2010 3dr Yaris

[oyceelol]

One more question, what do I have to pay when I sign the contract?

[YarisOwnersDad]

Originally Posted by oyceelol

One more question, what do I have to pay when I sign the contract?

If you are asking how much money you must pay at the time you make the deal, that depends on whether or not you are going to be making a cash down payment.

Usually, no money changes hands at the dealership when there is no cash down payment. The financing usually includes all the fees, so you just start making your payments and don't pay anything at the time you buy the car.

Tom

P.S.

If all of this buying a new car business is brand new to you, and it sure sounds like it is, then you should get a friend who knows the ropes to go with you. You are "ripe for the picking" and stand a good chance of being taken advantage of at the dealership.

For example, if you let the dealer pick the bank that will finance you car, he will most likely pick the bank that is most favorable to the dealership and not necessarily the lowest interest rate. The finance guy didn't bother to ask where my son wanted to finance his new Yaris and just started the paperwork for Toyota financing. I was present, and I said, "Hold on a minute. What is the interest rate?" I believe it was going to be 8%, and that was way high,so I had the guy go with another bank. The thing is, I knew what to expect for an interest rate, and I was able to see that what Toyota wanted was out of line.

[STC]

Originally Posted by YarisOwnersDad

If all of this buying a new car business is brand new to you, and it sure sounds like it is, then you should get a friend who knows the ropes to go with you. You are "ripe for the picking" and stand a good chance of being taken advantage of at the dealership.

For example, if you let the dealer pick the bank that will finance you car, he will most likely pick the bank that is most favorable to the dealership and not necessarily the lowest interest rate. The finance guy didn't bother to ask where my son wanted to finance his new Yaris and just started the paperwork for Toyota financing. I was present, and I said, "Hold on a minute. What is the interest rate?" I believe it was going to be 8%, and that was way high,so I had the guy go with another bank. The thing is, I knew what to expect for an interest rate, and I was able to see that what Toyota wanted was out of line.

That is right! You have to enter the dealership with a full clip of ammo!

The dealership used many techniques to try to take advantage of me. I had done all my number crunching for all scenarios should they come up.

One of them was we can only finance a 'minimum' amount. I wanted to finance only around 25% of the sale of the car or around $3,000. He said we can only finance a minimum of $6,000 @ around 7% with good credit standing. I told him my Credit Union will do it for a minimum of $3,000. I did not tell him the CU rate of 5.99% (excellent credit) for this amount and it was actually $4,000 @60 month. He told me that maybe they can work something out... while he left I pulled out some ammo... my laptop and started to crunch my amortization finance spreadsheet. When he came back he said my credit came back good and $6,000 @ 4.50%, 60 month is what he could do for me! I showed him on the putter what I could save by going with the Credit Union. He said, I’ll check some other finance rates! He came back with $5,000 @ 4.25%, 60 month... and this was the best he could do. I decided to go with the dealership financing.

$558.87 total interest through the dealership is better than $638.76 through my Credit Union. I’m making double payments for the first year to alleviate beginning higher interest... my money going to the corrupt banking industry bothers me.

[oyceelol]

Originally Posted by YarisOwnersDad

If you are asking how much money you must pay at the time you make the deal, that depends on whether or not you are going to be making a cash down payment.

Usually, no money changes hands at the dealership when there is no cash down payment. The financing usually includes all the fees, so you just start making your payments and don't pay anything at the time you buy the car.

Tom

P.S.

If all of this buying a new car business is brand new to you, and it sure sounds like it is, then you should get a friend who knows the ropes to go with you. You are "ripe for the picking" and stand a good chance of being taken advantage of at the dealership.

For example, if you let the dealer pick the bank that will finance you car, he will most likely pick the bank that is most favorable to the dealership and not necessarily the lowest interest rate. The finance guy didn't bother to ask where my son wanted to finance his new Yaris and just started the paperwork for Toyota financing. I was present, and I said, "Hold on a minute. What is the interest rate?" I believe it was going to be 8%, and that was way high,so I had the guy go with another bank. The thing is, I knew what to expect for an interest rate, and I was able to see that what Toyota wanted was out of line.

So do I pay the document fees, title and registration, and sales tax together with my monthly payment?

[bitz767]

Originally Posted by oyceelol

So do I pay the document fees, title and registration, and sales tax together with my monthly payment?

all of that should be included on your otd (out the door) price and that is what is finance and so it will be a part of your monthly payment