Down payment, intrest %, years & monthly payment?

[69Bird]

2SS/RS $35,697 out the door
5,697.00 down $30,000.00 financed.
60 months @ 4.99%= $566.00 monthly through my credit union, they do offer 72 months but the rate goes up .25% Which would put me at $486.00 a month. I am not sure which I'll go with yet.

[69Bird]

Originally Posted by haleyd

the problem isn't that i can't get one, it's that the bank thinks i can afford to go 5 years instead of 6. i qualify for 35000 (that's just the number i put on my credit app)... my loan will only be about 19000. i would like to not pay more than 320'ish a month which is what it would be with a 72 month loan, but my credit union says that there is no reason why i can't pay 370 a month. it's making me really mad!

That makes zero sense.. You will automatically have equity in the car so why wouldn’t they let you go for the longer term loan? It's almost like they want tap you out in the 72 month, what’s another 12 to them? They would actually make more money with the longer loan term
Or is it because your loan would be under the amout they want for longer term????

[lsgun]

2SS/RS A6 MSRP + TT&T 38,800ish... 12,500 down @ 3.6 %... 450.oo /mo

[haleyd]

Originally Posted by 69Bird

That makes zero sense.. You will automatically have equity in the car so why wouldn’t they let you go for the longer term loan? It's almost like they want tap you out in the 72 month, what’s another 12 to them? They would actually make more money with the longer loan term
Or is it because your loan would be under the amout they want for longer term????

i don't understand it either. the manager at my credit union is a friend of mine and she said she was really working hard to get them to approve it but they just wouldn't. she kept telling them, if she wants to owe us more money why not let her? i told her well then it looks like you guys will get NONE of my money because i'm going to look around until i find someone that will approve me for a 6 year, so how is that helping you?

i hate the idea of not having my loan through my CU, because it's so easy to just transfer money on to my loan from my account to my loan account. now i won't be able to do that and that blows!

[camaroluver]

Originally Posted by haleyd

i don't understand it either. the manager at my credit union is a friend of mine and she said she was really working hard to get them to approve it but they just wouldn't. she kept telling them, if she wants to owe us more money why not let her? i told her well then it looks like you guys will get NONE of my money because i'm going to look around until i find someone that will approve me for a 6 year, so how is that helping you?

i hate the idea of not having my loan through my CU, because it's so easy to just transfer money on to my loan from my account to my loan account. now i won't be able to do that and that blows!

I swear banks sometimes make no sense!! I agree with you if they won't do a 6 yr loan then do no loan with them....our credit union originally approved our loan with only the $500 down when the car was ordered then the day it arrived and we signed papers they refused to finance us without $5,000 down....I don't understand why b/c since Jan when the car was ordered we haven't bought anything else or had our credit run for anything, all we did was pay off a car that was financed with them and we owed $7,000 on it at the beginning of the year, seems that would have made it better looking. So after 11 yrs of banking with them I no longer do any business with them with the exception of my husbands truck still being financed with them....but I don't think I can find 3.9% anywhere on a 2007 now. So we financed my Camaro with Wachovia however I do believe my interest rate is 1/2% higher for going with the 72 months instead of the 60 months but my payment is closer to what we want and I can always pay more to pay off sooner if I want.

[haleyd]

Originally Posted by camaroluver

I swear banks sometimes make no sense!! I agree with you if they won't do a 6 yr loan then do no loan with them....our credit union originally approved our loan with only the $500 down when the car was ordered then the day it arrived and we signed papers they refused to finance us without $5,000 down....I don't understand why b/c since Jan when the car was ordered we haven't bought anything else or had our credit run for anything, all we did was pay off a car that was financed with them and we owed $7,000 on it at the beginning of the year, seems that would have made it better looking. So after 11 yrs of banking with them I no longer do any business with them with the exception of my husbands truck still being financed with them....but I don't think I can find 3.9% anywhere on a 2007 now. So we financed my Camaro with Wachovia however I do believe my interest rate is 1/2% higher for going with the 72 months instead of the 60 months but my payment is closer to what we want and I can always pay more to pay off sooner if I want.

you just reminded me, that's another thing i'm mad about... the MSRP on my car is $31,060 but i with my GMS discount it will be $28,664. I'm planning to put roughly $11k down so i'm only going to be financing about $19k so i don't see what the problem is.

[Ladyz28]

2SS / RS RJT 35,700K. After LoJack, Tire/Wheel warranty, and TTL, 40k.
14k down payment at 6.5% = 426/m.

[Iwantone2]

What down payment, interest rate, years & monthly payment

$9000, 8.1%, 6, 490.00

Forget that!!! I'm gonna pay at least $600/month!!!

[nova]

Originally Posted by haleyd

you just reminded me, that's another thing i'm mad about... the MSRP on my car is $31,060 but i with my GMS discount it will be $28,664. I'm planning to put roughly $11k down so i'm only going to be financing about $19k so i don't see what the problem is.

From their perspective, its a risk mitigation thing. Despite your down payment and equity in the car, the further out in time you go, the murkier things look and the harder it is to determine and price risk.

Who's to say what will in happen in your life in 6 years and after all a default with 1 year left on a loan is just as much of a default as one with 54 months left.

Most of the time you pay for that murkiness in the form of higher interest rates but sometimes the lender just decides they don't want to take the risk at all, for whatever reason.

I had that happen with the first couple lenders when I bought my truck (my first new vehicle purchase ever). We had to go through 4-5 lenders before we found one that would do 66 months...

[franknbeans]

10k down
3.99% for 60 months
560ish a month

[haleyd]

Originally Posted by nova

From their perspective, its a risk mitigation thing. Despite your down payment and equity in the car, the further out in time you go, the murkier things look and the harder it is to determine and price risk.

Who's to say what will in happen in your life in 6 years and after all a default with 1 year left on a loan is just as much of a default as one with 54 months left.

Most of the time you pay for that murkiness in the form of higher interest rates but sometimes the lender just decides they don't want to take the risk at all, for whatever reason.

I had that happen with the first couple lenders when I bought my truck (my first new vehicle purchase ever). We had to go through 4-5 lenders before we found one that would do 66 months...

they aren't letting anyone do a 6 year loan right now i guess so what you are saying makes sense... and cara (the manager at my CU) told me that in a round-about sort of way. it still just makes NO sense to me. but i guess it doesn't matter, nothing i can do to change it so i just need to either put more down to get my payments where i want them with a 5 year loan, or find someone that will finance me for 6.

[Foster26]

2SS/RS $36,580
financed $31,300
3.99%
72 months
$490/month

[Van]

Since I've not received my Camaro yet, I had to use excel to calculate everything out. The invoice should be within a few dollars variance because I estimated the registration fee from their website info. The financing will be spot on because I already know my interest rate and such.

I'm still comptemlating whether or not to give only 20k down and use 4k for "other stuff" or just put 24k down and payoff the sucker as fast as possible and THEN do the "other stuff" with the car. Probably the latter.

Financing info:

Total amount 36,977.19
Down payment (20,000.00)
Amount financed 16,977.19
Interest rate 5.25% @ 60 months
Payment $322.33

If 24k down payment, payment would be $246.38.

Either way, I'm going to be paying at least $400 mtly with the extra going to principle only.

[linkwpc]

M6 2SS RS With IO seats $35,995.00 ($40,000 with TT&L) (+5 year BtoB and Lojack)

$18,000 down, 4.89% - 5 years, $451.00 monthly.