0% coming back anytime soon?

Davey

They usually offer 0% on the Z at least once in the spring... Like right now.

IMO, Best time to buy a car is when you can get a good deal on the car you want. No point in saving a few hundred bucks on a car that's not the color or exact options you wanted.

birdman71

dat_obviousness by Davey lol


There is no excitment if you have to save a couple hundered dollars to end up with a different car than what you originally inteded.
The color year, model and body style is something you should have decided whenver you want a new car. Next Dont be afraid to shop and dont be afraid to tell the dealership salesman that if you dont get the deal you want on the car you want that you are walking. If you go at the end of the month when they are trying to meet quotas, then you have the leverage to make them say okay let me look at this again and get you a lower price.

Remember to go the Monthly Payment and APR you want after they have given you the total price you want on the car. Lower total price mean lower monthly and apr period.

remember there are lots of dealerships and even some willing to let you leave with the price monthly and APR you want. Just gotta do your homework

I left the dealership with an 09 370z touring/sport loaded for 19,999 sticker price. was out the door just under $24,000 with t,t,l, and sadly since I couldnt get a vehcile loan through State Farm to get their Payoff Protector, I had to get GAP insurance too (payoff protector is exactly like GAP except through a regulated Insurance Company, GAP insurance is not regulated by the Department of Insurance). So i felt more comfortable like this, but couldnt get that part done.

Still though, left the dealership with the car i wanted for the price i wanted and the payment and APR that was best. patience is a virtue

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darkphantom

I just realized that as much as I would like to stay at the low $300/month range, 0% on a new car means I will just be that much happier with a lower monthly payment.

Car 1: $28k drive out
$5k down
3% APR @72 months - $348
not new, used maybe 2013 or 2014

Car 2: $30k drive out
$5k down
0% APR @72 months - $347
brand spankin' new.

brancky3

When I bought my 2014 the 0% deal was only for 60 month financing, not sure if that is still true.

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darkphantom

Thanks for the heads up! I'll ask around before I pull the trigger and disappoint myself

Davey

Yeah it is only up to 60 months.

Also... It's your call, but there is no reason to put money down when you are getting 0%.

Davey

Right. Or not getting a car at all!

I guess what I was trying to say is, true, you get the best price at the end of the month... But you gotta strike while the iron is hot, too.

If you missed out on buying the car of your dreams because they had 0% APR on the 20th but you figured you'd wait another 9 days to go make the deal and it gets sold, you have to be OK with not getting the car you wanted because you wanted to save a little bit of money.

I more look at the "end of the month" thing as a guideline as to how hard I'm going to have to work the sales guy and/or if I'm going to have to leave and let them call be back to close the deal.

birdman71

yeah 0% only lasts for 60 month terms on loans.


But if you do not put the 5k down on the car while getting 0% apr his monthly payment will be much higher since there is more car to pay for over the course of the term of the loan. Also make sure to confirm how long you get 0% APR for. Some dealerships will do max 60 month terms on the loan but

money down = lower monthly payment
great credit will qualify you for that 0%

Also remember that they make more of the same type of car, there will be another if you miss an opportunity like Davey's talking

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Davey

So let me get this straight...

You want to give them money now, so you don't have to give them the same amount of money much, much later...

My friend, this strategy is a bad one. Trust me. The math does not work out.

Even if you just let that money sit in your account and pay the extra $whatever a month using it, it's still a better idea to keep the money.

birdman71

I do car loans as part of my job at State Farm. If we were to look at strictly amount financed and monthly payment:

take car 2 for example but change it to the 60 months due to the 0%apr.
Car 2: $30k drive out
$5k down or No money Down
0% APR @ 60 months - no credit help for lower payments
brand spankin' new.

Now just on Monthly payment using the simple math, no credit involved and no dealership qualifying you for a lower price using credit:

With 5k down,(25,000 financed): monthly payment would be $416.66 (about)
25000/60

With no money down: monthly payment would be $500.00 (about)

30000/60

That is at the start, then when whatever APR you agree to, if it is a higher APR the monthly comes down, if you choose a lower APR the monthly goes up.
So yes the amount you put down on the vehicle will affect the monthly payment because it affects the overall amount you do have to finance: either $25,000 or $30,000. But if there is a 0% APR in play, Whether or not you put the 5k down it will not change the amount financed.

Its all personal preferrence on whether or not you want a higher car payment or a lower car payment when putting money down. Not only that but the amount you put down on the car could help qualify you for a lower monthly payment anyway. Could be used as a type of collateral on the car. Dealership will be more comfrotable giving you a bit lower price because they know you paid to have that monthly payment. If worse comes worse for the dealership and the person defaults on the loan, they repossess the car and keep the money.

That is where you are correct at one point Davey, is that if you do get 0% APR,it does not affect the amount you do have to pay between now and much much later.

As for using the money little by little by paying for the difference between your requested monthly payment and the monthly payment given. you acutally pay out like a dollar more than 5k. comes out to like $5000.40
The 5k has already been saved for the car, why not use it for what it was intended rather than it be possibly spent on something else during the course of 5 years.


Will credit get you that lower monthly too by the dealership or bank, abosolutely.
Like I said, all Personal Preference with their financial situation.

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Davey

Dude, you save money putting money down when there is a finance charge. End of story. Clearly I'm not saying putting money down on a car is a bad idea, if you are following along, we are talking about financing a car with 0% APR. We are not considering any other interest rates.

You do not save money putting money down when there is no finance charge. There is no finance charge at 0% APR.

You can pay the $5000 now, or you can pay the $5000 over the course of 60 months. You get to keep the remainder of the $5000 until it is due. And it costs you *nothing*. A dollar? Are you serious? It costs NOTHING.

When you are talking about 0% APR, paying someone money down to lower your monthly payment is flat out dumb. You don't need to make the dealership "more comfortable" - you qualified for the loan at 0%. If you're afraid you'll spend the money on something else, you have a discipline problem.

Putting money down when you are paying interest is smart, it saves you money. Putting money down when you are getting 0% APR is not.

brancky3

x2 on this. Save the money from your down payment and invest it, or put it in savings. Even at 0.05% return on that money you'll still come out ahead in the long run.

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Uxi

Stealership told me this didn't apply to the Nismo. Were they telling the truth?

brancky3

They lied.

The Nismo is listed as "COUPE 370z NISMO", meaning it falls under the 'above-noted vehicle' specification

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Uxi

That's what I would think but wouldn't they say "COUPE 370z NISMO" is not the same as "COUPE 370z?"

Presumably by that logic, "COUPE 370z SPORT" and "COUPE 370z TOURING" are also different, though and it only applies to base models?