wow thats terrible dude. thats like 8-9k over msrp... i realize its in canadian dollars. but still.
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$500 a month for a Mazdaspeed3?
- Thread starter microman777
- Start date
wow thats terrible dude. thats like 8-9k over msrp... i realize its in canadian dollars. but still.
That's how one gets oneself into a perpetual upside-down state on cars. Trading in while upside down, having to finance over 8 years to afford it, not keeping the car for 8 years and selling while upside down, rolling that debt into the next loan, financing that one for even longer. Where on earth do you even get an 8 year auto loan? I sure as hell hope you opted for the GAP insurance.
GAP is a must if you want to play that hard.That's how one gets oneself into a perpetual upside-down state on cars. Trading in while upside down, having to finance over 8 years to afford it, not keeping the car for 8 years and selling while upside down, rolling that debt into the next loan, financing that one for even longer. Where on earth do you even get an 8 year auto loan? I sure as hell hope you opted for the GAP insurance.
now let's talk about what we can and cannot afford....
easy loans...
mortgage crisis...
I hear ya...For serious... I'm 28 and I know I have no business buying a new car. That's why I drive a 7-year old car with 77k miles on it. Still a very satisfying drive.
for the same reasons I drive ms3 and not a Z06... but eventually the time will come ))
- :
- 2001 Mazda MP3
simple way to estimate a car payment with decent credit is $100 dollars for every $5000 financed, so $25000 dollar car with no trade in should be no more than 25000, but with a trade and STILL costing 500 a month is a RIP!!! go somewhere else to get financing
Lil_vicious559
Banned
- :
- Mazdaspeed 6
simple way to estimate a car payment with decent credit is $100 dollars for every $5000 financed, so $25000 dollar car with no trade in should be no more than 25000, but with a trade and STILL costing 500 a month is a RIP!!! go somewhere else to get financing
It's $20 for every $1000. Which is the same thing....(screwy). But yes you're right, if you walk in the dealership without a vehicle to trade-in. A $25000 dollar car should be no more than $25000 for what you pay. Unless you have horrible credit, and need a Down payment. That's the first thing they look for is a (Down payment). Damn crooks
Id say dont go the trade-in route.. sell your car and you will get a lot more money. About 18 months ago I went to a mazda dealer to test drive a speed3, I had no intention to buy but I negociated with them anyways, I had them down to 19k. They were offering me 2500 for my msp wich was then entirely stuck and under 60k miles. I laughed at that but my monthly payment would have been around 380/month for 48 months.
I could have easily sold my msp for twice that much.
I could have easily sold my msp for twice that much.
I was upside down on the RX8, but it was a lease, so I was screwed if I kept it and screwed if I traded it in. What sucked is that Carmax was going to give me more for it (I was originally going to trade it and the Mazda6 in for a sharp TL Type-S), but for some reason they simply could not undo the lease. They tried and couldn't get the right information that matched the registration or something.
The stealership where I got the Speed had no problem undoing the lease red tape. It was weird. I wouldn't be posting on this board now if Carmax could have done that.
I overpay every month, though, to cut interest down. I got the car in June, and as of the end of this month I have the balance down to where I am now paying for the 3 and no longer paying on the RX8's negative equity. I still hope to have my new car paid off in 2 more years.... it'll save me thousands in interest.
The stealership where I got the Speed had no problem undoing the lease red tape. It was weird. I wouldn't be posting on this board now if Carmax could have done that.
I overpay every month, though, to cut interest down. I got the car in June, and as of the end of this month I have the balance down to where I am now paying for the 3 and no longer paying on the RX8's negative equity. I still hope to have my new car paid off in 2 more years.... it'll save me thousands in interest.
example: When we went in to buy my wife's 2010 ms3, we got all the details worked out, then I started talking trade. Her previous DD was a 99 Sentra SE-L. They told us they'd give us exactly $400 for it. (Yes, that's four hundred.) We sold it privately for about $2,200.Id say dont go the trade-in route.. sell your car and you will get a lot more money.
microman777
Member
^^^Wooow!!! I have never known of a dealer that will give an appraisal of $400. Thats just ridiculous...
Series man! Mazda needs to clean house of who's running their stores.
boostfreak
Member
- :
- mazdaspeed protege
you could maybe find one on another web site from a personal seller and get a loan from the bank and pay the bank back and not even have to go to a dealership.
I told them I wanted 6k, but it doesn't seem they adjusted the price for it. These guys were trying to eat me alive. I should have only had to finance at least $18-19k.
Anyways it don't matter anymore as I'm keeping my MP3.
$19K financed at a 16.5% interest rate is basically $500/month for a 5 year loan. Go to www.bankrate.com and do the calculator yourself.
If you had better credit, that same loan would only be $370/month.
By myfico.com these would be the rates.
<table id="tblSelectedRateData" summary="Current interest rates for different FICO score ranges"><thead><tr><th scope="col">FICO score</th> <th scope="col">APR [?]</th> <th scope="col">Monthly payment * </th> </tr> </thead> <tbody> <tr style="background-color: rgb(255, 255, 255);" id="row0"> <th scope="row" id="range0">720-850</th> <td id="rate0">5.804%</td> <td id="payment0">$366</td> </tr><tr style="background-color: rgb(255, 255, 255);" id="row1"> <th scope="row" id="range1">690-719</th> <td id="rate1">7.470%</td> <td id="payment1">$380</td> </tr><tr style="background-color: rgb(255, 255, 255);" id="row2"> <th scope="row" id="range2">660-689</th> <td id="rate2">9.504%</td> <td id="payment2">$399</td> </tr><tr style="background-color: rgb(255, 255, 255);" id="row3"> <th scope="row" id="range3">620-659</th> <td id="rate3">13.269%</td> <td id="payment3">$435</td> </tr><tr style="background-color: rgb(255, 255, 255);" id="row4"> <th scope="row" id="range4">590-619</th> <td id="rate4">18.084%</td> <td id="payment4">$483</td> </tr><tr style="background-color: rgb(255, 255, 255);" id="row5"> <th scope="row" id="range5">500-589</th> <td id="rate5">18.613%</td> <td id="payment5">$489</td></tr></tbody></table>
These are a bit high though as I have seen some credit unions offering loans in the 4s.
I got sick a long time ago with trying to take the whole car buying thing piece by piece as the dealer is ALWAYS trying to fight you on it.
So now I go and get approved for a loan at a bank or credit union on my own.
Then I know the rate the dealer should give me.
Then I look at the realistic trade value of my car vs what I owe.
Then, last I hit a series of websites to see a realistic price for what I am buying allowing the dealer some profit.
In this way I know exactly what my loan will be per month for the length of the loan I want. If anything is out of whack, I can easily call them on it. Also from time to time, I actually pull up bankrate.com and run the numbers on one of the dealerships computers while the sales manager is talking to me. Rather funny to see their face when you do this.
Also if the rate is higher then I know I can get I will tell them this and that I am already approved. Sometimes, quiet honestly they will say the price of the car depends on taking that particular loan. This means the bank issuing the loan is giving the dealer a kick back and this is fine as the deal needs to make money but that rate should be within a point of the lowest rate you qualify for for every $500-$1000 difference to the cars price.
This happened when I got my genesis. I got 4.5% from my credit union but the car was $1000 cheaper by taking the dealers 5.3%. Where that difference only cost me $500 over the life of the loan, I took the dealers rate. At that point they had already messed up appraising my wife's car as a G6 instead of a G5 so I just took it an ran!
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yep, mine's at 3.99 right now
https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp
to add to your post - $19K financed at 16.5% interest rate for 5 years = $30,000 paid out (boom05)
https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp
to add to your post - $19K financed at 16.5% interest rate for 5 years = $30,000 paid out (boom05)
Series man! Mazda needs to clean house of who's running their stores.
Haha fo realz!! and i thought Mercedes was bad...I stand corrected (boom03)
Now im even scared to step foot in a Mazda dealer..they might want to charge me for parking on there space....eek
kickniteasy
Member
that's the reason I got a wrx....the mazda dealer wanted to screw me on payments.....best they'd give me at the end of the day was 520 a month/60 months on a MS3. Subaru got me 470 a month/60 months on the car I really wanted (CO + AWD = FTW). Keep in mind on my protege after 15K miles they swore I needed a new clutch or my car wouldn't make it home. I sold my car to carmax at 60K with the clutch still going strong. Mazda dealers have ruined the brand for me.
Well im just gonna stay with my MS3 for a long time till I can afford something like an Evo or STi....but most likely I wont try to get another Mazda since there trying to rip people over...maybe if they calm down ill get some newer model they come out with...but for now ill stick with the one I have.
I got 239 a mo @ 5.2% 19.5k out the door 16% not worth it for every 100$ you finance you pay them 16 bucks
If that was how compound interest worked, he could be so lucky. It will be thousands worse than that if he doesn't overpay when he can.
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