Ok, basically it's this. I appreciate the help to anyone that can give it, as i'm really looking at making this purchase.

I'm looking at buying a new EVO X

I have about 10 grand give or take to put down. With all options that i want from south coast that puts me at about - 35,000 give or take a bit, base price.

Now, my question(s) is this:


I pay New York sales tax , thats 8.75% or about $3000 - I also have to pay to ship it here, figure 600-1000$ (But thats really irrelevant to this discussion, just putting it out there)


1) When i purchase the car, I have to take delivery here (since it will be coming from california) and then go to my local DMV to register it correct? This being the case, i can pay the sales tax at the DMV and not include it in my loan amount right? (ie: my loan is for 35k and not 35k+ tax)

2) For title tags documentation fees etc, what can I expect to pay on top of the price of the vehicle? I'm trying to account for everything.

3) What are interest rates like now? With the fed cutting rates so much, would it be wiser to wait a few months? I did some math on what a 8% interest rate can do to a monthly payment, its not pretty.


If i put 10k down, and can pay the tax and whatever else seperatly - i have apprx 25,000 I need to account for with a loan. This equals a 416$ a month payment, plus whatever the interest is going to tack on.


This will be my first vehicle purchase that 1) involves a loan and 2) is over $8,000 3) is from a dealer so i'm totally clueless, and its a huge investment. I'm also going blind as i've never driven one, and i hear they just simply won't let you test drive them, so I hope all the reviews and hype are true. I've been waiting for years for this.



Thanks guys

 

Because it's not a private sale I believe you will have to include taxes in the sale price of your car and it'd be folly to not include it into your loan costs. If you're buying the car from Cali but live in NY you'll be paying the NY sales tax I believe.

I'm in Canada but it's gotta be similar. I bought the car in Manitoba but I live in a Territory where we don't pay Provincial Sales tax and therefore didn't have to include it in the price of the car. Saved me just over 3 grand.

10k down is a good down payment but don't expect to get much of a better rate than prime plus 2 or 3. Up here in Canada that would put you between 7 and 8% for your interest. It all depends on the financial institution you go through so in your case it might pay to shop around.

I can't answer your question about tags and documentation fees that depends on your personal car insurance rate where you live, and personal factors including accidents and stuff on your part. Insurance per year for the car could run you anywhere from 1200 to 2500 a year. Call your car insurance broker to find out.

As for the way the car drives I was in the same boat in Canada here not being able to drive it first. I was not disappointed in the least when I drove it off the lot. If you really want the car then hopefully you won't be disappointed or turned off by the fact you can't drive it first either.

 

To Question#1: All sales tax, registration fees, etc should be added to the loan. The dealer should take care of this for you.

To Question#2: Should be around $500? I'm not sure. I would also purchase GAP which costs around $750. Its a really good investment

To Question#3: To give you an example my credit score was around 660 and I got a rate of 9%. It depends on your credit. Remember you can always negotiate this, and if all fails have them try a credit union, they normally give you a better rate.

Tip: negotiate, negotiate, negotiate. Of course this depends on which dealer your working with. Normally dealers can drop the MSRP a few grand and if they cant do it they can throw in accessories like nav, window visors, etc. Your 10K downpayment will definately help your monthly payments, I wouldnt go over a 60 month loan though. Hope this helps

 

Thanks for the advice so far something that is really interesting is that right now I pay 1400 a year for two cars I got quoted 4000 a year from the same company for an evo whats that about

Also as far as integrating the tax into the loan amount what if I don't want to ? Its not up to me ? I'd rather separate it and have a lower monthly payment for the life of the loan

 

Are you referring to gap protection here? If so, that would be a horrible idea if he's putting $10k down. Unless the car depreciates significantly, the loan amount will almost certainly never be more than the car's value, which is what gap protection is for.

 

Ah yes your right.

 

Are you referring to insurance? If you are, that sounds about right. I pay around 250 with Ameriprise. The Evo X is probably the most expensive car to insure because of the stock turbo and what not.

In regards to paying the fees separately, I think you can do this. If you have the money to throw down then go for it.

 

i walked in the dealer pissed off at dodge and unloaded my srt. i told them i didn't want to pay anything out of pocket and wanted to pay around 400/month. stick to your guns and walk if you aren't hearing what you want. they'll call you back and make your numbers...it may take a couple of weeks of teasing. financing 25k at 8% is actually around 500/month. squeeze hard young one. they're desperate to make a sale.

also try squeezing the car insurance. i got them to insure me with all the bells and whistles for 122/month.

 

Well, like i said with the numbers above -

Say tax and all misc stuff ends up coming to about 4,000. I put that 4000$ on my credit card and pay $10,000 down in cash ( bear with me )

4000 / 60 = $67 less a month i'd have to pay over the course of the loan, and that's the base - not including interest. Figure maybe 80$ a month with interest or whatever.


Now, you say i have 4000 on my credit card - however the first thing i really wanted to do was toss some volks on it and some suspension stuff = almost 4000.

So, i'll just buckle down the first couple of months I own it, put the volks on hold - and pay off the credit card real quick (i'm good like that) in the interest of saving myself $80 a month for the next 5 years by buckling down for two months.

It just makes me much more comfortable with the monthly payment, and brings it more into my "price range" so to speak.

I just have to make sure doing this is an option.

 

Make sure the bank pushes the dealer to back the car's power train for 10/100k miles as mine did! I have a 7 percent interest rate and my payments 650 a month.

P.S. As for insurance I pay 65 a month.

 

Dude how did you pull that off?

 

Im positive you can do this. Think of it this way, your putting down $14K instead of $10K. So yeah its possible.

 

putting 14k down will give you more equity in the car and a lower payment. if you don't like it after two years you will be in a good place to have someone pay off you loan and put a nice down payment on something else with the difference.

i'd hold on the mods until i got used to drive the car as is was intended. if this is your first fast new car as you indicated earlier it will already to be too much car at first.

 

I did a little research on warranties for the new Evo's. To my surprise we can add a 10 year/100,000 mile bumper to bumper warranty for a 2008 Evo X for $1,600-$1,700. If you planed on keeping it for a while then inquire about an additional warranty. To cheap to not consider!!! (may be different for each dealer though)

 

Be careful with this. You said you're having it shipped, so I assume you're not buying in NY state. When you buy a car from out of state, you pay the taxes when you apply for the title.

Now, you're also financing, so the actual title is technically going to be in your lienholder's name (you'll just get a "Memorandum" title). Your lienholder will have to pay those taxes to the state when it gets the car titled. So the result is you'll be paying the taxes by giving money to your lienholder, not the Title Office, and banks are not likely to accept payment by credit card for this.

I tried to do the same thing to get some points on my CC, but both a credit union and a bank I talked to refused. My only options were a cashier's check or funds present in a savings/checking account with the lienholder.