Buying this week, questions about payment
 

Ok, I'm taking the plunge this week and hopefully some of you with more experience can help me out a bit. I'll let you know couple things in relation.

1) This is the first new car I've yet to purchase.

2) I'm waiting on a HELOC (home equity line of credit) to be deposited in my account the 31st. In other words I have the full cash amount to buy the car.


My questions are:

1) Am I making the right move in trying to lowball a dealer to get the car at the end of the year? Keep in mind it's rainy as hell outside, I've checked stock/they have plenty I want, and it's also the end of the month (salesmen need to meet their quota).

2) Should I bother going to the dealership(s) to haggle over price when I am a few days out from getting the money in my proverbial pocket?

Any insight would be much appreciated.

I would start negotiating a price with a dealer now. You do not need to put any money down until you are ready to buy. Don't fall for the trick of it's only good if you buy today, if they are offering you a price its one that would not give if they couldn't. Alot of dealerships have internet sites that will give you a quote online. I always put a lowball quote in the comment section.

And just remember a home equity loan is a great way to purchase something because in most cases you can deduct the interest but if you can't make the payments the repo man won't come visit, the sheriff will and he will be selling your house for ya to get the banks money, isn't that nice.

Um, thanks... I think
 

Thanks for the motivation. I'll probably go out today after work and see what kind of trouble I can stir.

I'm fully aware of the consequences if I don't make a payment. I work at a financial company. At a rate of 4.5% even with a full draw I don't have to pay more than $140 a month. If I can't pay that the Sheriff is more than welcome to sell my home. Having a fat tax refund at years end is worth it too.

So your not going to pay the car off for 15 or 30 years? If you do that the car will cost you $83,000 by the time you pay it off.:D

Smartass
 

Look smartypants, the point is I'm not sucked into having to pay a higher amount per month should something prevent me from it. Perhaps if I sell my ever-increasing-in-value-property the balance of my HELOC would disappear. If things go like they did with my last car (BMW M3) I'll pay the balance off in just over a year anyways. The 83k on a 35k loan is nothing in comparison to 750+k on a 260k loan for my home. People have to pay for money just like they do anything else.

I just bought mine last week from Wood Mazda in Santa Rosa and was treated very well. I know the Owner and am aware that there is a quote that they are trying to reach so that could work to your Benefit. If you want call and ask for Paul Beebe and say that Brad Saunders sent you. BTW I am getting nothing out of this but the satisfaction of helping a fellow RX-8 owner.

Good luck!

Thanks, I've been in touch with a guy named Peter McGreeley (sp?) that works there but when I visit the dealership I don't plan on going to him (or anyone) specifically but I will remember the names you gave me. If you don't mind me asking, how much did you pay for yours and what options did you get?

edited to add: duh, it's in your sig.

I think that it is Peter Magrini and I worked with him for a while on the deal. My situation is a bit different because I used the S-Plan which gave me the car below invoice. I just noticed that I said Quote when I ment Quota! OOPS!! My company has a fleet deal with Ford and we get special pricing on all Ford related vehicles. The Sticker on mine was $35,500 and I paid $31,995. I dont know if you can get it that low but it could be close. If name dropping will help you are welcome to use mine.

Good luck!