Finally seeing my car

[majorstang]

After a long agitating wait i finally came face to face with my car. Only thing is after sitting down with my salesman the numbers are way out of what i expected to pay

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[wilkinda65]

Were they asking an ADM or was the interest rate what made the numbers whacked?

 

[young at heart]

Wait. Something doesn’t sound right. You ordered a car without knowing what it was going to cost, and then were surprised to find out?

Help us out a bit. This doesn’t compute.

 

[RJV15]

You should have known exactly what to pay when you walked in.
NO ADMS or ADD-ONS!!!

If the interest rate is high, get a loan somewhere else!

 

[majorstang]

so basically i was informed to hold off on anything and everything numbers wise until the car gets here so today it got here and they appraised my trade in (2017 camaro ss with 59k miles and a fender bender) and this is some figures they came up with. without running my credit too of course.

 

[majorstang]

i really was expecting my note to be around the $850 range im only 23 and this would be my 3rd vehicle i would finance

 

[RJV15]

Youre upside down 7k+ on your current car.
Check with Carvana/Carmax and check what youre car is really worth.

 

[RJV15]

i really was expecting my note to be around the $850 range im only 23 and this would be my 3rd vehicle i would finance

Thats not gonna happen. Even if you somehow get carvana or carmax take your car and pay it off which would wipe your -7k equity.

You're gonna be at 64k, you'd need a 84 month loan at 4% which isnt going to happen.

Looks like you might just have to ask for your Camaro keys back.

 

[majorstang]

appreciate the feedback. it was a longshot i was hoping to get it but im smarter than that last thing i would want to do is put myself in a hole

Thats not gonna happen. Even if you somehow get carvana or carmax take your car and pay it off which would wipe your -7k equity.

You're gonna be at 64k, you'd need a 84 month loan at 4% which isnt going to happen.

Looks like you might just have to ask for your Camaro keys back.

 

[majorstang]

Those rates are horrid and that is a lot of negative equity they are rolling in to the new car. This is their offer without seeing your credit yet?
Not sure your spec that looks like MSRP + $7000, I would leave the Camaro out, or even walk on the deal entirely. That is a dealers dream right there

gt premium
pp
active exhaust
red seatbelts
grabber blue brembos

 

[JAM486HP]

gt premium
pp
active exhaust
red seatbelts
grabber blue brembos

Gotta be tough but I would walk. Thats just a gift to the dealer at this point

 

[Jivor]

OP, I don't know if you used an auto loan calculator, but if you haven't, you can google them (Calculator.net is one I used). There are all the necessary boxes to enter new car price, trade in value (using KBB or similar minus your payoff, which you can find out by calling your financing institution), etc.

I got a cashier's check from my bank and wrote a personal check for the difference with my trade (which was paid off); the dealer did not cash in my down payment and would not take off for their add ons (etch and crappy paint "ceramic" protection), though I did have them take off their dealer package when I signed the buyer's agreement at the time of ordering ($2000 of additional crap like mudguards, floor mats, etc.). They also low-balled my trade and would not budge save for $500, which I assume was due to them not being able to make any money off financing.

I'd walk away and chalk this up as a learning experience; you're young, and if you save a bit, pay off the Camaro, and wait until your credit score improves, along with the inevitable drop in interest rates that are likely to come in the next few years (yeah, we've all been predicting a recession for the last year or two). Try again when finances are more in your favor, but do not put yourself in a bad situation that could render you in serious distress.

 

[majorstang]

Gotta be tough but I would walk. Thats just a gift to the dealer at this point

right

 

[majorstang]

OP, I don't know if you used an auto loan calculator, but if you haven't, you can google them (Calculator.net is one I used). There are all the necessary boxes to enter new car price, trade in value (using KBB or similar minus your payoff, which you can find out by calling your financing institution), etc.

I got a cashier's check from my bank and wrote a personal check for the difference with my trade (which was paid off); the dealer did not cash in my down payment and would not take off for their add ons (etch and crappy paint "ceramic" protection), though I did have them take off their dealer package when I signed the buyer's agreement at the time of ordering ($2000 of additional crap like mudguards, floor mats, etc.). They also low-balled my trade and would not budge save for $500, which I assume was due to them not being able to make any money off financing.

I'd walk away and chalk this up as a learning experience; you're young, and if you save a bit, pay off the Camaro, and wait until your credit score improves, along with the inevitable drop in interest rates that are likely to come in the next few years (yeah, we've all been predicting a recession for the last year or two). Try again when finances are more in your favor, but do not put yourself in a bad situation that could render you in serious distress.

appreciate that. i just needed other opinions but ill be letting him know its up for grabs !

 

[ElektroSmokes]

Enjoy that SS until it's paid off. Plenty of people would kill for a 6th gen SS.

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