View Full Version : Did i get ripped off?
Vivid-Cruz
10-09-2003, 10:45 AM
I cant figure out if i paid too much for my Si.. Plez help...
i was told by the salesman that i was getting the car at 5% interest for 17,000 with no money down.. and a 1500 negative equity from my previous car attatched onto the loan.. I made the deal at 345 a month for 72 months.. With taxes and licensing and such.. Help!!
Thanks
sniperSI
10-09-2003, 10:49 AM
give me a break, i paid 19,450 with 400 down and higher intrest rate. You didnt get ripped off, in fact you got the best deal for your age no doubt.
Gasp23
10-09-2003, 10:52 AM
I'm paying $381 a month and I gave 2K down. Oh well I'm happy with my EP, best car ever.
Chinaboy
10-09-2003, 10:54 AM
my dad downpaid 8, finaniced through honda 10K, and we are paying 175 a month at 1.9APR for 5 years... that is cheaper than renting a car a month =P
STP03BlueSI
10-09-2003, 10:57 AM
I pay 297 every month. at 1.9 and i financed about 16
MasterVTEC
10-09-2003, 10:57 AM
wow i feel good about my deal now! 17000 selling price, 300 down 1.9 intrest rate, i pay 315 a month!!!!
Spidey
10-09-2003, 10:58 AM
yeah but he's paying over 72 months, most loans are over 5 yrs.
are you sure your paying over 72 months? your payments look like it's
amortized over 60 months. unless taxes are several thousand more.
it seems like you got a good deal, especially since you didn't have a downpayment
bobdobbs
10-09-2003, 11:04 AM
Originally posted by Vivid-Cruz
I cant figure out if i paid too much for my Si.. Plez help...
i was told by the salesman that i was getting the car at 5% interest for 17,000 with no money down.. and a 1500 negative equity from my previous car attatched onto the loan.. I made the deal at 345 a month for 72 months.. With taxes and licensing and such.. Help!!
Thanks
The numbers don't add up. With $1500 negative equity, plus registration, your basis is $18700 plus tax (8.5%). With 5% interest, for 72 months, I get $327 per month. What's missing?
dtexan
10-09-2003, 11:08 AM
I pay $330 a month with $1000 negative equity for 60 months at 5.9%
bloodzombie
10-09-2003, 11:14 AM
Originally posted by bobdobbs
The numbers don't add up. With $1500 negative equity, plus registration, your basis is $18700 plus tax (8.5%). With 5% interest, for 72 months, I get $327 per month. What's missing?
taxes? destination charge? maybe he bought the protection plan?
Personally, I think if you have to spread it out over 6 years, you're buying a car that you can't afford and you should look at something cheaper. But since that's not what you asked, yeah, I think your deal is not bad.
Vivid-Cruz
10-09-2003, 11:23 AM
Originally posted by bobdobbs
The numbers don't add up. With $1500 negative equity, plus registration, your basis is $18700 plus tax (8.5%). With 5% interest, for 72 months, I get $327 per month. What's missing?
that is the calculation i keep coming up with as well.. but now i dont feel so bad.. if they took me for a grand.. oh well.. im happy with my ride..
And.. true .. i cant afford it now.. but ill be out of med school by the time my loans up.. and hopefully things will be different
thanks for the input guys...
bobdobbs
10-09-2003, 11:27 AM
Originally posted by Vivid-Cruz
but ill be out of med school by the time my loans up.. and hopefully things will be different
Yeah, things WILL be different. You'll be too exhausted from your internship to worry about cars! :D
bloodzombie
10-09-2003, 11:30 AM
Originally posted by Vivid-Cruz
And.. true .. i cant afford it now.. but ill be out of med school by the time my loans up.. and hopefully things will be different
thanks for the input guys...
That's totally cool then. I'd probably live way beyond my means too if I knew I'd be a doctor in a few years.
345 * 72 = 24840 for your si
Anytime u goto the car dealer they always make money. Thats the name of their game.
i pay
424 * 60 = 25400
I also was upside down on my trade in by $6000.
THe key is to refinance in 2 years, get a lower monthly payment and lower APR.
car notes suck dont they?
Vivid-Cruz
10-09-2003, 11:35 AM
Originally posted by mhx
345 * 72 = 24840 for your si
Anytime u goto the car dealer they always make money. Thats the name of their game.
i pay
424 * 60 = 25400
I also was upside down on my trade in by $6000.
THe key is to refinance in 2 years, get a lower monthly payment and lower APR.
car notes suck dont they?
Bob.. your soo right!!...
and yes refinancing is a must...and very good advice
younggotti266
10-09-2003, 11:36 AM
345 x 72 = 24840
that's alot of interest your gonna pay for 6years you should give as much extra a month as you can
Mine was 18,300 with everything i put 3,600 down, got 4.9% interest rate and pay $280 a month for 5years.
But i'm giving atleast $600 a month, cause i don't want to pay the interest for the full term of the loan...
Zero Three Si
10-09-2003, 11:51 AM
Personally I think you're getting shafted on the interest.
I think my total loan was for 24k. I rolled like 8500 dollars of negative equity into my loan.
My payments are 410 for 60 months. Are they high....well yeah...but I got a great deal considering I got 1.9 APR.
Honda is still offering 2.9 apr on all civics and accords.
I don't care what your age is....if you have good credit, you have good credit. I don't think your loan is over 72 months either.
If they are...you're paying 6,000 dollars in interest. It is good though that you are learning about car prices/deals/financing at a early age.
I bought my two cars and a motorcycle in my own name by age 20. I got screwed on those deals. No question is a dumb question except the ones you dont ask.
bobdobbs
10-09-2003, 12:03 PM
Originally posted by Zero Three Si
No question is a dumb question except the ones you dont ask.
"Is this chicken? The can says 'Chicken of the Sea'". -- Jessica Simpson
That's a pretty dumb question.
bloodzombie
10-09-2003, 12:12 PM
Originally posted by bobdobbs
"Is this chicken? The can says 'Chicken of the Sea'". -- Jessica Simpson
That's a pretty dumb question.
That shit is funny.
You must listen to howard stern too.
Buffalo wings? I don't eat buffalo
Zero Three Si
10-09-2003, 12:13 PM
Originally posted by bobdobbs
"Is this chicken? The can says 'Chicken of the Sea'". -- Jessica Simpson
That's a pretty dumb question.
HAHAHAHAHAHAHAHAHAHAHA.....how can a chick that good looking be THAT dumb....if I was Nick....I would leave her.....she's probably not even that good in bed...she was a virgin when he married her.
bobdobbs
10-09-2003, 12:18 PM
She a hot chick, but there's a billion hot chicks out there. She's going to be fat, though, and still have that annoying personality. That's when Nick will dump her.
ThorGod
10-09-2003, 12:44 PM
Originally posted by bobdobbs
She a hot chick, but there's a billion hot chicks out there. She's going to be fat, though, and still have that annoying personality. That's when Nick will dump her.
LOL I'd still bang her:D
And I might refinance my Ep too. I got mine for 14,800 1.9 APR for 60 Months. I pay alittle over 300/month for it. I think it'd be in my best interest to do that whole refinance thing:)
bloodzombie
10-09-2003, 12:47 PM
Originally posted by ThorGod
And I might refinance my Ep too. I got mine for 14,800 1.9 APR for 60 Months. I pay alittle over 300/month for it. I think it'd be in my best interest to do that whole refinance thing:)
I don't know if you can get any improvement over 1.9%
I didnt think that so many people where paying so much a month for their civics! I pay 283 per. I got mine for 15,900 at 1.9% for 60. The si is a good deal for what I paid for it.
Tenacious G
10-09-2003, 01:06 PM
wow, i didn't realize some of you were paying that much for your EP. i put no money down, got 1.9% APR for 60 months and pay $300/month.
i only got that low financing rate because my dad cosigned with me because i'm trying to rebuild my credit.
darkvibe
10-09-2003, 01:08 PM
holy crap.
I paid 17,300 for the car - 1000 trade in for my car - 1600 cash + licensing + tax (8.25%) @ 1.9% for 60 months = 296 per month.
Zero Three Si
10-09-2003, 01:09 PM
Originally posted by ThorGod
LOL I'd still bang her:D
And I might refinance my Ep too. I got mine for 14,800 1.9 APR for 60 Months. I pay alittle over 300/month for it. I think it'd be in my best interest to do that whole refinance thing:)
What other kind of financing do you think you could get??
Originally posted by Z26 [/i]
I didnt think that so many people where paying so much a month for their civics! I pay 283 per. I got mine for 15,900 at 1.9% for 60. The si is a good deal for what I paid for it.
A few people rolled negative equity into their loan.
Civicvtec1ps
10-09-2003, 01:09 PM
i pay $344 60 months.
bratkat64
10-09-2003, 01:16 PM
You guys are getting better deals on your car than I am = P. Rock on!
I got my car for $14,500 but the interest is screwing me and I'll be paying $17,400 when I'm done paying for her. = P
I pay $290/mo right now. I'll probably refinance later on since we got screwed by not having car credit (got a high interest rate - something like 7% or 8% - $48.23 in interest a month). I only have $13,404 to go! If only I could afford to pay $1k a month on her. Then I'd be good.
My car is definately worth it. ^_^ Then get my bf a CRV and I can get my 2002 Skyline R34 GTR yum!
http://rancidracing.com/racingmeets/Dscf0005.jpg
[/QUOTE]
A few people rolled negative equity into their loan. [/B][/QUOTE]
Thats how the shit storm starts at dealers. I walked in to the honda dealer and told them to pay my car off in full and I would drive off in a new honda. I think they just wanted to get the si off of the showroom floor. I was in and out in about 30 min.
bratkat64
10-09-2003, 01:35 PM
LOL Lucky! It took me 2 hours to get out of the dealership I went to. And they treated me like sh*t too! The GM made up for it later though, so it's all good.
Zero Three Si
10-09-2003, 01:42 PM
Originally posted by bratkat64
LOL Lucky! It took me 2 hours to get out of the dealership I went to. And they treated me like sh*t too! The GM made up for it later though, so it's all good.
Did he take you to for dinner or something....LOL How did he make up for it?
bratkat64
10-09-2003, 01:59 PM
He dropped what we were paying for the car from $19k to $14.5k, otherwise I'd be paying the reg price for it. ^_^
I also got a 2003 blue rental si while they programmed and detailed my car. I got about $20 in free gas for having to drive the blue si. = )
I got my car at Team Honda in Mableton or Marietta GA (not sure where it is, I was visiting a friend when I decided to buy the car)
Zero Three Si
10-09-2003, 02:02 PM
Originally posted by bratkat64
He dropped what we were paying for the car from $19k to $14.5k, otherwise I'd be paying the reg price for it. ^_^
I also got a 2003 blue rental si while they programmed and detailed my car. I got about $20 in free gas for having to drive the blue si. = )
I got my car at Team Honda in Mableton or Marietta GA (not sure where it is, I was visiting a friend when I decided to buy the car)
That's not too far from my aunts place....she lives in Cumming, GA right off of 400.
bobdobbs
10-09-2003, 02:05 PM
Originally posted by Zero Three Si
That's not too far from my aunts place....she lives in Cumming, GA right off of 400.
Heh heh. He said "Cumming".
psylovibe
10-09-2003, 03:08 PM
I got my car for 21k =( I got it for 17k...but with insurance and tax went to 21k....I put 10k down and im payin $180 for next 5yrs.
downhil
10-09-2003, 03:44 PM
Originally posted by bobdobbs
The numbers don't add up. With $1500 negative equity, plus registration, your basis is $18700 plus tax (8.5%). With 5% interest, for 72 months, I get $327 per month. What's missing?
you guys arent figuring the numbers on a double declining balance. basically meaning that your interest isnt 5% x basis. it is 5%x basis on month one, 5% x new basis on month 2, 5% x new basis on month 3....and so on. that was the biggest thing that would throw people off when i'd explain the numbers to them. ;)
bobdobbs
10-09-2003, 03:50 PM
Originally posted by downhil
you guys arent figuring the numbers on a double declining balance. basically meaning that your interest isnt 5% x basis. it is 5%x basis on month one, 5% x new basis on month 2, 5% x new basis on month 3....and so on. that was the biggest thing that would throw people off when i'd explain the numbers to them. ;)
Thanks for the accounting lesson, but I just plugged the numbers into one of those online auto loan payment calculators (Yahoo's). No reason to use my brain when I can use a computer. ;)
Vivid-Cruz
10-09-2003, 04:27 PM
thanks a bunch guys.. i feel much more educated as of now.. tomorrow ... who knows..
Vivid-Cruz
10-09-2003, 04:28 PM
when i went and got the cougar i felt like i got taken because i didnt know what i was doing.. but i feel better about this purchase and hopefully ill feel great after my next one
bloodzombie
10-09-2003, 04:52 PM
I think the only way to feel really good about your price is to go in with a number in mind and walk out if they don't give you that number.
bratkat64
10-09-2003, 06:22 PM
Yeah. Or go back and talk to the GM the next day. I was paying 19k or so for my car (brand new, but was one of 2 02s on lot in April 03) until I came back and the GM redid the contract for much less. I bet if the car was an 03, I wouldn't have gotten a deal. I didn't care that much though, I has a 90 accord prior to my 02 SI. So it was an improvement to me (even though I wanted an 03 2dr accord v6 6spd)...
My old car
http://rancidracing.com/alesiaimages/my1990accordex29.jpg
klubhedsi
10-09-2003, 11:44 PM
i payed 17k with taxes and intrest!1.9 apr for 60months 2000 down and 223 a month
civic hatch boi
10-10-2003, 09:47 AM
i pay $164 a month for 3 yrs.
bratkat64
10-10-2003, 09:55 AM
You must have had a trade or a downpayment, correct?
StevosEP
10-10-2003, 10:30 AM
Paying $367.67 per month, 60 months, 0 Down, Lo Jack, + other addons.
sniperSI
10-10-2003, 10:34 AM
Originally posted by civic hatch boi
i pay $164 a month for 3 yrs.
that = 5,248 bucks, how much did you put down?
bobdobbs
10-10-2003, 10:34 AM
Guys, what you pay per month is sorta meaningless unless you say what your purchase price and how much your net down payment (cash, trade-in equity, etc.) was.
civic hatch boi
10-10-2003, 10:42 AM
Originally posted by sniperSI
that = 5,248 bucks, how much did you put down?
like 14-15k.
sniperSI
10-10-2003, 10:48 AM
damnnnn your my hero, I put like 400 down and getting a nice FAT monthly.:'(
Originally posted by bobdobbs
Guys, what you pay per month is sorta meaningless unless you say what your purchase price and how much your net down payment (cash, trade-in equity, etc.) was.
15,900
60 months
1.9%
0 down
283 per month.
civicracer1128
10-10-2003, 04:53 PM
3500down,1.9apr,5year warrenty,17000,paying 279 a month.
ThorGod
10-11-2003, 11:52 AM
Originally posted by sniperSI
damnnnn your my hero, I put like 400 down and getting a nice FAT monthly.:'(
Poor Sniper....
blueiedgod
10-11-2003, 02:55 PM
I was pre-med and thought the world is going to be at my feet when I graduate. The sad reality is, that when you are done with med school, you will have to do residency, 80-120 hours a week for measly $40-45K for 3 years, or more if you go into surgery. Originally I wanted to be an Orthopaedic surgeon, but after realizing that you have to do 4 years of residency. I figured I would cut my losses when I was ahead. Graduated with BS in pre-med (biology/chemistry) and picked up a few math classes on the way to have minor in Mathematics. Never looked back. It is possible that I may never make as much as doctors do, but all of my friends from college are just starting up their residencies, working 100 hours a week for $40K. I have been a chemist for the last 4 years, make almost double of what they do. In three years they will finish up their residencies, and start making $170-$250K/year and pay about $100K-$150K/ year in malpractice insurance. I, on the other hand, will have my MS in Chemical engineering and will have 7 years of chemical experience and shold be pushing low 6 digits, with no 6 figure malpractice insurance premium. My work is paying for school. I am almost done paying my school loan that i took out to get Bachelors degree.
MD's really start living in their mid 40's early 50's.
Oh, yeah I got a good deal on the Si. I bought a left over 2002 for $14,500+$1000 in taxes and fees-$1000 down(to offset taxes and fees) got it all financed at 1.9% at $253/month for 60 months. I thought of paying it off sooner, but at 1.9% it is like free money. I get more in interest from an ING savings account($120/month earned in interest). I wish I could get a mortgage at 1.9%, lol Just thinking how much I will pay in interest at 5.5% on my mortgage is depressing.
I don't think refinancing a 1.9% loan is a good idea. Yes it may lower your monthly payments, but you will end up paying more for the car. Refinancing after 2-3 years will extend your total term to 7-8 years. If you want to trade the car in year 5-6, you will be upside down. If you car is declared total loss, either from accident or theft, the insurance will only give you what it is worth and not what you owe. Unless you get Gap insurance.
HK_EP3
10-11-2003, 03:01 PM
STFU!!! u got ripped off? then i got SMOKED! SOB! i hate u all:yellm:
Vivid-Cruz
10-11-2003, 11:34 PM
Originally posted by blueiedgod
I was pre-med and thought the world is going to be at my feet when I graduate. The sad reality is, that when you are done with med school, you will have to do residency, 80-120 hours a week for measly $40-45K for 3 years, or more if you go into surgery. Originally I wanted to be an Orthopaedic surgeon, but after realizing that you have to do 4 years of residency. I figured I would cut my losses when I was ahead. Graduated with BS in pre-med (biology/chemistry) and picked up a few math classes on the way to have minor in Mathematics. Never looked back. It is possible that I may never make as much as doctors do, but all of my friends from college are just starting up their residencies, working 100 hours a week for $40K. I have been a chemist for the last 4 years, make almost double of what they do. In three years they will finish up their residencies, and start making $170-$250K/year and pay about $100K-$150K/ year in malpractice insurance. I, on the other hand, will have my MS in Chemical engineering and will have 7 years of chemical experience and shold be pushing low 6 digits, with no 6 figure malpractice insurance premium. My work is paying for school. I am almost done paying my school loan that i took out to get Bachelors degree.
MD's really start living in their mid 40's early 50's.
Oh, yeah I got a good deal on the Si. I bought a left over 2002 for $14,500+$1000 in taxes and fees-$1000 down(to offset taxes and fees) got it all financed at 1.9% at $253/month for 60 months. I thought of paying it off sooner, but at 1.9% it is like free money. I get more in interest from an ING savings account($120/month earned in interest). I wish I could get a mortgage at 1.9%, lol Just thinking how much I will pay in interest at 5.5% on my mortgage is depressing.
I don't think refinancing a 1.9% loan is a good idea. Yes it may lower your monthly payments, but you will end up paying more for the car. Refinancing after 2-3 years will extend your total term to 7-8 years. If you want to trade the car in year 5-6, you will be upside down. If you car is declared total loss, either from accident or theft, the insurance will only give you what it is worth and not what you owe. Unless you get Gap insurance.
True... but ... who wants to be stuck in a lab all day ?? I enjoy challenges and look forward to working my ass off. and i opted to get gap insurance and the 5 yr warranty incl. in my payments..
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