Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Prices Paid: Buying & Leasing Experiences Toyota Corolla Prices Paid and Buying Experiences
785 messages, Last post on Dec 06, 2009 at 6:07 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
|
Replying to: yising (Oct 12, 2008 5:04 pm) This will determine whether your friend is going to fall prey to predatory lending in this situation. As for papers, I would be very surprised if absolutely no purchase papers have been signed. Are you certain that your friend did not sign her name -- anywhere -- on a piece of paper labeled as an agreement? I would be surprised if the dealership had taken any $500 deposit without a purchase agreement having been signed. When I purchased a new car last week, there was a couple who had backed out and changed their mind, so these things are possible although I don't know the details. If you were to go in to the dealership and let them know that your decision had changed, or your situation had changed, and were insistent, I doubt they would try to pursue it legally because the return cost wouldn't be worth it on a base Corolla sale, after adding legal costs. My "spider senses" are up based on what you have described, because the purchase price is high, the additional costs added bringing it to nearly 19000 are EXTREMELY suspect, and it sounds like they are going to throw the financing away from TFS (Toyota Financial) so that you could be looking at an interest rate of 5% or more. (It should be between 1.9% to 2.9% .)
|
|
|
Replying to: vois22 (Oct 12, 2008 6:16 pm)
|
|
|
Replying to: yising (Oct 12, 2008 7:27 pm) Then, assuming a $500 deposit down, there must have been a trade-in and they must have offered around $5900 for a trade-in. Do you know the exact make and model and year of the trade-in and what its condition was (excellent/good/fair, etc), (My assumptions could be wrong, because I am still totally perplexed why the purchase price of 17,400 went up to an OTD price of just under 19,000 --- unless state and local taxes are being paid by the dealer or something? ) Now that you mention the 36 mos. at 0% interest, I am not so worried about predatory lending. But when you mentioned that your friend needed someone else to sign on for a loan I was concerned about it. So, they key here will be: (a) Whether the trade-in was severely undervalued. (b) What exact line-item fees have been added to go from a purchase price of 17,400 to 18,987 . Please list those if you can, because I am perplexed. Should not be more than about $200 in fees max making it 17,600. Thanks.
|
|
|
Replying to: vois22 (Oct 12, 2008 7:42 pm)
|
|
|
Replying to: yising (Oct 12, 2008 7:50 pm) Purchase Price 17407.00 Dealer will pay TTL , 1429.00 Doc free 150.00 Sub-Total 18986.00 The $8000 down is consumer's choice, but I wouldn't recommend it if she is sure she wants this Toyota and that she wants to keep it for all of 36 months. This thing will be under bumper-to-bumper warranty for 36 months. Toyota's hold their value so well, $8000 is an AWFUL lot of cash to put down on a new Toyota car which is only worth $16500-$17500. Heck, she could pay the TTL of 1429.00 herself at her local motor vehicle bureau office ... and finance only $13,057 (worksheet below) at 1.9% for 48 months, and she would have an extra $2,071 in her pocket right now (not to mention an extra $22.30 PER MONTH in her pocket after that compared to a $305 monthly payment) ... and she could invest that extra immediate $2,071 elsewhere for a better outcome (or go to Jamaica on vacation, etc). Here's that worksheet: (With this worksheet below, she will go to the DMV to pay her own taxes and license fee.) purchase price 17,407 doc fee 150 (minus downpay and deposit) ( -4,500) AMOUNT FINANCED: 13057 1.90% at 48 months ==> $282.70 per month -or- 0.00% at 36 months ==> $362.69 per month Please note she would be investing only $4,500 into the car upfront, instead of $8500. Under this $4500 scenario, let's assume she decides in 44 (fourty-four) months to trade-in her Corolla and get a new car. At that point, after 44 months, she would still owe only $1,130 on her loan on that car ... but the trade-in value were she to trade it in will be SEVEN THOUSAND DOLLARS at that 44 month point. (assuming the car is in good shape, no wrecks on title history, runs well and needs only a little reconditioning to be sold at retail). And, here is what she can do with the extra $2,071 in-hand right now: - Give it to her boyfriend. - Invest it into a 36-month CD for savings at a 3.25% interest rate --- then at 36 months withdraw that CD which will have grown to $2300.00 by that time. She can then use that $2300 towards yet a larger down payment on her next car to "move up" to the next gen vehicle such as hybrids or Camry etc. - Or, just blow it now on a vacation or new toy. Help the U.S. economy. And, here is what she can do with the extra $22.30 per month during those 44 months: - Send me beer money. - Save it into a small savings account for 44 months. Those monthly deposits of $22.30 will grow to just under $1,000 by 44 months. - A $22.30 monthly meal or night out with her boyfriend, each month. Hope that helps. Since you are doing the low financing, we can say that, yes your purchase price is about $800 too high, but that seems to be the only hit you are taking here. Go in and say, we change our minds, unless we can get another $800 off the purchase price. Negotiate in the middle -- take it from $17,407 to $17,000 even.
|
|
|
Replying to: vois22 (Oct 12, 2008 9:02 pm) ,EF Rear Bumper Protector, GN Cargo Net the invoice comes out to $16998
|
|
|
Replying to: yising (Oct 14, 2008 10:29 am) |
|
|
I paid 16,500 for LE +Taxes + 130 $ for reg in NY. Is it a good price I got cruise control Carpet Mats Remoteless Keyless entry All weather guard package as options The invoice he said was 16,812. he gave me invoice+200 -500 (incentive)
|
|
|
Replying to: navisam (Oct 21, 2008 3:46 pm) I am being offered 2009 Corolla LE for 17600 OTD. (8% tax) So the price is about 300 below invoice.
|
|
|
Replying to: immj (Oct 23, 2008 4:16 am) |
|
You are here:
Forums
Prices Paid: Buying & Leasing Experiences Toyota Corolla Prices Paid and Buying Experiences
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
2010 Toyota Corolla
Browse by Board
Browse by Topic
Today's Chats
