EsCoBaR1

Ok I went to my local dealership yesterday and they offerred me a Black Mazda Rx8: Grand Touring Package, 6 Cd Changer, Moonroof, Appearance Package, Red/ Black Leather, and Spoiler for $30,300 with TTL fees in Texas its $32,391 with $50 documentation fee. And were giving them a $7,000 down payment including the Mazda Financing Rebate.....by the way the old fart didnt even mention that rebate and when i asked him if we could finance through the Mazda for the rebate, he asked how old i was and that kids my age dont usually know anything about rebates. Anways, since one of my parents cosigned for me so i can begin to build my credit they gave us a 8.69 Interest Rate for 5 yrs......this made our payments to about 552 a month . Do you guys know a good website where i can see if their payments are right....the payments seem kind of high. And I havent told them about the Gerber Rebate just yet until we agree on the final price. Ive been in touch with 4 other dealerships and they all cant seem to beat the $30,300 price, so do what do u guys think? Oh yea and the manager and salesman were explaining to us how this is a real good deal and that theyre goin about 900 dollares below invoice for us.

jaguargod

Sounds pretty fair, but that has some equipment mine doesn't, so I can't really compare it to my situation. My local dealer is doing employee pricing, so you might ask about that. That interest rate is fairly high. You should ask if there are any penalties for early payment, and check the paperwork to verify. I got over 7% when I bought mine through MAC, but I immediately refinanced through my credit union at 4.65% and saved some money. And contrary to what alot of people were telling me, there was no penalty in my contract.

lurch519

that payment seems a little high. my credit union has an online calculator that you can use to determine payment, and it came out to about 523 per month. now that is a rough estimate, as it wasnt right on with my loan, but it was within a couple of dollars.

the rough estimate that the calculator comes out with is about 33,800 with that down payment. either that or they are only giving you 5500 towards your down payment (probably cutting you short on the rebate)

EsCoBaR1

^^Yea i think they did cut me short out of the rebate....ive checked a couple websites w/ the auto loan calculator and they all range around 543 not 552

ZoomZoomH

iTrader: (1)

definitely should look for other financing options... 8.69 is way too high for the market today... the $1000 rebate they give you on the MAC loan, they're raking it all back on that high interest!

lurch519

^^his problem is that he is young with not much established credit, and his parents are co signing for him so he can get approved for the loan. thats actually not that bad considering this.

ZoomZoomH

iTrader: (1)

go through his parents' credit union (if they have one) and co-sign on that loan. credit unions usually are more lenient on rates for first time buyers, especially if he has a co-signer.

lurch519

thats a good idea, but he would still need to finance through MAC to get all the rebates, but then he could refinance through the cu

Brice-RX8

The prices according to edmunds.com are close to $33,500 for MSRP, invoice being $30,500, and True market value being $31,300, so I would say you are doing well on the price, but with 7k down that would mean you are financing $25,300 for I am guessing 60 months at 8.69% comes out to a payment of $521. To come to payment of $552 at that interest rate they are expecting you to finance roughly $27,000, which means they are trying to screw you out of $1,700, I think you need to go over the numbers again, research all the different ways they are playing with numbers, because they love to move them around on you, and go in with the attitude that this what I am paying and I know how to come to this figure.

The price of the car is pretty good from what I gather, the interest rate is not so good, but if you are having to have a co-signer then I can see why it is so high, but it seems they are not taking all of you down payment into consideration and/or the rebates.

RX8Union

I'm new to this forum as my fiance just bought a Velocity Red RX8 on Sunday.
I used my financial calculator and calculated that given the above information, your monthly payment should be around $524. So did you purchase something that is in addition to the price of your car, for example the extended warranty?
My finance's RX8 is 6-spd with GT package, so plain and simply price is $27,227.00 after the Mazda finance incentive (Which is like $800 below invoice). We did get the extended warranty which added about $23 per month to the monthly payment.

ZoomZoomH

iTrader: (1)

yeah the car price itself seems decent, just definitely make sure you make them break down all the numbers for you, don't just take a monthly payment number and call it a day, know where every cent is going :o