So scion tried to screw me today (SoCal)

[strat61caster]

Same boat as OP, I had no credit as well, my father offered to co-sign and he has good credit. Save up, get a credit card and use it instead of a debit card (or cash) and try again in a couple months, check your own credit and make sure there aren't any errors.

I first realized I was boned when ATT wanted a $500 deposit per line for a cell phone plan. It sucks because I know I'm just sending money off to the 'rich get richer' plan but I should be able to own a house and whatnot if I play the game.



Edit: There should be no penalties for paying off early, that way you won't be paying the whole $10k extra, interest isn't applied instantly, it builds up over time.

[Muskokan]

Lol in canada that's pretty normal after financing. You guys don't even wanna know what I paid for my limited, but I'm 20, wanted the car, understood I was paying to much but it was my only option cause I wanted it, impulse buys are great, do I regret it? No! Should have waited? For sure. It's your life, do what you want, and yea I dunno what op is trying to get out of this thread, maybe a dealer will read this, realize how responsible he is, and give him 0%! Pfft.

[mav1178]

Originally Posted by Carsten

Well the arp is more of less understandable, I had a ridiculously high apt on my first auto loan too.(i am currently paying off a car that will be handed over to to my fiance once I buy my new car)

So I understand the apr but that doesn't explain the extra 10-15k

Originally Posted by Carsten

It's a weird assumption that everyone on here thinks I haven't done any research at all.

Is it because I am 19 and therefore stupid? Or what?

I mean I appciate the suggestions, but I have done a massive amount of research on this.

It seems you have yet to finish doing your research if you don't understand "total cost of ownership", including all finance charges as well as opportunity cost of money... this is where we're all making assumptions about you, because you're not understanding the fundamentals of what a loan includes.

Example: $500k house, you finance $350k of it at 4% APR. You'll pay more than $250k in interest over a 30 year mortgage, making the total cost of ownership in excess of $750k. Do you walk away and not buy the house because it's not worth it?

Car ownership is the same. What you pay is very much directly related to your APR and length of loan, so I don't understand why you're remotely surprised by a total loan amount of $43-46K when your APR is sky high.

I am not doubting your intelligence, I am doubting your current pool of knowledge and how you are applying it to your financial situation with regards to your decision to buy a FRS.



-alex

[mush]

Originally Posted by Muskokan

Lol in canada that's pretty normal after financing. You guys don't even wanna know what I paid for my limited, but I'm 20, wanted the car, understood I was paying to much but it was my only option cause I wanted it, impulse buys are great, do I regret it? No! Should have waited? For sure. It's your life, do what you want, and yea I dunno what op is trying to get out of this thread, maybe a dealer will read this, realize how responsible he is, and give him 0%! Pfft.

yolo

[m.wood0213]

ask them where the next closest dealer is.

[mav1178]

Originally Posted by Carsten

Any thoughts on this? Any suggestions on what I should do?

By the way:

You should always be negotiating based on "Out the door" price of the car, if you are buying it within the state you're registering the car.

What the dealer gave you (Total price of car) is usually a line on the finance document that shows how much you will pay for the car at the end of the loan period. While the salesperson may be stupid for not explaining that to you, it's also just as bad that you don't understand this piece of information being presented to you.

Total price will always vary based on principal (OTD price), APR, and loan period. The more I re-read your first post, the more this seems like a case of you not understanding what you were presented with.

-alex

[Steve201brz]

You need to build credit. Better to start doing it now so that down the road you'll be good to go. You're 19 so if you take advantage now you will be in a very good position eventually

I love this car. But it's not worth $45k. Not sure how much better a deal you'd be able to get. Probably the same situation on any other new car too

[BlueDubbinTDI]

Why don't you buy a cheap car and build your own credit for like 3 years first. I'm only 24 and my fiance has a 740 credit score, shes 21, and i have 739. Be responsible and don't get this car yet.

[Tman08]

Originally Posted by Carsten

Already way ahead of you, refinanced my first auto loan.

It's a weird assumption that everyone on here thinks I haven't done any research at all.

Is it because I am 19 and therefore stupid? Or what?

I mean I appreciate the suggestions, but I have done a massive amount of research on this.

No worries. Just saying in general, whoever is in your situation, just needs to research it (whether they have or haven't) and make what they think is the best decision.

I had to go through 4 years of paying off a car completely, while a co-signer got all the credit...which is BS (and wanting you to avoid this). Main reason I had to buy my first new car later, was to establish credit.

Back to your original question...just keep shopping and you're sure to find a much better overall package of financing and price of the car.

[jeffchap]

Originally Posted by Marchy

if your lady has big plans, that's going to be a big cost and i'd hate to see a post in 6-12 months saying that you have to sell the car to pay for a wedding or something.

Not me. I'm always happy to see a good deal on a low mileage used car.


If you were my son, my advice would be to buy used for now, even if you do feel that you can afford the FR-S. Insurance on this car is going to be high for a single male under 25. Plus it requires premium gas, so plan on your gas allowance going up.



If you don't have 2 - 3 month's expenses in savings, as well as setting aside at least 10% of your income towards retirement, then that should be your priority over a new car, no matter how sexy it is.



I didn't buy my first new car until I was 45 years old, not because I couldn't, but just because it was never financially smart to do so. You can get a really nice, one or two year old vehicle that is almost like new, and let someone else take that huge new car depreciation.



Once you're more established, there will always be another new model coming out every year, I promise.

[ProTekk]

...I put 0 down, I had no credit, cosigner with average credit, employed less than a year and walked out of the dealer with 3.39% interest and MSRP for the car. Financed 100% of it including taxes, etc. 7 year, 100k warranty, all those goodies too. My payments are $579.24/month for 60 months. All financed through Toyota Financial Services. In and out in 2 hours. Bought it when I was 20.

Luck of the draw? I don't know but Christ, you can do a hell of a lot better.

[GNS]

Just do it, OP. Nothing like learning a lesson the hard way.

[fistpoint]

Originally Posted by mav1178

You have no understanding of how a loan works.

Go download a loan amortization table and figure it out yourself, because I figured it out for you:

$10k down payment
$23k financed
Total interest will be $9822.86
Total paid will be $42822.86 ($43k)
See attachment.

Edit: I did the numbers for the other scenario too. $29500 financed, $3500 down, monthly payments $607.71, total payments will be $47255.22.... it adds up.

-alex

Your numbers are correct, but they are still asking about $5-6000 extra for the car before any APR is added. A 2013 AT w/TRD exhaust shouldn't cost more than $28000 after TT&L because the 14's are out.

His APR should be applied to that number minus whatever down payment, in his example $10k. That leaves $18000 financed @ $428 a month.

Why are they asking over $30k for a 2013 AT w/TRD? This guy needs to make a cash offer to find the price of the car first(+TT&L) then have the APR applied to that. That's how you always do it, price of car first, then calculate the TT&L yourself. The T&L is always going to be around $90-150 total, anything higher is padded, any other tack-ons are bullshit.

[thill]

Originally Posted by fistpoint

Your numbers are correct, but they are still asking about $5-6000 extra for the car before any APR is added. A 2013 AT w/TRD exhaust shouldn't cost more than $28000 after TT&L because the 14's are out.

His APR should be applied to that number minus whatever down payment, in his example $10k. That leaves $18000 financed @ $428 a month.

Why are they asking over $30k for a 2013 AT w/TRD? This guy needs to make a cash offer to find the price of the car first(+TT&L) then have the APR applied to that. That's how you always do it, price of car first, then calculate the TT&L yourself. The T&L is always going to be around $90-150 total, anything higher is padded, any other tack-ons are bullshit.

Yeah, I thought it was a 10 Series.. Looking at his post again, this is a 2013 AT with just TRD exhaust.. I would not pay more than $26K for that right now with the 14's out. No way that should be more than $28.5K OTD...

With $10K down his payment should be in the $450 range, even with a crazy high 14% APR....