Ok yeah yeah what if I could have gotten 15K. The point is if you know how much your trade is worth and what you want to pay for their car. So no my point is not flawed. If you know that your car is only worth 10k trade in value, its gonna be tough for you to get 12 for it and then have them also discount their car more too. They are in the business to make money. You should know that when you go to trade a car in. If you are looking for more money on your trade then you should never trade it to a dealer. Always private party.

I dont really care what they do with the numbers. As long as I get the number I am looking for. Like I said they can boost your trade value and not give their car much of a discount or they can not give you as much on trade and discount their car as much. Either way you will arrive at the same number. 99/100 people are not going to get max value for their trade and get a max discount on the car they are buying. The dealer would go out of business. Its not going to happen. Sure there are some people that have pals in the business and so forth, but for the most part you should try and get a fair deal. A bad deal would be trade value for yours and MSRP for theirs. A great deal thats unlikely most of the time is retail for yours and wholesale for theirs. <<<< That is probably unlikely.

Its alsways better to not have a trade at all or sell it private party. But then again most people dont want to deal with that headache.

 

Cost of car: $27,800
Tax: $2,293 (based on his tax rate of 8.25%, I think that's his tax rate)
Title & License: $300 (estimated but should be a margin of $50)
Total cost of car: $30,393
Down Payment: $9500
Amount financed: $20,893
Payments: $366 for 72 months at 7.99% APR
Total interst payed: $5475 based on MY numbers

(off by $11 from Dealer quoted payments which is a difference of about $600 in the amount financed)

I would suggest you do a 60 month loan and TRY to get it to 7.0% APR or close to it since you have bad score. Generally, the lower monthly payments you go for, the lower interest rate they will be willing to offer you. If you went down to a 5 year loan, you're monthly payment would be $423 but you would save about $1000 in interest and you would end your payments 1 year sooner. $57 a month more is not a big deal. If you could do 7% interest at 5 years, your payment would be $414/60 months and save $1500 on interest.

If you want you can PM me or AIM me and I'll give you any help you need. I've bought alot of cars and I know every trick there is from dealers.

 

I wouldnt consider high 600s a bad credit score. Thats actually in the good range. 720+ would be excellent. 680-700 isnt that bad!! With close to 10K down he should be able to get a pretty decent rate. Less risk for the bank = better rate. For your scenerio you are putting 30% down and have a 680+ credit score. You should get close to the best rates the bank has.

 

I actually came back from another dealership, got $6000 for my trade in. Didn't work out numbers since they didn't have the ppw color I wanted. I don't know what to do at this moment. I'm trying to order one, or have one shipped from the east coast. Thanks for the help. Yea and I'm going to try to lower my interest and do a 60mo term. Might just end up privately selling my car, since $6k is not the target I was aiming for.

 

What kind of car are you trading in? Year and mileage?

 

I drive a 2001 Audi A4 1.8t, 96000 miles, in very good condition. non quattro and no packages, it was base model stickered for 25.5k

 

Check out ebay, I saw a dealer in SoCal listed a lot of Z..... You may get better deal from them.

 

Walnut, First thing first. Are you in a hurry to get the Z? If not you will get more money from your Audi if you sell it to the public. Now, do you have another source of paying off the car with cash? I would assume that you are not a homeowner yet, so let's forget an equity loan. What about 401k or a loan from Mommy? Next step is to shop around and by the way the best time to purchase an '07 is around December. You can probably get the car lower than MSRP. Do not rush my future co-Zowner. Good Luck!

 

The car is paid off. I owe nothing, and haven't owed anything in the last 3-4 years on it. Yea I know end of the year has the best prices, but then that equals limited choices, I HAVE to get ppw as the color. So I don't know, maybe someone around here had the same situation as me and can enlighten me

 

I'm suprised you can't find a PPW Z. If production on 07's have stopped that means the 08's have or will start very soon which means, get the 08! Price will not be any higher for an 08. You will be able to get the 08 for about invoice which is what the 07 is going for, give or take a couple hundred bucks. I'm glad you've decided to get PPW and are sticking to that choice. That's my favorite color.

 

Here's some inspiration to help you keep on keeping on.

 

Bring a financially educated person to help you when you go. Its always good to have another person to back you up as you talk to the salesman and manager.

 

agreed i have a friend that used to work at a dealership he is a ruthless negotiator... thing is he is in iran right now

 

I brought my sister in when I got my Z. She's a loan officer, so I definitely made the best of what I could get. She was practically schooling this guy in the financing #'s.

 

I cant believe you would actually tell someone to take retirement money or refinance their house to get a car !!!!!! That is insane. You would rather finance a car for 30 years than 5??? Makes no sense to me at all.

Even if you have plenty of equity in your house I would never advise someone to take it out and invest it into something that loses money. CRAZY and STUPID

 

+1

Taking a loan on a 401k is a bad idea. If you lose your job you have to pay that back right then.

 

+2
I see SO MUCH ill advised financial help from people on this board that I have to speak up.

When you make a withdrawal from a 401k you pay taxes on it. When you pay it back, you pay it back with cash you've already paid taxes on. Then after you retire and withdraw that exact same money again, you pay taxes on it AGAIN.

Does anybody else see any stupidity in this?

 

That's a myth.

bill

 

Taking a loan against a retirement account is NOT a taxable event.

But making a withdrawal is.

bill

 

from

http://www.401khelpcenter.com/loans.html

Loan defaults can be harmful to your financial health. If you quit working or change employers, the loan must be paid back right away. It's not uncommon for plans to require full repayment of a loan within 60 days of termination of employment. If you can't repay the loan, it is considered defaulted, and you will be taxed on the outstanding balance, including an early withdrawal penalty if you are not at least age 59 ½.


from

http://www.stretcher.com/stories/980525a.cfm

This requirement can have important consequences. If you leave your job, you can expect to close your 401k plan. That means that you need to repay any loan balance. You might have to turn down a job offer with a different company because you can't repay the 401k loan. Worse yet, you might have the whole loan due just when you've lost your job to downsizing. Talk about bad timing!


from

http://retireplan.about.com/od/401ks.../401k_loan.htm

If you leave your employer prior to paying off your loan you will be required to either pay the entire balance due immediately or the balance will be subject to taxes and penalties like a withdrawal.

Maybe its a myth but it is on several sites that talk about 401k loans they mention it. If all else fails, talk to your plan manager