C7 down payment
Instructor
Joined: Apr 2006
Posts: 236
Likes: 0
From: Lost Wages NV
down paymnet
Excellent strategy. I advise people never to finance a vehicle more then three years. Making payments gets old, and folks that are continually upside down in time will end up financing negative equity in a trade. Now you dig a deeper hole and never get ahead of the curve, and mysteriously the car goes up in smoke. I guess it is the high payments that cause spontaneous combustion. Back in the day, maximum finance length was three years, now five, six etc, which is not good for the consumer.
Racer
Joined: Sep 2013
Posts: 341
Likes: 4
St. Jude Donor '14
Depends. I put down $2k when I ordered the car and financed the entire balance @MSRP + $6k in taxes, + $2500 for a 7 year bumper-to-bumper warranty. 6 years at 2.9% from RBS. They also offered 1.9% for a <6 year loan, but I preferred the 6. Some can get 1.49% from credit unions, and if you really try hard you can get 0.9% on a 3 year with great credit. You can use my numbers as baseline, if you don't want to shop around, don't mind paying your dealer the extra 1% for them to shop it around for you, you have excellent credit (auto credit score of 840-850), and you just want to sign a piece of paper and walk out with the car with no hassles, and no shopping.
Last edited by KingMotley; Nov 21, 2013 at 08:44 AM.
Race Director
Joined: Mar 2002
Posts: 14,611
Likes: 3
From: Retired Suffolk County Police Dept NY South Carolina
When I lived in NY there was sales tax which would be about $6,000 (I forget if it was 8.5% or 8.75%). I SC the sales tax is capped at $300 but there is a yearly registration property tax based on the value of the car so it goes down each year. Even if you include the yearly SC tax it still is cheaper in SC.
Drifting
Joined: Apr 2011
Posts: 1,296
Likes: 14
From: Richmond TX
When I get mine, doing it the godfather way.
All of it. Going to wear a suit and tie (black) with a briefcase full of $$ and tell them count slowly (and don't spill any). May even have the godfather theme on the cell phone.
All of it. Going to wear a suit and tie (black) with a briefcase full of $$ and tell them count slowly (and don't spill any). May even have the godfather theme on the cell phone.
Race Director
Joined: Mar 2002
Posts: 14,611
Likes: 3
From: Retired Suffolk County Police Dept NY South Carolina
EDITYou would need a lot more than Corvette money to fill up a briefcase, I was able to fit $20,000 into a brown bag that was large enough to hold a sandwich and apple. So even if you ordered a loaded 3LT vert with exhaust and magnetic ride it would only be $70,000 which would not come close to filling a briefcase even a 1/4 full
Last edited by 2 Ag R8Cs; Nov 21, 2013 at 04:35 PM.
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Race Director
Joined: Aug 1999
Posts: 17,541
Likes: 2
From: Manhattan, KS Missing SoCal since 2005
My dealer did not ask for a deposit. I'll be trading in my '13 GS on the new 'vert for around $20K difference. He took a personal check when I traded my 2011 GS to him last year, and I expect he will again this time. No loan.
In KS, sales tax is computed based on the difference between selling price and trade-value, so we'll be around $1600.
In KS, sales tax is computed based on the difference between selling price and trade-value, so we'll be around $1600.
Race Director
Joined: Mar 2002
Posts: 14,611
Likes: 3
From: Retired Suffolk County Police Dept NY South Carolina
My dealer did not ask for a deposit. I'll be trading in my '13 GS on the new 'vert for around $20K difference. He took a personal check when I traded my 2011 GS to him last year, and I expect he will again this time. No loan.
In KS, sales tax is computed based on the difference between selling price and trade-value, so we'll be around $1600.
In KS, sales tax is computed based on the difference between selling price and trade-value, so we'll be around $1600.
Pro
Joined: Aug 2011
Posts: 524
Likes: 13
I have done this differently more than once. I dress as if I was there person that cleans the toilets, and put the money in a paper bag that looks as if I brown bagged my lunch. A couple weeks ago I made a $20,000 with a bunch of hundreds in a paper bag and shorts with a few holes in them. I love SC, I can be comfortable wearing shorts during the day, but as soon as the sun goes down it gets cold fast. The first time I noticed it was when I was living in TX.
EDITYou would need a lot more than Corvette money to fill up a briefcase, I was able to fit $20,000 into a brown bag that was large enough to hold a sandwich and apple. So even if you ordered a loaded 3LT vert with exhaust and magnetic ride it would only be $70,000 which would not come close to filling a briefcase even a 1/4 full
EDITYou would need a lot more than Corvette money to fill up a briefcase, I was able to fit $20,000 into a brown bag that was large enough to hold a sandwich and apple. So even if you ordered a loaded 3LT vert with exhaust and magnetic ride it would only be $70,000 which would not come close to filling a briefcase even a 1/4 full
Race Director
Joined: Mar 2002
Posts: 14,611
Likes: 3
From: Retired Suffolk County Police Dept NY South Carolina
I don't have anywhere near 1/2 million but there is no doubt 5 million would fit in a briefcase, but putting $70,000 would have the opposite effect of impressing someone. With all that unused space it would be like a mouse impressing an elephant with the size of it's equipment.
Drifting
Joined: Jan 2001
Posts: 1,326
Likes: 47
From: Tullahoma, TN
With the cheap money these days, just put enough down to stay right side up; the longer the term, the more you put down. You know cars in general will depreciate about 20% at least in the first year so you put that much down plus taxes and fees.....
Drifting
Joined: Sep 2013
Posts: 1,341
Likes: 323
From: Indiana
I got mine at Chase Bank. The dealer said he could beat it by about .25% but I had my check in hand.
Le Mans Master
Joined: Sep 1999
Posts: 7,810
Likes: 417
From: FL
Re Fi will be more I expect?
Pentagon Federal Credit Union also had 1.9 on new loans.