Evo X car payments???
Apr 16, 2008, 01:49 PM
#63
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someone can say:
I bought my car for $32000 otd 800 x 60 at 1.9
or
I bought my car for $32000 otd 800 x 60 at 1.9 with 5000 down
or
I bought my car for $32000 otd 559.49 x 60 at 1.9
here a link in case you dont know the real numbers http://www.kbb.com/kbb/AutoLoansAndI...e/default.aspx
BTW I got my brand new GSR Evo for 470 x 60 with zero down at south cost mitsu. MSRP is $31200. What is my OTD price?
Last edited by redteam22003; Apr 16, 2008 at 02:16 PM.
Apr 16, 2008, 02:37 PM
#65
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470 x 60 = $28200
26,000 x 1.085 = $28210
so, for 0 down, your payments are less than the total msrp.
If tax, licensce, reg etc are added, you got your car for 26,000.
your discount is 31200 - 26000 = 5200 off the internet price probably got sss package.
So everyone, should we all call sam and say this chap got his evo for 26000 plus tax and license.
What evo has an msrp of 31200. I have only seen 33655 for a base.
What bank did you use, I would like to know because it seems from the simple calcs that they are paying you to have a loan with them.
Please enlighten us with you finance techniques. We all need to know.
26,000 x 1.085 = $28210
so, for 0 down, your payments are less than the total msrp.
If tax, licensce, reg etc are added, you got your car for 26,000.
your discount is 31200 - 26000 = 5200 off the internet price probably got sss package.
So everyone, should we all call sam and say this chap got his evo for 26000 plus tax and license.
What evo has an msrp of 31200. I have only seen 33655 for a base.
What bank did you use, I would like to know because it seems from the simple calcs that they are paying you to have a loan with them.
Please enlighten us with you finance techniques. We all need to know.
Apr 16, 2008, 03:08 PM
#67
Ya my car note is 560 for 84 months. But i am not going to take the 84 months Like i say before i am pay 800 a months so it will be less then 60 months. I just did the 84 months just in case i wanna pay the 560 one month for like x mas months.
Apr 16, 2008, 03:38 PM
#68
No, it was about $35k OTD. As others mentioned, you're confusing OTD prices with after interest prices. An OTD price is traditionally the price you'd pay to walk out with the car that instant, regardless of payment type. In other words, what you pay the dealer.
I don't think I've ever seen anyone include interest in an OTD price before. The reason is the amount you pay in interest is not set in stone, so it's silly to try to distort things to include it in the OTD price. Paying more than your monthly payment goes directly to the principal, reducing your total interest liability substantially.
How about an example: I make various payments greater than my minimum payment, thus affecting the amount paid in interest. Your claim would then be that my Out the Door price can only determined when the car is paid off, several years later. That's not much of an OTD price, then is it?
I don't think I've ever seen anyone include interest in an OTD price before. The reason is the amount you pay in interest is not set in stone, so it's silly to try to distort things to include it in the OTD price. Paying more than your monthly payment goes directly to the principal, reducing your total interest liability substantially.
How about an example: I make various payments greater than my minimum payment, thus affecting the amount paid in interest. Your claim would then be that my Out the Door price can only determined when the car is paid off, several years later. That's not much of an OTD price, then is it?
Apr 16, 2008, 03:51 PM
#69
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Next time I will tell my wife i got the car for $5 otd, the rest is interest and it dont count...^^^smart guy
Last edited by redteam22003; Apr 16, 2008 at 03:57 PM.
Apr 16, 2008, 03:53 PM
#70
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No, it was about $35k OTD. As others mentioned, you're confusing OTD prices with after interest prices. An OTD price is traditionally the price you'd pay to walk out with the car that instant, regardless of payment type. In other words, what you pay the dealer.
I don't think I've ever seen anyone include interest in an OTD price before. The reason is the amount you pay in interest is not set in stone, so it's silly to try to distort things to include it in the OTD price. Paying more than your monthly payment goes directly to the principal, reducing your total interest liability substantially.
How about an example: I make various payments greater than my minimum payment, thus affecting the amount paid in interest. Your claim would then be that my Out the Door price can only determined when the car is paid off, several years later. That's not much of an OTD price, then is it?
I don't think I've ever seen anyone include interest in an OTD price before. The reason is the amount you pay in interest is not set in stone, so it's silly to try to distort things to include it in the OTD price. Paying more than your monthly payment goes directly to the principal, reducing your total interest liability substantially.
How about an example: I make various payments greater than my minimum payment, thus affecting the amount paid in interest. Your claim would then be that my Out the Door price can only determined when the car is paid off, several years later. That's not much of an OTD price, then is it?
Apr 16, 2008, 03:55 PM
#71
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No kidding, some of these jack *** got rip off and trying to lie to themself to feel better and getting **** at me for telling them the REAL price they are paying for their car, WTF is up with that crap??
Apr 16, 2008, 04:01 PM
#73
If the Google is to be believed, you might be the first person in the history of the internet to claim that an OTD price includes interest. Just for kicks, I called my step-father-in-law (yikes!) who is an automotive loan officer, and he'd never heard anyone include interest in the OTD price either.
I don't disagree that buyers need to consider the overall costs, but misappropriating a pre-existing term is not the way to do it.
Apr 16, 2008, 04:04 PM
#75
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mine was around 40k. Thats 35,874$ msrp + 8.625% tax + regi/plates + GAP ins
I put 0$ down.
payment is 706 x 72
total (if i keep it for 6 years and make exact payment amount) is 50,832$
So I paid 50,832$ OTD according to your math? but I didnt even pay that yet so how do you consider that to be OTD?
If I sell the car in 12 months for what I owe, then I paid around 8472$ in payments I'll owe around 35k. Then I paid 43,472$ OTD?
What if I sell it in 16 months? or 6 months? it always changes man. You never know. OTD is the final price of the car on the bottom of the contract