financial advice needed!!!
May 22, 2008, 01:25 PM
#47
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May 22, 2008, 01:33 PM
#48
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I can tell you this I just financed my wifes pre-owned Mrecedes with 15,000 miles on it and my intrest rate was 5.4%.. Generally used rates are higher. I would look up the rate for Mitsubishi and see if they have any incentives going on like a special rate or whatever.
May 22, 2008, 01:34 PM
#49
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now matter how sweet a deal sounds, the dealer never loses any money. ive been in the car business for over 15yrs & i assure you all that is done is the numbers get juggled to make the customer "think" its better. less than 1% of car shoppers know the secrets of dealers. like going thru the fleet dept instead of a salesman, or when buying used finding out what the dealers black book value of the used car was when they received it. the invoice price is what they want you to believe they paid for it. do some research & you will uncover everything...
May 22, 2008, 01:44 PM
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if u would have invested the cash aggressively 2yrs ago, then theoretically u could now pay cash for the car!!! i would also hope you are not paying sticker for the car. i would NEVER EVER pay sticker price. get those monkeys to sell it for invoice or walk away. dealers paid $13k for EVO IXs. the diff between sticker & 13k is the PROFIT. my buddy Mitch owns dealerships & says EVO X GSRs cost $16k at dealer cost.
do what u want but i would take $10k invest it for a couple yrs, then go buy a new EVO X + a new SL63 AMG Black Series. then u can go fast, turn, valet park, & pimp at the same time...
do what u want but i would take $10k invest it for a couple yrs, then go buy a new EVO X + a new SL63 AMG Black Series. then u can go fast, turn, valet park, & pimp at the same time...
minus dlr incentives, floor plan assistance, markup and add on's i would say dead nut cost is in the 25-26k range. this is my estimate but i would be willing to bet i am not far off.
now matter how sweet a deal sounds, the dealer never loses any money.
this statement is correct and especially on trades. i will give you that. no matter how they act like your screwing them!!! car dealers wouldn't be in business if they weren't making money.
STevo
May 22, 2008, 01:45 PM
#52
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the best thing for the OP to do is do more research on not only the car he's buying, but the dealer he's shopping, the banks he's considering, his insurance agent.
his topic states needing financial advice. here you go:
1) check pricing for the model u want at all mitsu dealers within a 25mile radius of ur home.
2) when u find the model u want, contact the fleet sales MGR for a price.
3) once a price is set, either go thru YOUR bank (or credit union) for financing. do not finance thru a dealer.
4) once approved thru your bank, take a cashier's check to the dealer & pick up the car. u will be in & out in less than 30min.
5) take that $10k u were gonna use as down payment & make that your 1ST payment.
6) the banks computer gets confused & u now technically don't have a car payment for up to 16 months, OR u keep maing payments & have a 5yr car loan paid off in 3yrs.
it's your money. do as you wish with it...
his topic states needing financial advice. here you go:
1) check pricing for the model u want at all mitsu dealers within a 25mile radius of ur home.
2) when u find the model u want, contact the fleet sales MGR for a price.
3) once a price is set, either go thru YOUR bank (or credit union) for financing. do not finance thru a dealer.
4) once approved thru your bank, take a cashier's check to the dealer & pick up the car. u will be in & out in less than 30min.
5) take that $10k u were gonna use as down payment & make that your 1ST payment.
6) the banks computer gets confused & u now technically don't have a car payment for up to 16 months, OR u keep maing payments & have a 5yr car loan paid off in 3yrs.
it's your money. do as you wish with it...
May 22, 2008, 01:48 PM
#53
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now matter how sweet a deal sounds, the dealer never loses any money. ive been in the car business for over 15yrs & i assure you all that is done is the numbers get juggled to make the customer "think" its better. less than 1% of car shoppers know the secrets of dealers. like going thru the fleet dept instead of a salesman, or when buying used finding out what the dealers black book value of the used car was when they received it. the invoice price is what they want you to believe they paid for it. do some research & you will uncover everything...
Remeber evrything is negotiable from extended warranty,gap ins.,credit life disability, intrest rate, trade in, and car price
May 22, 2008, 01:48 PM
#54
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I have no idea what credit union changes interests rates in the middle of a loan.
when it comes to contracts you should always read the fine print.
anyways
once your a member of a credit union and sign the contract for the interest rate of
your loan your locked-in until you either pay it off or refinance.
if your account is setup to pay automatically then there is nothing to worry about.
when it comes to contracts you should always read the fine print.
anyways
once your a member of a credit union and sign the contract for the interest rate of
your loan your locked-in until you either pay it off or refinance.
if your account is setup to pay automatically then there is nothing to worry about.
May 22, 2008, 01:57 PM
#55
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the best thing for the OP to do is do more research on not only the car he's buying, but the dealer he's shopping, the banks he's considering, his insurance agent.
his topic states needing financial advice. here you go:
1) check pricing for the model u want at all mitsu dealers within a 25mile radius of ur home.
2) when u find the model u want, contact the fleet sales MGR for a price.
3) once a price is set, either go thru YOUR bank (or credit union) for financing. do not finance thru a dealer.
4) once approved thru your bank, take a cashier's check to the dealer & pick up the car. u will be in & out in less than 30min.
5) take that $10k u were gonna use as down payment & make that your 1ST payment.
6) the banks computer gets confused & u now technically don't have a car payment for up to 16 months, OR u keep maing payments & have a 5yr car loan paid off in 3yrs.
it's your money. do as you wish with it...
his topic states needing financial advice. here you go:
1) check pricing for the model u want at all mitsu dealers within a 25mile radius of ur home.
2) when u find the model u want, contact the fleet sales MGR for a price.
3) once a price is set, either go thru YOUR bank (or credit union) for financing. do not finance thru a dealer.
4) once approved thru your bank, take a cashier's check to the dealer & pick up the car. u will be in & out in less than 30min.
5) take that $10k u were gonna use as down payment & make that your 1ST payment.
6) the banks computer gets confused & u now technically don't have a car payment for up to 16 months, OR u keep maing payments & have a 5yr car loan paid off in 3yrs.
it's your money. do as you wish with it...
May 22, 2008, 02:07 PM
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I agree with #1 and thats all!! The fleet guy is no diffrent than any one else as you won't even qualify for fleet pricing on the Evo or without a company in your name. As far as the going to your bank sometimes its a good idea but on a new car at a dealer I would use Mitsubishi's rate. I would check out the rates at your bank just for your personal knowledge and maybe a weapon on the side as they will try to earn your business with a lower rate. The dealer will want to keep it in house. DON'T put the 10 g's down period. If you have 10 g's invest it and keep investing it will be the best thing for your future period.. I guarantee you will be there for 1-3 hours from start to finish. Either way.
May 22, 2008, 02:08 PM
#58
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no you are incorrect. they can do a contract claus. at any given time they can change to a interest change after a stated term. i have 3 banks i deal with that after 2 or 3 years (depends on the produce i am financing) that it goes to a variable or fixed rate change. for example you start out at 5.25%. after 2 years it adjusts to prime rate in this example lets use 5% + what ever their bank mark up is lets say 1.5% = 6.5% is what your new rate would adjust to for the 3rd year. and it would adjust the 4th year and 5 year. when you read the contract make sure it says FIXED APR (annual percentage rate) on the dotted line.
STevo
May 22, 2008, 02:20 PM
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