Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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So, yeah, the "base" model with just the moonroof/bose package is $21,830.
Maple Shade ain't that far of a drive.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
I like that 3 at Maple Shade. Exactly the right options - no more no less.
Tomorrow is my first day off in 2 weeks. Id I can still stand up maybe it's time for a visit. I should let you guys come and negotiate for me....
Sure, just set up a conference call and we'll be there. Don't invite boomchek or isellhondas though, they'll want you to pay MSRP.
isell would probably be shaking his head about the stick shift.....
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Yeah, and they seem to be all automatics. I still kind of like them but that 3 over in Maple Shade has my attention.
You still have to watch for the fact that while the Celica's top won't go down it still runs just fone with no car loan attached to it...
They actualy have 2 stores. The one that is in maple shade (on rt. 73) is smaller. They also have one down in Turnersville (on rt. 42) that is bigger, and I believe holds more inventory. So, never know which car is at which store.
Not sure which location is closer for you. I guess it depends if shooting up to the turnpike/295 is better vs. going down to the AC expressway and taking that in to 42.
they do have a lot of inventory, but I am pretty sure that their on-line list may include allocated units? In any case, they always seem to have a stick shift 3 on hand.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
If they are a wash, I bet most people take the 0%, when the smart answer is to take the rebate, since you will always have a lower loan balance, meaning less debt you are in (and of course, less to payoff if you wreck or sell the car!)
I have also seen leases that made no sense, where they give an option of 0 down, 1K down, 2 K down, etc. But, the payments don't change enough to make up for it. Basically, your total payment (down + monthly) is HIGHER than the total payments on 0 down. So why would anyone do that (unless they are so math challenged they just see a lower payment)?
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I think that is what they are counting on...
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You may have a lower loan balance, but when you add in the interest you will pay (or not pay on 0%), the 0% becomes the low cost and payment option.
The payment includes the interest already. So if the payment either way is the same, then you are always better off with the rebate.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
"Always" can be a loaded term, but thank you, stickguy, for understanding the math.
If anyone is interested, bankrate.com has a rebate vs. low-interest rate calculator. For instance, let's say you're considering a $30,000 loan, no trade in (to keep the math simple). You've got a choice of a manufacturer's rebate of $2500, combined with traditional financing at 4%, or a full-priced loan of $30,000 with a 0% dealer financing.
Run the numbers, you'll find that for a 4 year loan, with the 0% loan, your monthly payments will be $644. With the rebate, they will be $640. You are slightly better off with the rebate.
For a 60 month loan, however, you would be slightly better off with the 0% loan.
Going the opposite direction, for a 3 year loan, you would be nearly $800 better off with the rebate.
http://www.bankrate.com/calculators/auto/car-rebates-calculator.aspx
So really there is no "always" in either direction. Depends on the length of the loan and the amount of the rebate.
A. Most loans are 60 months. Few people can afford 36,48 month terms.
B. Usually the rebate is $1000-$1500.
C. Most loans are higher than 4%
I use the J screen on my Reynolds and Renolds to show people the total of payments with both scenerios. The choice is thiers. Dealer's rarely make money on a 0% loan and would prefer you to take the rebate. Even at a buy rate loan, they will get a flat from the bank.
At 0% borrowing 30k for 60 months total of payments with rebate you will spend $438 more.
They have officially lost me.
They are doing me an unintentional favor. It's much better for my wallet to just let it ride and live with the Celica convertible that doesn't convert. It runs fine and its' not like at 11 years old and 143K it has much value to lose.
But, I will look to work my schedule Monday to get me in the neighborhood, and see what they got going on. Just because I like ya.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Thanks. It won't kill me if I do nothing.
Today I saw an 07 Solara convertible parked on the street. I could just about give up the idea of new and a stick shift for that....
and 2) - for the year I was looking at (don't know if the '07's are the same) you have to get out of the car and fasten the cover over the top when you put it down. It is not fully automatic.
I had owned a Camry in the '90s and really liked it, so had expected to like the Solara, but it definitely lost me because of those two things. I didn't want a car that I had to fuss around with like that.
Good luck in your search. Life is too short to not own a fun convertible. More than once, if you can manage it. ;-)
The older ones are old enough that now there are never more than four in the car so I have a lot more choices out there.
The old pushing 60 and still having 8 year olds.....
The local Hyundai guy is now offering 0% on 2010 Sonatas. Talk about low risk!
Man, if that's true, time certainly does fly. AND you've had it too long. :P
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
I likely have a line on an s-plan with Mazda. This would be a good thing. I also hear a certain sometime poster in sales is expecting something in to entice me.
I shouldn't be ready to be enticed but I am....
Run the numbers through the calculator to see if it makes sense. Usually it's the other way around, that the lower price is for paying cash, the higher price comes with low-rate dealer financing. It would be very rare indeed to get both the lower price AND the low-rate financing deal.
There is no one answer to this. If the dealer is offering a super-low financing rate, you *might* be better off financing. You need to ask what the rebate would be if you pay cash, look at the financing offer, and then do the math before you decide. Sometimes even with low-rate financing, you are still better off paying cash. Back up a few posts, I gave some examples of when it would be better to pay cash, when it would be better to take the financing.
Google "cash versus financing cars" and you'll see a bunch of sites that have calculators to help you figure it out.
There is the psychology and our own personal habits to consider, too. Let's say you've got $20,000 in the bank earmarked for buying a car, and you could use all that money without disrupting your emergency funds, retirement savings, etc. But the dealer offers a low-rate financing and you figure out you'd come out a few hundred dollars ahead taking that offer.
Knowing yourself, would you draw down from that $20,000 ONLY to make your car payments, or would you be tempted to use some of it for a vacation, or for some short-term emergency, etc.
Would having the car loan on your credit report make it more difficult to get a loan for some other purpose that you might need, like buying a house, for instance? Or do you currently have any credit card debt at a high rate of interest that should be paid off before you withdraw any money to buy a car?
One thing to be said for paying cash - once you've done it, it's over and done. No tapping the money for anything else, no debt sitting over you for the next four or five years or whatever. Over and out and you can start re-building that fund as you want on your own schedule.
In a nutshell, you need to consider the actual dollar and cents comparison, your other debt load, if any, and know your own habits and psychology.
This was the dealer I did NOT buy from, but his deal was MSRP with low-rate financing, or a discount off MSRP for paying cash. He was trying to persuade me that the first deal was better. He was assuming that in order for me to pay "cash," I would be getting a loan with a higher interest rate from a bank or something, but he was wrong about that.
'course the real problem with that dealer was he didn't have the exact car I wanted, either.
I have had similar experiences in the past, where the cash buyer got a better price than the buyer who wanted dealer financing.
Maybe Land Rover runs their operations differently; I wouldn't know and I'm sure you're the expert there.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
And that is exactly why the Fearless Buyer needs to know if there is a rebate or dealer's cash or other incentive available. You can never do too much research before buying.
After I posted my last comment, I remembered when I bought a Camry way back in 1992. I bargained hard and got a price of $17,700. I don't remember how much that was off MSRP, but it was a very good price for the car. No mention had been made of financing or how I would pay for it or anything of that nature at that point.
Then the salesman said "OK, let's see what rate we can get for you for financing" and I said "That won't be necessary, I'll be paying cash."
At that his face just dropped and he said "Oh, I thought you'd be financing here." Turned out he had given me a very good price because he thought they would make it up on the financing end. Or at least that's what he said. Probably he was even telling the truth.
Really you just don't know until you get in there. Personally I prefer to bargain as hard as I feel necessary for the price of the car, and don't bring up the financing/pay cash issue until the very last thing. It helps to go in well-armed with info from Edmunds and other sites as to what is a good price, so at least you have some benchmarks to go by.
If you really do have the cash, and you can choose which way to go, then you have maximum flexibility, and that's always a nice position to be in.
I would hate to hear that. While I do finance I always know going in what I'll pay for it - either because I'm already financed going in or because I know the rate the manufacturer is offering. I've gotten the "but they'd have to approve that rate - not everyone can get that" but return with "if you can't get that rate with my credit score then you aren't trying." I'd walk if they said they couldn't do that. I've never had to walk.
Who's talking about a used car? I thought we were talking about new cars.
A salesman is not paid normally on finance so why would he give up gross betting oo the back end?
Beats me. Possibly he was lying. Do car salesmen ever lie? Horrors!!
OK, now you're making me laugh. You were the one who implied the sales guy didn't know what he was talking about, or else I must have been mistaken, or some such thing on that long-ago sale. I told it like it happened, and your question sounded like you doubted it. All I can say is, that's the way it happened. He gave me a good price and when it came to discuss payment, was surprised and claimed to be disappointed that I would be paying cash.
What the behind-the-scenes story on that really was, I wouldn't know. Maybe the sales guys got a bonus for every so many cars that were financed or something. I have no idea. I'm just telling you what the man said.
Only one time in my life did I ever buy a car from a salesman that I thought was a little shady, and that was when I was young and foolish. Ever since then, every sales person who actually sold me a car has been someone who seemed courteous and trustworthy, at minimum, and at best has been knowledgeable and helpful as well.
I'm sure you recognize that there are some in your field who are fine, upstanding professionals in every sense of the word, some who are sleazy, and probably the majority are somewhere in between, people who are working hard to make a living. Some make it, many don't.
All I want to say to the original poster who wondered about paying cash versus financing, is just *do your homework.* Research what a good price should be. Ask your friends for recommendations for dealerships and salespeople, if possible. If you are new in your area, ask around about various dealerships' reputations. If you think you might want to finance, ask your bank or credit union what their rates are, and see if you can get approved for a loan.
When you go shopping, have with you your notes on pricing (from Edmunds, truevalue.com, and wherever else you can find info) and your notes from your bank.
If you have the cash, personally I think you'll never go wrong paying outright, but do the comparison for yourself and see how you come out after 3, 4, or 5 years. Do what makes the most sense for you; we all have our priorities and you need to do what you're comfortable with.
And good luck.
They actually didnt lower the price, but they gave us a 3.0% interest rate for 5 years, which sounds to be a really good deal to me. Since me and my uncle didnt know his credit history, the dealer told us that he had a 8xx credit score that's why we got this deal. We were suprise about the score so we asked him to double check the ssn, and he came back saying the ssn has 8xx credit score.
We got the car, and a month later, we still havnt got anything from the dealer/toyota finance/dmv, but a call from them asking for a copy of the social security card.
I dont know if the credit score's the right one since I really dont know much about his credit, and he neither. So just in case, if they figured out they got the wrong credit, what do I have to do? Are they going to take the car back or do we have to sign another contract and pay a higher interest rate, or they will just give us the deal as is?
Thanks everyone.
That would be yes to all. Those are the 3 options that would be available. But if you do WANT to sign another contract, you are welcome to renegotiate the selling price to offset the hike in interest.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
I am self- employed, and currently making a decent income. (60k+) My credit scores are all above 750. That said, last year, I didn't work much at all, as I had a terrible time finding work. I was in graduate school prior to that for four years.
Do I have any chance of qualifying for Ford's 0% financing? How interested are they in employment history? Can current bank statements showing high balances offset this?
My wife makes a lot more money than I do (more than 2X) and is not self- employed, but her credit scores are in the high 600's.
If I don't qualify, is there any chance she would with those credit scores?
We're interested in a new car, but only at 0% interest, and I've had a very difficult time getting a straight answer from any dealership about the requirements for these promotional rates.
Otherwise, we'll just buy something slightly used outright.
Thank you for your input
How stable in your current job? What would happen if you have a hard time finding work again?
Why is your wife's credit score so low? It's not terrible or anything, but with her income, should be a lot higher. Does she have credit card or other debt in her name? Some other financial struggles that she's working her way out of?
As I've said before, low interest financing doesn't always save you as much as you would think, because often you can get a substantial rebate for paying cash. (For instance, someone on the Infiniti board just posted that right now, terms are $3,000 cash back, OR 0% financing for various terms. In other words, the 0% financing is really costing the buyer $3,000.)
There is no such thing as free money. Please remember that. It will cost you something somewhere.
That said, it sounds to me like your best bet is to shop hard for new, if you really want new, and see if you can find something that you can pay for outright. If not, then buy outright something slightly used.
You will be happier and have a much more stress-free life if you don't take on unnecessary debt. Especially in an uncertain economy.