Car Loans

[Steve Ekstrand]

We're looking for a car loan.

Down payment and terms are flexible. We just don't really want to sell anymore stock down here. Especially when we have so much tied up mostly in cash in frozen trusts waiting for the deer in headlights to become venison steaks.

So, what is the going rate for good credit? BofA offered us 6.39% Edmunds says the going rate for 36 months and 15% down is closer to 5.3%.

Remember we're talking real loans, not subsidized rates from the manufacturers on special promotions. '08 M3 sedans get 0.9%. Couldn't talk Stacey into that.... The HELOC we took out for our remodel is back down to like 4.3% (Prime minus 75) and its plausibly deductible. But we didn't get a big enough one, and I don't think Stacey wants to both with refi'ing it. Not in sure if we could refi larger in this market.

Second q.... Do they generally slap pre-payment penalties on car loans? Because at some point if the market looks dead for a while and RE still stagnant, we'll probably pay off non-HELOC debt early.

[Bill Schenker]

Patch should have answers...

[Mike Simanyi]

Steve,

Check with some local credit unions and see what they may have. Also check with the dealer. They'll have a complete list of all their sources and the best rates they can get directly. Finally - or maybe first - check at Motley Fool. See what they list for car loans.

As for pre-payment penalties, there aren't any. Make sure you're getting a Simple Interest contract.

Mike

[Giovanni Jaramillo]

'08 M3 sedans get 0.9%.

Someone else mentioned this to me but I couldn't believe that rate until you mentioned it again. Like Mike said talk to your local credit union. Mine (alma mater of USC) offers great rates. Get the M3 already! Comes with an LSD

[Steve Ekstrand]

I tried with the M3.

Stacey has it in her mind that an M3 is an outrageous track car only monstrous extravagance that a sane person would never consider.

She just wants her plain jane 335 coupe and she doesn't want me near it. I doubt she'll let me tint the windows. Tires? Forget it. M3 lip spoiler? No way. Drop in air filter---GET AWAY!!!

But we're in cluster zone right now... We've gone from being one of the first to get an '09 335 to being the last of the Sept first production cars. Our car is a prisoner... And dad is the warden. Stacey is calling me every 15 minutes and texting me in between.... Have you heard from your dad??? Has the dealer called???

[KJ Christopher]

I tried with the M3.

Stacey has it in her mind that an M3 is an outrageous track car only monstrous extravagance that a sane person would never consider.

stacey is a looney.

[Chuck Fowler]

I tried with the M3.

Stacey has it in her mind that an M3 is an outrageous track car only monstrous extravagance that a sane person would never consider.

right...
so what's the problem?

[Steve Ekstrand]

stacey is a looney.

She's the looney with the trust fund... At least I never have to worry about coming home to find the accounts cleared out after a Rodeo Drive spree. I think she could afford to buy out the local Walmart inventory. Actually.... I'm sorry. She's an upscale Target shopper.

Big splurge in Topeka... I got her to buy an $80 pair of pink trimmed Piloti's!

[Eric Clements]

What a bait & switch I thought you were going to loan me the 335 for a weekend or something!

[Bob Beamesderfer]

Steve,

... Finally - or maybe first - check at Motley Fool.

Mike

http://www.bankratemonitor.com" onclick="window.open(this.href);return false;

[Bob Beamesderfer]

I tried with the M3.

Stacey has it in her mind that an M3 is an outrageous track car only monstrous extravagance that a sane person would never consider.

Not at all true. Very easy to drive; I didn't get the impression that it was in the least bit twitchy or had some throttle hot spot.

Of course, I caught and passed an M3 Coupe today in an Evo ...

[Steve Ekstrand]

Bob- Did you catch an E92 V8 M3? That's a pretty stout car in the right hands.

The most extravagant car Stacey has ever had was her 94 Z28 M6. She drives 20K mile a year so leasing isn't a great option, though I've tried to get her to inquire about prepaying miles. So, for what she's used to....

83 V6 Mustang LX
85 1/2 V8 Mustang LX Sport
87 Shelby Lancer
94 Z28 M6
00 Intrepid ES
00 V8 Dakota Clubcab SLT+
04 Hemi Durango Ltd
04 SRT-4
08 Ram 3500 CTD Mega Cab

All reasonable midline domestics. Better than a bus pass, and she's never complained. But a fully loaded (missing the now cool but hated when we ordered iDrive system) twin turbo 335 coupe is a much nicer car than anything she's ever had. She feels guilty that she's splurging. So, another $18K for an M3 was just too much to ask. And we ended up with the same 0.9% financing as the 08 M3's. So, no advantage there (my last valiant argument). She works really hard, makes good money, and comes from money too. Its not an outrageous thing to spend a little on something that'll give her a buzz each day on the way to work. She deserves it.

Now if she'll just let me slap some big sticky Star Spec's on there... And occasionally let me drive it.

$300 over invoice and 60 months 100% financing 0.9% Its a really good time to buy a car.... Of course, if you got cash or can finance off a HELOC, the best deals going are 2 year old high end cars coming off leases.... Or....fresh REPO's.

[Giovanni Jaramillo]

Not at all true. Very easy to drive; I didn't get the impression that it was in the least bit twitchy or had some throttle hot spot.

On the E30, E36, E92 M3s, this is a true statement.

On the E46.....that's another story. "twitchy" as you describe is the word that comes to mind. Like a meth-head waiting for his next fix.

[Giovanni Jaramillo]

Bob- Did you catch an E92 V8 M3? That's a pretty stout car in the right hands.

Agreed. Not knocking your driving Bob, but with 414HP you gotta be a total "noob" to get caught by an Evo (though an Evo is no slouch).

[Steve Ekstrand]

And Evo's are very easy to mod.

[Robert Puertas]

Bruce Li's wife brought a new Evo to the school last weekend at El Toro.

She got the automatic, and the way that thing donwshifts under braking is seriously cool.

[Bob Beamesderfer]

Bob- Did you catch an E92 V8 M3? That's a pretty stout car in the right hands.

Yes, the coupe version with the dual-clutch gear box. Very good car, but it was being driven by someone who was carrying two passengers and out to impress, which made him not smooth. Evo was just that much more easily pushed, also with an excellent dual clutch gear box. In this situation, driving cars provided by manufacturers I'm not going risk putting something in the wall. The skill levels are widely varied and offs, spins and driving stupid draw a black flag very fast. SCCA corner workers and Danny McKeaver and his instructors are the stewards.

It was infield road course only, with pit entry moved back before the bridge and a large number of cones to separate those entering from those on course; enough cones to choke down the chicane after the hairpin on the east end.

[Bob Beamesderfer]

Bruce Li's wife brought a new Evo to the school last weekend at El Toro.

She got the automatic, and the way that thing donwshifts under braking is seriously cool.

It's a car that makes you wonder how it could have any relation to the standard Lancer with its god-awful CVT. :barf:

Wait, I missed an Evo school?

[Steve Ekstrand]

My truck will downshift under braking.... Like dropping anchor with the 14" rotors and turbo/exhaust brake.

Can I take the school in my truck?

;)

[Robert Puertas]

We were asked by the PCA to come do an Evo School in conjunction with their regular school.

NO TRUCKS!

Although your tow vehicle is probably no wider than Bruce's Ford GT...

[Steve Ekstrand]

PCA guys are just afraid of being smoked by a 7000lbs truck.

[Kurt Rahn]

PCA guys are just afraid of being smoked by a 7000lbs truck.

Only cuz it's a diesel ;)

[Steve Ekstrand]

Hey my baby is clean....

[Simon Lu]

Sorry this might be a little late but aren't they offering 0.9% on all BMWs? All except X6 I think.

[Steve Ekstrand]

all 2008's

Ours is a 2009. We signed a contract for 0.9%. Then got home to a frantic phone message. We let them off the hook and signed a 100% finance (including tax and license) for 60month deal at 3.9%. Not 0.9%, but still good.