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Started By
Message
Need Help With New Car Purchase. [Update]
Posted on 3/28/14 at 7:19 pm
Posted on 3/28/14 at 7:19 pm
I'm in the final stages of purchasing a new 2014 Forester Premium W/ All weather Package.
I got the price down to $24,300. My interest rate is 7.49 without a cosigner. Trade in at 3000. So if Tax is at 10% and you add interest, the total comes out to $26184. But somehow the dealer comes back with 28,800. Any idea where the extra 2700 comes from?
UPDATE:
So the reason the rate was so high was that they were trying to hit me with a compound interest loan. On top of that I had to haggle out of $900 for dealer and etching services as well as GAP insurance and an extended manufactures warranty. One positive is that I got 3000 on a trade that was KBB at 2000 and two other dealerships offered me 1300.
After doing some research I found out to do the calculations on my own. I ended up having my grandfather cosign and got a rate of 2.9 for a 72 month term at 214/mo. That I plan on paying off much earlier to negate the added interest by lengthening the term.
Below is the link I used to compute the payment.
LINK
Thanks again to everyone that helped, I learned a lot through the whole process and many of the topics I would have never researched had I not seen here.
I got the price down to $24,300. My interest rate is 7.49 without a cosigner. Trade in at 3000. So if Tax is at 10% and you add interest, the total comes out to $26184. But somehow the dealer comes back with 28,800. Any idea where the extra 2700 comes from?
UPDATE:
So the reason the rate was so high was that they were trying to hit me with a compound interest loan. On top of that I had to haggle out of $900 for dealer and etching services as well as GAP insurance and an extended manufactures warranty. One positive is that I got 3000 on a trade that was KBB at 2000 and two other dealerships offered me 1300.
After doing some research I found out to do the calculations on my own. I ended up having my grandfather cosign and got a rate of 2.9 for a 72 month term at 214/mo. That I plan on paying off much earlier to negate the added interest by lengthening the term.
Below is the link I used to compute the payment.
LINK
Thanks again to everyone that helped, I learned a lot through the whole process and many of the topics I would have never researched had I not seen here.
This post was edited on 4/1/14 at 12:48 am
17
Posted on 3/28/14 at 7:20 pm to Tigerbiscuits
Tax
Title
Licence fees are my guess
Title
Licence fees are my guess
Posted on 3/28/14 at 7:20 pm to Tigerbiscuits
Jesus christ
Posted on 3/28/14 at 7:21 pm to Angry Penguin
Undercarriage protectant and clear coat?
Posted on 3/28/14 at 7:21 pm to Tigerbiscuits
Do you even TT&L, bro?
Posted on 3/28/14 at 7:22 pm to tduecen
I figure as much, but that big of a difference? I already factored in the tax. Obviously it's my first time buying a car so i'm just looking for any advice.
Posted on 3/28/14 at 7:23 pm to Tigerbiscuits
what bank are you using for your loan?
Posted on 3/28/14 at 7:25 pm to Tigerbiscuits
Depending on dealership it could, without looking at all the paperwork I couldn't give you an honest answer. You may want to see if they added GAP, an insurance plan, or a tire plan in your paperwork as sometimes those F&I guys will do that
Posted on 3/28/14 at 7:25 pm to Sterling Archer
They do indirect lending through chase. I have 0 credit so I'm putting down a nice down payment to even get a loan, just to build credit. I'm going to end up going with a cosigner to get that rate down.
The clear coat and protection thing is an extra grand that I told them not to worry about. I've searched online for decent TTL calculators but none seem to justify that big of a price gap.
The clear coat and protection thing is an extra grand that I told them not to worry about. I've searched online for decent TTL calculators but none seem to justify that big of a price gap.
Posted on 3/28/14 at 7:26 pm to tduecen
Thanks tduecen! I'll keep an eye out for that before I sign anything. I'm sure theyre trying to sneak things in there since im a 25 year old buying a car for my first time.
All the info is very appreciated.
All the info is very appreciated.
Posted on 3/28/14 at 7:26 pm to Tigerbiscuits
I wouldn't buy it if you are not 100% sure.
Don't let anybody talk you into something. Questions are alright and you can always walk.
Be sure. Don't let them intimidate you. You are the customer.
Ask questions. Act dissatisfied. Always ask for a lower rate, a better deal. You are the only one looking out for yourself.
Don't let anybody talk you into something. Questions are alright and you can always walk.
Be sure. Don't let them intimidate you. You are the customer.
Ask questions. Act dissatisfied. Always ask for a lower rate, a better deal. You are the only one looking out for yourself.
This post was edited on 3/28/14 at 7:28 pm
Posted on 3/28/14 at 7:27 pm to Tigerbiscuits
7.49%???
You're getting raped
You're getting raped
Posted on 3/28/14 at 7:28 pm to Tigerbiscuits
what do you think your monthly payment will look like?
Posted on 3/28/14 at 7:30 pm to Tigerbiscuits
They may do the box format in an effort to show you how your getting a great deal or they use a thing called CARDONE which sucks....
I would ask to see the paperwork that shows the dealership price on the car and then tell them I would pay 300 above that price, so therefore they get a unit out the door at the end of the month to earn their bonus.
I would ask to see the paperwork that shows the dealership price on the car and then tell them I would pay 300 above that price, so therefore they get a unit out the door at the end of the month to earn their bonus.
Posted on 3/28/14 at 7:30 pm to Tigerbiscuits
Are you looking at total sales price, if so interest does not factor in at all, if you are looking at how much you will end up paying then we need the length of term
Where are you at that sales tax is 10%
Title should only be about 2-300 bucks
Where are you at that sales tax is 10%
Title should only be about 2-300 bucks
Posted on 3/28/14 at 7:31 pm to cattus
who carers your loosing more than that buying the car new.
Posted on 3/28/14 at 7:32 pm to tduecen
quote:
I would ask to see the paperwork that shows the dealership price on the car and then tell them I would pay 300 above that price
That is crap, any "invoice" number they show you is BS, the last 4 cars I have bought have all been well under "invoice"
Posted on 3/28/14 at 7:33 pm to Tigerbiscuits
quote:
I'm in the final stages of purchasing a new 2014 Forester Premium W/ All weather Package
quote:
Interest rate is 7.49
Awesome decision.
Posted on 3/28/14 at 7:34 pm to Tigerbiscuits
You need to walk out of there.
Posted on 3/28/14 at 7:36 pm to Tigerpaw123
quote:
That is crap, any "invoice" number they show you is BS, the last 4 cars I have bought have all been well under "invoice"
Depending on when you buy and how long the unit has sat on the lot will tell you a lot. I worked at a dealership for a couple years in college and we would sell below invoice just to get an old unit off the lot. We would still get a cut obviously as they're not in the business to lose money but the profit gained isn't as much as if they sell it for invoice or above
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