rate. If you have the option of a high-credit family member who will co-sign, that's probably the only thing that will bring it down with any significance.

    Depends on just how bad his credit is.

    If he has any family members who work for a large corporation, check into joining the credit union there. My brother, my son, my two granddaughters, a nephew and a niece are all members of the credit union sponsored by my employer. I posted their interest rates a little while ago (look up), and I doubt anyone can beat those numbers. And I can sponsor family members.

    And, no, I'm not going to adopt jmonroe. Nor jmonroe1. Sorry.
    2018 Ford F150 XLT Crew Cab, 2016 Chrysler Town & Country Touring
  • andres3andres3 Southern CAPosts: 10,759
    Geico is getting me for $1,500+/6 months now. Others were even higher.

    It is bad enough every time I got a competing quote they knew to ask me about what happened with that accident in January of 2014 (the not at-fault S4 incident), but State Farm also asks this whopper:

    Have you had any moving violations which you got erased by the Courts by going to Traffic School in the last 5 years?

    I find the question to be irrelevant to my insurance rating for one, but more importantly,
    I can say with certainty anyone answering that question in the affirmative is an idiot, an imbecile, and a sucker. They know too much already, why volunteer more irrelevant information.

    The correct answer is either "NO" or "to the best of my recollection, no."
    '16 Audi TTS quattro 2.0T, '17 VW Golf Alltrack SE 4-Motion 1.8T, '16 Kia Optima LX 1.6T
  • 28firefighter28firefighter Seattle, WAPosts: 4,965
    Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?
    2018 Alfa Romeo Stelvio Sport, 2002 Saab 9-3 Viggen, 2016 BMW X1 xDrive28i
  • explorerx4explorerx4 Central CTPosts: 13,490
    @anthonyrrr,
    Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
    For a spare vehicle, could you rent something when you need it until your credit score builds back up?
    Once you lock into that loan, it going to be difficult to change anything.
    I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
    The rate would have to be 1.9%, which is not happening for anyone.
    2017 Ford Fusion SE 2017 Ford F-150 Limited
  • qbrozenqbrozen Posts: 25,613
    This is a ridiculous use of money for someone with poor credit. Oh well. Good luck to you.

    '18 BMW 330xi; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 47-car history and counting!

  • xwesxxwesx Fairbanks, AlaskaPosts: 12,766

    @anthonyrrr,
    Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
    For a spare vehicle, could you rent something when you need it until your credit score builds back up?
    Once you lock into that loan, it going to be difficult to change anything.
    I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
    The rate would have to be 1.9%, which is not happening for anyone.

    Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.
    2014 Audi Q7 TDI, 2008 and 2013 Subaru Forester(s), 1969 Chevrolet C20 Pickup, 1969 Ford Econoline 100, 1976 Ford F250 Pickup
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,468
    I suppose if you take the LONG view, and amortize this out over 10 years, it's not so bad. This little scenario presumes, of course, that the vehicle remains relatively trouble-free over that period--behind the normal maintenance and replacement of "expendables" that any car would incur.

    I'd be more inclined to pay less attention to a loan like this if it were on a work vehicle--one that is earning money for the lender.

    MODERATOR --Need help with anything? Click on my name!

    Share Your Vehicle Reviews Here

  • corvettecorvette United StatesPosts: 6,597

    Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?

    I don't think I've ever been asked those types of questions when I've worked with an agent. I assume they pull my MVR, I sign something, and they give me a quote.
  • 28firefighter28firefighter Seattle, WAPosts: 4,965
    corvette said:
    Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?
    I don't think I've ever been asked those types of questions when I've worked with an agent. I assume they pull my MVR, I sign something, and they give me a quote.
    Me either. But, if they ask, I assume they have a way of verifying it - or will in the future. 
    2018 Alfa Romeo Stelvio Sport, 2002 Saab 9-3 Viggen, 2016 BMW X1 xDrive28i
  • sdasda Indian Land, SCPosts: 2,553
    xwesx said:

    @anthonyrrr,
    Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
    For a spare vehicle, could you rent something when you need it until your credit score builds back up?
    Once you lock into that loan, it going to be difficult to change anything.
    I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
    The rate would have to be 1.9%, which is not happening for anyone.

    Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.
    xwesx said:

    @anthonyrrr,
    Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
    For a spare vehicle, could you rent something when you need it until your credit score builds back up?
    Once you lock into that loan, it going to be difficult to change anything.
    I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
    The rate would have to be 1.9%, which is not happening for anyone.

    Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.
    With the reality of being upside down for an extended period, GAP insurance could be a good investment.

    2010 Pilot EXL-RES, 2013 Accord EX, 2006 Acura TL/Nav

  • roadburnerroadburner Posts: 12,050
    qbrozen said:

    This is a ridiculous use of money for someone with poor credit. Oh well. Good luck to you.

    X1000

    Mine: 1995 318ti Club Sport; 2014 M235i; 2009 Cooper Clubman; 1999 Wrangler; 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i

  • kyfdxkyfdx Posts: 117,101
    xwesx said:

    @anthonyrrr,
    Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
    For a spare vehicle, could you rent something when you need it until your credit score builds back up?
    Once you lock into that loan, it going to be difficult to change anything.
    I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
    The rate would have to be 1.9%, which is not happening for anyone.

    Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.
    $12K down on a $40K vehicle? Even on an 84 month loan, at what point you think he’ll be upside down? I’ll guess.... never.

    GAP insurance on that loan would be a waste of money.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • andres3andres3 Southern CAPosts: 10,759

    Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?

    Well, you wouldn't be lying, you'd just be forgetful.

    Also, they couldn't deny a claim for a frivolous question on the application; come on, what jury is going to go for that?
    '16 Audi TTS quattro 2.0T, '17 VW Golf Alltrack SE 4-Motion 1.8T, '16 Kia Optima LX 1.6T
  • stickguystickguy Posts: 32,073
    well, if you are going that long on a loan, a loaded PU is probably the way to go. Those things just seem to hold value like crazy.

    2019 Acura TLX A-spec 4 cyl. (mine), and 2013 Acura RDX AWD (wife's)

  • stickguystickguy Posts: 32,073
    oh, they can deny a claim. Just consider it insurance fraud (lying on the application) and the policy is invalid.

    2019 Acura TLX A-spec 4 cyl. (mine), and 2013 Acura RDX AWD (wife's)

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