What is everyone's Monthly Payments? This should be fun!

Tim818 · Jan 11, 2018

I'll play along...

Car was a little $2K over MSRP, I put down $5K, no trade in, my payments are $599 a month for 72 months at 4% interest. I did purchase Honda Care and one other thing.

erickreds · Jan 15, 2018

I Paid 10k over at 3%interest ;2000 down. Payments are 726 for 72 months. Traded in my 15 si coupe with 15k miles , owed 18.5k and they paid it off entirely. What do you guys think? Did I get shafted lol

NoelPR · Jan 15, 2018

Surprised how many people dump a lot of money as down payment.

If the car gets totaled you will lose so much money. No worth the risk of saving two thousands on financing charges.

#Assuming you have a good credit.

ayau · Jan 15, 2018

NoelPR said:
Surprised how many people dump a lot of money as down payment.

If the car gets totaled you will lose so much money. No worth the risk of saving two thousands on financing charges.

#Assuming you have a good credit.

If you put 0 down, you’ll still owe the difference of the car’s value and what you owe. It doesn’t make a difference. You can buy GAP insurance, but then you’re paying extra as well.

boosted180sx · Jan 15, 2018

NoelPR said:
Surprised how many people dump a lot of money as down payment.

If the car gets totaled you will lose so much money. No worth the risk of saving two thousands on financing charges.

#Assuming you have a good credit.

if the car gets totaled you'll get the value of the car correct?

let's say a car was 45k and and the estimated value of the car was 40k, assuming you are not upside down and don't have GAP.
if for any reason your car gets totaled and you get 40k, won't that end up being the same?

1. 10k down, 35k finance, 40k car value = receive a check for 5k

2. 20k down, 25k finance, 40k car value = receive a check for 15k

or am i missing something here?

Travis · Jan 15, 2018

$485 for 72 months, traded in my 2013 FRS for 11k (still owed 5k which they paid off) and put down an additional 2k

NoelPR · Jan 16, 2018

ayau said:
If you put 0 down, you’ll still owe the difference of the car’s value and what you owe. It doesn’t make a difference. You can buy GAP insurance, but then you’re paying extra as well.

The money is on your bank account not in a car and at the mercy of what the insurance company decides to pay you back.

boosted180sx said:
if the car gets totaled you'll get the value of the car correct?

let's say a car was 45k and and the estimated value of the car was 40k, assuming you are not upside down and don't have GAP.
if for any reason your car gets totaled and you get 40k, won't that end up being the same?

1. 10k down, 35k finance, 40k car value = receive a check for 5k

2. 20k down, 25k finance, 40k car value = receive a check for 15k

or am i missing something here?

I prefer to have the money on my side and pay it month by month than being in the mercy of an insurance company decision on what should they pay you. Believe me they will pay lower than the lowest possible. That is how this business works. A low interest loan fee is a bargain compared to the potential $$$ you can lose on a paid new car.

boosted180sx · Jan 16, 2018

NoelPR said:
I prefer to have the money on my side and pay it month by month than being in the mercy of an insurance company decision on what should they pay you. Believe me they will pay lower than the lowest possible. That is how this business works. A low interest loan fee is a bargain compared to the potential $$$ you can lose on a paid new car.

I understand what you are saying and i know people who prefer to have actual cash in the bank due to automotive finance charges being fairly low but you aren't "losing" any money technically.
Of course the insurance will try to pay you out as low as possible but that value doesn't change whether you put 20 down or 10 down.

if you put no money down and have GAP insurance, that is a different story.

ayau · Jan 16, 2018

NoelPR said:
The money is on your bank account not in a car and at the mercy of what the insurance company decides to pay you back.

I prefer to have the money on my side and pay it month by month than being in the mercy of an insurance company decision on what should they pay you. Believe me they will pay lower than the lowest possible. That is how this business works. A low interest loan fee is a bargain compared to the potential $$$ you can lose on a paid new car.

Maybe it's a psychological thing of paying the insurance company vs later. Either way, you get what the insurance will give you. You can argue with them about the value, but you'll need to provide substantial evidence to them. You're always at the mercy of the insurance companies.

Nemesis724 · Jan 26, 2018

No trade in. $7500 cash down. $798/month for 48 months there-after. Uhhhhmmm 1.59% loan interest. I also have Honda Care 8yrs/120k ($0 deductible), GAP insurance, Paint protection (5years), Wheel/Tire Protection (5 years). $240/month insurance for 3 cars (CTR, CIVIC SI, INFINITI G37S). Starting this month we have been sending $1500 for payment, to pay the loan quicker.

slowride · Jan 26, 2018

Nemesis724 said:
No trade in. $7500 cash down. $798/month for 48 months there-after. Uhhhhmmm 1.59% loan interest. I also have Honda Care 8yrs/120k ($0 deductible), GAP insurance, Paint protection (5years), Wheel/Tire Protection (5 years). $240/month insurance for 3 cars (CTR, CIVIC SI, INFINITI G37S). Starting this month we have been sending $1500 for payment, to pay the loan quicker.

Was that $7500 down ADM?

Nemesis724 · Jan 29, 2018

@slowride Yes. Cheapest ADM I can find last June 2017 within the 300 mile radius from my zipcode. The dealer only asked me to do a $1000 down to reserve the vehicle, but I insisted to put down $7500 instead.

OneSickFK8 · Oct 16, 2019

$521 a month for 75 months 7.19% $6k down in trade equity. I owe $30k and change. Best part was I walked in with an Si and out with a 2019 CTR without a dollar leaving my pocket.

I don’t use credit at all except for my vehicle purchases so it hurts my rate. However I was 9.49% on the last car so I’m already saving a good amount now. Will most likely refinance in year two.

Mcclaughry95 · Oct 17, 2019

820 for 72 months... 0 down lost 3k on trading my SI. Walked in to buy a 6k beater walked out with this thing. Oops

OneSickFK8 · Oct 17, 2019

Yikes...horrible deal but the “oops” had me :rofl:

What is everyone's Monthly Payments? This should be fun!

Tim818

King Of The ‘Ring

erickreds

Senior Member

NoelPR

Senior Member

ayau

Senior Member

boosted180sx

Senior Member

Travis

Senior Member

NoelPR

Senior Member

boosted180sx

Senior Member

ayau

Senior Member

Nemesis724

Senior Member

slowride

Senior Member

Nemesis724

Senior Member

OneSickFK8

Mcclaughry95

500hp is the goal.

OneSickFK8

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