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Old 16th September 2014, 12:09   #4111
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Smile Re: Buying, Owning, Driving and Maintaining a car in North America

Glad to see my bro bring home a shiny white Subaru, Impreza yesterday. Impreza has class leading safety features - Vehicle Dynamics Control, Antilock Braking System, and Electronic Brake-force Distribution, Symmetrical All-Wheel Drive system. The on road price was with service package and extended warranty ~ $ 37K, at California.

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Old 16th September 2014, 16:02   #4112
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

Ouch, an Impreza for $37k?? Better have the 3 letters "STi" on it.
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Old 16th September 2014, 16:31   #4113
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Ouch, an Impreza for $37k?? Better have the 3 letters "STi" on it.
Absolutely. Though a fully specced WRX may run you 32 -33k before TTL. So this maybe a loaded up WRX also, though I'd also hope it is a STI.
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Old 17th September 2014, 01:19   #4114
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Ouch, an Impreza for $37k?? Better have the 3 letters "STi" on it.
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Originally Posted by ravradha View Post
Glad to see my bro bring home a shiny white Subaru, Impreza yesterday. Impreza has class leading safety features - Vehicle Dynamics Control, Antilock Braking System, and Electronic Brake-force Distribution, Symmetrical All-Wheel Drive system. The on road price was with service package and extended warranty ~ $ 37K, at California.

Attachment 1288337
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Absolutely. Though a fully specced WRX may run you 32 -33k before TTL. So this maybe a loaded up WRX also, though I'd also hope it is a STI.
Congrats! Its a Subaru Legacy and not the Impreza. Looks like it is the new 2015 model too.
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Old 17th September 2014, 03:49   #4115
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Hehe. Sorry i should have given you the whole picture. These are the requirements:
1. Manual transmission
2. Fuel efficient
3. Turbo charged
4. Good handling
5. Most importantly, under 20K.
6. Since it will replace my daily driver, it needs to be reliable too.
7. Should be able to seat 2 adults and 2 kids.

I am not asking for much. Am I?
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Well, the criteria just got tougher. Now the car needs to be for under 15K. And the Charger should fetch 25K+.
Well, I give up. These requirements are hard to meet. I was maybe asking for too much. I did get an offer of 25K for the charger. But the other side of the equation didn't work out.

Most of the cars in my budget were either too old or too high miles. Instead, I got my car loan refinanced from DCU for 1.49% and got the term extended to reduce monthly payments. This should tide me over for some time.

I was about to get a 2011 Mazdaspeed3 with 35K miles on it. But when I did the maths, I was hardly saving much for the car i was getting. I did the mistake of telling the salesman how much monthly payment I was targeting. He took my focus away from the price of the car, which was 4K over my budget.

Another thing that confuses me. The salesman said that DCU came back with an APR of 4.8% But when I called them today to get my loan refinanced, they happily gave me 1.49%. I asked them specifically that if i were to close this loan out and take another loan for a used car, will I get the same rate. The answer was YES! So, why did the salesman tell me 4.8%?? Something fishy there?

Anyway, reality checked and back to the Charger now.

I should change those spark plugs now i guess

Thanks for all your help and advice. Trust me it was not for nothing!
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Old 17th September 2014, 04:34   #4116
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Smile Re: Buying, Owning, Driving and Maintaining a car in North America

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Well, I give up.

But when I called them today to get my loan refinanced, they happily gave me 1.49%. I asked them specifically that if i were to close this loan out and take another loan for a used car, will I get the same rate. The answer was YES! So, why did the salesman tell me 4.8%?? Something fishy there?
DCU is quite a bit of life saver for a lot of us! COngrats to be back with your first love! Keep it drive it till it dies.

On the note of 4.8%. Let me tell you what i found out.

So your shopping for a car and your eligible for a 2% loan. But the salesman works with the bank to make you eligible for the 4.8% loan. The difference is pocketed by the saleman or dealership and is supposedly legal.

Found this out from one of the lawyer or automatch consulting person in the jalopnik forum. Will try to get that link.

Sound totally stupid but after reading that i would always prefer checking with your bank for the loan rather than dealing with the stealerships.

Do let me know if i am wrong. Dont beat me like this

Maddy
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Old 17th September 2014, 04:59   #4117
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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On the note of 4.8%. Let me tell you what i found out.

So your shopping for a car and your eligible for a 2% loan. But the salesman works with the bank to make you eligible for the 4.8% loan. The difference is pocketed by the saleman or dealership and is supposedly legal.
Holy bejesus you are right!
http://www.interest.com/auto/news/8-...ealers-sleeve/

I will never go for dealer finance!
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Old 17th September 2014, 06:18   #4118
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by amitoj View Post

I was about to get a 2011 Mazdaspeed3 with 35K miles on it. But when I did the maths, I was hardly saving much for the car i was getting. I did the mistake of telling the salesman how much monthly payment I was targeting. He took my focus away from the price of the car, which was 4K over my budget.

Another thing that confuses me. The salesman said that DCU came back with an APR of 4.8% But when I called them today to get my loan refinanced, they happily gave me 1.49%. I asked them specifically that if i were to close this loan out and take another loan for a used car, will I get the same rate. The answer was YES! So, why did the salesman tell me 4.8%?? Something fishy there?
Good deal on the Finance

Yea very true the dealers usually sell the car for higher by playing with the monthly payments. Its so easy to manipulate the overall price by quoting a low monthly payment.
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Old 17th September 2014, 07:07   #4119
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Holy bejesus you are right!
http://www.interest.com/auto/news/8-...ealers-sleeve/

I will never go for dealer finance!
Wow thanks that was quick. The dealership experience is ridiculous! Hoodwink in is pretty rampant and you better not be in a hurry and do some research!

Another case:
You have a bad credit history and yet go in for a new car. You get it a say 10% interest. You take it as you have no option and hope to refinance the next year.

Year 2: you get a low interest loan from bank 2. You go to bank 1 to close the loan. That's when you realise the principal has not changed much as bank 1 was deducting majority interest for the full period.

You end up paying more than 10% for that year of loan basically.

Maddy
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Old 17th September 2014, 09:33   #4120
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by maddy42 View Post
!

Another case:
You have a bad credit history and yet go in for a new car. You get it a say 10% interest. You take it as you have no option and hope to refinance the next year.

Year 2: you get a low interest loan from bank 2. You go to bank 1 to close the loan. That's when you realise the principal has not changed much as bank 1 was deducting majority interest for the full period.

You end up paying more than 10% for that year of loan basically.

Maddy
Not sure that you'll pay more than the posted interest rate.
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Old 18th September 2014, 02:22   #4121
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Not sure that you'll pay more than the posted interest rate.
Let me run my numbers with this and get back, this was in my case.

I had a loan for a year at a ridiculous amount of 10%. The first year i did pay the amounts of close to 585 a month for a period of 13 months. When i wanted to close this the principal and interest didnt add upto a 10% as the recovery towards the interest was greater in the first year.

I will get back on this.

Has winter or the cold started anywhere? We are experiencing effects of the Hurricane which has hit Mexico. Means we get some thankful rains!

Maddy
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Old 18th September 2014, 05:01   #4122
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Has winter or the cold started anywhere? We are experiencing effects of the Hurricane which has hit Mexico. Means we get some thankful rains!

Maddy
On friday, we are going to get a max of 58 and min of 38
So, yeah the cold has started here. We may get a few scattered days of 70+ weather but that is it for this year.
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Old 18th September 2014, 08:59   #4123
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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On friday, we are going to get a max of 58 and min of 38
So, yeah the cold has started here. We may get a few scattered days of 70+ weather but that is it for this year.
Similar here. We had a grand total of 3 days in the 90s all summer - abnormally cool summer. We had days with low temperatures in the high 40s low 50s in July and August. So pretty much spring like.

One of the only good things for winter is cheaper fuel (winter mix is cheaper than summer mix). But what could you do with cheaper fuel when you are trying to avoid too much driving?
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Old 18th September 2014, 19:31   #4124
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Let me run my numbers with this and get back, this was in my case.

I had a loan for a year at a ridiculous amount of 10%. The first year i did pay the amounts of close to 585 a month for a period of 13 months. When i wanted to close this the principal and interest didnt add upto a 10% as the recovery towards the interest was greater in the first year.

I will get back on this.
Sure, Agree with the part that most of your initial payments go towards interest. But it should be at 10% of whatever your remaining capital is.

I would definitely like to see your numbers.

I cannot see numbers where it goes more than 10%, unless your payment is less than the interest per month and your principal keeps going up . In that case you would never pay off the loan.
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Old 20th September 2014, 00:15   #4125
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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I would definitely like to see your numbers.
I take back my words! Sorry for causing some confusion.

The numbers are right. 31k principal with 1 year payments at 10%. While closing i had to payoff 27k.

All coz i didnt have a credit score.

Maddy
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