Brand new 2017 NISMO tech

axmea? · 04-16-2017, 02:19 AM

You can do what you want but 84 months on a car payment is a bad idea.

ChesapeakeVA · 04-16-2017, 12:23 PM

Credit score 757, income same as OP. Less living expenses on east coast VB. Bought at 17k mile 2012 sport at the end of '16 for $21.5 which I think was private party excellent condition at the time & mine certainly qualified as excellent. No imperfections save the beginnings of cracking on my Amuse wing. Came with full amuse kit, ark, nismo Cai, Z1 oil cooler and an uprev tune was told approx 322hp but don't have the paperwork for that part.

Hope this helps give some insight to OP. I put $6k down & financed through a credit union which put my interest at 3%. IDK what the set up is with your payments or if this is common but with Navy Fed, if I overpay by I a full payment it pushes my due date out a month.. so I'm currently sitting at like a $278 payment without another payment due till October and I bet I'm getting a pretty comparable experience to you when it comes to enjoying a small piece of Z history

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ChesapeakeVA · 04-16-2017, 12:27 PM

We're happy for you to have a Z and I Commend you for your open original post
but we all wanna TP the house of the ******* that burnt you on the finance aspect of it
& wish you had been less impulsive and considered wether or not new or used would've made a lick of difference. Or slammed on the brakes the moment you heard 12% interest. I'd be pissed with that kind of interest rate on a luxury item like a boat..

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Chuck33079 · 04-16-2017, 03:10 PM

12% for 72 months and you want us to be happy for you?

Jayhovah · 04-16-2017, 09:45 PM

Quote:

Originally Posted by OptionZero

That right there is where you ****** up.

You posted asking for "advice"

What you really wanted was a bunch of ra-ra, slap you on the shoulder and crap.

You weren't honest with yourself.

Enjoy your payments.

Ignorance is bliss i guess

but when you realize how bad you ****** up, don't turn to drugs or anything, just remember this thread and how we told you so and um . . . learn?

You provide a lot of material for my sig.

Doc's Z · 04-17-2017, 08:30 AM

Quote:

Originally Posted by omgwtfreally

Okay, I got a sport tech, 2017 financed $35k Put down 5k, at 12% Apr....I'll refinance it in a year, also I got the service package....And my payments are $725 at 72 monthsI'll pay it off with a low interest rate within three years

You will definitely want to refinance (if you can); otherwise, the APR and your 72-month loan put you well behind when it comes to the value of the car vs. what you owe (interest is front-loaded - like a mortgage). You may want to verify that your insurance company will pay what you owe, not the vehicle's value, if it's totaled. If they only cover the vehicle's value, research "gap insurance."

If your APR and loan remain unchanged (not refinanced), approximately 30% of the total loan will have gone to interest payments. If you financed an extended warranty, sales tax, fees, etc., then this percentage increases.

Include $725 car payment + $X on car insurance + $X on monthly fuel/etc, and that takes a rather large chunk out of your ability to save for a home (or other purposes). There is a term called "house poor." The same thing applies to cars. You are now car poor. The reality is, you are now spending over $1,000 a month on a single vehicle. Said another way, after you deduct taxes from your annual salary (compare apples to apples - your actual take home pay), you are spending upwards of 25% of your annual salary on a car. For a house payment, there is what is known as the "28% rule." Granted, this rule is for "gross income" rather than take-home pay; however, you are nearly exceeding that rule, and for a car.

Chuck33079 · 04-17-2017, 08:37 AM

Quote:

Originally Posted by Doc's Z

You will definitely want to refinance (if you can); otherwise, the APR and your 72-month loan put you well behind when it comes to the value of the car vs. what you owe (interest is front-loaded - like a mortgage). You may want to verify that your insurance company will pay what you owe, not the vehicle's value, if it's totaled. If they only cover the vehicle's value, research "gap insurance."

If your APR and loan remain unchanged (not refinanced), approximately 30% of the total loan will have gone to interest payments. If you financed an extended warranty, sales tax, fees, etc., then this percentage increases.

Include $725 car payment + $X on car insurance + $X on monthly fuel/etc, and that takes a rather large chunk out of your ability to save for a home (or other purposes). There is a term called "house poor." The same thing applies to cars. You are now car poor. The reality is, you are now spending over $1,000 a month on a single vehicle. Said another way, after you deduct taxes from your annual salary (compare apples to apples - your actual take home pay), you are spending upwards of 25% of your annual salary on a car. For a house payment, there is what is known as the "28% rule." Granted, this rule is for "gross income" rather than take-home pay; however, you are nearly exceeding that rule, and for a car.

All good info, but you're talking to a wall. OP is completely incapable of taking sound financial advice, as he will find out in a year or two when he sells this thing at a loss since he's miles underwater. I'd say he got raped on the deal, but you can't rape the willing.

You can't save them all. Some people's entire reason for existing on this planet is to provide cautionary tales for others to learn from.

Hotrodz · 04-17-2017, 09:44 AM

Back in other news...someone will get a great deal on a Nismo like this: 2013 White Nismo $26k.

04-16-2017, 02:19 AM	#46 (permalink)
axmea? A True Z Fanatic Join Date: Apr 2012 Location: SoCal Posts: 6,233 Drives: WELL ZED PW 6MT Rep Power: 53241	You can do what you want but 84 months on a car payment is a bad idea. FERRARI, xxAGAVExx, Memphis370Z and 1 others like this. __________________ >MyZ's Album< NISMO Convert/ECUTEK/Takeda CAI/F.I. HFC NR CB Carbon/F.I. 34 Row Oil Cooler/4.08 Final Drive /Powertrix+Swifts/Hotchkis/SPL/Whiteline/TWM/Zoom Engineering/EVO-R/AeroJacket Vented CF Fenders + CF Spoiler/Avant Garde-WORK/NST/Morimoto Halo/STi Clear Lenses/Carbon Signal Automotive/RJM Performance/ZSpeed Clutch Flywheel CSC delete

04-16-2017, 03:10 PM	#49 (permalink)
Chuck33079 A True Z Fanatic Join Date: Nov 2011 Location: Houston Posts: 12,265 Drives: 2011 370ztt Rep Power: 29538	12% for 72 months and you want us to be happy for you? m4a1mustang, TreeSemdyZee, Jayhovah and 2 others like this. __________________ 2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent

04-17-2017, 09:44 AM	#53 (permalink)
Hotrodz Premium Member Join Date: Aug 2012 Location: NW, AZ Posts: 9,330 Drives: 10 Nissan 370z Nismo Rep Power: 2684384	Back in other news...someone will get a great deal on a Nismo like this: 2013 White Nismo $26k. __________________ *Fast Intentions TT Installed and Tuned by Seb at SpecialtyZ 610whp 560tq:\|Fast Intentions 3" TT-TDX*\|SpecialtyZ/Fast Intentions 72 Row Oil Cooler\|SZ 6 Puck Clutch & Flywheel\|3GsCustoms\|Z1\|Wavetrac\|Hotchkis\|Whiteline \|Blitz\|Fortune Auto 500\|Fujimura\|SPL\|H&R\|TK\|TWM\|RPM Rollbar\|Sparco\|Next Level Performance\|TrackSpec\|AeroFlow Dynamics\|Pioneer\|

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04-16-2017, 12:23 PM	#47 (permalink)
ChesapeakeVA Base Member Join Date: Feb 2017 Location: Virginia Beach Posts: 48 Drives: 12 370Z BC M6 Rep Power: 8	Credit score 757, income same as OP. Less living expenses on east coast VB. Bought at 17k mile 2012 sport at the end of '16 for $21.5 which I think was private party excellent condition at the time & mine certainly qualified as excellent. No imperfections save the beginnings of cracking on my Amuse wing. Came with full amuse kit, ark, nismo Cai, Z1 oil cooler and an uprev tune was told approx 322hp but don't have the paperwork for that part. Hope this helps give some insight to OP. I put $6k down & financed through a credit union which put my interest at 3%. IDK what the set up is with your payments or if this is common but with Navy Fed, if I overpay by I a full payment it pushes my due date out a month.. so I'm currently sitting at like a $278 payment without another payment due till October and I bet I'm getting a pretty comparable experience to you when it comes to enjoying a small piece of Z history Sent from my SM-G935V using Tapatalk

04-16-2017, 12:27 PM	#48 (permalink)
ChesapeakeVA Base Member Join Date: Feb 2017 Location: Virginia Beach Posts: 48 Drives: 12 370Z BC M6 Rep Power: 8	We're happy for you to have a Z and I Commend you for your open original post but we all wanna TP the house of the ******* that burnt you on the finance aspect of it & wish you had been less impulsive and considered wether or not new or used would've made a lick of difference. Or slammed on the brakes the moment you heard 12% interest. I'd be pissed with that kind of interest rate on a luxury item like a boat.. Sent from my SM-G935V using Tapatalk