Quote:
Originally Posted by LEX2CAMARO
Well, it seems that i may have a big wrench thrown at my Camaro purchase plans. I'll live but I did have some questions for my clarification:
I have 2007 Camry SE that i was going to "trade-in" to get the deal through for the Camaro but there are obstacles that have popped up and may release the air in my excitement bubble. 
-The Camry PAYOFF is $20K and the according to NADA, KBB and Edmunds my car trade in value is about $15K (avg) The low is at $13.5K. That's about $5K that I need to bring to the table OR needs to be adjusted in the new loan? Please clarify!
-I am working with 2 dealers here in SOCAL. One clearly stated that he will go over $3K on MSRP. Other has not gotten back to me yet and both have told me to call end of week.
-My "self-induced" monthly limit on car payment is $500. I am willing to drop $3K down and I may get an interest of 4.40 to 5.10 through my bank (depends on terms) But the Loan Calculators are showing me monthly payments between $550-$650. Kinda over my set limit. Makes sense since the price may go upto $36K ($31K for car + approx $5K for loan to make up for trade in..makes sense?)
Should i just sit in the corner and wait until I am financially ready to buy the car or is there some hope in this situation.
I'll live and still stay excited about the car and will eventually get it one way or the other in the future but was kinda curious 
Thanks. |
You're pretty much screwed. $3k isn't enough for a down payment, try around $8k. Reason is once you sign the papers you will be upside down which is a bad thing as you now realize with your Camry.
Now for the Camry, rule of thumb when dealing with trade-ins, the dealer will only offer you around 70% of the cars value. With the used car market in the shape it is in, expect this to be lower, around 60-65%. So expect the dealer to offer you around $10k for your Camry at best so you will have the other $10k taken care of somewhere, either your down payment or loan (I highly advise do not add this to your loan. It is just more interest you will be paying).
Unfortunately in your predicament you simply can not afford this car if $3k is all you can put down.