2020 TRD OR cost

words to live by.
Can You Trust the Car Fox? Hidden Camera Shows 'Clean' Carfax Isn't - ABC News

one of my previous cars, i shopped based on carfax. bought because it was a perfect carfax. ended up in small accident later and took it to a body guy friend. within 5 minutes just walking up to it he was telling me how it had been rear-ended and repaired before. started showing me all the signs, and also explained why the doors never closed right and the top leaked...

if accident damage is your concern, pay for a body shop inspection. they know their trade better than carfax. carfax is best described as 'goodwill reporting system'.

 

Something is not correct. You term is too long or your payment is too high.

The OTD price of the vehicle is $39,000.
You are putting $10,000 down.
This leaves $29,000 to finance.

At an interest rate of 7.29% and a payment of 498.41, you should have that balance paid off in 72 months.

When your loan is satisfied, you'd have made payments totaling $46,385.

If you were to accidentally keep making payments for another 12 months, your total indeed is just under $52k.

Something is off.

 

Do you really want to still be making payments on that truck when it is 10 years old?

 

What happened to post #70?

 

Dealers make money off the sale of the vehicle AND off the financing. In many cases, they buy the loan from a bank, and then sell you the loan at a marked up rate, pocketing the difference. Even if they do a buy/sell (where they don't mark up the rate- which is common for promotional deals like when Toyota offers 2.9%) they STILL get a flat rate for selling you the loan. It's a much smaller amount, but they still make money. They don't want you to pay cash, and they don't want you to finance elsewhere, because they'll make less money if you do. Cash is not king at a car dealership. You can use this to your advantage by saying, "I can get a rate of 4.5% from USAA, but I'm willing to finance through you if you can match or beat it."

First you need to figure out what a fair deal is on the vehicle. It's tough to do in this market because everything is out of wack, but you can start with the big names like KBB and NADA. Same thing goes determining value of any trade you might have.

Then, do some looking at various financial institutions to see what current rates are. Used rates will always be higher than new rates, and longer terms will always be higher than shorter terms. With the scenario you've posted, you've gotten the worst of it all because you walked in not knowing what rate you could get from another bank, and were shown an interest rate for 84 month financing. This is a very long term for a vehicle loan, and it wasn't even a thing when I worked in the business over 15 years ago. There was chatter about it when I was on my way out, and the owner of the dealership said, "If you ever screw one of my customers with an 84 month loan, right after you celebrate the sale, clean out your desk." Think about that for a minute.

Once you do all this, figure out what you're willing to pay for the vehicle, what you're willing to accept for trade in value and figure out the difference. Then add to that number anything you owe on your trade in. This is the ONLY number you should be focused on. They will show you absurd numbers on one to distract you from another. They will try to get you to focus on a monthly payment instead of the bottom line. If you've done your homework going in, you know exactly where your monthly payment should be based on the rates you've researched and the values that make sense to you. Don't forget to figure out taxes that you'll have to pay in your area.

Right now, USAA is showing rates under 5% for both new and used. It will be more if you use long term financing or don't put enough money down.

In my opinion- as someone who used to work for an honest dealer in sales and finance, and as an adult who has purchased many cars and trucks over the years, it sounds like they were trying to take advantage of you.

Take a step back. You don't need to buy that truck, and you don't need to buy it right now. Do the homework, figure out the numbers, and take another swing when you're prepared with better knowledge. Feel free to PM me anytime and I'm happy to help.

And a few folks here are just giving you a proper ribbing. Just laugh it off.

 

Looks like your bank will go as low as 5.25% for a used truck. Not sure why you wouldn't qualify for that rate given your stated credit score

 

Wow. You know what, once I read this I looked back at the paperwork at it is in fact 72 months, not 84.

I guess there’s no point to this thread now. I messed up there!! 72 months not 84

 

There’s still the point that buying a used truck at nearly new truck price is not the best option.

 

The only reason I’m feeling pressured to get another truck is cuz I’m moving to Colorado Springs in February and I’m worried about driving a 4cylinder RWD truck out there in the snow.

 

hey bro you have been really cool since I’ve joined this forum. You’re really helpful and quick to respond. Appreciate you

 

That's a valid reason. You could get snow tires, or something like the michelin crossclimate 2s for all year, and put some sandbags against the tailgate.

 

Well the otd price is $39,000. A2020 TRD OR 6ft bed KBBs between $34.8k and $37.5k in trade, and that’s with typical equipment. Add sales tax and $39k after taxes doesn’t seem bad.

OP, if you like the truck and it checks out, buy it. Ask to make sure you won’t be penalized for prepaying; you’ll save a lot in interest if you make extra payments early.

For the record, I bought a 2018 TRD OR in October 2021 for $37.8k It had 21.2k on the odometer. It sat for 18 months during the pandemic at the end of its lease. It was Inferno or bust for me, and at the time, my eclectic taste in paint worked to my advantage, as the Jeep dealer I found it at was ready to truck it to auction. BofA financed me at 3.89%. Rates have only gone up.

Could you do better? Sure. Do I think you’re overpaying? Not necessarily. If you need it you need it. It’s your money.

 

It’s not a bad price .If the truck is clean I say grab it just try to do better with the loan if you can .
Federal credit union maybe . The truck is still like new with that mileage

 

This is a terrible deal.

 

Is it the silver one in Santa Barbara? Are you fine with a basic OR truck? Or do you want some options on it?
Reason I ask is their price is $2,200 less than a new 2022 TRD OR longbed in Oregon. The new ones have LED lights and a few options. I’d explore new still to see what it offers you. Plus it’s month end, dealerships run month to month. Never know when they’re hungry for a deal.

 

Hey he told you to get out so why you still here? He started it so beat it! Now! LMAO

I thought your pic summed it up pretty well. Maybe a pack of wolves around a sheep would've been a bit more palatable for the OP.

 

Yes

 

I’m not sure what you mean?

 

many folks who have moved to colorado have done so in 2WD with a 4 cylinder. you may find yourself wishing you kept it until after you settle there. taxes are cheaper and tacomas will still be available, and theres always that dumb luck of getting a new car, moving to a new place and wham! hit and run, hospital bills and an insurance company writing you a check for less than what you owe on it.

 

Hell no, that’s an awful interest rate. I know it’s different now but I got a 3.5% back in 2018. Try to get under five at least. Those guys are counting on you doing an impulse buy. If they don’t like it, they can lose on their sale.

Even if it’s “not that bad” you’re still giving away so much to the dealer for a truck that’s now even new. Also 84 months? Fuck no, 60 max.