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Old 05-06-2009, 12:21 PM   #1
premonition
 
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Quick question re monthly payments

Im gonna be a first time buyer meaning this will be the first car i actually buy at a dealer. Will the taxes effect the monthly payment, for example the MSRP came out to $28,430, and im hope to put down 14,000 downpayment and then it says monthly payment should be around 205-300 for 60 months. So im wondering when the taxes are factored in and whatnot will that increase the monthly payment by much or will it stay around that ballpark?
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Old 05-06-2009, 12:24 PM   #2
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If you finance the tax yes, monthly payment will go up as you are borrowing more money. If you pay the tax at the DMV without financing then no, it won't affect monthly payments.
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Old 05-06-2009, 12:28 PM   #3
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example:
Sale price $28,430
3% NC Sales tax $852.90
Doc Fee 398
New NC tag $74
Total out the door $29,754.90
Down payment $14,000
Finance amount $15,754.90
Payments over 60 months at 6.5% =$308.26

I am sure FL's tax is higher though and I am not sure what they charge for a tag either... this example works in NC at least
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Old 05-06-2009, 12:29 PM   #4
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Quote:
Originally Posted by camaro_nut View Post
If you finance the tax yes, monthly payment will go up as you are borrowing more money. If you pay the tax at the DMV without financing then no, it won't affect monthly payments.
Since he is financing he probablt won't be able to do tax at BMV. The tax will be handled at the dealer along with title work and he will get a copy of the title. Bank gets actual title.

and like dave said
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Old 05-06-2009, 12:31 PM   #5
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Ya florida is higher by 3% so thats 6% on taxes :(
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Old 05-06-2009, 12:52 PM   #6
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With that good sized down payment you're putting down, even if you roll the taxes and fees into the note, you should still be looking at a nice low payment each month.
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Old 05-06-2009, 12:54 PM   #7
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So you will add another $850 or so to the bottom line number that will increase your payments approx $16-$18 a month. You could always reduce those with more cash or a longer term 63, 66, or 72 months
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Old 05-06-2009, 03:07 PM   #8
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ya 72 seems nice, and with this new job interview i have tomorrow, if everything thing goes well and i start this job then this car is gonna be in my drive way earlier this year.
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Old 05-06-2009, 03:12 PM   #9
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Check out this calculator. You can enter MSRP, Tax Rate, Title, Down Payment and Trade in Value. Hopefully this will help you with try out different scenarios.

http://www.edmunds.com/apps/calc/CalculatorController
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Old 05-06-2009, 03:15 PM   #10
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Quote:
Originally Posted by texasbill View Post
Check out this calculator. You can enter MSRP, Tax Rate, Title, Down Payment and Trade in Value. Hopefully this will help you with try out different scenarios.

http://www.edmunds.com/apps/calc/CalculatorController
Thanks.
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