Deal too good to be true?

birdmanx1 · 10-03-2011, 08:32 AM

Quote:

Originally Posted by Red__Zed

Not sure if serious.

Lots of people get great deals paying that way. I bought my Subaru with half down, you can check with phelan to see what kinda deal I got on that...$500 under invoice with snow on the ground, only wrx within 100 miles. I've only seen a handful of pepole do that well since.

Having seen the prices you paid for your car, I'm not sure I'd be telling people they "know nothing"....Besides, it's uneccesarily combative and isn't helpful.

+1 Say it as it is Red.

victort · 10-04-2011, 02:31 AM

Quote:

Originally Posted by birdmanx1

+1 Say it as it is Red.

i agree with red zed too. why pay so much interest on a rapidly depreciating car?

poorazn · 10-04-2011, 09:48 AM

Quote:

Originally Posted by RunNgun

They basically gave me the Z for around stock invoice price for a 7 year finance at $480/month. With no down payment, I figure they are putting me around 7% APR to make up for them overpaying on the altima, which is bad since I have outstanding credit. .

Apparently I have no idea how car buying works.... They are FORCING you to use their financing? or they just gave you a "total package" and you are assuming a 7% APR effective rate based on monthly and what price you think you got the Z for?

"I'm 18 months into a 39 month lease and I want out.... Obviously on the altima I put $4000 down, but I dont want it anymore and I owe 23k left." YOU OWE $23K for 18 more months on a LEASE!? after $4k down? PLease please please say it aint so... Thats like $50k to lease an altima for 39 months? I dont believe it. Leases generally bind you to the term of the lease, not the buyout cost of the car.

Your monthly lease payments on the altima must be like $200-$300. A lease buy out would be $300*18months = $5400

Maybe you got the Z for
$40320 with 0% APR for 7 years..... or
$36451 with 2.9% APR for 7 years (roughly the rate for a 7xx credit score) which is about $7000+ over invoice on a 11 370z base

Looks like they tacked on $5400 remaining lease payments on to a MSRP base 370z and gave you 2.9% APR for 7.

My math could be wrong, I'm not a very smart man, but it looks like you paid for the next 18month of the altima you wont be driving and bought a Z from them.

RunNgun · 10-04-2011, 06:05 PM

Your second assessment is correct poorazn. They actually did try to finance me at 2.75%, they sold the stock Z for $32,718, and just added on my remaining lease payments for a grand total of something like $36,800.

I definitely got bamboozled and have a lot to learn about car buying. I contacted my credit union and they said I was approved for a loan at 36k, so I'm just going to either trade in my lease and be a little more aggressive in getting the payoff I want on it, ride it out till 2013, or use a service like Swap a Lease to get someone to take it off my hands and be rid of all future payments.

Then I will approach a dealer with the check written out for the amount I intend to pay and that will be that, they can either take it or leave it. I'm thinking of offering something like 31k or 32k for a touring sports package.

victort · 10-04-2011, 09:35 PM

there's no way you're getting a 2011 touring sport for 31 or 32,000

birdmanx1 · 10-05-2011, 09:12 AM

Quote:

Originally Posted by RunNgun

I definitely got bamboozled and have a lot to learn about car buying. I contacted my credit union and they said I was approved for a loan at 36k, so I'm just going to either trade in my lease and be a little more aggressive in getting the payoff I want on it, ride it out till 2013, or use a service like Swap a Lease to get someone to take it off my hands and be rid of all future payments.

May I suggest not to look into leasing anymore? To me, the idea of paying for a rental car all the time without gaining any equity seems like dumping money to trash... just my personal opinion.

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10-04-2011, 06:05 PM	#19 (permalink)
RunNgun Base Member Join Date: Sep 2011 Location: USA Posts: 80 Drives: 2011 370z black AT Rep Power: 14	Your second assessment is correct poorazn. They actually did try to finance me at 2.75%, they sold the stock Z for $32,718, and just added on my remaining lease payments for a grand total of something like $36,800. I definitely got bamboozled and have a lot to learn about car buying. I contacted my credit union and they said I was approved for a loan at 36k, so I'm just going to either trade in my lease and be a little more aggressive in getting the payoff I want on it, ride it out till 2013, or use a service like Swap a Lease to get someone to take it off my hands and be rid of all future payments. Then I will approach a dealer with the check written out for the amount I intend to pay and that will be that, they can either take it or leave it. I'm thinking of offering something like 31k or 32k for a touring sports package.

10-04-2011, 09:35 PM	#20 (permalink)
victort Base Member Join Date: Jan 2009 Location: Los Angeles Posts: 192 Drives: MB Rep Power: 16	there's no way you're getting a 2011 touring sport for 31 or 32,000