How much are you paying monthly for car & insurance?

[turleylox]

I have a 2SS/RS Total for the car was $39,250.00. I'm only financing $30,000. for 72 mo. at a rate of 5.95%. Payments around $495 month. Insurance is around $400 every 6 months. I'm actually still looking for a better rate. But I have already been approved for this one.

[redlightroxy]

Hey guys, I found this interesting. Did a ballpark estimate online from allstate. They list the Camaro as either LS, LT, RS (V6), SS, or RS (V8) (their terms). What I found interesting was when I filled out the forms for the SS and SS/RS, the SS/RS was SIX HUNDRED DOLLARS more per six months Still trying to figure that one out.

[Fast Eddie]

Originally Posted by Fogey

Yes, for the payout period, LOCs are interest only. So, while you are making interest payments, you send an additional amount for a 4 or 5 year amortization of the purchase price. If you like paying the Govt taxes, go ahead, mox nix to me. Low interest rate and tax deduct. How does paying a bank differ from adding an LOC to your house?

Being a finance guy you should know that every situation is different. But here is why its not good for me (and something to make others aware of). When you add a HELOC to your mortgage you guarantee the car value (or whatever else) with your house. If you are like me, and want to build the equity in your home because you plan to sell prior to the car loan being paid off. (or you don't have the equity in a house to cover the HELOC) a loan not tied to your house is better. Its not tax deductible (the sales taxes on the car are this year though ) but its in my best interest to take out a 3.99% car loan now (with extra payments along the way), then when I plan to sell my house I have that much more equity in my house, while still being able to afford a car payment. It puts me in a stronger buying position with a larger down payment when my home sells, since no funds go to pay off my car. Refinancing a car loan is doable but who knows where interest rates will be in a couple of years. If you are older and do not plan to move and can definitely afford the payments, then yes, a HELOC may be a better way to go. If you do not have equity in a house or plan to move prior to the note being paid, its better to go with a straight car loan. The tax savings on a HELOC are not all that great either, since its a deduction and not a credit, and its interest only.

For the original question:
age:32
Car: 1SS/RS
Location: Omaha, NE
Loan payments - should be $400-450/mo, (penfed.org 3.99%, 60 mo.) depends on delivery date, been making $500/mo deposits to savings for down payment since ordering.
Insurance: At most $60/mo, USAA (they quoted me high so I won't be surprised. I doubt It will be that much). Its only $30/mo more than my 1986 Olds station wagon with liability only

[manimsoblack]

21 Male
147 per month car loan
2004 grand am
68 per month full coverage with allstate $500 deduc.

For a v6 camaro full with $500 deduc it would be $83 and SS would be $97

[coquinn8846]

Originally Posted by vm1971

what did you put down?

$8000

[my2010camaross]

Originally Posted by Fogey

If you don't make car payments, they take your car whether you financed it on a LOC or a bank or credit union loan. Some of you folks could use a class on personal finances. I don't mean to be rude but what you want is the lowest interest rate you can get and tax deductibility. I am retired from 35 years in the finance business and if you are worried that a LOC may cause you to lose your car and your house, you shouldn't be buying a Camaro. Buy a used Honda or take the bus.

ill give you a listen in class room and at the track. smartass.

[songsj]

[QUOTE][Originally Posted by Fogey
If you don't make car payments, they take your car whether you financed it on a LOC or a bank or credit union loan. Some of you folks could use a class on personal finances. I don't mean to be rude but what you want is the lowest interest rate you can get and tax deductibility. I am retired from 35 years in the finance business and if you are worried that a LOC may cause you to lose your car and your house, you shouldn't be buying a Camaro. Buy a used Honda or take the bus.

/QUOTE]

Sorry but unless I'm mistaken most often with a HELOC, the home is the collateral for the loan. Not what the money was spent on. You could use your HELOC to take a trip to Las Vegas and gamble away 20,000. How are they going to reposess that. You could default on your HELOC payments and they could foreclose on your home but let you keep the car. This is why most people think it's a bad idea to hoc your house for a car.

[jsmith]

2SS Camaro- $70 a month/ $420 for 6 months thru Costco Insurance. That includes $250 deductible all around plus all the other extras....uninsured motorist/towing/car rental, ect.

[IROCanSS]

32 y/o male and 25 y/o female, Ohio, 6 cars:
2007 C6 full coverage - $850 a month payment
2006 Dodge Ram 2500HD full coverage - $580 a month payment
1989 IROC full coverage - title in hand
1998 Honda Civic (her DD) liability only - title in hand
1992 Jeep (my DD) liability only - title in hand
1967 Camaro no insurance (work in progress) - title in hand

$197 a month for both drivers, all cars

Originally Posted by 67 Convertible

58
Massachusetts
2LT/RS (on order)
4.5% with CU at work (already locked in)
My ins. with collision s/b about 1k for the year with Travelers

Me too, locked in at my CU, $36,000 @ 4.99% for up to 72 months. I will likely take 48 or 60. I am paying $850 a month for the Corvette going bye-bye. With the Camaro I am looking at about $570 for 72, $680ish for 60 or almost $800 for 48 IIRC.

Originally Posted by Fogey

If you have a home equity Line of Credit this is the perfect time to use it. Mine's 3.499%. The Low interest rate, and tax deductibility make it a great way to go.. Just be sure you do self amortization and have a backup plan if interest rates start to go too high, ie convert to fixed rate or paydown.
I'm an old guy so insurance is cheap. $750 per year

THIS IS A TERRIBLE IDEA.... HAVE YOU BEEN WATCHING THE NEWS THE PAST YEAR... THIS IS WHY WE ARE IN A BANKING CRISIS... PEOPLE BORROW AGAINST THEIR HOUSE THEN THE VALUE TANKS... PLUS YOU WANT TO FINANCE A CAR FOR 15 OR 30 YEARS??? BAD BAD BAD!!! PLUS 3.49 ISN'T MUCH BETTER THEN MOST CREDIT UNIONS.

Originally Posted by chevy dude

1SS/RS $33500 MSRP with $8,000 down on a 48 month lease $327.00 a month and $590 every 6 months for insurance.I'm 46 years young and i live in Flatrock Michigan.Also have a renters insurance policy through State Farm and a multi car discount.

OK... 327*48 = $15,700 + $8000 DOWN = $23,696 and you have to give the car back in 4 years? What is your buy out in 4 years? This actually doesn't sound like a bad lease, depending on the buy out.

[2SSJIM]

Insurance - $846 per year... Increase of $73 per month.... have 3 other vehicles on the policy!
Financing - pre-approved for $26K at 4.55% 60 months.... Have $23K to put down. With all the added on options.. GNDX, Eng. Cover, window tint, 3m Clear bra, Royal Purple oil in mtr, tranny, rear, taxes/title and all that good stuff... total of 2SS will be Approx $45.5K. Payments between $430-$490 per month depending on final price!

[Hemlawk]

Originally Posted by SirBrad

You're in the same boat as me...except the house. Not sure what your credit score is. Mine is right around 700 and Capital One approved me at 5.83% and I put down the money you want to put down an got it for $478 over 72 months.

When you're ready to buy, go to Capital One Auto and fill out an application for credit. You'll get an instant result and you are locked into that rate for 45 days so you can take your time.

Its kind of embarrassing but last time I checked its was 560-625 (3 months ago,before bills paid off), the mortgage company said it was 625... reguardless, my rate will be high.

[sasquash1984]

my car had a $ 10,000 mark up talked them down to $5,000. so my LT1 was 27 sticker 32,000 after markup, i was 2,400 upside down then 3 or 4,000 tax title and license and since im doing 72 months at 8.45 % which im trying to get re finacned. makes it 51000 for 72 months at 720 a month with gap. i got screwed and my credit union will not finance it due to the mark up...........

[Fogey]

1. As stated by a couple of posters, everyones situation is different and my posts only reflected my personal circumstances. Not good on my part. In my situation, I have a ton of equity in my home even with the recent drop in home value, and I am fortunate to have a good income stream which while never certain to continue, is pretty well protected.
2. Yes HELOC loans are attached to your home, so any failure to pay goes directly to the home, not a car or a Vegas trip. If you feel there is any significant risk in your ability to make payments on a HELOC you probably shouldn't even have one unless for emergenies and only if you have the discipline to use it for only such emergencies.
3 I have always had a HELOC, at least since my home equity allowed me to. I have used it a number of times when quick cash was needed or desired, thus allowing me the time to determine which assets I should sell, (for repayment of amount borrowed) and when to sell them rather than rushing into some action I may later regret.
4. As per my decision to use my HELOC for buying a car: At 3.5% with the deductibiliy of interest, the cost of the loan is very modest and doesn't require me to sell any assets I have. And I plan to self amortize the loan over 3 years not 25 or 30 years as mentioned by one poster.
Most important:
5.. This is a great board and I do sincerely apologize to those I offended.

[mikenmar]

Originally Posted by sasquash1984

my car had a $ 10,000 mark up talked them down to $5,000. so my LT1 was 27 sticker 32,000 after markup, i was 2,400 upside down then 3 or 4,000 tax title and license and since im doing 72 months at 8.45 % which im trying to get re finacned. makes it 51000 for 72 months at 720 a month with gap. i got screwed and my credit union will not finance it due to the mark up...........

OUCH.... Dude, can you return the car? I would if I were you. Wait a while and the price will come down, or just do some footwork to find one at MSRP.

That deal is just way, way too much to pay for a 1LT...