Pure Pricing?

[Griff]

Originally Posted by Timmy_Jones

Where in NH did you buy from? Portsmouth Scion?

Yeah, Picked mine up today

[Enraged21]

Originally Posted by strat61caster

On top of that he's still in school, early graduation present I guess

Edit: to curtail the "YOU DON'T KNOW ME" arguments I suppose he could be working his way through school and has disposable income to cover what will likely be a minimum of $300/month cay payment along with living expenses and tuition.

Working my way through school.
I had in mind to throw down 7k for a down payment. My first co-signer originally had a bad credit score, so they offered my a 17% interest rate. Salesman said to come back with someone with a stronger credit. Their DOC fee was also $1000, on top of the 27k for the car plus tax, tag, and other fees. I was looking at 570 a month.

I went to a different dealership with a different co-signer, someone with a stronger credit of course, and we ran some numbers again. Even with the stronger credit they offered me the same interest rate at 17% but was looking at a larger monthly payment. I walked.

I'm going to try a credit Union now and see if they'll pre approve me. I was just looking for an interest rate that's < 5%.

As for wanting it vs needing it, it's more of a want. My current car is giving me problems so I'd figure I'd switch it up. Never owned a manual car before but I've always wanted one.

[strat61caster]

Originally Posted by Enraged21

Working my way through school.
I had in mind to throw down 7k for a down payment. My first co-signer originally had a bad credit score, so they offered my a 17% interest rate. Salesman said to come back with someone with a stronger credit. Their DOC fee was also $1000, on top of the 27k for the car plus tax, tag, and other fees. I was looking at 570 a month.

I went to a different dealership with a different co-signer, someone with a stronger credit of course, and we ran some numbers again. Even with the stronger credit they offered me the same interest rate at 17% but was looking at a larger monthly payment. I walked.

I'm going to try a credit Union now and see if they'll pre approve me. I was just looking for an interest rate that's < 5%.

As for wanting it vs needing it, it's more of a want. My current car is giving me problems so I'd figure I'd switch it up. Never owned a manual car before but I've always wanted one.

For $7k you could get a nice commuter with a stick (RSX is my go to suggestion, but that's on the high end as you should budget for maintenance) and you'll take a minimal hit on resale value in about 2 years. With the recent graduate program you should be able to qualify for less than what you are hoping for, (mine is 2.19%, no credit, very good co-signer). Wait until you graduate and have gainful employment, get a credit card in the meantime and use it responsibly (don't carry a balance if you can help it) to boost your chances of getting their advertised rate. You'll also likely get a model with the kinks worked out (less noticeable chirps, no moisturized taillights, tranny issues worked out etc.) or score a lightly used one that was traded in for the convertible. I was in the same position 2 years ago after my first internship, my parents were pressuring me to purchase a vehicle with airbags, I wasn't comfortable with that kind of financial commitment with only the promise of a degree and the hope of a good job so I drove my beater, had to replace a water pump but no big deal, timing chain needs to be done so that'll be interesting.

Sorry for the wall, just my 2 cents.

Edit: $1,000 doc fee is an insult to your intelligence. I've never seen one more than $100 (although I've heard of people paying more) and I was pissed paying $80 but I wanted the car and caved. Not sure about your taxes but mine was $27.3k out the door after graduate discount.

[spitfire481]

i paid sticker (25,350) plus tax and just transferred tags from my old car. they gave me almost $4000 more than blue book for my trade in though since they couldn't mess with the pure pricing.

[Enraged21]

I got approved from a CU for 4% interest/75 months. No co signer and 0 credit.
The CU needs a purchase order from Toyota. I called the salesman and he said they can fax the purchase order over the the bank, but they won't hand it over to me. I just don't want them adding extra stuff I don't need such as Toyoguard and extended warranties.

I'm a first time buyer btw.

[Skippman]

Originally Posted by Enraged21

Even with the stronger credit they offered me the same interest rate at 17% but was looking at a larger monthly payment. I walked.

Good god I hope that's a typo! 17%!?! That's credit card interest rates.

Originally Posted by Enraged21

I got approved from a CU for 4% interest/75 months. No co signer and 0 credit.
The CU needs a purchase order from Toyota. I called the salesman and he said they can fax the purchase order over the the bank, but they won't hand it over to me. I just don't want them adding extra stuff I don't need such as Toyoguard and extended warranties.

I'm a first time buyer btw.

That's actually pretty normal. Just have them fax it over and agree to meet with your credit union to go over it. You'll have to visit them to sign the loan anyway. In this instance the credit union is on your side as they want to keep the liability to the minimum. They may ask you if you want to get gap insurance. I generally would recommend anyone get it, especially a younger person who has less assets. It will cover the cost difference between the value of your vehicle and the loan value in the event of a loss/accident.

[Dadhawk]

Originally Posted by strat61caster

Edit: $1,000 doc fee is an insult to your intelligence. I've never seen one more than $100 (although I've heard of people paying more) and I was pissed paying $80 but I wanted the car and caved. Not sure about your taxes but mine was $27.3k out the door after graduate discount.

That's because you live in a state with a regulated cap on the Doc Fee. $1,000 is the highest I heard, but I paid $600 on my FR-S. I almost backed out of the deal because of it, but then decided to eat it for reasons that made sense to me at the time, but let's face it were pure rationalizations on my part.

Normally, I won't buy a car with a doc fee more than about $100 unless we have negotiated it away. I tell the dealer "$xx,xxx.28 is my out the door price. You can call any part of that anything you want, but that's all I'm paying". Usually that works.

I would never buy a Scion under normal conditions because of the inability to negotiate that part away. I always ask up-front about dealer fees so I know what I'm working with.

[Enraged21]

Originally Posted by Dadhawk

That's because you live in a state with a regulated cap on the Doc Fee. $1,000 is the highest I heard, but I paid $600 on my FR-S. I almost backed out of the deal because of it, but then decided to eat it for reasons that made sense to me at the time, but let's face it were pure rationalizations on my part.

Normally, I won't buy a car with a doc fee more than about $100 unless we have negotiated it away. I tell the dealer "$xx,xxx.28 is my out the door price. You can call any part of that anything you want, but that's all I'm paying". Usually that works.

I would never buy a Scion under normal conditions because of the inability to negotiate that part away. I always ask up-front about dealer fees so I know what I'm working with.

It sucks because you can't even negotiate that part of the deal either. I ended up talking with another dealer with about the same DOC fee around $600.

[jmaryt]

Originally Posted by fistpoint

Everything Porsche wrote is the same conclusions that I came to when researching the silly Pure Price scheme. I would like to add though that recently Scion and many dealers have removed the wording: "dealers are free to set their own prices" from their websites. I'd like to think it's because of all the hammering we've given PP on this very website(Scion/Toyota does read here).

Also, people are saying your interest rate is negotiable. I have a different perspective on that, much more simple. If you see an offer for 1.9% from Scion/Toyota for example, simply tell them when your are being dealt with that all you want to know is if you qualify for that 1.9% or not. Do not come back with 2.x or 3.x...tell them you want a yes or no answer only. You did qualify for 1.9%, you did not qualify for 1.9%.

When I financed my Acura I had already secured a 5.0% myself(10 years ago, average APR's were much higher then, and my credit not as good as today). Anyway, Acura was offering 2.9% at the time for well qualified buyers which was fine because my father co-signed and he had the highest you can get. So when the finance lady asked what % they were trying to beat, I just starred at her for a moment in awkward silence, and replied with: "well, you're offering 2.9% right? So you're trying to beat 2.91%".

If they say you didn't qualify for the lowest, ask to see the form and exactly what rate they did qualify you for. The extra .1%'s are nothing more than points that help the finance person score the dealership vacation giveaway to the "best" seller. I don't actually know if they get a printed reply or if they just read off the computer. But I don't think there is any legal reason they can't show you exactly what they read to give you an answer. I'd assume they are hiding the truth if they won't let you see the reply.

It's like your friend from middle/high school when he asks you what you scored on your placement tests or SAT. He provides a higher score than you, but won't show you the paper even though you showed yours. Wait, you told me what it was but I can't see it? Yup, bullshit.

first and foremost,financing a "car" is a big f**king no-no! it's in the dealer's interests to "'roll" you into a "higher" rate,because of a "kickback" in money from the financial institution. this is "excellent" advise. as mentioned,IF you cannot get the lowest rate,FORCE the dealer to show you your true rate.do NOT,under ANY circumstances,accept "verbally" the rate the dealer TELLS you!.get it on paper,or view the computer's information.

[jmaryt]

Originally Posted by fistpoint

Everything Porsche wrote is the same conclusions that I came to when researching the silly Pure Price scheme. I would like to add though that recently Scion and many dealers have removed the wording: "dealers are free to set their own prices" from their websites. I'd like to think it's because of all the hammering we've given PP on this very website(Scion/Toyota does read here).

Also, people are saying your interest rate is negotiable. I have a different perspective on that, much more simple. If you see an offer for 1.9% from Scion/Toyota for example, simply tell them when your are being dealt with that all you want to know is if you qualify for that 1.9% or not. Do not come back with 2.x or 3.x...tell them you want a yes or no answer only. You did qualify for 1.9%, you did not qualify for 1.9%.

When I financed my Acura I had already secured a 5.0% myself(10 years ago, average APR's were much higher then, and my credit not as good as today). Anyway, Acura was offering 2.9% at the time for well qualified buyers which was fine because my father co-signed and he had the highest you can get. So when the finance lady asked what % they were trying to beat, I just starred at her for a moment in awkward silence, and replied with: "well, you're offering 2.9% right? So you're trying to beat 2.91%".

If they say you didn't qualify for the lowest, ask to see the form and exactly what rate they did qualify you for. The extra .1%'s are nothing more than points that help the finance person score the dealership vacation giveaway to the "best" seller. I don't actually know if they get a printed reply or if they just read off the computer. But I don't think there is any legal reason they can't show you exactly what they read to give you an answer. I'd assume they are hiding the truth if they won't let you see the reply.

It's like your friend from middle/high school when he asks you what you scored on your placement tests or SAT. He provides a higher score than you, but won't show you the paper even though you showed yours. Wait, you told me what it was but I can't see it? Yup, bullshit.

Originally Posted by Enraged21

It sucks because you can't even negotiate that part of the deal either. I ended up talking with another dealer with about the same DOC fee around $600.

yes! it IS possible to reduce,and even eliminate that "half-assed" doc fee.
let them show it on paper for legal grounds,but eliminate it from your final payment on the vehicle.

[jmaryt]

Originally Posted by spitfire481

i paid sticker (25,350) plus tax and just transferred tags from my old car. they gave me almost $4000 more than blue book for my trade in though since they couldn't mess with the pure pricing.

correct! with pure pricing,YOU have the option,to negotiate a "higher" trade-in value, (over allowance) however,this only works IF your trade is desirable,and the dealer knows it will move quickly (put out front to sell),so he doesn't have to wholesale,or get a "check cut" from the trade's "brand" dealer. IF he has to "call it around" a LOT,then basically,you are f**ked,because he will then "low-ball" you instead.

[DieselxIndustry]

I know its not tied to the purchase price of the vehicle, but by having my parent cosign on the car to have their name on it I was able to remain on my parents family insurance plan. My rates went from about 4k a year from Travelers Insurance to 1700 a year just because my parents name was on it. I'm 23 by the way. Travelers is more pricey, along the lines of All State but I'm sure there is still a significant difference with other companies as well.