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went to a local nissan dealer today; they had a red base Z for 28,500. I own a 2002 honday civic si with 35k miles on it and still owe 4600. the guy said they would give me 9000 for my car. and this is the last deal he gave me after many hours; $512 for 60months 0 down. does that sound good?
__________________ 2004 Honda CBR 600RR current 2009 Suzuki DL650 V-Strom current 2009 Subaru WRX - current 2011 Nissan Pathfinder 4x4 current 1975 Datsun Fairlady Z RHD Project 2004.5 Nissan 350Z (gone, but not forgotten) 2008.5 Nissan Titan(Goodbye my monster truck)
thats the standard interest rate....talk him down a little bit on the price of the car but other than that everything else is on par
$512 x 60= $30720 - 28500 = $2220 worth of interest for those 60 months. 2220 / 28500 = .07789 or 7.789% of interest. That is smack where a person with decent credit would be. The national average over the last 30 days is something like 7.86%
thats the standard interest rate....talk him down a little bit on the price of the car but other than that everything else is on par
$512 x 60= $30720 - 28500 = $2220 worth of interest for those 60 months. 2220 / 28500 = .07789 or 7.789% of interest. That is smack where a person with decent credit would be. The national average over the last 30 days is something like 7.86%
you forgot his $4400 in trade in equity. NOT A GOOD DEAL!
__________________ 2004 Honda CBR 600RR current 2009 Suzuki DL650 V-Strom current 2009 Subaru WRX - current 2011 Nissan Pathfinder 4x4 current 1975 Datsun Fairlady Z RHD Project 2004.5 Nissan 350Z (gone, but not forgotten) 2008.5 Nissan Titan(Goodbye my monster truck)
Oh and if you have good credit you local bank of credit union should be able to give you 5% no problems.
__________________ 2004 Honda CBR 600RR current 2009 Suzuki DL650 V-Strom current 2009 Subaru WRX - current 2011 Nissan Pathfinder 4x4 current 1975 Datsun Fairlady Z RHD Project 2004.5 Nissan 350Z (gone, but not forgotten) 2008.5 Nissan Titan(Goodbye my monster truck)
thats the standard interest rate....talk him down a little bit on the price of the car but other than that everything else is on par
$512 x 60= $30720 - 28500 = $2220 worth of interest for those 60 months. 2220 / 28500 = .07789 or 7.789% of interest. That is smack where a person with decent credit would be. The national average over the last 30 days is something like 7.86%
where does this take his/her trade into consideration? Never mind. Was posting this the same time as someone else.
as far as the deal itself, doesn't sound like a good one to me. $28,500 is more then I paid for my 06 Enthusiast. I don't know options on your trade, condition, color, etc., but quickly looking online, I am guessing that's around wholesale for it. If that's the case, the dealer definitely needs to come down on their price. Heck, almost sounding like the dealer wants sticker and give you black book for yours. Not good for you.
i see; i'll keep looking around, I told the guy no cuz it was too much; how much do you guys think if I were to trade my car in that has a 4600balance and the dealer buys it off for 9000, and im trying to buy a NEW base Z at 28000. 0 down and i'm not sure about my credit line i've got a 679fico score on one of my cards that offer a credit line report. what do you guys think I should be looking at monthly wise after the trade and can you break it down so I can let the dealer know what figures im looking at. thanks a lot for all the help.
i see; i'll keep looking around, I told the guy no cuz it was too much; how much do you guys think if I were to trade my car in that has a 4600balance and the dealer buys it off for 9000, and im trying to buy a NEW base Z at 28000. 0 down and i'm not sure about my credit line i've got a 679fico score on one of my cards that offer a credit line report. what do you guys think I should be looking at monthly wise after the trade and can you break it down so I can let the dealer know what figures im looking at. thanks a lot for all the help.
What is the MSRP of the car you want to purchase?
What options does your trade in have?
What rate you will get, not sure. Hard to really say precisely when there are several factors involved, don't know the taxes, the fees, etc.
this is just a base Z msrp is 27,800 I think, and I just want to trade the car and use the money left to put on the Z, like I said lets say they buy my car for 9000 and I have a balance of 4600 then it leaves me with 4400 for the Z, i live in texas and tas is 6.5% my fico score of 679. I just want to know what a good deal would be for this setup becuase they told me 512 monthly with trade.
this is just a base Z msrp is 27,800 I think, and I just want to trade the car and use the money left to put on the Z, like I said lets say they buy my car for 9000 and I have a balance of 4600 then it leaves me with 4400 for the Z, i live in texas and tas is 6.5% my fico score of 679. I just want to know what a good deal would be for this setup becuase they told me 512 monthly with trade.
find the invoice at places like edmunds (heck, some have bought below invoice) and subtract the value of your car. Say 9K (not sure if that's what it's worth). Multiply the difference by your tax rate and then add your payoff to that number. That's what you need to finance (doesn't include plates or fees, or any additional downpayment).
You can talk to your bank, apply online at places like eloan and get a rate. Use a rate calculator and go from there to get more precise.
Say a complete rough guess, say you get the Z for 26K and get 9K for yours, that's a 17K difference. Add taxes of 1105, and then your payoff of 4.4K, you would be financing roughly $22,500. A rough guess says you should be around $450 a month with no money down. However; that's a rough guess. I am not sure what your car is definitely worth, what you coudl get the Z for, what rate you would qualify for (time on the job, salary, other bills also will be considered), etc.
Did that payment quoted include anything like a warranty, gap insurance, credit life, etc.? Sometimes dealers will quote payments with those in them.
can you guys help me out to figure out how to get the apr? im looking at it like this lets say the car was 27k-4k(from trade in) thats 23000, lets say my monthly is 450x60months=2700 so 27k-23k=4k(is this what im paying interest?) so I take 4k/23k=.173 does that mean I'm paying 17%apr for this vehicle? I really dont know how apr works so if someone can help me out.
Here's my advise: sell your car privately. Price it right and it'll sell really quickly.
Then head into the dealer and negotiate the price of the Z you want. NOT the monthly payment...the total out-the-door price for the Z. Monthly payments just confuse the issue. You can drop your monthly payment quite a bit by stretching out the payments over an additional year. So they can change the length of the payoff to fudge the #'s on you.
Here's my advise: sell your car privately. Price it right and it'll sell really quickly.
Then head into the dealer and negotiate the price of the Z you want. NOT the monthly payment...the total out-the-door price for the Z. Monthly payments just confuse the issue. You can drop your monthly payment quite a bit by stretching out the payments over an additional year. So they can change the length of the payoff to fudge the #'s on you.
Agree. The deal is over-complicated because you are selling a car that you do not own (lien). Sell your car privately. Then shop for a 350Z.
Agree. The deal is over-complicated because you are selling a car that you do not own (lien). Sell your car privately. Then shop for a 350Z.
How does the lien make the deal overcomplicated? Selling it outright is a good suggestion, I just don't see how this transaction is overcomplicated as it is. I would definitely think there would be a market for this type of car and the poster would likely net more for the vehicle (price sold less tax advantage that would be there in a trade) selling it outright.
The complication lies in the dealer wiggling the figures on both sides of the deal without being upfront about it. He might say "oh ok, I'll drop another $1k off the z" all while bumping down the price of the trade-in without telling you. Then they just focus on monthly payments which totally disregard the #'s game they just played.
Make no mistake, dealers are tricky. In my experience it was infinitely easier to not trade-in. When I got my Z we just flat out named a # and had them determine if they could do it or not. No "what do you want your monthly payment to be" B.S. game.
The complication lies in the dealer wiggling the figures on both sides of the deal without being upfront about it. He might say "oh ok, I'll drop another $1k off the z" all while bumping down the price of the trade-in without telling you. Then they just focus on monthly payments which totally disregard the #'s game they just played.
Make no mistake, dealers are tricky. In my experience it was infinitely easier to not trade-in. When I got my Z we just flat out named a # and had them determine if they could do it or not. No "what do you want your monthly payment to be" B.S. game.
There still isn't any complication. In that scenario, the buyer has absolutely no control of the negotiating process whatsoever and the dealer is taking advantage of it. The simple fact remains, you negotiate based on monthly payment and not what you are buying the vehicle for, you are making a mistake.
Doesn't matter if you have 0 trades, or 20. If you know the values of each, it's really not that hard.
Is this a good deal on a trade?
