I'm thinking about trading in my 4 months old Scion tC for a 350Z Enthuisast, mostly Pikes Pearl White or Redline.

Quote from a reputable dealer:
Tell me what do you guys think...manager told me there are a little more room to go down...

 

You must be taking quite a beating trading in a 4-month old car!

The one thing I notice...the interest rates must be shocking to estimate payments that high! If I read that right, they must be estimating 9-10%!

I just financed mine for 60 months and got 5.9% thru Nissan.

 

I've been shopping around also and I think its a good deal I havent found an enthusiast under 27500 I beleive. Would you mind if I can get the name of the dealer from you so maybe I could get a dealer here in Florida to lower their price? Thanks

 

ohh wow I didnt notice the payments... Minus the APR shooting your payments through the roof I think its a good deal. Try looking for a loan somewhere else would be my $.02

 

oH! I forget to ask for the financing rate....i dont even know what it is. I got pretty good credit. I got 5.2% thru Toyota for my tC.

 

With your credit you should be good to go!!! I just went to Edmunds.com and plugged in all the numbers you have posted and came up with an amount finainced of 25061, and with 0 down payment and 6.8% APR the payment should be around 493. I then tried to figure out what APR their estimates are based on and the best I can figure is that it is about 10.5%. If you were to give them a 2000 down payment on top of your trade in, you payment should be in the 437 neighborhood. Just remember to negociate on the cost of the car, not the payments, and then get financed through your bank or credit union. Then Nissan has to at least match that APR or beat it, but you will know that either way you got the best deal you could.

All in all, it sounds good to me. Just make sure to get your own financing.

Edit: Forgot to mention, the 437 estimate was based off of the numbers worked up by the dealer with an APR of 5.2% and an additional 2000 down payment. Good Luck!!!!1!

 

+1. not TOO bad of a deal. there is a bit more room to work if you are a good negotiator, but overall this doesn't look that bad. i say get some financing and get it

 

Nissan matched my credit unions rate of 4.9%. So dont budge if you are not getting good rates.

 

Will do that thru my bank i guess. Thanks for y'all!

 

just ask the dealer if he gives you the same price if you finance it with somebody else. I know the easiest way to screw people is through payments.... always look at the total cost of financing (payments, time frame, interest rates).

 

hey Eiso, what model are you getting? base or enthusiast? i was wondering because im going to out to buy one tomorrow, tia

 

Enthusiast of coz. HID, Track contro, and more for $2-3k. Why not. But I also noticed, base model also got HID. I dunno why. You wanna go look together, seriously?

 

well, im pretty much finished looking around, i called champion today and they wouldn't do it for less than 28k for an enthusiast

got quoted for 27.3k for an enthusiast with the aero package, mats, and door sills... but im not trading anything in

when did the base model start having the HIDs?

BTW what is the Champion discount on that quote sheet?

 

I got my quote from Champion too! Ask again.
There isnt any auto left anymore, they have only one Euth left as I remember. I wanted to get the White, thats what i got quote for.

 

Just a question. How come everybody says to use a bank? I asked my bank for a car loan and he said I am better off using the dealer for financing. He quoted me 8.649% than the dealer 5.9% plus closing costs of almost $6000.00. This was not an equity line of credit.
What is needed for a loan from a credit union when I do not belong to one?

Richard

RichChiM3@aol.com

 

That dealer is not quoting a 2005 Enthusiast. Base MSRP for an 05 Enthusiast 6MT is $28,750 plus $580 destination which equals $29,330. Your quote sheet is for a Base model Z.

 

Most of the time you can get a better rate through your bank. That and the bank will tell you what APR you have qualified for. At a dealership when you go back to the financing room to do all the paperwork the finance guy will just tell you what you qualidy for. The good ones will actually show you what their banks will give you and thus financing through the dealership isn't that bad. However, some financing guys will tell you that you only qualify for say 7% APR, when in fact you may qualify for 5.5%. If you don't argue and just go along with him, then the dealership makes 1.5% for the life of your loan. That may only be a few hundred to maybe a thousand or so over the life of a loan, but if the dealership does this to everyone then it really adds up for them, and its free profit.

If your credit isn't that good, then yes, the dealership may be able to give you a better rate. You just have to know where your credit stands and not just accept any offer they throw at you.

Credit unions you have to meet some criteria before you can join. For example: you have to be employed by certain companys, live in a certain area, go to a certain school, etc... If you live in a larger city then chances are that you can get into at least one credit union. Credit unions often have better rates than banks. This is for statistical reasons. Since you have to do something special to get into the union, they now about what your lifestyle and income are based on everyone else that qualified for membership. Therefore, if your credit is good, you can get a better rate.

Sorry this is a little long, but I hope it helps ya!!!

 

I was a first time buyer with no credit, my dealership got me into a base model for 27.5 they gave me a rate of 8%, I researched and said thats pretty good rate for a 1st time buyer with no credit, They also Included a 3000 Full warranty coverage for the term of the loan due me bieng a 1st time buyer. I will pay 600-700 a month even though my base payment was 545/m after 3 or 4 months paying this I have a base monthly payment of 490, then 430, then who knows, the point is after 1 year of overpaying, my credit is good to go and now I can haggle with the % of the loan, I am now being offered 5% etc..

So I am thinking of
A: Trading the 04 in or
B: getting a much lower rate.

I guess it depends on the person, I had no credit when I went into this.

 

Try a credit union over a bank. They are in more of a hurt to get loans and to compete with larger banks they usually have the best rates. I just bought my fiance an 02 Honda Civic and got a 5.75% interest rate even with her not so great credit on it through a credit union. They're your best bet I would say.
Oh by the way, usually the older the car the higher the rate, so that's an extremely good rate. On an 05 you should be right around 5% or less if you aren't using the dealership. They add percentage points to the price from the lending institution and make profit on the financing so going outside is better for you in the long run even though it may be more work.

 

The price of the car and the trade in value might look good but DEALERS will always jack with you on the finance.....they work numbers by the intereste rates.

1st - Get the price of the car down to the lowest. (If your not happy with the offer, walk away....they will always call you back)
2nd - Make sure you get a fair value of the trade in. (Do research before trading it in)
3rd - Make sure you know what type of interest rates (Simple or Compound) Shop around - It doesn't hurt your credit score when you're shopping around for car loans.
4th - I always ask for the extended warranty part of the sale.....ask them...it doesn't hurt to ask.
5th - During a sale's nego, I find it much easier...an advantage to walk in the dealership with an approved loan.