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Latest vehicle purchase incentives #5429654 05/15/20 07:21 AM
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Snagglefoot Offline OP
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Just saw this one at the GM dealer.

7A8B0C4E-8647-4203-87F6-471E78E3CC46.jpeg

If you want the job done right......do it yourself.
Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429661 05/15/20 07:32 AM
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supton Offline
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Yeah, my eye is starting to wander around. Now might be a good time to buy*.

If I were to look, I'd inquire how payments are handled. Is it all online, and can you make a payment when the mood strikes? Years ago the wife and I took advantage of Sear's 0% for a year financing on a washer & dryer--one of those deals we couldn't pass up, as long as we signed up for the credit card, like 10% off and 0%. Well... 3 months went by and no bill. Our plan was to make 12 payments BUT not to pay interest (new house, new kid, lots of worry about money). Once we realized they weren't going to send a bill until they were going to make money off us... we chased them to start sending statements, and we quickly paid it off. IMO, if I were to jump on a new car, I'd just as soon start paying from the beginning. Without going too far down the usual BITOG "if you can't pay cash then you can't afford it" ... if I can't make the payment today then I really shouldn't be signing up.

0% over x years though.

[*Every time I think about buying another car I am reminded that I went from 500-700 miles per week to... maybe 40? Hard to justify at the moment!]


2011 Toyota Camry, base, 2.5L/6MT, 205k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 159k, ours
1999 Toyota Camry LE, 2.2L/4AT, 225k, his
Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429665 05/15/20 07:48 AM
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ragtoplvr Offline
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I see GM finally figured out the since wheels are round, round wheelwells look much better than those ugly things they used. They are so huge my old 4 post lift I have, you can not fit it on it, will not clear. The Colorado and Canyon was beat with a ugly stick. The Ranger may not fit, they look pretty big. IN a couple of years I may need to find out.

Rod

Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429670 05/15/20 07:52 AM
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ARCOgraphite Offline
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I like the 84 months** - especially with prices out there.

But, delaying payments will put you in a bad place - upside down

with a value/ debit ration under 1.0.

You get in an accident and you may be 8 grand in the hole easily

______

If 84 months at 0% makes the vehicle a lot pricier, skip it. You want to pay lowest $$ out of the gate.


2019 VW Jetta S 6MT OCI#2 7378mi-MOTUL Specific VW508.00+VW Service Filter; '17 Subaru Crosstrek CVT OC#9 70254mi-Rotella
Gas Truck 5W20 + Fram Ultra 7317 Filter
Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429673 05/15/20 08:03 AM
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ryster Offline
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These 0% deals are great [and kind of scary]. Great as long as you pay it off in no more than 5 years even though it is "free money". Scary in that this is what the state of the market is right now, and also scary going out more than 5 years on a quickly depreciating asset like this. If you go in planning to keep the vehicle forever, then it is a great way to get a new vehicle and pay no interest.

The deferral is just a bad deal. Hopefully no one does that. If you can't afford to start paying the monthly payment right away, you shouldn't be buying the car. Now, if you use the deferral period to save the equivalent of 6 payments, and then send that in with your first "real" payment that would be a wise use of the deferral period and help knock down the principal.


2015 Chevrolet Equinox LT AWD
3.6L V6
Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429676 05/15/20 08:06 AM
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Mr Nice Offline
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120 months at 0% will be needed to jump start new vehicle sales.

I'm not joking.

Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429681 05/15/20 08:14 AM
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miden851 Offline
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the inventories are piling up, they need to find a way how to get rid off them

all i know, one's live without car payment is priceless grin


2017 Honda Accord EX-L; @20K miles
2016 Honda CR-V EX-L; @57K miles
Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429684 05/15/20 08:20 AM
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thooks Offline
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I bought a new Toyota Tundra SR5 with upgrade package, 4WD, spray-in bed liner, side steps, 20" ultra motorsports wheels, etc., for $36,000 plus tax in December 2014. Sticker was $44,300, IIRC. They were also offering 0% for 5 years. I took it only after offering to write a check for $36,000 OTD (including tax). They said they couldn't, they were at rock bottom. This was 4 days before Christmas and this truck had been on the lot for 7 months. This dealer is in an area where 4x4 trucks are not hot sellers. nor were $40k vehicles. Let's just say their primary source of revenue was either long-term renting or leasing Corollas.

I think I did ok. I did take 58 months to pay it off, primarily because I told myself each month there was no benefit to paying it off early. My wife started in on me about year 4 and kept saying "we should just pay that off." I had to tell her there was no interest accumulating and there was no different payoff amount other than X number of payments left.

So there was not a cheaper price for me to pay cash or finance elsewhere with my deal. I can prove that by saying I kept up with fair market value of my truck for about 3 years. At about month 20, my truck was still worth about $33,000 on the street. That's a drop in value of $3,000 from what I paid for it almost 2 years earlier.

I'll probably never run into a deal like that again.

As far as the "deals" on GM vehicles right now, I'd take one if given to me, no way I'd finance one for 84 months, much less buy one for $1.

Re: Latest vehicle purchase incentives [Re: ryster] #5429691 05/15/20 08:23 AM
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thooks Offline
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Originally Posted by ryster
These 0% deals are great [and kind of scary]. Great as long as you pay it off in no more than 5 years even though it is "free money". Scary in that this is what the state of the market is right now, and also scary going out more than 5 years on a quickly depreciating asset like this. If you go in planning to keep the vehicle forever, then it is a great way to get a new vehicle and pay no interest.

The deferral is just a bad deal. Hopefully no one does that. If you can't afford to start paying the monthly payment right away, you shouldn't be buying the car. Now, if you use the deferral period to save the equivalent of 6 payments, and then send that in with your first "real" payment that would be a wise use of the deferral period and help knock down the principal.



Yep. That truck in the picture is what, probably stickered at $52k? In 2 years, the actual street value will be somewhere around $30k, at the highest. Don't make any payments for 6 months, finance $46,000 and you're STILL underwater by at least $3,000, if not more.

Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429692 05/15/20 08:24 AM
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jeepman3071 Offline
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Don't pay for 6 months... yeah and then what? How are unemployed or furloughed people supposed to qualify? I don't know anyone buying a new car right now, for good reason.


1998 Jeep Wrangler Sahara 4.0L/5MT (157k) - PHM 10w30, Wix 51085
2009 BMW 328i N51 (61k) - Liqui Moly 5w40, MANN HU816X
Re: Latest vehicle purchase incentives [Re: ARCOgraphite] #5429694 05/15/20 08:26 AM
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Danno Offline
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Originally Posted by ARCOgraphite
I like the 84 months** - especially with prices out there.

But, delaying payments will put you in a bad place - upside down

with a value/ debit ration under 1.0.

You get in an accident and you may be 8 grand in the hole easily



Dealers are happy to sell you gap insurance to protect against this scenario.


2019 Jeep Grand Cherokee Summit 5.7L Hemi
2019 RAV4 Limited Hybrid
2016 Sorento SX V6 AWD
2010 Mazda 3 2.0L
Re: Latest vehicle purchase incentives [Re: Snagglefoot] #5429704 05/15/20 08:36 AM
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mk378 Offline
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The zero APR often means you'll forego a substantial rebate that otherwise everyone gets. So the actual street price of the truck and the resale value reflects the rebate not what you're going to finance. The sticker price on GM has always been greatly inflated.

Last edited by mk378; 05/15/20 08:37 AM.
Re: Latest vehicle purchase incentives [Re: supton] #5429709 05/15/20 08:39 AM
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opus1 Offline
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Originally Posted by supton
...
Years ago the wife and I took advantage of Sear's 0% for a year financing on a washer & dryer--one of those deals we couldn't pass up, as long as we signed up for the credit card, like 10% off and 0%. Well... 3 months went by and no bill. Our plan was to make 12 payments BUT not to pay interest (new house, new kid, lots of worry about money). Once we realized they weren't going to send a bill until they were going to make money off us... we chased them to start sending statements, and we quickly paid it off.


That's weird. Every time I've taken advantage of one of those deals from Sears or when buying furniture, they sent a monthly statement. The minimum payment due was $0 but interest accrued and there was a notation on the bottom that the full amount had to be paid by xx/xx/xx or the accrued interest would be added to the total due.

But, back on topic...been debating looking myself. VW is offering 0% on 5 years for CPO vehicles, and the dealer near me has a number of TDI's that have been fixed due to Dieselgate. It's tempting...


Current Fleet:

2010 Hyundai Sonata GLS
2009 Chevy Cobalt SS Sedan (yes,the turbo)
2002 Dodge Dakota SXT Club Cab
1994 Ford Ranger XLT (RIP, Dad)
Re: Latest vehicle purchase incentives [Re: ARCOgraphite] #5429720 05/15/20 08:49 AM
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BMWTurboDzl Offline
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Originally Posted by ARCOgraphite
I like the 84 months** - especially with prices out there.

But, delaying payments will put you in a bad place - upside down

with a value/ debit ration under 1.0.

You get in an accident and you may be 8 grand in the hole easily

______

If 84 months at 0% makes the vehicle a lot pricier, skip it. You want to pay lowest $$ out of the gate.


Gap insurance. Wouldn't be surprised if it were required.


“It took untold generations to get you where you are. A little gratitude might be in order. If you’re going to insist on bending the world to your way, you better have your reasons.”

435i
Re: Latest vehicle purchase incentives [Re: opus1] #5429722 05/15/20 08:52 AM
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supton Offline
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Originally Posted by opus1
Originally Posted by supton
...
Years ago the wife and I took advantage of Sear's 0% for a year financing on a washer & dryer--one of those deals we couldn't pass up, as long as we signed up for the credit card, like 10% off and 0%. Well... 3 months went by and no bill. Our plan was to make 12 payments BUT not to pay interest (new house, new kid, lots of worry about money). Once we realized they weren't going to send a bill until they were going to make money off us... we chased them to start sending statements, and we quickly paid it off.


That's weird. Every time I've taken advantage of one of those deals from Sears or when buying furniture, they sent a monthly statement. The minimum payment due was $0 but interest accrued and there was a notation on the bottom that the full amount had to be paid by xx/xx/xx or the accrued interest would be added to the total due.


Yeah it was weird. This would have been 2005 and I was expecting monthly bills. But our first was born couple months later and things were a flurry for a bit, then we were like... um, bill? Thankfully everything settled down, the new house didn't implode on us, and so we had plenty of case to pay off.

Quote
But, back on topic...been debating looking myself. VW is offering 0% on 5 years for CPO vehicles, and the dealer near me has a number of TDI's that have been fixed due to Dieselgate. It's tempting...

I do miss my old TDI. Stickshift, wagon, and right now heated seats sure do sound good to my sore back. If I was any good as a diesel mechanic it'd be really tempting.


2011 Toyota Camry, base, 2.5L/6MT, 205k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 159k, ours
1999 Toyota Camry LE, 2.2L/4AT, 225k, his
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