Paying for your DH

[Ryunker]

These are a bit pricey, what are your plans for paying for it? Making deposits with your dealer along the way?

At this moment our balance is $55k even still owed.

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[Skye]

After the initial deposit (if any), I'm not sure the dealer is going to accept still more monies, before the car arrives. I'd think the topic (financing or cash at close) would be settled as the order initially went in.

The salesperson I worked with was indifferent to deposit amounts. They asked for a minimum of $1000. Discussions of greater amounts received a shoulder shrug. The deposit was to put some skin in the game and confirm interest. Nothing more. How the balance would be covered at closing was confirmed with a handshake.

If anyone does have some additional cash they did not anticipate, Money Market accounts are paying well right now; they'd be a good parking place for the $ while waiting for the car to arrive.

 

[Thomas]

The deposit just shows you are serious. Depending on how crazy your configuration a dealer may ask for more or less to reduce their risk of being able to sell the car if you back out (which many people do).

As an example....the dealer I worked with wanted a 10k deposit (I gave them less, no reason to have 10k sitting there doing nothing) for my GT500 because of the color configuration being "highly undesirable in my area" (extremely rural) and for them it represented a risk of using their single allocation with no guaruntee that I would actually buy it. Again, many people back out of these types of purchases. They were willing to do no deposit, assuming I had ordered a much more conservative configuration.

If the dealer actually gets the car, and it arrives, then you work out financing or payment from there.

I suppose you COULD pre-do a contract and everything but it seems ill-advisable until the car actually arrives.

 

[Japeatr]

i ordered with no deposit. I plan to put about $35k. as a down payment, financing 40k, trying to keep my payments around <= 650/mo

 

[timd38]

I am retired and can’t afford the payment so I pay cash at delivery.

 

[Rio Lobo]

Never heard of making payments at the dealership unless it's one of those "tote the note" used car predators. Sounds like lay-away.

Typically put down whatever the required deposit is, handle the rest when the car is on the lot. I will arrange financing through credit union, let the dealership try and match or beat it, and put some money down to offset taxes, depreciation, etc. The longer I wait, the larger the down payment at the time of delivery. But that money stays in my account until the day I drive the car home

 

[shogun32]

This is why I don't mind the delay so much... Fed will hopefully pause, then start to lower rates soon.

never gonna happen. If they do the country (and world) burns.

I figured the OP was going to post how he used the windfall profits from shorting Tesla or bitcoin to pay for the car.

 

[Ryunker]

never gonna happen. If they do the country (and world) burns.

I figured the OP was going to post how he used the windfall profits from shorting Tesla or bitcoin to pay for the car.

Nope.

As timd38 says, we too are going cash, financing stuff is over rated as you age. My dealer has not turned down additional money. So going to keep up that trend as long as possible.

 

[Apeman]

My dealership says I don't have to secure financing until the car has arrived in the state. I intend to put down $10-$15k plus a trade-in. I currently have a Mitsubishi Mirage, but I'm thinking of selling it and buying an older (2006-ish) Buick sedan. I've got pretty good credit, shooting for a 7% interest rate. Fingers crossed

 

[friscoaggie]

Thinking of opening a 6 month CD @ 6% and try to make some money during the wait. Highly unlikely I get my DH order within 6 months.

 

[Apeman]

Thinking of opening a 6 month CD @ 6% and try to make some money during the wait. Highly unlikely I get my DH order within 6 months.

honestly not a bad idea

 

[Q6543]

Same … thinking of tossing my down payment money into bitcoin and ethereum.

 

[friscoaggie]

Same … thinking of tossing my down payment money into bitcoin and ethereum.

Braver than me, once I had the the stock price I needed I went zero risk. Seen too many dreams evaporate and not willing to risk a certain thing for a few extra bucks.
If you do go there, I hope you end up with two mustangs.

 

[shogun32]

If you do go there, I hope you end up with two mustangs.

all you gotta do is time the market. easy peasy.

 

[_J¢_]

Plan on putting 50k down on my DH, if the dealer can beat my Credit Union at (currently) 4.9% then I'll finance the rest with them. If there are more delays, then I'll probably just end up paying full amount in cash by the time the car reaches the dealer.

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