Rebates, Incentives, APRs - Questions & Comments

CarMan@Edmunds · February 2005

You're very welcome, Steve. I believe that Chicago is in General Motors' North Central region. In that part of the country, it is providing 0.0% financing for 3 years, 1.9% for 4 years, 2.9% for 5 years, and 3.9% for 6 years or $2,000 customer cash or a special lease program on the 2005 Chevrolet Malibu Maxx this month. In addition to these offers, GM is providing $1,000 bonus cash that may be combined with all other programs on this car in your area. You do not have to finance this car through GMAC to qualify for the additional $1,000. GM often provides additional cash incentives on certain models in conjunction with regional auto shows. The exact models that this cash is available on varies from show to show. I am not sure if it is available on the Malibu Maxx for the Chicago show, but you should be able to find out by going to it, which would be fun anyhow, or by asking your dealer. GM is providing value certificates on certain Chevrolet models in February, but they are all trucks, so the Malibu Maxx is not one of them.

Car_man

Host

Smart Shopper Forum

ilmomof2 · February 2005

Well, we did it! Went to dealer yesterday and left with a new '04 EXIII at Invoice minus $2000 Customer Cash. Since I had researched and gotten preapproval on loans before going in, they beat our bank's rate and gave us 4.9% for 72 months.

So far, we are very pleased with the vehicle and happy with the deal that we got!

Kris

seden · February 2005

I am looking at a 2005 Accord EX-L. MSRP 24,600.

Destination charge is 515. I am wondering if it would be best to go through a Honda Dealer or an independent leasing agent? Could you give me an approximate monthly payment for 36 months and 48 months with 0 down? Does the length of the lease matter, other than the obvious lower payment? I own a 1997 Lexus and will still owe about $2000 after trade in. Is it best to put that 2000 down or roll it into my lease? As I am trying to be an knowledgable customer before I go in, any other helpful advice will be greatly appreciated. Thanks so much!

CarMan@Edmunds · February 2005

Congratulations on your new truck, Kris! Thanks for taking the time to come back and let us all know how everything turned out and enjoy.

Car_man

Host

Smart Shopper Forum

CarMan@Edmunds · February 2005

Hi seden. Honda is running an attractive lease program on the 2005 Accord right now. As a result, you should be able to lease one for much less through its captive finance company, American Honda Finance Corp., than you would be able to through an independent bank. I would be more than happy to answer any questions that you have about leasing this car, but I would appreciate if you post any questions on this subject in the following discussion: "Lease Questions - Ask Here". Thanks and see you there.

Car_man

Host

Smart Shopper Forum

momto4 · February 2005

hi Car Man,

We have been looking into either a Honda Odessey or a Sturn Relay, I know Saturn is offering some pretty good incentives right now, but my husband thinks it will get better if we wait until May or June when the new models come out. The problem I have with both of these is that the dealers won't come out and give us an actual price on either car. they only tell us what the monthly payment would be, and neither seem willing to negotiate, is that standard for these companies or is it just the dealers we have gone to? Should we wait, hoping the incentives get better? Thanks for any advice.

momto4 · February 2005

Is 29,900.00 + tax,title and reg. a good deal on this model?

CarMan@Edmunds · February 2005

Hi momto4. If neither of the dealers that you are working with are willing to tell you the selling prices of these vehicles, you really need to visit different ones. When financing a vehicle, your interest rate and the selling price are the two most important numbers to know. It is entirely possible that Saturn's incentives on the Relay will be better in May or June, but I personally don't believe that Honda's incentives on the 2005 Odyssey will be. There is a very active discussion on Honda Odyssey pricing here at Edmunds.com. You should definitely check it out to see how much other community members are paying for similar vans right now. Here is a link to it for your convenience: "Honda Odyssey: Prices Paid & Buying Experience".

Car_man

Host

Smart Shopper Forum

steve_il · February 2005

Hi Car_man,

Thanks for your response. I was planning on going to the Chicago Auto Show anyway, and just wanted to pass along the following information to the other board members:

From Feb 14-28, Chevy is offering $500 Auto Show Bonus Cash on: 2005 Malibu, Malibu Maxx, Monte Carlo, Impala, Trailblazer, and Trailblazer EXT in the Chicagoland and Northwest Indiana area. This information was on a flyer at the Chevy info desk area. The flyer seems to be pushing a "sign and drive" promotion (0 1st month payment, 0 security deposit, 0 down payment).

Thanks for making this an informative forum!

macarshopper · February 2005

Very good car_man. Thanks for the info!

graphicguy · February 2005

Thanks for all the research you're doing here.

Got a quick few questions for you.

I've not financed a car in a while. Thinking about a new Mustang GT. Obviously, it's a hot model with no incentives. I've looked at the old People First (now capital one?). Their interest rate looks competitive (about 5.75%). Is that about right? Any other places I should look for a better rate?

My local bank isn't competitive at all and don't have a credit union close to me.

CarMan@Edmunds · February 2005

You're very welcome, steve_il. Thank you for passing along the info that you picked up at the show. Which models did you like the best?

Car_man

Host

Smart Shopper Forum

CarMan@Edmunds · February 2005

No problem, macarshopper. Let me know if you have any other questions.

Car_man

Host

Smart Shopper Forum

CarMan@Edmunds · February 2005

Thanks for the kind words, graphicguy. Ahhh, you're interested in the new Mustang. Ford really seems to have hit the a home run with this one, to use a baseball analogy since spring training is right around the corner, hooray. Mustang sales are really going to take off once the convertible hits dealers. As far as what sort of interest rate you can expect on this car goes, I believe that Capital One has new car loans at rates as low as 4.09% right now. Obviously, the exact rate of your loan will depend upon the your credit rating, the length of your loan, and several other factors. I've seen rates that are lower than 5.0% being offered through the on-line bank E-Loan as well. Take a look at these banks' web sites and see what sort of rate you can get. Once you have found the lowest rate, get pre-approved to finance the Mustang that you want. In doing so, you may motivate the dealer that you get your new car from to beat this rate.

Car_man

Host

Smart Shopper Forum

graphicguy · February 2005

Thanks, again!

Yes, baseball is right around the corner. And, my favorite team (REDS) have their superstar back to health (Ken Griffey, Jr.).

Since I don't finance much anymore (lucky enough to have hit a point in my life where I've got the mortgage paid off).

So, I think since I've had little in the way of credit activity, I thought the rates would be better. But, I've found out that years of dormant credit can sometimes be nearly as bad as "poor" credit. While "cash" is the best way to purchase, with the rates as low as they are, there are better places to invest money than into a car.

While I know you don't have a crystal ball, I'm under the assumption that reduced finance rates from Ford are nowhere in sight for the Mustang?

kyfdx · February 2005

graphicguy.. check here.. 4.65%

http://www.ocsavings.com/

They are a division of Third Federal Savings, who has local offices in Cincinnati.. I have my mortgage with Third Federal, and find them very easy to deal with.

regards,

kyfdx

qbrozen · February 2005

or check out netbank.com.

i will have a blank check waiting for me when i get home today. 4.84% for 60 mos. on a USED car. I think that's a great rate.

found them through another great site, www.bankrate.com

but, heck, since your mortgage is paid off, i would get a home equity loan and at least get some sort of deduction on your taxes.

graphicguy · February 2005

Thanks for the pointers to the bank rates. I'll check them out.

Actually, my car was just totalled, so I don't know what car I'm buying. My sister is buying a Mustang and I've liked them....so I thought I'd do a little research about them.

Q....I'm considering a home equity loan. The downside there, if some disaster would happen to me, and I become unable to work, then any missed payment could result in the finance company taking my house because I couldn't make the note on the car. I know that's pretty far-fetched, but it "could" happen. The tax deduction is appealing, though.

graphicguy · February 2005

You're in New England, right? You are searching for a 350Z, right?

If so, there's a place down OH way that both ky and I know about called Jeff Wyler automotive. They are a mega dealer, but I passed their Nissan lot in SW OH a week or so ago. They have about 10 350Zs sitting in front of their lot. They run screamer ads around here all the time. I bet you could make a deal with them on-line if you were interested and have one shipped to you.

http://fairfieldnissan.wyler.com/

I've never bought anything from them, but they always seem to have good stock on anything you want. I almost had a deal on a 350Z with them before I decided on an RX8, instead.

kyfdx · February 2005

What did you total?

Home equity loans are great, but...

Usually variable, tied to prime.. which is on the way up.. Many banks will let you lock in a rate on a certain amount for a certain time period, but the rate is usually prime+2%.

Given those parameters, if you shop around, a traditional car loan is usually a better deal.

And, just knowing about that 4.65% at Ohio Central Savings might be enough to get the car dealer to beat it..

What are you shopping for?

regards,

kyfdx

graphicguy · February 2005

I put this in the RX8 thread, my RX8 was totalled.

You're in the area, so you'll know where I'm talking about. Since it was so pretty around here last Saturday, I took a trip to Lebanon, OH. I got creamed (rear ended) by a guy in a RAM pick-up right near the Golden Lamb (which I was where I had planned to have dinner).

I was looking to buy a C6 vette before that happened. I'm backing away from that, now. Since I'm a bit skittish about car safety currently, I've shelved the idea of having a fiberglass bodied car. Plus, I can find scant crash test data on Corvettes.

All that said, the RX8 held up surprisingly well considering the police estimated the RAM was travelling at 40 MPH upon impact, which in turn, bashed me into a late model Accord which was in front of me.

I just found out they are totalling the RX8....not surprising if you could see it.

Don't know what I'll get to replace it. I've been car shopping with my sister for a Mustang. Nice pieces. Ford did a great job with it.

But, I'm also considering Caddys, Volvos, 300C, even perhaps a Benz SLK....maybe another RX8. Truth is, I'm all over the map. I really don't know what I want right now. What I thought I wanted, I no longer have a desire for.

kyfdx · February 2005

"What I thought I wanted, I no longer have a desire for."

Story of my life, in more ways than one...

Sorry to hear about the RX-8.. though it does simplify the trade-in issue.. ;-)

Glad you weren't hurt..

regards,

kyfdx

graphicguy · February 2005

Thanks!

I'm sore, got some burns on my arms, and broke my nose, but it will all heal in due time.

Sometimes life throws us curve balls that change our perspective, that's for sure.

The RX8 was (is) a great car. It's also very safe.

But unintendedly, my trade-in is no longer an issue. Whatever I get will be a straight deal.

qbrozen · February 2005

may i ask what they gave you for the car? or you could just say if it was over trade-in.

thanks for the tip on the dealer, but I'm in Jersey. I do get preferred pricing on new Nissans, but the model I want would still be around $30K. I can pick up an '03 with 10-15k miles for around $23-$24k. So that's what I've been concentrating on. I think a $6K price break for a lowly 15k miles is a pretty good deal.

To keep on topic, if there were some rebates and incentives on the Z, I could very well get a new one. I'm not sure if I should wait around for that to happen. Any opinions?

graphicguy · February 2005

Coincidentally, I had asked rroyce over at "Real World Trade Values" thread what the trade value would be as I was thinking about the Corvette. He said low 20s as a trade. KBB has it at $22.3 and my selling dealer offered $22.5 in a straight up "buy" from me.

So that sounds about right in line with Terry. The insurance company has made their first volley at $25K. My insurance company says I should get at least $30K for the car which would include a "pain and inconvenience factor".

While the other guy's insurance company is picking up all my medical bills (so far), I don't know that my pain and inconvenience is worth that much money. But, I'll throw that $30K number out there and see if it floats.

For some unknown reason, the RX8 has been neck and neck in sales volume compared to the 350Z, yet the '04 RX8s had a rebate, the 350Zs did not. Don't know if Mazda dumped a lot of stock on the dealers towards the end of '04 or not, but around here, there were a bunch of new '04 RX8s around at the beginning of December through the first of January, but those seem to have dried up. '05 Zs and RX8s have no incentives, but the stock situation is reversed around me. Now, there's plenty of '05 Zs and just a few '05 RX8s around the dealer's lots.

Depending on what you want, I would think a new, '05 stock "cloth" Z, no options would be doable near that $25K figure. Loaded up Touring models would run over $30K, though. Used '04 Zs are running right around the same figures as the used '04 RX8s here for the same equipment levels.

qbrozen · February 2005

I received a call from a local mega dealer. The woman told me they have 8 or 9 leftover '04s sitting on their lot. I asked what incentive I could expect for picking an '04 over an '05 and she said Nissan is providing $1K incentive and 3% financing.

I might stop by Friday and see what happens. $1K isn't much to convince me to pick an '04, BUT, the info I was able to dig up indicates the MSRP of the '04 Touring was less than the current MSRP by about $1300... SO, that should come out to about $2300 less than an '05. Add that to the low financing and it makes quite a difference. Problem I have now is figuring out what invoice was in '04. Anyone know where I can get that info?

CarMan@Edmunds · February 2005

You're welcome, graphicguy. It's funny how credit works. The people who work hard and are able to pay for a lot of things with cash definitely do get penalized for their lack of recent credit activity. Interestingly enough, Ford actually starter out with a special financing program on the new Mustang, but canceled it a month or two later. I guess that sales of the new Mustang have been even better tha Ford had hoped. It wasn't that great a program anyhow, 3.9% for 3 years, 4.9% for 4 years, 5.9% for 5 years, and 7.9% for 6 years. If I had to make an educated guess, I would say that Ford will not introduce any special financing rates on the 2005 Mustang in the next couple of months.

Car_man

Host

Smart Shopper Forum

CarMan@Edmunds · February 2005

Thanks for the link, kyfdx.

Car_man

Host

Smart Shopper Forum

graphicguy · February 2005

Carman....I'll take the lack of recent credit history "penalty", if I can sleep soundly at night regarding my financial situation. I'm thinking of applying to a couple of those online loan places, but am fearful that if I apply to 2-3 of them, that will negatively affect my credit scores, correct? I can live with anything under 6%, which looks "doable". OF course, 4% would be better.

qbrozen....it sounds like you've got a good bead on some '04 350Z stock. I don't know where you can find invoice numbers for '04s....maybe carsdirect?

Just some off the top of my head numbers, but if you're going for an '04 Touring, MSRP would be somewhere around $32K (that's the number that sticks in my head when I was shopping for them)?

I'd say invoice would be somewhere in the $30K neighborhood. Deduct the $1,000 incentive...brings it to $29K That's about $4k over your $25K target price, though.

The 350Zs come pretty well loaded up. If you're willing to get a base model, you won't have leather, but all the other goodies are there....A/C, cruise, nice stereo, maybe less "fancy trim". You still get the same engine/drivetrain. If memory serves, there was no difference in suspension set-up between the base and the Touring models. Enthusiast added brembo brakes, though. I think an '05 or '04 base model still would be close to that $25K figure.

qbrozen · February 2005

only problem is the base models don't have traction or stablility control. Pretty dangerous in that car, if you ask me. Heck, I got the rearend to come out WITH those helpers, so I can't imagine what might happen with nothing keeping it in place.

'04 touring msrp was $31,7, according to carsdirect, but that doesn't tell me if that's with or without delivery. i can't seem to find the invoice numbers on their site. The current Touring is about $33k and invoice is $30k, so I'm thinking the '04 invoice is ~$29k.

ANYWAY, back to those incentives. I ran across a page on the Nissan VPP site that tells me the $1K incentive on the '04s is for leases only. So I'll assume the woman I spoke with last night didn't know that. Without the benefit of incentives on financing, its definitely not worth buying an '04 since on '05 would only cost me $1300 or so more. In any case, either would be out of my price goal. Oh well, back to the used search.

jaserb · February 2005

My local dealer has 2 vehicles I'm interested in - a leftover '04 B2300 and a leftover '04 Mazdaspeed Miata. I'd love to pick up the 'speed, but my old Ram 50 is on its last legs and I'm just not sure I can give up having a cheap pick-em-up.

So, what does the dealer cash and incentive situation look like for the 2 I mentioned?

Also, I used the "college grad" program last year when we bought my wife's MPV. Can I use it again on another new Mazda, or is it a one time thing?

Thanks for the service you provide. It's great ammunition for when I go talk to the dealer!

-Jason

kyfdx · February 2005

OT... I spotted one of those orange Mspeed Proteges on the way to work today.. Nice, but I think I'd rather have black or silver..

graphicguy · February 2005

q....I agree...you definitely want trac and/or stability control on a 350Z.

As much as I love (loved) my RX8, it would have been a real handful without it....particularly in the rain. I wouldn't even attempt to drive it in the snow without proper tires, even with trac control. On dry pavement, it was great, though....even with trac control turned off.

Ever thought about a nice used Boxter? How about a used Benz coupe?

Short of that, I'm seeing Zs for sale used all around my 'burg. That still may be the way to go.

qbrozen · February 2005

Boxster is too small ... i tried. the CLKs are too expensive, even used (not to mention not very sporty), and the SLKs are definitely too small. As are the S2000 and Audi TT. Its tough being 6'5" and wanting a foreign sportscar. Granted, I manage to drive my Alfa, but only for short drives. This next one is going to be used for a lot of commuting, so it has to be comfy.

thanks for the suggestions, though.

The way things are going so far (dealers not wanting to come down off their sky-high asking prices and the good deals far from home are being snatched up before we can get there), I might have to take a serious look at a new Performance model. Still get tracs and stability, but no leather or 6-cd changer.

Carman, since you haven't said anything, I guess you don't know of any hidden money on the '04 350Zs, right?

jaserb · February 2005

The leftover Miata is Titanium. I like the metallic red that was available in '04 a bit better, but still very nice. I'm not at all fond of the orange mica on the '05s. I'm leaning towards upgrading the pickup and getting an older toy. I'm jonesing for another Alfa, but I may try British this time. It's a lot easier to sell a ~$10k everyday pickup and a $5-10k toy than a $20k+ toy.

But maybe CarMan will convince me otherwise...

-Jason

graphicguy · February 2005

One of the few times in my life that I'm glad I'm not bigger (6' even & 185 lbs).

Sports cars are going to be a tough fit with all 6'5" of you.

SLK 350 was on my "look list" until I looked at one last night. $50K+ sticker....no dealing, either. They are beautiful cars, but the first one I sat in had inoperable P/W. Maybe just an anomalie, but for $50K, I expect better.

S2000 is tiny, even for me.

I never could get comfortable in a TT, although I liked them when they first came out.

350Z Performance may work. I don't know how they differ from the rest of the model line-up, though.

How about a Crossfire? Chrysler was putting heavy incentives on those for awhile. I've only seen them on the dealer's lots. I haven't seen any on the street, yet.

Mustang GT is right there at your price point, what about those? My sister is hell bent to get one of them and I have to admit, Ford did a very nice job on them.

kyfdx · February 2005

Crossfire Limited Coupe.. $329/mo for 39mo/39K lease.. Only first payment due at signing..

$390/mo. for the Limited convertible.. same terms..

Those are a steal, if you can afford the $50/mo. in tire wear..

qbrozen · February 2005

yup, crossfires are going for cheap. i went to the dealer when they first came out. Unfortunately, I couldn't even get a test drive because I couldn't get all the way in the car! That's how small it is. I can't imagine a 6 footer would even fit comfortably.

i'm just not ready to pay above msrp or even straight up msrp on a mustang, as great as i think they look. i'm convinced they will suffer the typical ford depreciation.

CarMan@Edmunds · February 2005

Qbrozen, either Nissan's VPP site is wrong or you read it incorrectly because Nissan currently has $1,000 dealer cash on the 2004 350Z that I believe you are entitled to if you purchase one through this program.

Car_man
Host
Smart Shopper Forum

CarMan@Edmunds · February 2005

Hi Jason. Mazda still has customer cash on the 2004 Pickup. Specifically, it is providing $3,750 customer cash or 0% financing for up to 5 years plus $500 customer cash on this truck. Mazda is also running a brand-wide volume bonus program for dealers this month that gives them the potential to earn another $500 per unit. Mazda's incentives on the 2004 MazdaSpeed Miata vary depending upon which one of its five regions one is in. If you let me know what state you are in I can tell you exactly what sort of offers Mazda has on this car in your area. I am not sure if Mazda's recent college grad program limits consumers to one purchase. I suspect that it does not, you may be considered a "recent" grad any longer though.

Car_man
Host
Smart Shopper Forum

jaserb · February 2005

Should have mentioned that the first time. Does the truck also have the $1000 Mazda financing bonus cash mentioned on the Mazda web site, or is that included in the $3750?

As for the college grad cash, I got my MBA in August of last year, so I should still be eligible.

Thanks
-Jason

rdy · February 2005

Mazda3 2005 Hatchback.
A local dealer is offering 2k off msrp.
MSRP 17650.00 inc dest.
Invoice 16539.00
That puts it around $900 under invoice. So there is factory - dealer cash obviously as there doesn't appear to be customer cash anywhere I can find.....
Am I missing something here? Where are they getting the money from and is there any more I can negotiate with?

thanks
rdy

btw - Never bought the Ralliart Sportback - the dealer wouldn't deal enough, so it's still sitting there.

CarMan@Edmunds · February 2005

No problem, Jason. Utah is probably in Mazda's Western region. In that part of the country right now it is providing 0% financing for up to 5 years and 2.9% for 6 years that can not be combined with any other offers OR 2.9% for up to 5 years plus $1,000 customer cash OR $3,250 customer cash plus $750 dealer cash ($4,000 total) that may not be combined with any other offers on the 2004 MazdaSpeed Miata. As I believe that I mentioned in my previous message to you, Mazda is running a volume bonus program on most models this month that gives dealers the opportunity to earn an additional $500 dealer cash if they hit their sales targets.

The $1,000 finance bonus that you saw referenced on Mazda's web site is only for consumers who finance a 2004 Truck through Mazda Credit using its unsupported rates, which are not very attractive.

Car_man
Host
Smart Shopper Forum

CarMan@Edmunds · February 2005

Hey rdy. So were onto the Mazda3 instead of the Sportback huh? I personally would rather have the Mazda3 anyhow. I do not believe that Mazda is providing any sort of dealer cash on the 2005 Mazda3, so I am a little suspicious of the $900 under invoice price quote that you were given. It is providing dealer cash on the 2004 version of this car. Perhaps the price that you were given is for a leftover model.

Car_man
Host
Smart Shopper Forum

rdy · February 2005

Greetings Car_Man

Several dealers here have $3k off loaded 04's.

They ran this add
'$2k off MSRP ENTIRE STOCK 05 Mazda 3's'

I called and they had 5 base units (no options)
I got the salesman to go onto the lot and call me back with MSRP of $17650 and confirm they would accept $15650. So I am going over there later.
I'll report back

rdy

rdy · February 2005

Update
/WebX?displayRecent@@.ef23a61

CarMan@Edmunds · February 2005

Thanks for the information, rdy. It is very interesting that margins have fallen so quickly on a great car like the Mazda3. It's really a shame for dealers and the people who have already bought them, but great for you

.

Car_man
Host
Smart Shopper Forum

vita · February 2005

hello again, i am wondering what kind of price i am looking at for a leftover '04 Pontiac GTO. how much dealer chash did GM pay out on them? the dealership is like family, but i want to make sure they're offering the right price when i begin to talk to them. thanks,

Tom

CarMan@Edmunds · February 2005

Hey Tom. In early January, General Motors paid Pontiac dealers $5,000 dealer cash for any remaining 2004 GTOs that they had in inventory. I am not personally all that familiar with what the market is like for this model in your area right now, bit I suspect that you should be able to get one for around invoice minus this $5,000. You should stop by the following discussion for more feedback on how much you should pay for this car, "Pontiac GTO: Prices Paid & Buying Experience".

Car_man
Host
Smart Shopper Forum

graphicguy · February 2005

As luck would have it, I test drove a GTO this past weekend. Nice ride. '04s do indeed still have the $5K GM rebate. '05s do not.

So, invoice plus $5K back from GM on an '04 is a nice deal, if you can find one you like.

'05s are going to be limited in their production....about 1/2 of what the '04s were. But, if they languish on dealer's lots like the '04s did, I don't see how GM can possibly not put a rebate on them. That's all personal opinion, though.

BTW....the '05 is strong with the 400 HP engine. The seats are among the best I've ever had my backside in with any car.

Rebates, Incentives, APRs - Questions & Comments

Comments

Helpful Tools

Most popular vehicles