But is $850 for 72 months sound right for a fully loaded $45k ish MR in US ? :wtfsign:

Holy crud. Thats a lot per month. Did you not put anything down?

damn, 61,200, that's a lot of scratch, plus insurance + mods + maint.

I'm betting no...

but $850 a month for $45K worth of financing makes sense off the top of my head.

it sounds right, with taxes and all figured in, but that monthly amount would definately stop me from saving for my bike-then eng ring-then house savings.

But is $850 for 72 months sound right for a fully loaded $45k ish MR in US ? :wtfsign:
Did they tell you when the MR is coming out?

Ha ha, I hope you haven't started making payments when the car isn't even here yet! :jk:

This link is for a car loan calculator:
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full

I put $46K for the car including fees, plus 7% taxes (don't know which state you are in) and with 72 payments of $851 a month you are paying 7.5% interest. Given the fed rate today is 3% I'm thinking 7.5% is a little high, but it does depend on your credit history, if you have one. If you don't, I suggest getting a credit card, buying stuff and paying it off immediately to build up more credit history. You probably have time before the MR is available! :(

holy chit thats a lot of money... we have a 07 Mercedes GL450 fully loaded that came out about $70k maybe a lil more and we pay 850 a month so thats a chit load of money

Did they tell you when the MR is coming out?

He said April for the first batches of MRs and showed me the order sheet listing it. This was a dealer in Maryland. He said I had two months from yesterday to decide also.

And my credit is in the 700 and that the price I was quoted on.

Holy crud. Thats a lot per month. Did you not put anything down?

No that price quoted with 5k downpayment.

damn, 61,200, that's a lot of scratch, plus insurance + mods + maint.

Uh huh with that price I can buy a MR and a semi loaded Lancer.

Fraud !!!

wow thats an outrage,but really cars over the 40k mark actually do get you payments like if you were paying a house.when my bro had bought a mark LT truck his payments were 875 a month for a 48k loan.

No way....you are getting ripped. $850 a month is affordable if you make a very nice 6 figure salary. Insurance on this car is expensive. I'm 34, perfect driving record (no tix/accidents) own my own home and my car and insurance are insured by the same company so I get a nice discount. My insurance, having said all that, would be just over $100 a month and I'm a super preferred driver with them. So this price puts you at $1k a month ballpark, and you haven't even put a drop of gas in it yet. Dumb move if you ask me. $10k is the minimum I would put down on a loaded MR and the rule of thumb is never buy a car that cost 50% of your income in 1 year. That means your max limit, to be smart financially, is 1/2 of what you make in a year on a car. I'm at 25% right now (current car) and would go as high as 37% but not a dime more so that means a hefty down payment for me

good advice, also, a good rule of thumb is about $100 dollar a month payment per $5000 financed (for a five year loan)

Also, I feel that if you can't pay a car off in 48 months, you can't (or shouldn't) afford it.

Yea look like I'm gonna wait on the purchase a couple months to see how stable the SST tranny will be and save enough $$ and pay the whole amount in one lump sum.

my girlfriend's brother has to make $759/month payments over 72 months on his IX. He bought the car new with no money down and traded in his 01 civic SI that had 8 grand in negative equity on it. I think the loan was for 42K with 10% interest....so $850/month seems really high.

I would either save for a better down payment, or just get a GSR.

I wish they would release a X rs model here in the states. Honestly all the extra crap like power windows and fancy radios and nav I would find unnecessary. I don't even use the radio in my car. I'm honestly so in love with the sound of the engine and turbo spool that i find the radio distracting, haha.

my girlfriend's brother has to make $759/month payments over 72 months on his IX. He bought the car new with no money down and traded in his 01 civic SI that had 8 grand in negative equity on it. I think the loan was for 42K with 10% interest....so $850/month seems really high.



I'm sure this is a common occurrence by those in debt, but man is that guy stupid! At the minimum trade your car in when you are even at least! People just don't want to work for sh1t anymore. :amen:

Try to finance with your bank. its always cheaper.
The mitsu finance its sucks.
I bet same deal with your bank will reduce at least $100 a month.

No that price quoted with 5k downpayment.

Are they selling with a mark-up over MSRP or something? Talk to KMXxbadboy or Socal Mitsu dudes and find out what you should be paying.

I'm sure this is a common occurrence by those in debt, but man is that guy stupid! At the minimum trade your car in when you are even at least! People just don't want to work for sh1t anymore. :amen:

haha, you are in fact correct. However, in his defense...he's 17 and was in a serious car accident involving a lawsuit. He currently has a nice lump sum of 100 grand in the bank that he can't touch until he's 18 (less than 6 months from now).

He's always wanted an evo and he wanted a IX over an X so he bought the last regular IX available at the dealership. He'll pay the car off in full this summer. I mean sure, he's spending about 44 grand for a 32K car but he's the one who had to go through surgeries so why not buy the car that you've always wanted? Plus he'll still have another 60 grand to save.

Even so, spending half of his settlement on a car was a bad idea! He could have put that money in the bank, bought a car that cost half as much and made the payments with just the interest he earned. (With a high yield "e-savings" account he would make close to $400/month off $100K)

Youthful ignorance I guess. I remember getting a small inheritance when I turned 18 (few grand) and I blew through it in a couple of months with absolutely nothing to show for it but a few hangovers. :)

Dan

Here's my advice and listen to it carefully otherwise you may miss a couple payments and get your baby Repo'd.

1. Find a co-signer if you have less then perfect credit, either your Mom, Dad, or other family member and have them sign with you to get a better rate.

2. Put a Down Payment!!! Trust me buddy, it's a mistake not to put something down. If you don't have anything right now then save up and don't get the car until you have at least $5,000 to put down. I know it's hard to give up mod money, but you can shave $200 a month off your monthly payment by doing this.

3. Get a low APR%. This is done by having good credit, or co-signing with someone who does. This will also lower your monthly payment.

haha, you are in fact correct. However, in his defense...he's 17 and was in a serious car accident involving a lawsuit. He currently has a nice lump sum of 100 grand in the bank that he can't touch until he's 18 (less than 6 months from now).

He's always wanted an evo and he wanted a IX over an X so he bought the last regular IX available at the dealership. He'll pay the car off in full this summer. I mean sure, he's spending about 44 grand for a 32K car but he's the one who had to go through surgeries so why not buy the car that you've always wanted? Plus he'll still have another 60 grand to save.

He could save himself a whole lot of trouble if he just walked in with 37 to 38 in cash on hand and said I want that here the cash...No dealer will pass that up...

Friend of mine did it for an 03 cobra...the car was worth on the sticker about the same as this evo he walked in with 32 grand in cash and walked out with the keys...

Yeah, kid you're going to get yourself into some serious debt with this if you're not careful. Put money down, trade your car in, and even if you're financing your current car, check what the payoff balance is. If you have decent equity in the car, then that's as good as cash for the down payment. Also, trading in saves you lots of money on taxes for your new car, as you only pay taxes on the difference of the trade in value vs the new car's cost. For example, if they give you 20k for your car, and the new car is 40k, then you pay taxes on 20k instead of 40k. That alone just saved you a couple thousand dollars right there. Just remember, don't get yourself in over your head at your age, you'll be paying the consequences for longer than you can imagine. Think things through, and make the right decision for yourself. Good luck.

Are they selling with a mark-up over MSRP or something? Talk to KMXxbadboy or Socal Mitsu dudes and find out what you should be paying.

Naw no mark up as soon I said I wanted an evo x sale guy said they wasn't charging over msrp, which sounded too good to be true but they found another way to screw me:(

The GSR sounding better and better, seems the MR is gonna price itself out the market.

He could save himself a whole lot of trouble if he just walked in with 37 to 38 in cash on hand and said I want that here the cash...No dealer will pass that up...

Friend of mine did it for an 03 cobra...the car was worth on the sticker about the same as this evo he walked in with 32 grand in cash and walked out with the keys...


Oh he definitely would have. But he couldn't touch his money until he was 18 and he wanted a new IX. His only option last April was to finance one and then pay it off when he turns 18.

I imagine his saving grace will be if he pays off the IX and its worth more then what he still owes on it. He can use that toward the X plus whatever he wants to put down.

can you back out and go with Sam or KMX?

If youve put down a downpayment.. is it refundable?

man, how cool is it to have a bunch of different pionts of view!
ITS A GREAT DAY IN EVOXFORUMS WHEN WE ALL GET TOGETHER TO HELP A BUDDY OUT!!

Its the guys version of when girls go " OH MY GOD I BROKE A NAIL" in a Nail salon we all rush to help...

"Oh My God I think I got screwed on my Evo X help!!" LMFAO just messing with you man

He could save himself a whole lot of trouble if he just walked in with 37 to 38 in cash on hand and said I want that here the cash...No dealer will pass that up...

Friend of mine did it for an 03 cobra...the car was worth on the sticker about the same as this evo he walked in with 32 grand in cash and walked out with the keys...

Not so sure I agree with this. When my wife ordered her Miata (08 hard top convertible) the salesman originally marked it down as a cash deal, and because of that they tried to charge her full MSRP plus some extra fees. As soon as she said she was going to finance part of it they lowered the price to just $500 over invoice. The reason for this is because they get kickbacks on financing, so if you finance a car they make more money off the deal and are willing to give you a better deal on the car. However the difference you pay in finance fees over the long haul may end up being more then you would have paid up front for the higher priced car. That all depends on the APR of the loan.

Dan

Oh perhaps I should have added that this wasnt a planned buy like " hey you guys have a cobra" Literally the guy is loaded inheritance lucky son of a bitch....saw it as he drove buy went back the next day with the cash spur of the moment...maybe that played a factor. Oh it also wasnt a big name dealer it was one of those smaller auto sales places.

ITS A GREAT DAY IN EVOXFORUMS WHEN WE ALL GET TOGETHER TO HELP A BUDDY OUT!!

:+1::+1::+1::+1::+1::+1::+1:

But is $850 for 72 months sound right for a fully loaded $45k ish MR in US ? :wtfsign:
Holy chit man, according to my number crunching you are paying around 11% interest if you're financing $45K for 6 years. Can't get a better interest rate somewhere else? Bank Of America has 5.29% now...

What I would do is make sure you have an agreement set on pricing, have all fees worked out, have the buyer's order written up and signed. A buyer's order (retail delivery contract) will set a price down, not the financing agreement. I have a feeling they are gouging you on the interest rate. You may have a 700 credit score, but a score only says so much. Are you light (good credit, but not enough)? Light credit looks good as a FICO number but the lenders look into your payment history and if you don't have enough revolving credit, they might take that into consideration too.

Seems everyone I talked to agrees (after much laughter) that Mitsu financing is charging too much and to go look elsewhere.

Seems everyone I talked to agrees (after much laughter) that Mitsu financing is charging too much and to go look elsewhere.

Absolutely. Unless they're advertising 1.9 or 2.9% on the dealer's window (which will never be on the Evo), you're best to look at a reputable bank, or better yet, a local credit union.

MMC NZ financing for me was at 13.4%... you guys are lucky to have great competition and larger numbers of institutions to choose from.

Also, depending on which region you are from, your financing rates will be different. I've seen some vast differences between regions.

At this rates maybe, not including TAX and LICENSE.

http://www.infiniti.com/img/financing/payment_estimator/hdr-purchase.gif


Adjust the fields below to recalculate your monthly payments.

72 Months @ 9.9% APR
Includes D&H
& Federal Gas Tax (if applicable)

[3] (http://www.infiniti.com/iapps/paymentestimator?intcmp=Estimate_Payments.Promo.Financing.About-IFS.P2#)Amount Financed (http://www.infiniti.com/iapps/paymentestimator?intcmp=Estimate_Payments.Promo.Financing.About-IFS.P2#) $45,000.00

Estimated Monthly Payment [5] (http://www.infiniti.com/iapps/paymentestimator?intcmp=Estimate_Payments.Promo.Financing.About-IFS.P2#)
$831.40

I know its easy to say but wouldnt finance a Mitsu. Far too much outlay overall and the depreciation hit is huge. Personally I'd save for a year and then buy used but under warranty.

I've never financed a car before (always cash) but I'm assuming you can finance an 08 in 09.

72 Months Financing? That's just insane. For $5k down and 850 a month you could probably lease an M3 or an RS4. But why would you? I hate to be judgmental but I'm concerned about the price of a loaded MR too. I think the general rule here that you shouldnt buy a car that costs more than about 50% of your gross annual income is a wise one. I would never even do that, cuz my wife would kill me and I've got lots of other expenses.