1/3 down seems like a good rule. I wished I followed it when I bought my evo. I didn't when I first bought it, but I ended up plunking down 10k in cash on the loan, that way I wasn't so upside-down in the loan and the payments were lower.

I also wished I got a 60 month loan instead of a 72

 

I wouldn't do it yet man. like every one says put the 5000 towards the 370 and sell it privately. Sh**, nothing wrong with rollin a 370 around.
i wish i would have done 60 mos. I did 72 mos at 507/mo for a 2010 SSS X. i will be paying 600/mo to pay it off in about 60mos.

 

This is a terrible deal any way you slice it, OP

 

7 years is too long

 

Im sure this has been said, but
never go into a dealer and talk about monthly payments. always get the price and interest rate down first. then figure out if you can afford everything on a more reasonable term like 60 months. if not, then you are better off selling the 370z and waiting for another evo to pop up. travel out of washington if you need to.

good luck!

 

Why don't you sell your 370z outside, and why don't you get a loan from a bank or finance it through a bank???

 

thats way to much man! haggle for a lower interest rate and get the 84 months to 48 months and then try and haggle the price a little more. over all it's a bad deal but it depends on how much u want this car.

 

So far I have been trying to sell my 370z for $28,000, it seems that nobody is interested with that price. The sales person at the dealership gave me a call today and he said that he could get me the trade in for $28,000, this including the tax credit of the trade in. I figured if the sales prices stays the same, the below numbers should make sense. I may also try to haggle the Evo X down to $32,000. What do you think would this be a better deal? It doesn't seem like even through private selling the max that people are willing to buy my 370z is $26,000. Also, I plan on re-financing after 6 months, to get a better interest rate and lower my monthly payments.


Sales Price Evo X:$33,000
Cash Down: $5,000.00
Total Trade 370z: $28,000
Owe on 370z: $30,000

 

I talked to a dealer yesterday and they were letting them go out the door for 31355.00

i know my area may be different economically but id haggle the **** out of them.

 

ouch.. trading in price > actual amount you owe is the worst case to sell your car... i wouldn't even think about getting a new car now if i were you, especially you plan to make LONG period of payments.

 

I agree with trying to sell the car privately. Keep negotiating with the dealership, and try to open negotiations with other dealerships. You wouldn't happen to be active duty military? If you are USAA offers a car buying service, you basically pay the MSRP out the door. Those 499 payments arent bad if its out the door. But they probably are telling you that, then they'll say, "Oh it's 550 because of the tax every month" (if it's a lease). I know how much you want the car, don't give up on trying to get it. One thing my dealership did is they knocked down the price of my Evo by $4,000 to cover the negative equity on my Audi. Maybe they'll consider doing that for you.

Good luck.

Call South Coast Mitusibishi. Tell them the current negotiation price and that you want them to try to beat it. See if it will work out.

 

Don't refinance after 6 mos. thats even more crazy. Especially to try to get a lower interest rate. Heres what will happen if you turn around and do it right away. The numbers are hypothetical assuming your score is bordered.

loan amount = $30000
credit score= 705 = 6% interest
total loan amount = 31800 @ 84 mos = 378 or 72mos = 441
score after money borrowed with new total debt= 699 = 8%
new amount financed 31800
interest added = 2544
total new loan amount = 34344 @ 84 = 408 or 72mos = 477

This is just to give you a rough idea of what will happen. All your doing is paying the bank more interest the more you borrow money.

 

^^+1 usually when you refinance, the car will be considered used and the interest rates are always higher costing you more money.

 

WERD! Any refinance is considered a used loan, and as stated, rates are ALWAYS higher on used cars. So, in actuality, not only will the rates be higher because of a possibly lower credit score after a big hit for a car loan, but they'll be higher due to the used rates rather than new...

 

not always true...

my girlfriend just bought a 10' Lancer GTS and they tried to get her to lease it, they told her after the lease was up she could refinance that same car as a new car and get new car prices on her loan.