Down Payment Problem Solved - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

str8himalaya · 09-04-2008, 08:42 PM

Wow, i wish i made enough money to buy a camaro with cash.

Between my company stock, tax returns, and saving up, i will probably be able to put down about 5k. I don't want to sell more than half my stock if possible. I guess i could always borrow from my 401k retirement plan, i'm only 22 after all, but then i would have to pay it back or i will have to pay it back come tax time. I'm thinking 5k would be a good round number.

EMB135Driver · 09-04-2008, 08:51 PM

Quote:

Originally Posted by stovt001

I'm shooting for 50%. I really don't like having much debt. At least with 50% down I'll be rightside up from the start.

And if you wreck it an hour after you pick it up you will be out a lot of money, as the car depreciates the second you drive it off the lot.

Nexus6 · 09-04-2008, 08:53 PM

Quote:

Originally Posted by RadarJammer

I'll probably do the same, unless i can actually pay it off in cash...

hoping no more than 35K for a well equipped SS/RS. I don't really need leather seats or an automatic transmission, which should hopefully reduce the price some.

Although some of the options like stripes/accessories will probably bring the price back up to 35K, so im still shooting for that.

im still trying to do the math but i think if i just drop enough to keep the payments low i can work it so that my IRA's and stocks and such will make it look like i got it for free

RustangKiller · 09-04-2008, 09:07 PM

Quote:

Originally Posted by EMB135Driver

And if you wreck it an hour after you pick it up you will be out a lot of money, as the car depreciates the second you drive it off the lot.

If I wreck it within an hour of getting it I will probably be borderline suicidal for a while lol.

Sizzox · 09-04-2008, 09:12 PM

Quote:

Originally Posted by RustangKiller

If I wreck it within an hour of getting it I will probably be borderline suicidal for a while lol.

no doubt

Nexus6 · 09-04-2008, 09:18 PM

Gap insurance ,GET IT

stovt001 · 09-04-2008, 10:40 PM

Quote:

Originally Posted by RustangKiller

If I wreck it within an hour of getting it I will probably be borderline suicidal for a while lol.

Agreed. In that scenario being rightside-up or upside-down on my loan would be the least of my worries. I'd be looking for kittens to punt.

ucla1ove3 · 09-04-2008, 11:09 PM

lol aha nice choice of words ^^ lol

camaro1 · 09-05-2008, 08:59 AM

Quote:

Originally Posted by SS22

Im curious what do you guys have as deposit goals? I have 2000 now but am shooting for 5000. Does that sound right?

$20,000 twards the camaro fund so far.

Tantalizer43 · 09-05-2008, 11:50 AM

I only wanna put enough down to keep the payments at or below 500/month. And since I plan to keep the car forever, I'm not too worried about the length of the loan. I plan to put at least 5K down...

Maddog78 · 09-05-2008, 02:57 PM

When I sell my 911 this fall, I'll have enough to pay cash.

*radz28* · 09-05-2008, 03:27 PM

Quote:

Originally Posted by Sierra

I have now have exceeded my goal for the down payment of the Camaro to bad it is coming from my severence package. Now I just need to find a job to put gas and pay for the thing when the time comes.

Quote:

Originally Posted by Congoman775

do you get a break on gas if you work at a gas station?

... just spit ballin...

That's funny. You know what? I asked a neighborhood gas station owner once how much money they actually made on gas (at the time - I don't know if it changes) and he told me it's only in the order of several CENTS!!! I don't know how honest he was being. I know he knew who I was because I went there for gas a couple times a week, but if that's the case, you might want to choose another line of work, LOL!

Quote:

Originally Posted by SS22

Im curious what do you guys have as deposit goals? I have 2000 now but am shooting for 5000. Does that sound right?

Personally, I'm hoping for about $10K. I'd like to put a couple years worth of Income Tax Returns toward the down' and put some in addition to that. We'll see because I'm holding out for as long as I can. I ain'g gonna' be easy though.

Quote:

Originally Posted by Tantalizer43

I only wanna put enough down to keep the payments at or below 500/month. And since I plan to keep the car forever, I'm not too worried about the length of the loan. I plan to put at least 5K down...

PLEASE DON'T DO THAT!!! I would like to offer my very humble experience to you. I thought much the same way when I bought my '02 on '03. I figured since Camaro was just put on pause, it would be a long time until another one came back so I was really lazy on my purchase. I litteraly told them as long as the monthly doesn't come in over $350 I'm happy. Well... it came in a little lower and I was glowing! Then, after a couple days, I looked at my paperwork and realized that instead of them coming down on the price of the car and giving me more for the trade they just increased my load term another year. IDIOT!!!

Please, if you haven't seen this before, take the time to really study before it's time to buy; even before, so you have an idea where you want to be and can be prepared with enough $$$ to get the monthly you're looking for. I believe this site was posted here several months ago and it still worked for me. There are calculators and tips in there. You'd be suprised, if you haven't researched already, how much preparation it takes to truly get a good deal.

http://www.carbuyingtips.com/

I can't believe how much some of you have to put down! That's great. For me, I'm holding out for a few years to build-up a nice down payment, and depending on what options we have out there, I'd like to have as much as possible for the down but keep a couple grand so I can immediately throw on some bolt-ons. What GM can give us in a few years will pretty much dictate how I spend my down payment money.

Tantalizer43 · 09-08-2008, 09:24 AM

Oh yeah, I made that mistake in 2002 when I shopped for a monthly payment, Trust me, I'm not gonna get screwed again, I was just saying...

Txturbo · 09-08-2008, 09:42 AM

Best thing you can do if you aren't going to pay cash is get a loan approval before hand through your bank or credit union. That way you have a lot more control. Less likely you will get raped. last new vehicle I purchased back in 2002 I used the Capital One Blank Check program. I applied online, was approved for a maximum amount, they mailed me a blank check, I found the best cash deal and simply filled in the amount I needed to finance and signed the check.

09-04-2008, 08:42 PM	#15
str8himalaya A lot to learn! Drives: 2012 Camaro SS Transformers Edition Join Date: May 2008 Location: Ohio Posts: 131	Wow, i wish i made enough money to buy a camaro with cash. Between my company stock, tax returns, and saving up, i will probably be able to put down about 5k. I don't want to sell more than half my stock if possible. I guess i could always borrow from my 401k retirement plan, i'm only 22 after all, but then i would have to pay it back or i will have to pay it back come tax time. I'm thinking 5k would be a good round number. __________________ 2012 Camaro SS Transformers Edition. Excited to build up my first Camaro! Current Mods: -Spectre CAI -Straight piped -Power Wedge

09-08-2008, 09:42 AM	#28
Txturbo Keeper of the Faith Drives: 2001 Z28 Agressively Join Date: Apr 2008 Location: Rosenberg,Texas Posts: 1,383 View My Garage	Best thing you can do if you aren't going to pay cash is get a loan approval before hand through your bank or credit union. That way you have a lot more control. Less likely you will get raped. last new vehicle I purchased back in 2002 I used the Capital One Blank Check program. I applied online, was approved for a maximum amount, they mailed me a blank check, I found the best cash deal and simply filled in the amount I needed to finance and signed the check. __________________ 2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone

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09-04-2008, 09:18 PM	#20
Nexus6 More human than human Drives: 2010 IOM 2SS/RS Join Date: May 2008 Location: The mouth of hell Posts: 1,887 View My Garage	Gap insurance ,GET IT

09-04-2008, 11:09 PM	#22
ucla1ove3 Drives: soon to be 2010 CAMARO :] Join Date: Aug 2008 Location: houston, tx Posts: 1,284	lol aha nice choice of words ^^ lol

09-05-2008, 11:50 AM	#24
Tantalizer43 Drives: 2010 Camaro SS/RS Join Date: Aug 2008 Location: Cincinnati OH Posts: 1,359	I only wanna put enough down to keep the payments at or below 500/month. And since I plan to keep the car forever, I'm not too worried about the length of the loan. I plan to put at least 5K down...

09-05-2008, 02:57 PM	#25
Maddog78 Drives: 1969 Z28 Join Date: Mar 2008 Location: BC Posts: 378	When I sell my 911 this fall, I'll have enough to pay cash.

09-08-2008, 09:24 AM	#27
Tantalizer43 Drives: 2010 Camaro SS/RS Join Date: Aug 2008 Location: Cincinnati OH Posts: 1,359	Oh yeah, I made that mistake in 2002 when I shopped for a monthly payment, Trust me, I'm not gonna get screwed again, I was just saying...