M3owner

I am a new member to this board, and I was just curious as to your payment plans with nissan, such as how much monthly you were paying, and what kind of down payment you put down. This way everyone can compare prices and find out who did and who didn't get screwed. lol. Thanks again for all your help.

rai

No one is paying anything right now for their Z's because no one has a Z yet. They are not out yet. We have to get the car before we make any payments.

alawoowoo

I want my payment to be about $550 a month for 66 months, so I think that means about a $7,000 down.

DaKine-Z-

Im going to put down $15K and finace the rest. Total drive out price for my PPW 6sp Touring is 36,360.68 (excluding financing) I think that makes the payment with an average 6% apr for 60 months to about 330-350 monthly. It would be really nice if nissan offered the pre-orders a 0% finance rate. That would make driving my new car that much sweeter.......

z350z

I am thinking of doing something really odd, but I can't see why not: I have a credit card that is offering 3.9% interest on any cash transfer (i.e. they will write you a check for any purpose) until the balance is paid off. The credit limit is $22,000 (and I have about $20k in cash to put down.)

So I figure as long as the card has a zero balance when I get the cash, and as long as I don't put anything else on the card until it is fully paid off, this is better than a car loan for the following reasons:

• 3.9% is lower than any car loan I have seen
• No finance company will have the title on the car: ALL MINE!
• I am not obligated to make a huge payment each month, but only the minimum (I know, that's a dangerous road to go down and it's best to treat it as a regular loan)

There are no additional fees of any kind.

Am I crazy, or does this make sense?

Scafremon

My credit union is doing 3.9 on 3 year loans. Add a point for each additional year. My guess is most credit unions are in line with this. I'm not sure about any downsides to putting the car on a credit card, except for the obvious one that you would have to have discipline. The only other thing I can think of is that you would basically have a 10K unsecured debt. This may not look good on a credit report to any future creditors.

VaGentleman

I have a Wachovia card that is prime rate for life. I had the same idea to "put it on my card".

However, at the car dealer, they don't just swipe your card through a reader for the transaction. You would have to write a check, i.e., those checks that the credit card company gives you for balance transfers etc. HOWEVER, there is a transaction fee involved with this and it makes the net rate much less attractive. I would call your credit card company and discuss your idea.

NissaNZ

On average the way you can estimate your payment just take total $1000 borrowed and multiply by $20.

For Example:

Lets say you borrow $20000 after down payment.
so that's $20000/$1000 = 20 *$20 = $400/month

Now ofcourse the exact amount will depend on interest rate but that's a very good estimate, works all the time.

Aldous

another way to do it is to add $100 for every $5,000 you borrow and that is approx. how much you will pay a month

BILL T

I'll write a check from my house equity account - the interest is deductable and payment will vary but I'll try to repay about 2K per month. My house and other cars are paid for so this shouldn't be difficult..I guess there ARE advantages to being almost 50 years old.

abz123

Isn't there like a 2% cash advance fee for using the cash transfer option....so the interest rate would be higher. Right?


NOTE:
Cash advance limits are usually lower than credit limits.....somewhere in the neighborhood of half of credit limit (i.e. credit limit of $22,000 = $11,000 cash advance limit)

2003z

iTrader: (7)

most cc checks are a percentage like 2% up to a maximum fee, usually $50 or $75, so it would be insignificant

BILZ Z

Zero, zilch, nada. It's about time I can pay cash for a car. Finally, no payments, at least until the convertible comes.

z350z

Thanks for the feedback on the credit card question. Apparently (I got it verbally and in writing) there are NO transaction fees of any kind on this offer, so I think it's sounding pretty good. I plan to pay most of it off soon anyway, so I think this is the way to go.