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Haha, ziggy, that's what I said to a friend the other day! About how applying for loans makes me feel like an adult.
I'm going to test drive a Scion tC tomorrow. I can't buy one for at least another week and a half, or until I sell my current car, but I want to make the initial contact and get the ball rolling.
Well, I went car shopping on Saturday. I finally got to test drive the car I've been eyeing, and of course, it's awesome. I talked to the dealership about financing, and their quote is within my range. I've also been pre-approved for a loan through my bank, I just have to find a time to go in and talk with them (seriously, how on earth am I supposed to go in when they are only open 8:30-4:00 and I work 7:30-5:30??). So things are definitely looking up!
ask your dealer if they provide financing through chase. many car companies will want to finance through their own finance company knowing full well they can go to chase and get your a lower rate, every dollah counts!
Tips when you go in to the dealer: 1. Be prepared. Know the bluebook value before you talk to a salesman. 2. Know how much you can spend but never tell the salesman what you want your monthly payment to be. They always try to stick you with 6-7 year loans but still be within your monthly payment. Then you'll get upside down on your loan. 3. Test drive the car for at least 30 minutes. If they have a problem with that, go somewhere else. 4. Don't be afraid to walk out of a negotiation if you're getting screwed. Dealers can always come around $2k off the sticker or more if it's new. 5. Don't let a salesman know how interested you are in the car. If they know that you really, really want it, they won't haggle the price as much. Be flexible. 6. Do not buy the first car that you want. Especially since you aren't super pressed for time. 7. If you get financing through the dealer, look at all of the paperwork closely. They always try to charge paperwork fees. It's always small amounts, say around $50 but I've never once paid them. 8. Always buy the GAP insurance. It's usually a few hundred bucks. If you happen to get upside down on your car loan, then total your car, you'll owe the bank the difference. With the GAP insurance, it pays the difference for you. You never know what will happen with the value of your car. I bought a Mitsu a few years back for my son's mom for an excellent price ($2k below private party value). Two years later, when I tried to sell it, I was upside down $8k. Now imagine if I had totaled that car. I would have still had to pay the $8k off and not had a car.
I am going to be buying my first car before the year is up and #5 and 6 are my problems, fo sho!!
Last Edit: Jul 13, 2010 1:42:50 GMT -5 by taco - Back to Top
ask your dealer if they provide financing through chase. many car companies will want to finance through their own finance company knowing full well they can go to chase and get your a lower rate, every dollah counts!
Well, I sold my car last night! I got more for it than I expected to, so that's an added bonus. Looks like I will be buying my new car on Tuesday! I found auto insurance with GAP coverage for a reasonable amount, so I'm pretty much all set.
Thank you all for your help and advice through this whole process; it has really made a huge difference!
I'm actually debating on whether or not an extended warranty is worth it... that's more what I'm looking for advice on. The scion brand has only been around for about 5 years, so it's hard to determine whether or not I will have issues after my factory warranty runs out. At this point, it looks like scions are pretty reliable and an easy fix since they are part of Toyota.
I'm actually debating on whether or not an extended warranty is worth it... that's more what I'm looking for advice on. The scion brand has only been around for about 5 years, so it's hard to determine whether or not I will have issues after my factory warranty runs out. At this point, it looks like scions are pretty reliable and an easy fix since they are part of Toyota.
Personally I feel like they are never worth it, however some people do swear by them. The car talk guys say no, and they also like the scion. The biggest thing is breaking it in correctly if it is brand new, and keep your oil changed with good synthetic oil. I think with an average amount of driving and proper maintenance it will be fine. Also do your first change at about 1500 miles instead of 3-5000 a new engine is going to wear off little parts of metal as it fits itself and it is important to get those shavings out of there.
Here is some good advice on it
There is some consensus on the basics for the best in reliability, durability and fuel economy of the vehicle in the future.
• Drive gently. Don't bring the engine up over 3000 – 3500 rpm for at least the first 500 miles. Don't exceed these levels by much more than this for up to 2000 miles. • All bearings and cylinders must wear in evenly and the piston rings have to settle properly. Piston rings can require 5000 miles. Problems could result if you don't look after the engine from the beginning. These piston rings are why you go to the trouble of 'breaking-in' the vehicle. • Don't go to 50 miles and hour and stay there and don't go any faster than 75 mph and follow this rule for several thousand miles
The standard sales pitch for extended service contracts includes invoking fears about the breakdown of big-ticket items. Promotional materials for the GM Protection Plan, for example, show an array of pricey internal parts under the skin of an SUV—$1,200 for an air-conditioning compressor, $2,600 to replace the transmission, $7,300 to switch out an engine.
Concern about future repairs is what mainly drove people to sign up for an extended service plan, but for the most part, their worst fears did not materialize. Plans were used by 58 percent of buyers, and the average repair savings were less than what they paid for the contract. Only about a third of all respondents who bought an extended warranty actually used their plan to cover a serious problem.
Another way to look at this is through the experiences of people who had vehicles four to six years old and who did not have extended warranty coverage.Analysis from our extensive reliability database showed that only about 4 percent of those cars had repair costs of more than $1,700 in a one-year period, and fewer than 1 percent had $3,700 in such costs.
A Ford official acknowledges that big-ticket repairs are rare during the life of its biggest-selling five-to-six-year Premium Care Extended Service Plan. "What you tend to see is a few small repairs as the vehicle gets older," says Mark Bardusch, Ford's ESP sales manager. "Major repairs are decreasing." But Bardusch says Ford's plans, for which consumers pay about 2 percent of the vehicle price per year of extended service, are a much better deal than those offered by the home-appliance industry, which usually charges a higher percentage of the product's price.