Costs - APR, payments

[Ahnuld]

Trying to calculate my payments for my RL i hope to recieve this fall... I guess the key variable is not knowing where rates are on the sky as its been 4 1/2 years since I bought a car.

So was curious what APR you guys are getting, and possibly how you worked out financing? Either base or RL... doesnt matter.

I have an RL on order.
30,200. Add dealer installed options, tax (7%), tags, registration...
34,000? but anyway...
I am keeping my old car, no trade in. I have good credit and income (well, more about having low expenses)

purchase 34,000
5,000 down payment
financing 29,000
6.9 interest? Is that too high an estimate?

$573 per month, at 60 mos...

Sound correct? Only thing not sure about is Rate. When I bought 2 cars 54 months ago, it was soon after 9/11 and dealers incentives were high and rates were low.... I think I have a 2.9 and a 3.9 rate currently.

[Ahnuld]

mods... In my mind I see two forums, general and RL. Just really noticed that "Getting your sky" gets a lot of posts, and that possibly this post belongs there instead...

My bad. Move if ya like.

[CUINOZ]

Same boat. I've allocated $600 per month. It sounds like a lot of money but put into contex.........and when divided by an average of 30 days its only $20.00 per day!
That was about what my bar tab/lottery scratch ticket/KENO purchase was when I stopped by my favorite watering hole EVERY afternoon.
My plan was/is that I felt that I should quit drinking (which I did on june 23rd) and to reward my efforts I ordered this car (July 3rd)
Your math seems ok to me.....% rates will be the determining factor and perhaps some incentives as things continue to "cool" before November....good luck.

[deluke]

Originally Posted by Ahnuld

Trying to calculate my payments for my RL i hope to recieve this fall... I guess the key variable is not knowing where rates are on the sky as its been 4 1/2 years since I bought a car.

So was curious what APR you guys are getting, and possibly how you worked out financing? Either base or RL... doesnt matter.

I have an RL on order.
30,200. Add dealer installed options, tax (7%), tags, registration...
34,000? but anyway...
I am keeping my old car, no trade in. I have good credit and income (well, more about having low expenses)

purchase 34,000
5,000 down payment
financing 29,000
6.9 interest? Is that too high an estimate?

$573 per month, at 60 mos...

Sound correct? Only thing not sure about is Rate. When I bought 2 cars 54 months ago, it was soon after 9/11 and dealers incentives were high and rates were low.... I think I have a 2.9 and a 3.9 rate currently.

Go to a credit Union or Capital one blank check. I know you can get A much lowere rate. I think Capital on is 5.75 for 36 months. But if you belong to Castco you go to the coastco site and they also have capital one and they give members a discount. You get approved in like 10 min. and they send you the check. They will even overnight it if you want.

But I heard alot of people say the credit union is the cheapest usually.

[Ahnuld]

Originally Posted by CUINOZ

My plan was/is that I felt that I should quit drinking (which I did on june 23rd) and to reward my efforts I ordered this car (July 3rd)

Congrats!!!

[Roadie Rob]

Initially, I wanted to pay down half the car when it arrived. Since I was lucky and landed a walk-away, my finances were anything but ready.

My MSRP was $27,100 (pre-8/28 bump) and with down payment, taxes, fees, etc..., I financed around $26,500 for 63 months at 6.59% through Harris and landed a nearly perfect $500 per month payment.

Based on an amortization program I wrote for mortgage and auto financing, a finance amount of $29,000 over 60 payments at 6.9% (daily rate) will get you a monthly payment of $572.88 (good work coming to $573 ). See the attached pic.

6.9% is a fair rate these days...

[SkyBos]

Rates are coming down a bit.

Deluke has great advice. Shop around. You should be able to find a better deal with a Credit Union or Bank..better than what you'll get through G-MAC.

Be sure to check a FEW different places. Some Banks may want to do a lot of lending right now, some others may not. It has nothing to do with you. Rates could be all over the place. If your credit is good and you've been at your job for a while SOME ONE will offer you a good deal.

[Ahnuld]

$600 is a scary number for me... I'e never paid anywhere near that for a singler car, and the SKY RL is the first one that has me saying I can pull the trigger. I couldnt do it for the Sebring.

I've mentioned this story before.... but wanted a Sebring in 2001/2002. Wife's car wasnt in too good of shape at the time either. Payment wouldve been in the 550 range, and i would still have a bad car for my wife. With all the incentives at the time I was able to buy TWO lesser cars (Dodge) for the price of the one sebring.

Fortunately, those two cars are still riding great and are almost paid off, so I'll just be transferring the monthly $560 outlay to the sky.

Its as if it was meant to be!!

Regarding credit unions... I just remembered that a Credit Union relocated into my town, and as a resident they will take me in as a member. Website says "as low as 4.9%"... gonna give them a call

[DARZSKY]

If you can manage to get a "secured loan" (your own money in the bank/credit union) the interest rate is around 2.75%. Your money remains in your account (but it's "secured" so you can't withdraw it) gaining lets say 1.25% interest, so in reality you are only paying 1.50% in interest on that loan. It's a sweet deal....but only if you have money in the bank.

[Ruthie]

Currently quoted 6.3% on 60 months from credit union

[DARZSKY]

You usually have to be a member of a credit union in order to get a loan...
My current credit union rates:
6.25% - 60mths
5.75% - 48mths

[ShowGal]

Originally Posted by DARZSKY

If you can manage to get a "secured loan" (your own money in the bank/credit union) the interest rate is around 2.75%. Your money remains in your account (but it's "secured" so you can't withdraw it) gaining lets say 1.25% interest, so in reality you are only paying 1.50% in interest on that loan. It's a sweet deal....but only if you have money in the bank.

What's the point of that?!? You're paying 1.5% on the car, when you have the money to pay for it. Sounds like dumb investing to me.

[GetAboutRL]

Since I do not want to take money from investments, I asked my Credit Union for rates. They have me locked in at 5.2% and suggested I have dealer arrange financing and call them and they will do a refiance at 5.0124 %!

What a country!

[Macpar4]

Try the Capital One Blank Check. It takes about 5 minutes to fill out the application on-line. Within 15 minutes I'd been approved for 6.1% for 60 months.

My car was born last Wednesday so I needed to get financing started. What really surprised me was that I filled out the application LATE Friday afternoon. The check was in my mailbox yesterday good for 45 days. I simply fill out the amount of the check for the purchase price and my payments are calculated on the final purchase price.

It saves from haggling with the credit guy at the dealership and I think it will make the experience much nicer.

Good Luck

Silver Pearl
Red/Black Leather
Manual
Monsoon 6 Disk
Chrome Wheels

Born 9/6/06
Delivered ???????

Waiting patiently in Alabama

[sky finance guy]

Originally Posted by Ahnuld

Trying to calculate my payments for my RL i hope to recieve this fall... I guess the key variable is not knowing where rates are on the sky as its been 4 1/2 years since I bought a car.

So was curious what APR you guys are getting, and possibly how you worked out financing? Either base or RL... doesnt matter.

I have an RL on order.
30,200. Add dealer installed options, tax (7%), tags, registration...
34,000? but anyway...
I am keeping my old car, no trade in. I have good credit and income (well, more about having low expenses)

purchase 34,000
5,000 down payment
financing 29,000
6.9 interest? Is that too high an estimate?

$573 per month, at 60 mos...

Sound correct? Only thing not sure about is Rate. When I bought 2 cars 54 months ago, it was soon after 9/11 and dealers incentives were high and rates were low.... I think I have a 2.9 and a 3.9 rate currently.

Sky's have only a rate comp. to your beacon score right now. The best rate with GMAC will 6.94 for 60 months. I suggest you have you finace person submit you to a credit union. They have as little as 4.9%. A 30,000 dollar car should get you $525 payment with great credit ( over 750 score).
WHEW,

[DARZSKY]

Originally Posted by ShowGal

What's the point of that?!? You're paying 1.5% on the car, when you have the money to pay for it. Sounds like dumb investing to me.

Well it might sound like dumb investing to you because you might be dumb. This I don't know. But depleting my savings on a car by $33,000 + is something that I just can't bring myself to doing. How long will it take you to save $33,000??? I feel much better knowing that my balance in my savings account (even though a portion of my savings would be secured) would still remain unchanged even though I would be the proud owner of a spankin' brand new Sky R/L.
Depending on the time frame, let's say 3 years that I plan on paying that secured loan back, I would have only paid about $600 - $800 in interest (of course this depends on how much I'm borrowing and how soon or long I intend to pay it back) I think having to pay $800 (in interest) over a period of 3 years and still have ALL my money PLUS INTEREST for three years in the bank speaks for itself. Tell me again why I should deplete my savings account??

[StarlightSky]

Finance 31,195 at 5.3%@60 months will net you 500.00 payment. That may help you figure it out.

[Antonio]

some banks give deals on rates for loans if you use direct withdrawl from an existing account.

I use Commerce bank and I know they give .25% discount if you use direct electronic withdrawl for monthly loan payments.

Go around to different banks, see what you can come up with.

[Ahnuld]

Originally Posted by sky finance guy

Sky's have only a rate comp. to your beacon score right now. The best rate with GMAC will 6.94 for 60 months. I suggest you have you finace person submit you to a credit union. They have as little as 4.9%. A 30,000 dollar car should get you $525 payment with great credit ( over 750 score).
WHEW,

thanks for this info. I didint make it to credit union this weekend, butwill definately stop there over the week.

[Ahnuld]

Originally Posted by StarlightSky

Finance 31,195 at 5.3%@60 months will net you 500.00 payment. That may help you figure it out.

hmm.. I get $593 for that payment...