Hey guys...New member to the site, been looking at posts for a while though, theyve really been helping me out.

Im pretty much a complete newb when it comes to cars. Just a 17 year old kid that wants to turn heads when on the road. I saw the new Lancer and just completley fell in love....Went down to the dealer and test drove her and shes great.

Now heres what my plan is- im 17 right now...I turn 18 in August and I plan to purchase hopefully in October. I plan on putting anywhere from 10,000-12,000 down so I dont need my parents as a co-signer and so I can keep my monthly payments pretty low.

A question Ive asked around about and no one has really been able to answer is:

Is co-signing and co-owning the same thing?

I want to get the car and if I was owner I would have to get my own insurance policy and would be taken off my parents. I cant have my parents co-sign because their credit isnt exactally the BEST and my mom basically told me she just wont do it. So are these 2 the same? can I have my father co-own the car without co-signing? Because the cost on my own policy being an 18 year old male driving an 08 is over 700 per month...And that isnt going to happen haha

Thanks in advance.

 

Co-owning on a lien is the same as co-signing. Now here's the thing: talk to your agent. As you are (currently) still a minor and (I'd guess) still living at home, there's a good chance you can have a car in your name and still be under your parents' general policy.

 

hey bro im not sure if this will help much but... im 18 i just got my 08 lancer gts
i put 1500 down and was left with 400 paymetns which isnt too bad... my mom co- singed with me which kinda helps ..... just make sure u haggle .... i first told them i need payments of 350 cause i knew they would bump me up they took me all they way up to 500 i told them no not gonna happen so pretty much made them lower the price on the car so then they countered with 400 monthly i said ok! then i took the car out that night... 4 days later they call me saying we need u to come in to sign the final contract and i was like WTF i alrdy signed the final one... but i knew what they where up to... so i went down and they said.. well ur loan was approaved but ur interest rate went up... im at 16% ..... so they said ur payments ae now 465 monthly i said sorry i cant do that... i handed them the keys and said i dont want the car....(keep in mind they NEVER wanna take back a car) so they said wait wait wait.... and then i made them MY *****! and the finnance manager said well we want u to keep the car .. so what must we do for you to keep it .. and i said find a way to keep my payment at 400... so they lowered the price on the car more..... just REMEMBER PLAY THEM B4 THEY PLAY YOU!... my mom co-signing with me didnt really help much at all she has ****ed up credit .... i mean 16% APR is not good after haveing someone co-sign with u... welll if u have any other questions feel free to ask!

p.s MAKE SURE U GO WITH A GTS!!!! mine costed 20,000 at first haggled down t0
18,500

 

Thats awesome man...16% thats nuts! I cant believe that S***. So you ended up getting 2 grand off huh?....I plan on going for the GTS definitley with sun and sound package and Navi. I was always told now days dealers wont bring their prices down. So since im doin like 10 grand down and want to keep my total car payments (payment, and insurance) a month under 500....With 300 to insurance every month, should I just walk in throw it on the table that I need 200 dollar payments what can ya give me?

 

pretty much ya... just go in pick out ur car... and tell them i need 200 dollar payments but im willing to work with u guys ... they will prolly counter something like 350 maybe even 400..... although u might not leave with the car that night u keep playing with them untill u get it at ur standing price... if u want 300 payments u make sure u get them.... .. yeah dealers can lower the price as long as its not lower than the MSRP the msrp on mine was like 17k i believe... but they can sell it anything higher they want..... just make sure u dont let them play u as a fool!... and i still got a free window tint!!! make sure u get urs too!

 

Haha nice! Yea I definitley need the windows tinted and see what kind of aftermarket parts they might offer. Thanks a lot man thats all good to know

 

I'm new here as well and I have a question about the tint. Is there a problem with the windows scratching the tint? I understand that some people have been going to TintProtector to get some moleskin? Is anyone having this problem?

 

well my tint hasnt gotten scratched yet... but i dotn wanna speak to soon!

 

I am definantly looking forward to purchasing my GTS. I'm currently selling my 07 R6 so i hope to get 6k off of it. Then i put all that down on my car.

So yep!

 

Well, that's good to hear. I am def. glad to hear that.
I am gettin mine done very soon, then.

Good looking out!!

 

NEVER... NEVER EVER EVER talk payments. EVER!

If you are trading keep that as a seperate negotiation also, don't even let them know it or put them off on that until after you have negotiated the price of your car.

You negotiate the price of the car first. Know it's invoice and use that as a starting price. Ask around in places like this what they actually paid, what their holdback is essentially, and use that to your advantage. If there are rebates, those are paid by the manufacturer and are figured in LAST.

I know that some places won't even discuss invoice or below with you given how short in supply and high in demand the GTS is, but that means go to another dealer... don't be impatient.

Don't let them get and hold on to yoru driver's license, and they don't need a credit card or down money until the end (and preferably use a credit card as you have the ability to wave off the charge if they mess with you, where as with cash/check/debit card you likely don't). If they get your car keys, credit card, or driver's license ask for it back immediately rather than let them hold on to it and do not proceed further until they return it.

And don't walk out of the dealer, car and key in hand, without a firm deal INCLUDING your financing (rate, term, everything spelled out on contract) all in writing in your pocket.

And on the 16% financing post. If you hae a co-signer that shouldn't have happened at all unless either A) your credit ratings both sucked, or B) the dealer did that. The dealer has the power to request and get any range of rates they want... and with dealer/manufacturer finance arrangements they get money back from the finance company for getting higher rates or other fees built into the deal.

When negotiating, start at invoice... if the refuse just walk. Know what others are paying regionally, what inventory is about on dealer lots, what discounts and rebates are there to be had, financing incentives (if there are none or you won't qualify use your own bank or credit union and come in pre-approved... top tier rates from car maker owned fiancing is often better than what most banks will give you though). If a dealer has 2800 or so on the car from invoice (about that for a loaded GTS, bit more I believe) then you have room to negotiate... they will or they wont, be prepared to walk if they won't. And play dealers off each other, get quotes from several in writting and see who will beat who to the lowest possible deal you can make.

On your trade also know the numbers and negotiate it as a seperate deal. You simply won't get retail or anything close by KBB or Edmunds numbers, but you should be able to get to at least auction numbers or a bit above if you left them some profit in the car deal. If you have a lot of money in your trade over what you can get consider private sale or simply waiting until you can pay it down further.

GTS_FTW... I take it your GTS is without Nav and Sun/Sound at the 20K mark (MSRP on the loaded GTS is 22615). Getting down to 18500 isn't bad. I got my loaded GTS down to 20200 or so plus they paid destination, and I got 5.9% as well. If you had no trade and your credit wasn't bottom tier, sorry to say, with your 1500 down you probably should have payments well below 400. Paying MSRP on a CVT equipped GTS with out nav or sun/sound and with 1500 down and even with a crappy 7.9% rate on 60 months your payments should be about 357 bucks... if you get them to knock another grand off it's like 339 or so. They must have been killing you with a seriously predatory interest rate or something or there is a trade in with excess roll over involved or something. Hell, I rolled 3K into mine from my trade knowingly and my payments are only about 420 a month (so in essense I paid near MSRP)... and that's on a loaded GTS CVT with everything.

 

yeah i have no sun and no nav... dont see the need for it... and its a 5 speed manual .... and yeah both our credit really sucks im both my mom and i are in our 500's!!! so not good at all!....plus the apr ..... is high because they found some stuff in the SSN that caught theyr eye so they say thats why we have a high APR...... but we had them played b4 we went in there ... i knew i was gonna have payments around 400... i can deal with that tho...

 

one of the biggest mistakes some people make is go to the dealer and ask for a monthly payment... you need to remember that you are not there to negotiate a monthly payment.. you are there to negotiate the price on the car.. if you did your research you should know how mutch you can pay /month and approcimately how mutch that should come out to be / total... after you negotiate a price... then you ask for rebates, give them coupons, and start negotiating trading value... try to BS your way into rebates as mutch as you can, and remember rebates are not only in the form of money.. try to get accessories, free service like oil changes, etc..

also, before going to the dealer try to get Loan quotes from a few banks or other means so you have something to compare to.. and if the dealer offersyou an apr higher than what the banks etc.. offered.. than let them know.. and trust me they will give you a better offer...

 

I just got my Lancer GTS (fully loaded) last sunday. Got it for $20,862. I put $13,000 down and my monthly payments are $161/Month @ 5.9%, insurance is $130/Month.

 

So I basically suck at negotiating...Especially when it comes to stuff like this. Any tips for a first time buyer guys?