NYlexus

So I thought about posting this in the Camaro forums that I frequent but wanted to get an unbiased opinion about a financing conversation at the Chevy Dealership today.

2013 Camaro ZL1 BLK/BLK/BLK rims ALL options = $62500 MSRP (No mark up)

I want a $700/month payment.

The Sales Mgr crunched numbers and came out with various scenarios..... TIER1 credit, want $700/month between 2.99% to 3.5%

- 72 month (yeeks), with $20K down
- 75 month, with 18K
-66 month with 23K

I have issues with loooonggg term payment in months and also putting more than $10K down. I am willing to put my 2007 Camry (good condition with 97K miles) towards trade (KBB sez $8000K)..

I am curious to find out if this deal makes sense. I know ultimately it is my money and my decision but CL has never directed me to the wrong place before when it comes to cars so doing the same again. Wife drives the BENZ, I am really tired of the Camry and need to ignite my car passion and this is ONLY car that is doing it for me right now due to its LOOKS and POWER

Its not this car but for illustration only.



Thoughts?


Thanks!

KA8

iTrader: (1)

If you like it that much and you can afford the payment comfortably why not. How about looking for almost new used one? 6 years for a car payment is insane but that's just me.

J.P.

http://www.bankrate.com/calculators/...alculator.aspx

Use the Amort Table option for each scenario

Take a guess on how long you will keep the car

Look at how much you paid total \ how much interest total etc across the 3 based on the point of time when you would sell the car

Then decide which is best for you

J.P.

btw, seen one of these recently and it looked \ sounded amazing!

S2000toIS350

I am having a hard time sorting out your "wants"

Not putting too much down
Capping the Payment at $700
Not taking a 6 year loan

If the car costs x an the interest rate is y (the items you do not control), then you either have to put a lot down to keep the payment at $700 for 5 years or accept a higher payment.

I did a quick calculation. If you borrow $52,500 for 5 years at 3%, the payment will be $943 a month. If you don't want to put too much down, you have to go with a larger monthly payment.

bitkahuna

iTrader: (20)

lol at this. yep, pretty simple. NYLexus - you want to go to heaven but you don't want to die.

Infra

iTrader: (1)

Why do you care about the term of the loan?

Interest rates are extremely low right now, no reason to even worry much about that - and you can always refinance the loan at a later date and drop it to a <=60 month loan.

bagwell

1.99 for up to 72 months here http://www.alliantpromos.org/LowerVehicleRates2010

but $700/mo for a Camaro? have you driven the 1LE? ...I would at least drive that before buying the ZL1.

dc893

nobody uses kbb for trade in value. you will probably get less than $8k for it.


Posted from ClubLexus.com App for Android

rld14

Dc is right, dealers here use Galves, we never use KBB.

Galves on an LE with those miles is $5,800. If its an SE V6 with leather and roof you're at $7,500.

Assuming good condition, clean Carfax, not all painted up.

As far as the Camaro goes... Not putting much down and $700/mo doesn't compute on a cars that pricey.

MurLS400

Yep, you'll never get KBB on a trade in, but you should get a smaller tax bill on the new car

Mortis101

iTrader: (2)

Turn a good decision into a great one and get a 2013 GT500 and spank your friends driving their ZL1's.

J/K, I'm a little biased as I have an 08 GT500 and have been drooling over the 2013's. The ZL1 does look really good though.

Good luck with your decision.

dc893

Use autotrader, trade in value, and fill it out correctly and you should be much closer to trade in value than KBB.
BTW I work at a dealership.

ArmyofOne

First, If its within your means, go for it. But ONLY if it is within your means.

I borrowed 15k at 36 months when I bought my truck, at 0%. I put 20k down (trade equity). My payment is around $500 mark, but its only for 3 years.

$500 is a lot of money to part with every month for 7 years, I can't imagine parting with $700. Only you know your finances. I have seen people come out of showrooms with deals they thought were great, but they have a $600+ payment for 72, 84, or even 96 months. That is a LONG time to be paying a note. I have only been paying mine since 1 september, and I am already sick of it. I am paying off the balance at the 6 month mark.

NYlexus

Thanks all for the comments. Few thoughts.

-I appreciate the concerns but I am in complete clarity of Down payment vs Trade Value (KBB or not) vs loan terms etc.

-I should be ashamed of my self if i buy something out of my means. Not sure why ppl put themselves in debt for pleasure. Not the case. I can afford this thing like the MB now and cpl of Lexuses before.

I guess the goal of the post of was to get some feedback on the cost of the car, dealer tactics, options available and opinions etc.

Parting picture... (not mine but damn I love this sinister look (sorry Mustang dude)



If it is meant to be...it'll be mine.

Thanks all.