Mazda3 2008 4DR Price (including $1156 sales tax)..............19,581 Optional Life (waste of money)................ 628 Optional Disability (see Life).................... 960 Optional Gap (a waste? debatable).......... 383 Optional Fee RD & Bridge Fee 12 Dealer's Inventory Tax........................... 34 License Fee......................................... 70 Certificate of Title................................ 33 Vehicle Inspection................................ 24 Deputy Service fee to dealer 5 Documentary Fee................................. 50 Extended Warranty (blah)...................... 2,600 Total..................................................22,870 to be financed at 4.9% Down Payment..................................... 1,500 Total Sale Price after all payments..........$27,794 oh yea, anyone ever come across a payment schedule like this: first 36 months, pay $366 next 30 months, pay $438 i'm not an expert in car buying, but i know when you're getting screwed, and not just a little screw either. both signers (my cousin and his wife) have horrible credit. that 4.9% was just a ruse to make them feel good while they tacked on all the other fees. anyhow, i told my cousin to call the dealership tomorrow and have them remove all the optional life and disability crap. at least that'll save them about 1600. they just couldn't wait. well, at least their kid likes it.
Maaaaan! Just go to the pulga on Airline like I did and buy yourself a luxury car for $4,000.00 straight up! People need to learn how to save up some money instead of falling for that quick fix bullcrap!
dang, I got a 06 honda civic si for 22k OTD. I got my mom's acura TSX for 25k before financing. First of all, they should put at least 30% down. They will be paying more on the car than what its worth in a few years. The mazda 6 mazdaspeeds were going at 27k. They definitely got hosed. Return the car asap. Tell them to go somewhere that's honest.
I don't see where the dealer was dishonest to them, if you look at the numbers it all pretty clear right there. The problem is a 66month loan @ 4.9%. The math is right, 22.6k financed @ 4.9% you would need to borrow 27k to pay for the car. And with the Mazdaspeed 6, at 27k with all the warranty extras that they got and with the length of that loan they'd have to borrow about 35k. And who needs a 4 cylinder turbo 4wd car in Texas that gets crappy gas mileage anyways.
i believe the first mistake might have been this part: "2008" bad credit, worse judgment imo. why didn't they go for a 1- or 2-year old used car?
When you have bad credit, they give you all those optionals but a cheap interest rate. its a cost of having bad credit. I do agree on the Gap Insurance, not an insurance guy or carsalesman, but if you total a car and you don't have the money to cover the difference between value and what you owe, you could be screwed. That gap insurance is only a $400 hit for what might save you $5000 to $10K down the line if you're some extremely long payment plan. now if you have a lot of money and you can pay something like 30% down, you don't need it. now the additional life insurance, that's the rip off
Looks to me like they got the 4.9% for the first 36 months and then something else the last 30 months.
The life and disability on these loans is often a bad investments. (You can get cheaper term elsewhere where you're insured for more then the outstanding loan amount. I'd buy the GAP insurance
They should have purchased a similar car that is 1-3 years old with around 30K miles or so. It would have cost 40% less. The additional cost for financing is what you pay to borrow money. They should put more down and pay less financing.
that is pathetic. Talk about being suckered...buying a 19k car for 27K. Mind boggling. I paid 19,500, t.t.l., for my 2005 mazda3s (CD changer, moonroof, curtain airbags...basically everything but leather and exterior items)....it was listed 21 and change on the sticker. Then again, I wasnt financing so that gave me some negotiating power...there is something to be said for just writing the check and showing it to them. Take it or leave it. The dealer manager (not the saleman) wasnt very happy with that deal, but he sold the car. I almost walked out when he kept pestering for another $500. He even said, "at 19500, I'm only making $50 bucks"...to which i responded, "50 is better than zero". my piece of advice, go the last weekend of the month. Dealers are trying especially hard to get their movement numbers up.
Looks like I am going to be in the market for a new car soon and I will be looking at used, nothing new. Why buy something new when it depreciates the minute you drive off the lot?
To be fair, about $8K of the "total" is with the interest charges. Very few people talk about the total with interest on their loan when they talk about the price of the car they are buying.
