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Started By
Message
0% APR for 84 months - what’s the catch?
Posted on 3/25/20 at 6:51 am
Posted on 3/25/20 at 6:51 am
I was planning on buying a used Tundra sometime in the next few months however, there are several local Ford and Chevy dealerships offering 0% APR for 84 months.
I have always bought used Toyotas but I am rethinking the Tundra. I also know that even among all of the corona virus panic, there is no way dealerships are giving away the house edge.
So, how am I getting screwed?
I have always bought used Toyotas but I am rethinking the Tundra. I also know that even among all of the corona virus panic, there is no way dealerships are giving away the house edge.
So, how am I getting screwed?
This post was edited on 3/25/20 at 6:52 am
9
Posted on 3/25/20 at 6:54 am to Azazello
Probably paying more for the sticker price to get the 0 APR. Also 84 months good god.
Posted on 3/25/20 at 6:54 am to Azazello
Manufacturers typically offer a discounted interest rate, or incentives; but not both. Ie. If you go with the no interest financing, you don’t get whatever their rebate is.
That said, in consideration of the circumstances, things may be different now.
Also, even if manufacturer rebate/promo isn’t available, you can still negotiate a dealer discount.
That said, in consideration of the circumstances, things may be different now.
Also, even if manufacturer rebate/promo isn’t available, you can still negotiate a dealer discount.
Posted on 3/25/20 at 6:55 am to MrJimBeam
Look at Ford stock. They have to do something.
Posted on 3/25/20 at 6:56 am to MrJimBeam
quote:
Also 84 months good god.
If you get a loan at zero percent (or similar minimal interest rate), you stretch it out as long as possible.
Posted on 3/25/20 at 6:59 am to Azazello
Pretty sure you can get a Tundra at 0 for 60 easily. Maybe even 0 for 72 during this.
Posted on 3/25/20 at 6:59 am to 632627
Absolutely, just crazy how long car loans are becoming these days.
Posted on 3/25/20 at 7:00 am to MrJimBeam
quote:
Also 84 months good god
I had no idea that you could finance a vehicle that long
I will probably run a few scenarios on the increased sticker prices and loan payoffs. They are getting a spread somewhere in this situation.
Posted on 3/25/20 at 7:05 am to Azazello
quote:
what’s the catch?
The catch is the vehicle now costs 15 grand more than it should.
Posted on 3/25/20 at 7:10 am to PhiTiger1764
quote:
The catch is the vehicle now costs 15 grand more than it should
Now that I am looking at Truecar, you pretty much nailed it
Posted on 3/25/20 at 7:12 am to Azazello
Biggest issue is if you don't put enough down you will be upsidedown on the loan for like 4-5 years
Posted on 3/25/20 at 7:13 am to MrJimBeam
quote:
Absolutely, just crazy how long car loans are becoming these days.
It's a ploy to increase potential buyers at any given price level, which drives prices higher.
Posted on 3/25/20 at 7:14 am to Azazello
quote:
Now that I am looking at Truecar, you pretty much nailed it
If you are interested, I would still contact some dealers if they have stock that you like. I would think a car buyer would have incredible leverage right now assuming your state hasn't put a lock down in your area (unsure if car dealership would be considered essential).
Posted on 3/25/20 at 7:20 am to mylsuhat
Nah not on a Toyota ;)
Posted on 3/25/20 at 7:21 am to mylsuhat
quote:
Biggest issue is if you don't put enough down you will be upsidedown on the loan for like 4-5 years
Doesn’t really matter in my case. I bought a new 2005 4runner and drove it until last year and I plan on doing the same thing with this next truck.
quote:
Bod312
I am in no rush so great idea.
Posted on 3/25/20 at 7:23 am to Azazello
quote:I do the same but it matter if you happen to total the vehicle early on.
Doesn’t really matter in my case. I bought a new 2005 4runner and drove it until last year and I plan on doing the same thing with this next truck.
You own $50,000 and insurance writes you a check for $43,000
ETA: it's not the end of the world but it would suck
This post was edited on 3/25/20 at 7:23 am
Posted on 3/25/20 at 7:25 am to bod312
quote:
I would think a car buyer would have incredible leverage right now assuming your state hasn't put a lock down in your area
I live around Montgomery and they’re putting out radio ads that they’re taking FaceTime/skype calls to conduct business.
Anyway, I’ve been wondering if someone would start this thread. I wasn’t in the market for a new truck short term, but 0% for 84 mos. is making me re think. As long as they aren’t screwing you over somewhere else. I have to imagine they’re motivated to sell right now.
Posted on 3/25/20 at 7:26 am to mylsuhat
quote:
You own $50,000 and insurance writes you a check for $43,000
Gap insurance solves that.
Also, if you put a big down payment and total the car early on in the term, you are certain to come out a loser.
Again, when the interest rate is low or zero, borrow as much as possible, for as long as possible.
This post was edited on 3/25/20 at 7:27 am
Posted on 3/25/20 at 7:30 am to 632627
quote:
Again, when the interest rate is low or zero, borrow as much as possible, for as long as possible.
It’s amazing how people don’t realize this on this board especially RE: mortgages. Dave Ramsay is nice, but not optimizing your ability to create generational wealth.
Posted on 3/25/20 at 8:06 am to Azazello
quote:
there are several local Ford and Chevy dealerships offering 0% APR for 84 months.
There is the catch
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