Please advise
Thread Starter
Member
Joined: Jan 2002
Posts: 31
Please advise
Thinking about a 2002 SE/GLE
Numbers are best guess of the dealer as it starts getting confusing and hard to breakdown when a trade in involved (<--his words).
MSRP $27,837
Mark down $2,000
Rebate $1,000
Car cost $24,837
I'm trading in a car that they say is worth $20,000 and are giving me $21,000 for. Payoff is $23,750. They will pay the car off and give me the Max for less than MSRP out the door ($300 tax on the upgrade/difference in car). The numbers don't even make sense to me. Payments guessed (with out calling the bank yet) at $519 a mo. for 72 months.
What do you think?
Thanks.
New guy
Numbers are best guess of the dealer as it starts getting confusing and hard to breakdown when a trade in involved (<--his words).
MSRP $27,837
Mark down $2,000
Rebate $1,000
Car cost $24,837
I'm trading in a car that they say is worth $20,000 and are giving me $21,000 for. Payoff is $23,750. They will pay the car off and give me the Max for less than MSRP out the door ($300 tax on the upgrade/difference in car). The numbers don't even make sense to me. Payments guessed (with out calling the bank yet) at $519 a mo. for 72 months.
What do you think?
Thanks.
New guy
Re: Please advise
I did the same thing with my Civic when i got the 2k2. However i already had equity in the car so it wasn't a complete loss.
Anyway, if they're willing to give you $21k for your car and the payoff amount is $23,750 then it means you're $2,750 in the red.
Tack that amount to the total price of the car you're getting. $24,837 + $2750 + TTL and that's the cost of your car.
I financed just a bit over $26k on my base 2k2 SE with extended 5y/75k warranty for $500/mo @ 60 months.
You're not getting too good of a deal IMHO. Chances are you're being quoted the "regular" 9.9% interest rate.
Work the numbers down.
Anyway, if they're willing to give you $21k for your car and the payoff amount is $23,750 then it means you're $2,750 in the red.
Tack that amount to the total price of the car you're getting. $24,837 + $2750 + TTL and that's the cost of your car.
I financed just a bit over $26k on my base 2k2 SE with extended 5y/75k warranty for $500/mo @ 60 months.
You're not getting too good of a deal IMHO. Chances are you're being quoted the "regular" 9.9% interest rate.
Work the numbers down.
Member who somehow became The President of The SE-L Club
iTrader: (19)
Joined: Jun 2001
Posts: 16,024
New Car = 24,837
Trade in = 21,000
You still owe - 23,750
Balance due on used car = 2,750
2,750 + 24,837=27,587
Your payments of 519 for 72 months = 36,368
Is my math wrong or is that like almost 25 - 30% interest????
Trade in = 21,000
You still owe - 23,750
Balance due on used car = 2,750
2,750 + 24,837=27,587
Your payments of 519 for 72 months = 36,368
Is my math wrong or is that like almost 25 - 30% interest????
Member
Joined: Jul 2001
Posts: 45
Re: Please advise
Finance a car for 72 MONTHS!!!! You would have to be out of your gourd to do that. If you thought you were underwater on your old car....watchout. If that's the only way you can afford a Max, buy a cheaper car.
Are they financing the rebate?
On my calculator i figured a loan term of 72 months, a loan amount of $28000 (app.) and a payment of $519. The result I got for interest is 8.3%. I would try for a better interest rate. Maybe give up the rebate for a 3.9 interest rate. The longer the term or interest rate, the more the total cost of the car. IMO.
On my calculator i figured a loan term of 72 months, a loan amount of $28000 (app.) and a payment of $519. The result I got for interest is 8.3%. I would try for a better interest rate. Maybe give up the rebate for a 3.9 interest rate. The longer the term or interest rate, the more the total cost of the car. IMO.
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