finance the car?...I wanted to put down around 16gs and finance the remaining 4gs. Would the dealership mandate FULL insurance? I only wanted to full 3rd party liability...any help is appreciated..thanks

 

Not too sure on the insurance requirement with that much down payment, but EVERY new car I've financed was required to have full coverage (and it's been quite a few over the years). The lender is the one that sets the requirement, not the dealership (unless they're carrying the note). Check with your insurance agent....

 

thanks man..your right..I just called the dealer and he told me comprehensive insurance is required even if the down payment is the majority...crap. I dont have enough money to fully ensure a Z...that must be thousands

 

probably like 1-3k per year

 

Yes, in the state of TX we do. Full coverage is required if the car is financed.

 

so take out a personal loan for that 4k. or put it on a credit card.

it sounds like you really want to do PIP insurance, which is dumb on a 20k car. but its your choice. you do have other options. so long as you dont have the car as collateral on a loan, you dont need full insurance.

 

Indiana too! 500 minimun deductible.

 

NYC has some serious insurance costs! I'm sure you'll need full covereage which, I believe, will be around 100k/500k/50k or something like that. For insurance purposes it was cheaper to keep my old beater car and say that was my primary transportation and I only drove the Z 2k miles a year.

 

im 20...I guarantee you comprehensive insurance is more than 1-3gs =/

Im going to pull it off somehow...I would take a loan out from the bank but they ask you for what purposes you will use the money. If I tell them its for a car they will also require full insurance

 

Don't mess around with just liability...unless you have the value of the car sittin around. It's not the dealer that mandates it though, it's the lienholder. They have an asset to protect, and you're driving it.

 

If you can't afford to insure the car comfortably or if you can't comfortably afford all the other things that go along with a car like maintenance, gas, etc., then you probably shouldn't get the car. A car is not a financial investment in the first place, and taking out unsecured loans from a bank at a very high interest rate just to insure the Z is an even worse mistake.

Just trying to give you some advice.. that's just my 2 cents. But take it from me.. even if full coverage wasn't required, you would want it anyway. My friend has a G35 that was only covered with liability insurance... long story short, he got rear-ended on the freeway in a 7-car pileup, the driver behind him was drunk and did *not* have insurance, so now my friend has to fix the G himself out of his own pocket and sue the driver for whatever money he can get... he hasn't gotten his G back yet and it's been about 6 months.

Here's a thought for you that might be a better idea than what you're trying to do.. instead of putting down 16g's (which is quite substantial), why don't you put down 13g's and finance the remaining 7g's. That way you can use the 3g's that you have in cash now to pay for insurance. It's a smarter financial move because financing 7g's secured to a car will give you a lot lower interest rate than financing 4g's secured to a car + 3g's secured to nothing on a personal loan from a bank. Also, if you do get a loan from a bank, they may have to run your credit report again.

ps: If you still decide to go to a bank, just tell them the reason is for "personal use".. don't give them details. Or just say "bills". I used to do loans so I know a little about how they work.

 

in california...... if you don't own the pink slip...... full couverage is mandatory

 

Find a company that lets you make monthly payments. In your case it may be like having a second car payment, but it's better than one big chunk of money all at once.

 

You have to be a high roller for a auto finance company to give you money without insurance coverage on your security for the loan.

 

Always a YES. No matter you financed it, leased it own it outright, always buy full coverage insurance. If you can't full coverage, don't buy this car.

 

They can't demand full coverage unless they take the car as collateral for the loan. If you have good work history and decent credit they shoudn't have a problem with a 4k signature loan, if they do, look elsewhere. However - consider that you are hanging 20k out there at the mercy of others as well as yourself. That is why lenders insist on insurance when the only collateral is the vehicle.

 

No offense man... STUPID idea not to have collision on this car. You get into an accident and it gets totalled, are you willing to pay a loan for a car you no longer possess?

 

My fear is this young man is going to buy this car without full coverage, drive it off into the snow, and we'll be reading a post is month or two entitled "These cars scuk in the snow, what do I do now?"

Ice and the 350Z just doesn't mix unless you spend a thousand dollars for snow/ice tires. Even with that anyone can get hit by an uninsured/underinsured driver on these icy days. In this case, this guy will end up without anything to show for his $20K dollars.

BTW - Don't forget taxes you'll have to pay. On $20K in Cali that's another $1750.
In NYC it might be more than that.

I wish you the best of luck on you purchase and insurance !!! Maybe just waiting another six months will make it little easier to handle the insurance. Just another option.

 

all of you gave me good advice...my brother also told me with a car like that, I definitely should have full insurance on it regardless of what the dealer tells me. So thats what Im going to do. I will hold off on it for another 3 months and give a slightly less down payment...that way I can handle the situation better. thanks

 

I think your a smart guy. That three months will go by fast and you'll feel a lot better about driving around your new car with the protection. Plus, it will give you more time to find exactly what you want. If you find the right car at a dealership betweeen now and then they will let you put a deposit on the car and you can set up payment on final pickup as much as 90 days later in many cases. That could really work to your advantage.

Shop that insurance as well. You know about Progressive and Geico sites right?
Doesn't cost you anything to shop.