I'm paying $388.88 a month for a yaris.

[cherry_girl]

$241/month with $3,400 down....7.5% APR....72 months.
I'm trying to pay it off early though.

[regime]

right now I'm paying 400 a month... to my savings account. until i have 12000 and can pay for it in cash...

one of the best money lessons you will ever learn in not to pay for finance charges on something that loses value...

your basically paying for 2 cars and getting 1, just because you had to have it now and not wait..

but if you really needed it... you got it =)

[BlueLiftback]

Originally Posted by regime

right now I'm paying 400 a month... to my savings account. until i have 12000 and can pay for it in cash...

one of the best money lessons you will ever learn in not to pay for finance charges on something that loses value...

your basically paying for 2 cars and getting 1, just because you had to have it now and not wait..

but if you really needed it... you got it =)

Actually one of life's lessons should be to NEVER pay for a depreciating asset in it's entirety (i.e. pay cash for a car).

You would be far better off paying 6.5% or less on a loan, or better yet LEASING, and throwing all of your cash at an APPRECIATING asset like property.

That way, not only can you offset the cost of the financing, but usually can end up making $$$ at the same time...

Never pay cash for anything until it has fully depreciated.

[adamschneider]

It all depends on the rate of return on your appreciating assets. My savings account gets somewhere around 5%, and the best rate offered to me on the Yaris was somewhere around 6.5%; in this case paying cash made more sense. If they'd offered me an APR below 4%, I would have financed.

[duck]

Originally Posted by BlueLiftback

Actually one of life's lessons should be to NEVER pay for a depreciating asset in it's entirety (i.e. pay cash for a car).

You would be far better off paying 6.5% or less on a loan, or better yet LEASING, and throwing all of your cash at an APPRECIATING asset like property.

That way, not only can you offset the cost of the financing, but usually can end up making $$$ at the same time...

Never pay cash for anything until it has fully depreciated.

i'm not a banker, although I do work with them, but I don't agree with what you said. a car depreciates, yes, but also can be a necessity. For most people, paying off a car sooner is better unless you get a great interest rate (under 5%). I say 5%, because I can make more than that in my savings account. You can say even 7% is a good deal because other types of loans are much higher in interest, but a car is usually for 5 years and those other loans are 15-30, so it's hard to compare the two.

[swidd]

$214 + $15 warranty = $228/month for 72 months. $8500 financed, $5000 down, $2000 trade-in, 18.9% APR. No credit history, and unverifiable employment (cash).

Car had 8400 miles on it, so it was a used car. $13,899.00 + tax ($970) + doc. fee ($495). Registration will be extra.

'07 hatchback with manual transmission, loaded with all extras like remote key, power package, ABS, air bags, blue neon light in the cabin, armrest, floor mats, 100,000 mile limited warranty thing.

I got it two days ago, and I drove it 179.3 miles since filling up the tank to the stop. I got 37.8 MPG on it, and that's with reving a lot (n00b driver), driving probably 70% city and stop-and-go freeway jams, 30% interstate with 80mph.

Love her already!

[duck]

got a sedan
$7,000 down
$340 a month for 24 months at 0.00% APR
The dealership can give you any interest rate you want regardless of credit score from what I've seen.

[Thirty-Nine]

Originally Posted by duck

got a sedan
$7,000 down
$340 a month for 24 months at 0.00% APR
The dealership can give you any interest rate you want regardless of credit score from what I've seen.

How'd you manage a 0% APR from Toyota Financial?

[duck]

Originally Posted by Thirty-Nine

How'd you manage a 0% APR from Toyota Financial?

They wouldn't let me leave until I bought the car. First they tried jacking the MSRP by $5,000. Then when that didn't work, they kept me there for 6 hours by refusing to return my debit card. When offering me 2.9% still didn't get me to buy the car, they offered 0%. Finally I agreed. I really wasn't trying to do any negotiating after they jacked the price, it was all them not wanting me to leave. After I agreed, I was able to drive off the lot 2 or 3 hours later (took a while to get the paperwork). It was a nightmare but it's a cheap car that is good for NYC driving (although it eats gas in city driving) and the maintenance schedule sounds good so it'll do.
I paid $15,000 out the door including all taxes (8.375% in manhattan), license, registration, etc.

[Canuck]

Originally Posted by duck

They wouldn't let me leave until I bought the car. First they tried jacking the MSRP by $5,000. Then when that didn't work, they kept me there for 6 hours by refusing to return my debit card.

First, why did you give them the card before reaching a deal?

Second, that conversation should have ended real quick after you ask them to use the phone to call the cops to report a stolen debit card.

[duck]

Originally Posted by Canuck

First, why did you give them the card before reaching a deal?

Second, that conversation should have ended real quick after you ask them to use the phone to call the cops to report a stolen debit card.

i don't know if it's new york only, but at every dealership i've been at, before they will talk dollars, they ask for a credit card to "prove you're serious". i assume it is so they can easily run a credit check without my knowledge/approval, but they have all done this so i've never had much choice in the matter.

and yes, i absolutely should have called the police. but my many warrants made me hesitate. ok kidding about the warrants. i messed up though by not calling them.

after i got the car it was no cakewalk either. there were many unreturned phone calls to the dealership, missing equipment, bad service, etc.

[Abodame99]

$279/month for 60 months with 0 down and no cosigner

[rdyaris]

Originally Posted by waylandchin

It's really high because my credit score was 604 according experian. I financed the car with no money down at $388.88 a month for 72 months. that includes $700 for gap insurance and $1980 for 84 month platinum warranty service. The total amount financed is 19,817.53. If I pay the minimum every month, I would end up paying 27,999.36. They are charging me 12.14 APR. I think I'll use my mom's credit to refinance.

how much are you guys paying?

should I use my mom's credit to refinance? she has a credit score of 697

I'm paying $280.00 A month for 60 month $0 down. $13,658.00 + tax and Extended warranty Plati. for $1400. 2007 HB with Performance Package.Total is $1 6,600.00

[bobby]

Originally Posted by waylandchin

It's really high because my credit score was 604 according experian. I financed the car with no money down at $388.88 a month for 72 months. that includes $700 for gap insurance and $1980 for 84 month platinum warranty service. The total amount financed is 19,817.53. If I pay the minimum every month, I would end up paying 27,999.36. They are charging me 12.14 APR. I think I'll use my mom's credit to refinance.

how much are you guys paying?

should I use my mom's credit to refinance? she has a credit score of 697

<Sigh> The poor ALWAYS get soaked. Firstly, the 2 grand you paid for the "platinum" warranty was a big waste of money. I might recommend it if it were an unreliable car (but then, why buy a car with a reputation for being unreliable?) but Toyota's rarely have big problems if properly maintained, and even if they're NOT properly maintained. Dealers make TONS of $$ by pushing these extended warranties...mainly it's the DEALER who benefit, not the consumer.

Perhaps I'm clueless, but the economics of your Yaris purchase don't make a whole lot of sense to me. At the end of 6 years, you'll have paid well over TWENTY THOUSAND DOLLARS for a car that will be worth well UNDER $10,000. In terms of dollars & cents (sense?) this is really a VERY VERY bad deal for you. Let's just say that the dealer, and Toyota Motor Company, made out EXTREMELY well on this transaction. I am assuming that you are very very young.

I waited, saved up every month, and then went into my dealer & paid cash for my 2007 Yaris hatch. For me, it's the only way to do it.

[free297]

Paying $409 a month for my Sedan Flint Mica Automatic. $3000 down. Original price: $20.000. You see... over here on the island of Aruba, the import tax for a vehicle is 49% of the vehicle's total value, making cars very expensive.

Paying $1200 a year for insurance.

Any questions? :p

[seanele]

Originally Posted by free297

Paying $409 a month for my Sedan Flint Mica Automatic. $3000 down. Original price: $20.000. You see... over here on the island of Aruba, the import tax for a vehicle is 49% of the vehicle's total value, making cars very expensive.

Paying $1200 a year for insurance.

Any questions? :p

that insurance rate is like in New Jersey...

[duck]

Originally Posted by seanele

that insurance rate is like in New Jersey...

I'm not sure what you mean? New Jersey, or at least Newark, has some of the highest insurance rates due to a lot of theft.
My parents pay over $3200 a year in Long Island, NY and I've been quoted as high as $4400 in upstate NY for a lease on a brand new civic (although I was only 21 at the time).

[seanele]

Originally Posted by duck

I'm not sure what you mean? New Jersey, or at least Newark, has some of the highest insurance rates due to a lot of theft.
My parents pay over $3200 a year in Long Island, NY and I've been quoted as high as $4400 in upstate NY for a lease on a brand new civic (although I was only 21 at the time).

yeah..my mistake, i thought he put something like $10k a year.

my neighbor pay $5500 for 6 months and a Woodbridge rookie cop who pulled me over back in 2003 said he paid $5100 for 6 months.

btw,
i got pulled over because of the out of state registration and insurance on my '03 GTi.
he only gave me warning but he banned me from driving the car until i have NJ registration.
i said to him that i'm not gonna go crazy with NJ high car insurance rate.
thats the time when he mention his rate (above) and said that i have to live the way NJ people do.
after a little arguing,
i ended up yelling at him and said that i will change my registration ASAP...,
but don't think it will be NJ..i rather move out of state!

I did move out from NJ!
i hate leaving NJ..but the insurance is just too much for me.
not only for cars..but for house too.