Payments or Cash? - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

NoeJeko · 08-12-2011, 04:39 PM

Quote:

Originally Posted by truth411

Or pay no interest, and just pay cash

cash is virtually always cheaper than financing. Personally I don't like having monthly bills , I prefer to get it over with.

But you have to look at the opportunity cost of that cash. In GoldenBear's example, if you have 2.99% APR on your car loan and you have another investment vehicle that pays 5% APR, it totally makes sense to finance and invest the money in the 5% investment vehicle as you net 2.01% return.

Now, if the vehicle interest rate were 6% and the best investment you can get is 5%, it makes more sense to buy it outright because the cost of debt now exceeds the opportunity cost of your other investments.

tl;dr: may buy, may finance -- depends on what my other investments are doing when GM starts taking orders

scritchy · 08-12-2011, 07:28 PM

Quote:

Originally Posted by Scarrzz

It's a blanket, "pick what you want up to 50k" offer. USAA does it right.

When you walk in and say I'm preapproved for 50k and I have 15 in cash, they start bringing you free cokes & stuff.
.

USAA is awesome. Salesmen really don't like it when you use their car buying service. They basically give you a voucher that acts like a check and the dealership has to give it to you for that price if they negotiated with USAA. Great stuff. I logged in one day and saw how much they wanted to give me for a preapproved car loan and the only thought I had was 'are they freakin crazy?'

1BADZL1 · 08-12-2011, 10:27 PM

Quote:

Originally Posted by fiascoes1

IM SELLING MY SS TO MY BROTHER THIS WEEK, I PLAN ON GIVING ABOUT 16K DOWNPAYMENT AND PLAN TO FINANCE THE REST. I FIGURE AT A SIX YEAR LOAN MY PAYMENTS WILL BE AROUND $550-600.

I would like to think this would be right on, but if you use the finance calculator depending on interest rate even at 60 months your payment would be
$670 a month with 6.80% interest. And if we start at a base price of $50k

Calculator:
http://auto.ally.com/payment-calcula.../calculator.do

1BADZL1 · 08-12-2011, 10:36 PM

I posted this in my build thread but no one help so I will post it here as it is related. "Ok from what i think i can see, i will have a deposit by check of $25,000 for my ZL1 coming sometime
In 4th qtr. I don't know which will get here first, my deposit or the ZL1.
Another issue i could face would be credit to finance roughly
$500 a month or so for 5-6 years to pay the other HALF
of the car off. Its been 7 years since i had decent credit and now
There are about 2 charge off's in 2007 walmart and a cell phone bill
Against it. Should i take some of that $25k and fix the 2 bad marks
On my credit OR wait for it to show up when i get financing?
Any ideas?" I have no idea what my credit rating score is.

Qdiesel · 08-13-2011, 12:38 AM

Quote:

Originally Posted by OldJedi

After not calling in sick and not using much of my vacation time for 31 years, my department is paying for my ZL1.

You deserve a ZL1 more than anyone I could think of after that statement, sir.

Danko · 08-13-2011, 06:59 AM

OldJedi needs a shrink! Good news not being sick, but not using his vacation time IS sick!!!

oldchevelleguy · 08-13-2011, 01:47 PM

here is how i will do mine . have not had a house payment for years but still have been making it to myself. just sold my 64 chevelle ss, so their is a one third. i will take a loan from myself , and call it a company car and the company will pay me back with interest, hope the cpa approves

BiggFoot · 08-13-2011, 02:14 PM

Quote:

Originally Posted by oldchevelleguy

i will take a loan from myself , and call it a company car and the company will pay me back with interest, hope the cpa approves

Sweet little angle! If you need an "extra" tax deduction you can buy me one while you are at it.

DHSS · 08-13-2011, 03:32 PM

You guys are funny, Ive worked in the car biz for 9+ years and been in finance for half of that time. With 700 plus score, anything above 2.5% on 60 months is rediculous!!!

whistle pig · 08-13-2011, 08:39 PM

Quote:

Originally Posted by oldchevelleguy

here is how i will do mine . have not had a house payment for years but still have been making it to myself. just sold my 64 chevelle ss, so their is a one third. i will take a loan from myself , and call it a company car and the company will pay me back with interest, hope the cpa approves

Might want to do a little more digging on that before pulling the trigger....The IRS is loaded for bear these days.

fiascoes1 · 08-13-2011, 11:34 PM

Quote:

Originally Posted by MY68RS

I would like to think this would be right on, but if you use the finance calculator depending on interest rate even at 60 months your payment would be
$670 a month with 6.80% interest. And if we start at a base price of $50k

Calculator:
http://auto.ally.com/payment-calcula.../calculator.do

Your probably right! I forgot to calculate sales tax and perhaps gas guzzler tax. I do have a 756 credit rating so im hoping that will help:(

1BADZL1 · 08-14-2011, 12:42 AM

Post #32?
Thanks guys!

1BADZL1 · 08-14-2011, 04:46 PM

BUMP

Post #32?
Thanks guys!

Mr.Maro23 · 08-14-2011, 04:58 PM

wELL HOPE FULLY FOR ME THE DINARS ARE GOING TO RE VALUE SOON SO I HOPE WHEN ZL1 COME OUT THE REVALUATION IS ALREADY DONE SO I CAN GO TO THE DEALER SCREAMING OF THE TOP OF MY LUNGS WITH A BEER ON MY HAND AND MY WIFE BY MY SIDE (SHE IS GOING TO DRIVE NOOOOOOTTTTTTT LOL) IM GOING TO DRIVE!!!!!!!!!!!!!! AND SAY WHERES MY YELLOW ZL1 I WANT IT NOWWWW AND GIVE THEM 5 THOUSAND LESS THAN WHAT THEY ARE ASKING OUT OF MY GYM BAG!

08-14-2011, 12:42 AM	#40
1BADZL1 THE CAMARO KING Drives: 2012 Camaro ZL1 on order #PZSD7S Join Date: Aug 2006 Location: Out Somewhere Driving My 'BADZL1' Posts: 2,284	Post #32? Thanks guys! __________________ 2012 Camaro ZL1 Car Name: Bruce ZL1, LSA, MN6/MG9, DSX, RTQ, VR, Current Status: 2030 1000 Initial Order 11/11/2011 Chevyland 1100 Order accepted at dealer: 11/11/2011 - PZSD7S 2000 Order accepted by GM: 12/14/2011 3000 Accepted By Production Control: 00/00/2011 - TPW 00/00/2011 3100 Sequenced: 00/00/2011 3300 Scheduled For Production:0/0/2012 3400 Broadcast: 0/0/2012 3800 Produced: 0/0/2012 4000 Available To Ship: 0/0/2012 4200 Shipped: 0/0/2012 5000 Delivered To The Dealer: 0/0/2012 6000 Delivered To Customer:0/0/2012

08-14-2011, 04:46 PM	#41
1BADZL1 THE CAMARO KING Drives: 2012 Camaro ZL1 on order #PZSD7S Join Date: Aug 2006 Location: Out Somewhere Driving My 'BADZL1' Posts: 2,284	BUMP Post #32? Thanks guys! __________________ 2012 Camaro ZL1 Car Name: Bruce ZL1, LSA, MN6/MG9, DSX, RTQ, VR, Current Status: 2030 1000 Initial Order 11/11/2011 Chevyland 1100 Order accepted at dealer: 11/11/2011 - PZSD7S 2000 Order accepted by GM: 12/14/2011 3000 Accepted By Production Control: 00/00/2011 - TPW 00/00/2011 3100 Sequenced: 00/00/2011 3300 Scheduled For Production:0/0/2012 3400 Broadcast: 0/0/2012 3800 Produced: 0/0/2012 4000 Available To Ship: 0/0/2012 4200 Shipped: 0/0/2012 5000 Delivered To The Dealer: 0/0/2012 6000 Delivered To Customer:0/0/2012

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08-12-2011, 10:36 PM	#32
1BADZL1 THE CAMARO KING Drives: 2012 Camaro ZL1 on order #PZSD7S Join Date: Aug 2006 Location: Out Somewhere Driving My 'BADZL1' Posts: 2,284	I posted this in my build thread but no one help so I will post it here as it is related. "Ok from what i think i can see, i will have a deposit by check of $25,000 for my ZL1 coming sometime In 4th qtr. I don't know which will get here first, my deposit or the ZL1. Another issue i could face would be credit to finance roughly $500 a month or so for 5-6 years to pay the other HALF of the car off. Its been 7 years since i had decent credit and now There are about 2 charge off's in 2007 walmart and a cell phone bill Against it. Should i take some of that $25k and fix the 2 bad marks On my credit OR wait for it to show up when i get financing? Any ideas?" I have no idea what my credit rating score is. __________________ 2012 Camaro ZL1 Car Name: Bruce ZL1, LSA, MN6/MG9, DSX, RTQ, VR, Current Status: 2030 1000 Initial Order 11/11/2011 Chevyland 1100 Order accepted at dealer: 11/11/2011 - PZSD7S 2000 Order accepted by GM: 12/14/2011 3000 Accepted By Production Control: 00/00/2011 - TPW 00/00/2011 3100 Sequenced: 00/00/2011 3300 Scheduled For Production:0/0/2012 3400 Broadcast: 0/0/2012 3800 Produced: 0/0/2012 4000 Available To Ship: 0/0/2012 4200 Shipped: 0/0/2012 5000 Delivered To The Dealer: 0/0/2012 6000 Delivered To Customer:0/0/2012

08-13-2011, 06:59 AM	#34
Danko Drives: 2010 Corvette MTX Join Date: Sep 2009 Location: Grosse Pointe Park, MI Posts: 61	OldJedi needs a shrink! Good news not being sick, but not using his vacation time IS sick!!!

08-13-2011, 01:47 PM	#35
oldchevelleguy Drives: 1964 chevelle ss sold Join Date: Aug 2011 Location: albuquerque Posts: 25	here is how i will do mine . have not had a house payment for years but still have been making it to myself. just sold my 64 chevelle ss, so their is a one third. i will take a loan from myself , and call it a company car and the company will pay me back with interest, hope the cpa approves

08-13-2011, 03:32 PM	#37
DHSS Drives: Empty Join Date: Jan 2011 Location: Grand Prairie, Tx Posts: 454	You guys are funny, Ive worked in the car biz for 9+ years and been in finance for half of that time. With 700 plus score, anything above 2.5% on 60 months is rediculous!!!

08-14-2011, 04:58 PM	#42
Mr.Maro23 Drives: 2010 2lt chevy camaro Join Date: Jun 2011 Location: Miami FL Posts: 224	wELL HOPE FULLY FOR ME THE DINARS ARE GOING TO RE VALUE SOON SO I HOPE WHEN ZL1 COME OUT THE REVALUATION IS ALREADY DONE SO I CAN GO TO THE DEALER SCREAMING OF THE TOP OF MY LUNGS WITH A BEER ON MY HAND AND MY WIFE BY MY SIDE (SHE IS GOING TO DRIVE NOOOOOOTTTTTTT LOL) IM GOING TO DRIVE!!!!!!!!!!!!!! AND SAY WHERES MY YELLOW ZL1 I WANT IT NOWWWW AND GIVE THEM 5 THOUSAND LESS THAN WHAT THEY ARE ASKING OUT OF MY GYM BAG!