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Old 09-18-2008, 10:37 AM   #1
srtclg1007
 
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Question Whats payment wont break your budget?

I was just wondering how much a month are you willing to spend for your new Camaro? And whats the highest payment you've ever had?
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Old 09-18-2008, 10:40 AM   #2
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I think I'm willing to spend about $350 to $450 a month. I think that would ok for me...
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Old 09-18-2008, 10:42 AM   #3
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I want to keep my payments as low as possible. I don't care if I'm paying for this car 50¢ per month for life. I need to get a good credit rating anyway.

My budget will depend on my post-college salary.
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Old 09-18-2008, 10:57 AM   #4
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Im working on getting a part-time job, aside from my full time job :(
But its all for the Camaro!
Roughly $1000/month including car insurance. The more the better IMO.
I want to pay it off as quickly as possible so that i dont eat dirt paying off too much interest...
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Old 09-18-2008, 11:01 AM   #5
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$26.5K @ 72 months with an interest rate of 6.99 would put the payment at about $450. that'll get you an SS or a decked out V6 RS.... probably. $21K at the same loan term and rate would put the payments at just over $350.
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Old 09-18-2008, 11:17 AM   #6
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i know you shouldnt shop payment, but If i can get it to 450.00 or below then I am good.
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Old 09-18-2008, 11:37 AM   #7
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i know you shouldnt shop payment
Definately... And I hate when dealers say 'so whats the payment range your wanting to stay in'. Even though I already know what my range is.
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Old 09-18-2008, 11:45 AM   #8
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You can shop payment.. by doing the math yourself and then getting financing that matches..

Personally my current payment is $280/month but I'm doing $500.00 payments.

I can afford up to $500.00 BUT thats reaching into used vette/new vette territory so its really going to depend on msrp pricing for the camaro...

Quote:
Originally Posted by srtclg1007 View Post
$26.5K @ 72 months with an interest rate of 6.99 would put the payment at about $450. that'll get you an SS or a decked out V6 RS.... probably. $21K at the same loan term and rate would put the payments at just over $350.
I will be VERY surprised (and happy) if you can get an ss for under 27k. Honestly I think it will come in at just under 30k (which will also price it out of what I'm willing to pay for it). But until its official I can hope....

PS: my hardline has hit, I want to be able to get a SS/RS(no other options) +ttl for under 32k. If I can't then I will be shopping used C6 vettes.
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Old 09-18-2008, 12:05 PM   #9
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sweet deal. i would say to try and pay, if you can help it, what the car is Worth, opposed to the attractive monthly payments they offer you.
the Camaro might be an exception tho!
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Old 09-18-2008, 12:09 PM   #10
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PS: my hardline has hit, I want to be able to get a SS/RS(no other options) +ttl for under 32k. If I can't then I will be shopping used C6 vettes.
The best part about that is you won't be hurting for performance.

In the next to years when I buy a Camaro, if the SS starts at 28-29k (which it will) then I can get an employee discount down to near 25k. If my parents will do me the HUGE favor of co-signing with me (since they have unbelievable credit) until I can build my own credit by making payments, then I am hoping for around $350 a month, $900 with insurance.
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Old 09-18-2008, 01:00 PM   #11
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I was always curious why people say dont payment shop if you know the interest rate and length of financing its not like theyre gonna sneak in another year on the loan or change the rate or anything. I payment shop I just READ before I sign anything so I know exactly what Im getting into. Say I wanted a 450 payment and I knew the financing was 6.99 for 72 mo I'd know Id be paying 26.5k for an ss and Id know Id be very happy!
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Old 09-18-2008, 01:18 PM   #12
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My max is $300 a month. All I know is that by the time I look into getting one I should have between 5-10k to put down on it. And I'm looking into getting a semi-loaded Camaro LT w RS. Only option I really want is leather...

Hopefully the old man's GM employee discount can help me out...
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Old 09-18-2008, 01:55 PM   #13
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Quote:
Originally Posted by shroomjohn View Post
I was always curious why people say dont payment shop if you know the interest rate and length of financing its not like theyre gonna sneak in another year on the loan or change the rate or anything. I payment shop I just READ before I sign anything so I know exactly what Im getting into. Say I wanted a 450 payment and I knew the financing was 6.99 for 72 mo I'd know Id be paying 26.5k for an ss and Id know Id be very happy!
Some people just care about the payment and not about the interest, length, and even the actual price of the vehicle. I see it ALL the time as a loan officer. very few people do read what they sign. Its good to be informed. But ya know what, if its some ones dream to have a camaro, I say go for it, even if you dont get the perfect rate or whatever..... As long as you still take care of your family first....
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Old 09-18-2008, 02:17 PM   #14
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Quote:
Originally Posted by shroomjohn View Post
I was always curious why people say dont payment shop if you know the interest rate and length of financing its not like theyre gonna sneak in another year on the loan or change the rate or anything. I payment shop I just READ before I sign anything so I know exactly what Im getting into. Say I wanted a 450 payment and I knew the financing was 6.99 for 72 mo I'd know Id be paying 26.5k for an ss and Id know Id be very happy!
You dont payment shop because you want to negotiate on the overall price of hte car FIRST. Never talk payment options up front. You want to get the most off the bottom line of the car, once you have done that you can start to talk methods of payment. (Which really pi55es them off b/c they know you out negotiated them)

The reason for this is they tier interest rates, can sometimes play with residual values of the car, and will quote your price THEN roll taxes and fees into it raising payments. Also if you come in with a ballpark payment and it is a little high they will hold you to that and NEVER give you a better price on the car.

Also downpayments and trades come into play. Always negotiate the trade before as well. Get to the out the door price of the vehicle with tax and tags before talking payment. Most buyers are not finance majors and get eatin alive and don't even know it. They got their 450 a month and think it was a steal when they weren't aware that the 1000 rebate that was offered went right into the dealers pocket.

Negotiating a car deal is an art. Never be desperate, always be able to walk away with a calm face. Never go into a dealer so excited (knowing you are going to buy a car) that you give off your tell that you are going to purchase TODAY.


Edited
Always negotiate any and all incentives AFTER you start talking about the price of the car. People get trapped in this all the time. There will be a 2500 rebate and what they don't realize is that it is a dealer rebate. So if the car is 30,000 the dealer will tell you it is now 27,500 JUST FOR YOU!!!. NO, that rebate is from the factory and has no bearing on the dealer price. That money will be given back to the dealer by GM. So you START your negotiation at 30,000. Invoice is still king. Shoot for invoice and when you end the negotiation THEN you take off the 2500! Dont let them get your 2500(if you have a trade you want to negotiate the trade seperately with them and do NOT let them say oh we calculated your trade in the monthly payment haha. Negotiate the trade price and get it in writing BEFORE you even take price on the new car that way they can't go back on you there)

Once you get them to their lowest price (hopefully near invoice which you should absolutely know ahead of time with options and all) you then pull out dealer holdback. The dealer gets a loan from the parent to keep those cars on the lot, if they sell them before the holdback runs out then they pocket the rest of that $. Use it to your advantage. Tell them you will split the holdback with them.

Now say you are at 25,500. Add tax and title. Make sure they add no kind of advertising fees, doc fees, dealer fees, pinstriping, etc. Pay ONLY what you tax rate is and say $300 for motor vehicle fees. They will try to kill you here too. So if we were in NJ tax is 7% so the car would be $27,585 after $300 for motor vehicle.

NOW you talk payment methods. There is nowhere for them to hide ANYTHING at this point other then a lease or finance rate. And if you know they are offereing 2.9% to qualified buyers and they are trying to give you 6.99% you know they are screwing you. Let THEM work up the payment amount at that point and if it doesn't fit in your budget then the car is too expensive or you didn't do a good job negotiating. Unless you are reallllllly bad you are always a "qualified buyer" it just gives them another out to try to screw you or the next guy.

I have done this many many times and it takes a good poker face, negotiation skills, and patience. Just remember, there is always room to move for them, always!


Also remember that you want to put as much down as possible on a purchase but ZERO down on a lease. If you are going to own the asset you want to pre pay as much of the value of the asset now so you aren't paying interest on it. On a lease you never want to give them $ up front b/c you could put that in even a bank account and make 3% on your money over the years and help pay each lease payment as they come up with what would have been your capital reduction.

Hope that helps anyone that may be new to this or intimidated!

Last edited by Mblock66; 09-18-2008 at 02:43 PM.
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