Am I Getting Taken for a Ride?

[Drudge]

I'm supposed to take inventory of a 2019 Stinger GT1 with a sticker of $38,000 after rebates. Here in CT the sales tax is 6.35% and the APR on the high end would be 5.9 at most. I'm going to go over all the financial tomorrow with the fiance officer at the dealership but something doesn't add up. My trade in value would be $7,200 and $4,000 cash so $11,200 total. They quoted me a best of $510 for 75 months. I don't know if I missed something but all the online calculators make it seem I should be paying in the $475 range for 72 months. So am I getting screwed somewhere or are my calculations off. Any help would be greatly appreciated.

 

[MerlintheMad]

$38K is out the door, is that right? The lease incentive is missing?! If you're reducing MSRP by $11,200, it looks like the incentive is all used up on paying taxes and fees. I mean, OTD of $38K is good for a brand new GT1. So how you get there isn't that big a deal. And I think that $510 per month is good too. But I can't help with the actual numbers game. Not many on here can, if the past year plus of conversations on leasing is a good indicator.

 

[HerbieTheCar]

You need to figure out the price before a trade-in and downpayment. Dealers often skew the OTD price and/or the sale price by factoring in downpayment and trade-ins. GT1 MSRP is around $45,000 so you need to ask for the sale price, which need to include the dealer discount and the lease incentive if you're leasing. If they say the dealer discount is factored into the rebates, you need to look elsewhere because that's bs.

Sometimes, it's better to lease then buyout so you can take advantage of the extra incentives.

 

[Drudge]

MSRP was $47,500 so $38,000 was the negotiated price. I think they're up charging me on something but I'm meeting with the financial person tomorrow and I'm going to make them make me understand every charge. I will be financing so at worst the APR will be 5.9% but with all the online calculators I'm not getting anything above $500 a month with $11,200 both in cash and trade in value.

 

[HerbieTheCar]

MSRP was $47,500 so $38,000 was the negotiated price. I think they're up charging me on something but I'm meeting with the financial person tomorrow and I'm going to make them make me understand every charge. I will be financing so at worst the APR will be 5.9% but with all the online calculators I'm not getting anything above $500 a month with $11,200 both in cash and trade in value.

So $38,000 is before trade-in and downpayment, right? So the financed amount is around $26,800 before taxes?

 

[Drudge]

So $38,000 is before trade-in and downpayment, right? So the financed amount is around $26,800 before taxes?

Yes that is correct.

 

[HerbieTheCar]

Yes that is correct.

Then that's pretty good. $9,500 in discounts and incentives is decent. I'd just make sure that all the numbers match up tomorrow before signing anything. Otherwise, enjoy the Stinger!

 

[Drudge]

Then that's pretty good. $9,500 in discounts and incentives is decent. I'd just make sure that all the numbers match up tomorrow before signing anything. Otherwise, enjoy the Stinger!

OK, thank you very much. This is my first new car purchase and I just wanted to make sure I wasn't getting over charged on the monthly. I will definitely have them go over everything with me and make me understand the numbers. I thank you for at least setting my mind at ease for the time being

 

[BlueByYouGT]

Assuming $29k with taxes and dealer fees you shouldn't be paying over $500.

 

[Drudge]

Assuming $29k with taxes and dealer fees you shouldn't be paying over $500.

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I've been getting similar numbers on various calculators. I just don't know, Im going to have them explain it to me.

 

[Waynerm002]

Dealers like to bump the numbers for their profit, get the numbers laid out so you can do your own calculation. I'm curious on the interest rate though, seems kind of high.

 

[Travis Wills]

Don’t put that much money down(if any) and do the 75 month zero percent financing. Then get GAP insurance or just lease it.

 

[Drudge]

All's well with the world again, LOL. After picking the financial advisers brain and being a pain in the ass for almost 2 hours and getting free oil changes for 100K miles it came out to $474.19 for 72months. Super happy with how it turned out. Thank you all

 

[HerbieTheCar]

All's well with the world again, LOL. After picking the financial advisers brain and being a pain in the ass for almost 2 hours and getting free oil changes for 100K miles it came out to $474.19 for 72months. Super happy with how it turned out. Thank you all

Nice! That's a pretty good deal! You might've been a pain in the ass but you probably saved yourself some money in the long run!

 

[Drudge]

Nice! That's a pretty good deal! You might've been a pain in the ass but you probably saved yourself some money in the long run!

Thank you very much HerbieTheCar! I'm very much appreciative your help and kind words. This forum has some great folks

 

[Waynerm002]

Congrats on the new ride!

 

[Drudge]

Congrats on the new ride!

Thank you very much