How Much for a new Evo / Is this a good deal? *Sticky/Merge* (Includes EvoM vendors)
Mar 22, 2013, 01:19 PM
#3826
Newbie
what's up guys ? this my first post ever I just wanted to know what's the best way to buy a Evo I have no credit? I have $1000 free a month what's my best way of owning a Evo ix or x ?
I'm in SoCal
I'm in SoCal
Mar 23, 2013, 06:10 AM
#3827
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You will enjoy the car a bunch more if the payment is not through the roof.
Mar 23, 2013, 08:49 AM
#3828
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El Cajon Mitsubishi
Hi! Just bought my third Evo, 2013 GSR w/SS/Ralliart locks and Int package, from El Cajon Mitsu in San Diego, for $34,400, straight deal and no hidden fees, plus just the usual tax and DMV. (I did add Nav which raised price) If you want an Evo in SoCal, this is the place to go now. Check out their website, great inventory and real prices listed on most models. BTW, they offer free 2 years basic maintenance on all new and used cars. 
Last edited by mtnracer; Mar 23, 2013 at 08:54 AM.
Mar 23, 2013, 12:22 PM
#3829
Newbie
so I need a cosigner even if I put down that amount ? and I don't want to wait that long I suck at saving money If I know its there and I don't have anything to put it towards ill spend it I know once I have the car ill learn to save money.
yeah cause it will give me more money to play around with no I need to find some one that's willing to do me that favor
yeah cause it will give me more money to play around with no I need to find some one that's willing to do me that favor
Mar 23, 2013, 06:14 PM
#3830
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It doesn't matter how much money you make per month. Unless you have a HUGE ($10,000+) down, you're not going to get a loan with out a co-signer.
No credit its worse than bad credit in some cases. Banks view no credit as complete random risk. If you have a 600 credit score, at least the bank knows you're not very likely to pay your bills, so they will charge you more interest. With 0 credit, they have no idea what to expect. And that's scary to them.
Last edited by TrogdorWBL; Mar 23, 2013 at 06:23 PM.
Mar 23, 2013, 08:50 PM
#3831
Newbie
that sounds better and makes more sense I'm going to go have a talk with my bank and now i want to go get a credit score i have never gotten one. I buy everything cash so yeah thanks for the info everyone i was hoping to get some of the of the vendors input..
Mar 23, 2013, 11:30 PM
#3832
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Banks assess risk based on the assumption that EVERYONE will default on a loan, even if you have an 850 credit score. That score is just a measure of how likely you are to default. Lower your score, less likely you are to pay, so they want to make sure that the payments you do make that they make a **** load of money by charging you higher interest to offset what they assume will be a bad loan.
Banks also assess risk based on the car. That is, how easy or hard it will be to get rid of the car if/when you default on it. Newer cars, with fewer miles are easier to auction off than some 13 year old POS with 240,000 miles on it. So, as backwards as it sounds, people with bad credit or no credit actually have an easier time getting financed on newer cars.
Finally, banks used NADA retail when they finance a car. Based on your credit and income they will generally allow you to finance between 80%-130% of NADA value. More money and better credit, they allow you to finance closer to that 130%. With no credit, you're be closer to that 80% range. Meaning you have sale price - 80% of NADA book value = roughly how much money you need to come up with to cover the difference. So say a car books for 10,000, but because of your credit they will only finance 80% of that. And lets say the price if the car is $12,000 after TTL. 80% of 10,000 is 8,000. Meaning 12,000 - 8000, you need to have $4,000 down.
This is what makes an Evo IX an unlikely scenario. A 2006 is 7 years old. If it's less than 20k it's going to have 80k+ miles or so. That's a high risk vehicle to a bank. Add on top of that you have no credit, and it's a high risk for theft and being totaled. Plus, damn near all of them are sold for over NADA book.
Lets talk about Evo X. Our store recently sold a 2008 with 96k on it for $19,999. Given how many calls we got on it, we probably should have sold it for $21k. So they're going to very high miles. Again that's hard to finance.
So, what about a brand new Evo X? There's no NADA book on a new, so that's okay. There's less risk if the bank gets stuck with it, that's good. But now we're talking about a $37,000 loan (with TTL). With no money down that's a $670 a month payment on a 72 month loan after interest.
You have 3 options
1) Get a co-signer with a very good credit score
2) Come up with a butt load of money down (10k+)
3) Get a loan or lease on a new, non-performance car for a few years and build credit. A structured loan (monthly payments) will build your credit in 2 years (if you make all your payments) much fast than getting a small limit credit card.
Last edited by TrogdorWBL; Mar 23, 2013 at 11:35 PM.
Mar 24, 2013, 05:40 PM
#3833
Hey everyone Im looking at 2 Evolution MR's and I don't know what would be a good deal on either of these Evo's. I posted some info. Im trying to find out if/what a fair deal is.
RR: Leather/Suade, GPS, RF System, 28,920 Miles $27,990.00
AS: Leather/Suade 33,990 Miles $27,990.00
Both are at separate dealers in different areas at different non -
dealerships.
any ideas?
RR: Leather/Suade, GPS, RF System, 28,920 Miles $27,990.00
AS: Leather/Suade 33,990 Miles $27,990.00
Both are at separate dealers in different areas at different non -
dealerships.any ideas?
Mar 24, 2013, 07:23 PM
#3834
Evolving Member
Join Date: Feb 2012
Location: Minnesota
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Hey everyone Im looking at 2 Evolution MR's and I don't know what would be a good deal on either of these Evo's. I posted some info. Im trying to find out if/what a fair deal is.
RR: Leather/Suade, GPS, RF System, 28,920 Miles $27,990.00
AS: Leather/Suade 33,990 Miles $27,990.00
Both are at separate dealers in different areas at different non - dealerships.
any ideas?
RR: Leather/Suade, GPS, RF System, 28,920 Miles $27,990.00
AS: Leather/Suade 33,990 Miles $27,990.00
Both are at separate dealers in different areas at different non -
dealerships.any ideas?
Mar 24, 2013, 07:36 PM
#3835
Evolved Member
I'm not a site vendor, but I do work for a dealership and am familiar with how auto finance works. If an Evo is the goal, you may have to adjust your time frame.
Banks assess risk based on the assumption that EVERYONE will default on a loan, even if you have an 850 credit score. That score is just a measure of how likely you are to default. Lower your score, less likely you are to pay, so they want to make sure that the payments you do make that they make a **** load of money by charging you higher interest to offset what they assume will be a bad loan.
Banks also assess risk based on the car. That is, how easy or hard it will be to get rid of the car if/when you default on it. Newer cars, with fewer miles are easier to auction off than some 13 year old POS with 240,000 miles on it. So, as backwards as it sounds, people with bad credit or no credit actually have an easier time getting financed on newer cars.
Finally, banks used NADA retail when they finance a car. Based on your credit and income they will generally allow you to finance between 80%-130% of NADA value. More money and better credit, they allow you to finance closer to that 130%. With no credit, you're be closer to that 80% range. Meaning you have sale price - 80% of NADA book value = roughly how much money you need to come up with to cover the difference. So say a car books for 10,000, but because of your credit they will only finance 80% of that. And lets say the price if the car is $12,000 after TTL. 80% of 10,000 is 8,000. Meaning 12,000 - 8000, you need to have $4,000 down.
This is what makes an Evo IX an unlikely scenario. A 2006 is 7 years old. If it's less than 20k it's going to have 80k+ miles or so. That's a high risk vehicle to a bank. Add on top of that you have no credit, and it's a high risk for theft and being totaled. Plus, damn near all of them are sold for over NADA book.
Lets talk about Evo X. Our store recently sold a 2008 with 96k on it for $19,999. Given how many calls we got on it, we probably should have sold it for $21k. So they're going to very high miles. Again that's hard to finance.
So, what about a brand new Evo X? There's no NADA book on a new, so that's okay. There's less risk if the bank gets stuck with it, that's good. But now we're talking about a $37,000 loan (with TTL). With no money down that's a $670 a month payment on a 72 month loan after interest.
You have 3 options
1) Get a co-signer with a very good credit score
2) Come up with a butt load of money down (10k+)
3) Get a loan or lease on a new, non-performance car for a few years and build credit. A structured loan (monthly payments) will build your credit in 2 years (if you make all your payments) much fast than getting a small limit credit card.
Banks assess risk based on the assumption that EVERYONE will default on a loan, even if you have an 850 credit score. That score is just a measure of how likely you are to default. Lower your score, less likely you are to pay, so they want to make sure that the payments you do make that they make a **** load of money by charging you higher interest to offset what they assume will be a bad loan.
Banks also assess risk based on the car. That is, how easy or hard it will be to get rid of the car if/when you default on it. Newer cars, with fewer miles are easier to auction off than some 13 year old POS with 240,000 miles on it. So, as backwards as it sounds, people with bad credit or no credit actually have an easier time getting financed on newer cars.
Finally, banks used NADA retail when they finance a car. Based on your credit and income they will generally allow you to finance between 80%-130% of NADA value. More money and better credit, they allow you to finance closer to that 130%. With no credit, you're be closer to that 80% range. Meaning you have sale price - 80% of NADA book value = roughly how much money you need to come up with to cover the difference. So say a car books for 10,000, but because of your credit they will only finance 80% of that. And lets say the price if the car is $12,000 after TTL. 80% of 10,000 is 8,000. Meaning 12,000 - 8000, you need to have $4,000 down.
This is what makes an Evo IX an unlikely scenario. A 2006 is 7 years old. If it's less than 20k it's going to have 80k+ miles or so. That's a high risk vehicle to a bank. Add on top of that you have no credit, and it's a high risk for theft and being totaled. Plus, damn near all of them are sold for over NADA book.
Lets talk about Evo X. Our store recently sold a 2008 with 96k on it for $19,999. Given how many calls we got on it, we probably should have sold it for $21k. So they're going to very high miles. Again that's hard to finance.
So, what about a brand new Evo X? There's no NADA book on a new, so that's okay. There's less risk if the bank gets stuck with it, that's good. But now we're talking about a $37,000 loan (with TTL). With no money down that's a $670 a month payment on a 72 month loan after interest.
You have 3 options
1) Get a co-signer with a very good credit score
2) Come up with a butt load of money down (10k+)
3) Get a loan or lease on a new, non-performance car for a few years and build credit. A structured loan (monthly payments) will build your credit in 2 years (if you make all your payments) much fast than getting a small limit credit card.
Mar 24, 2013, 07:50 PM
#3836
Well yea what I mean was what would a fair price be on either car? I plan to purchase both but I don't know how much taxes/fess generally are so im trying to get an idea of what I'm looking at and what I should actually be paying.
Mar 25, 2013, 08:45 AM
#3837
Newbie
Thanks guys I'm probably gonna go lease a small truck need one for work right now so that's. The plan 2 years I just hope there's still X's in good shape in 2 years.
Mar 25, 2013, 10:06 PM
#3838
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