Trading in the 05

As long as youre saving its all good.

Fourdoor said:

Sounds retarded, but I am trading in my brand new white 05 EVO RS on a brand new red 05 EVO RS!

I am taking a $4,000 loss on the trade in, and saving $7,500 on finance charges by going with the 0% financing.

In other words, I come out $3,500 ahead of where I am now on the white RS. Not as good a deal as I would have gotten by waiting till this week to buy the car in the first place, but still better than the deal I currently have.

Dealership is gona make a fortune on my trade in.

Keith

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I recently heard about the incentives and I am calling the dealer where I purchased my car to refinance. I hope it works....

yea the 0% incentives sound good... i just don't wanna start all over again, if i wasn't a evo owner i'd be all over this. :thumb:

Fourdoor said:

Sounds retarded, but I am trading in my brand new white 05 EVO RS on a brand new red 05 EVO RS!

I am taking a $4,000 loss on the trade in, and saving $7,500 on finance charges by going with the 0% financing.

In other words, I come out $3,500 ahead of where I am now on the white RS. Not as good a deal as I would have gotten by waiting till this week to buy the car in the first place, but still better than the deal I currently have.

Dealership is gona make a fortune on my trade in

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That's nutty, Keith! I'm glad it's working out in your favor, but how in the world are you saving $7500 on finance charges? My total interest paid on the MR witha $36k purchase price is right around $3000 over 5 years. Even if I had gotten the MR with 0%, I would only have saved 3k...

Warrtalon said:

That's nutty, Keith! I'm glad it's working out in your favor, but how in the world are you saving $7500 on finance charges? My total interest paid on the MR witha $36k purchase price is right around $3000 over 5 years. Even if I had gotten the MR with 0%, I would only have saved 3k...

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I did the "quick and dirty" finance through the car dealership at around 8% over 6 years fully intending to re-finance through a bank at a lower intrest rate (locally around 5.25%) for 5 years in less than a month.... doing so would save me aprox $3000. Doing the trade in saves me aprox $3500. Only a $500 difference, but ever dollar counts right?

With 36,000 financed and 3,000 intrest your payment would be $650. That is assuming you did not have any trade in or down payment on your MR, is that correct? Or did you purchase when intrest rates were at rock bottom? 3.5% intrest rate would get you there, but none of the local banks are offering that even with perfect credit.

Later,

Keith

Joeracer321 said:

I recently heard about the incentives and I am calling the dealer where I purchased my car to refinance. I hope it works....

Click to expand...

This is only and incentive to purchase a new car. They are not in the business of refinancing any loan, let alone refinanceing at a 0% intrest rate.

Keith

Fourdoor said:

I did the "quick and dirty" finance through the car dealership at around 8% over 6 years fully intending to re-finance through a bank at a lower intrest rate (locally around 5.25%) for 5 years in less than a month.... doing so would save me aprox $3000. Doing the trade in saves me aprox $3500. Only a $500 difference, but ever dollar counts right?

With 36,000 financed and 3,000 intrest your payment would be $650. That is assuming you did not have any trade in or down payment on your MR, is that correct? Or did you purchase when intrest rates were at rock bottom? 3.5% intrest rate would get you there, but none of the local banks are offering that even with perfect credit.

Click to expand...

Yeah, pretty close. It's about $660/month for 5 years with 3.99% financing that I got back in October of '04.

White for red... oh well. I guess that works. I tend to like white cars though - not sure why

Because Luda you have a white DSM ROFL