Good payment for 1LS 2012 camaro

[Wader1LS]

So i went to the dealer to get a camaro. Im trading a civic si lease in. It had equity on it, about 3k, the car i want is about $22988. Im putting 1k down and i wanna try and work the car down to $21000. My credit is excellent, and im bound to get less than 3% interest rate. What do you think is a solid payment for financing this car. And if anyone could post what they pay for thier car to give me an idea of a realistic deal. Thank you, hope to be behind the wheel soon.

[Dznts]

http://www.camaro5.com/forums/forumdisplay.php?f=10 talk to Becky

[1BADLS3]

Originally Posted by Wader1LS

So i went to the dealer to get a camaro. Im trading a civic si lease in. It had equity on it, about 3k, the car i want is about $22988. Im putting 1k down and i wanna try and work the car down to $21000. My credit is excellent, and im bound to get less than 3% interest rate. What do you think is a solid payment for financing this car. And if anyone could post what they pay for thier car to give me an idea of a realistic deal. Thank you, hope to be behind the wheel soon.

It's pretty simple math. What others pay isn't important to you. The math is what it is....the key piece is the final selling price of the vehicle.

Let's assume you make an offer and get the car for $21k.

Sale price: $21,000
Down: $1,000
Trade: $3,000 equity

Price before Tax: $17,000
Tax, title, licensing (estimated at 10%): $1700

Amount financed: $18700
Interest rate: 2.99%

Loan term: Probably your choice between 36, 48, 60, 72 months. If you can get 2.99% at 60mos, I'd pick that as a safety net, knowing you could always pay it off early if you had extra cash.

Payment on a 60 month term: $335.93/month
Payment on a 48 month term: $413.83/month
Payment on a 36 month term: $543.74/month

Play with your own numbers using an auto loan calculator:

http://www.bankrate.com/calculators/...alculator.aspx

Good luck!

[BowtieBelle]

I'm paying $290/mo for 60 months... I financed about $19k on a $28k car, with my trade plus $1500 from the factory. HTH

[Mr_Draco]

The general rule of thumb is you want to put down at least 20% of MSRP, the more the better. Cars deprecate about 20% the moment you sign the papers so if you don't cover at least this much you run the risk of becoming upside down in a couple years. Some experts recommend at least 33% to make sure you don't go upside down.

As for how much you should pay a month, this is completely up to you and what you are comfortable with. On my 2SS/RS I pay $294 a month but that is because I put down $20k and financed almost $19k.

[GotGame55]

When I had my LS I payed 12K cash down. Payments were $225.05 for 60 months

[Wader1LS]

Well i am going today to sit down and see what kind of numbers i can push out of them. Yeah those prices at 60 months is what i am looking to pay. Between 310-335 is affordable.
When i get it im ordering a cat back header and cai for it, is there anything important i need to know before i mod it? Like head stud change or gasket change? Its no supra but just wanna make sure that those mods wont hurt the internals.

[BowtieBelle]

Originally Posted by Wader1LS

Well i am going today to sit down and see what kind of numbers i can push out of them. Yeah those prices at 60 months is what i am looking to pay. Between 310-335 is affordable.
When i get it im ordering a cat back header and cai for it, is there anything important i need to know before i mod it? Like head stud change or gasket change? Its no supra but just wanna make sure that those mods wont hurt the internals.

It won't hurt anything. LOTS of posts on those mods here

[1BADLS3]

Originally Posted by Wader1LS

Well i am going today to sit down and see what kind of numbers i can push out of them. Yeah those prices at 60 months is what i am looking to pay. Between 310-335 is affordable.
When i get it im ordering a cat back header and cai for it, is there anything important i need to know before i mod it? Like head stud change or gasket change? Its no supra but just wanna make sure that those mods wont hurt the internals.

Some sage advice I will offer to you--don't get caught up in the payment. You know based on the example above that if you finance around $19k, your payment will be somewhere in the $300-$400 range. Concentrate on the amount financed and the selling price of the car.

I guarantee you if you tell them the payment "needs" to be between $300-$350 and let them work out the rest, they will certainly get you to that payment but it may not be on the loan terms or the selling price of the car that you want.

I've bought and sold enough cars to the point where it's really boring and tedious for me--I go with friends, family, etc all the time to help them with their sales because they don't understand the "magic" behind the numbers and don't want to get snowed in a deal. I've sent more than a few non-transparent sales-persons packin and have scratched out how the deal needs to go in order to "win" a sale on paper for finance managers. They can either meet your deal or negotiate. Don't let them work the deal.

[Scalded Dog]

Originally Posted by 1BADLS3

Some sage advice I will offer to you--don't get caught up in the payment. You know based on the example above that if you finance around $19k, your payment will be somewhere in the $300-$400 range. Concentrate on the amount financed and the selling price of the car.

I guarantee you if you tell them the payment "needs" to be between $300-$350 and let them work out the rest, they will certainly get you to that payment but it may not be on the loan terms or the selling price of the car that you want.

I've bought and sold enough cars to the point where it's really boring and tedious for me--I go with friends, family, etc all the time to help them with their sales because they don't understand the "magic" behind the numbers and don't want to get snowed in a deal. I've sent more than a few non-transparent sales-persons packin and have scratched out how the deal needs to go in order to "win" a sale on paper for finance managers. They can either meet your deal or negotiate. Don't let them work the deal.

Therein lies probably the sagest of all advice... if you are unfamiliar with sales tactics, methods, and, uh.... tricks... take a friend or relative who DOES know his way around. The first time I bought from a dealership, I got taken for a RIDE, and I don't mean the test drive. Holy smokes, they smelled me coming from three miles away--- fresh meat! I was killed, drained of my blood, and hung out to dry before I was devoured by the greedy wolves.

However, that was the last time it happened. Now I'm the guy that friends take to go car hunting.

You must have one of them with you when you go.

[Mr_Draco]

Originally Posted by 1BADLS3

Some sage advice I will offer to you--don't get caught up in the payment. You know based on the example above that if you finance around $19k, your payment will be somewhere in the $300-$400 range. Concentrate on the amount financed and the selling price of the car.

I guarantee you if you tell them the payment "needs" to be between $300-$350 and let them work out the rest, they will certainly get you to that payment but it may not be on the loan terms or the selling price of the car that you want.

Something else you should do when car shopping is get preapproval at your bank first this way you will know exactly what percentage you qualify for and can figure up the approximate payments before you ever set foot in the dealership.

When I bought my car, I was preapproved for 3.49% at my bank. After me and the salesman punched the numbers to get what is owed the financing manager tried to tell me the best they could do was 4%. I pulled out my preapproval letter and told them if they want my sale they will bet it by at least 1%. Miraculously within 15 minutes they said they was able to beat what my bank got me but it wasn't the full 1% and was upset cause they thought they was about to lose a sale.

Dealerships get paid by the banks every time they set up a finance through them. Dealerships also will add extra percentage if they can as they get to keep the extra you pay. Never tell a dealership what you can get or want first. They may match it when you actually qualify for less and will use that extra to pad their wallets.

[Wader1LS]

Well guys I went and came out with some good stuff I guess. I do know my way around when dealing with car dealers, but I am not perfect at it, and nor do I have any friends who are, but anyways here are the numbers he gave me.

MSRP: $24,128
After Dealer Incentives: $22,988
After GM Lease Trade in Incentive: $21,988
RI State tax: 7% x $21,988 = $1,539.16
Registration: $125(RI)
Dealership fees: $169
Grand Total= $23,821.16

Now this is with them not going down on the price at all, he wouldn't even work with me because he said they were "Loosing" money.

Now my lease has some equity on it, about $3,000, and I plan on putting $1,000 down at signing.

So if you factor that all in:

$23,821.16-$4000= $19,821.16

Loan calculator at 60 months @ 2.5%= 351.77

Can that car come down in price at all?

By the way thank you guys for assisting me, this is really a great help to have other peoples perspectives.

[Mr_Draco]

I would shop around. There's not that much room to play with on the Camaro's but there is some.

And personally I would go to another salesman at the dealer or find another dealer. They are not losing money on that sale. They get reimbursed on the incentives plus extra so they are still making money.

[1BADLS3]

Originally Posted by Wader1LS

Well guys I went and came out with some good stuff I guess. I do know my way around when dealing with car dealers, but I am not perfect at it, and nor do I have any friends who are, but anyways here are the numbers he gave me.

MSRP: $24,128
After Dealer Incentives: $22,988
After GM Lease Trade in Incentive: $21,988
RI State tax: 7% x $21,988 = $1,539.16
Registration: $125(RI)
Dealership fees: $169
Grand Total= $23,821.16

Now this is with them not going down on the price at all, he wouldn't even work with me because he said they were "Loosing" money.

Now my lease has some equity on it, about $3,000, and I plan on putting $1,000 down at signing.

So if you factor that all in:

$23,821.16-$4000= $19,821.16

Loan calculator at 60 months @ 2.5%= 351.77

Can that car come down in price at all?

By the way thank you guys for assisting me, this is really a great help to have other peoples perspectives.

You won't qualify for the $1,000 lease incentive. You're not leasing the car, are you?

You have $4,000 to put down. This goes in pre-tax.

So, at MSRP of $24,128, your sales price of the vehicle is $20,128
Tax (7%): $1408.96
Reg: $125
Dealer bullshit documentation fees: $169
Amount financed (assuming you're financing the balance): $21830.96

Also, have you been approved for a 2.5% interest rate? It won't change the payment much if you are only approved at 2.99%, but know what you qualify for through your own bank(s) before the dealer signs you up.

Edit:

In terms of negotiating price off MSRP, remember that rebates/incentives are *NOT** money off MSRP. Those get subtracted after you negotiate the selling price of the car.

I'd look up what invoice price is on Edmunds.com and offer them that. If they say no, offer them $250 over invoice. If they won't bite, then walk. A Camaro LS isn't a rare car. Any GM dealer can sell you one.

If you know any friends/family that might have a GM supplier certificate (pre-negotiated price of the vehicle), then use that to skip the BS. It usually comes in pretty close to invoice pricing.