Newplay1

Guys couple questions before my local dealer rapes me tomorrow

1. Do I need to goto my bank and get "certified check" for my dowpayment? I'm going to put down roughly $9,000 or my personal check will be good enough. Even better dump it all on my AMEX blue card?
2. On the phone Fin dept guy said around "4.99% APR for 60months" is that a good deal?
3. I have Visa credit-card with blank check 3.99% should I just bring that and have my dealer match it or beat it thru Honda Fin?
4. How do I keep the RPMs down before my breakin (first 600-800miles)


Should I ask for couple free oil changes?


Thanks guy.

-Tom

biker

1. I doubt most dealers will accept a regular check - you'll need a bank check. I don't know that the dealer will accept a CC for such a large downpayment
2. You should get a real number to be able to compare - Acura has some good rates - check with the dealer
3. Again, you'll have to have real numbers before you go in so you can compare - I'm not sure how much negotiating room the dealer has on financing rates.
4. Put an egg under the throttle.

STL

Read the small print concerning that VISA check, most likely it will have "cash-advance" fees associated with it. Also with most cards if you are carrying a balance then you lose your 25-day grace period on all your purchases (so you would be paying interest on more than just the car). Check your local credit unions because they'll have the best rates. If the guy offered you 4.99% over the phone, you can bet that's not the best rate you can get (from him or someone else).

rutjk

1. most dealership do not accept personally check... they only accept cash or certified check (bank check). If you want to use your credit card, most dealership will allow you to put up to 3000 down using ur credit card. I did this, becuase i get 2% cash back, figure, get 60 bucks for doing nothing, i'll take it.
2. 4.99% for 60 months is normal. Since Acura (Honda Financing) does not offer any promotional APR, it's usually around 4.5 to 5.0.
3. They will not match the APR from your VISA check
4. Doesn't hurt to ask, but most like the answer will be no, unless it's a standard offer from the dealership to all new car buyers. It's because most of them do not want to have the feeling of still owing you, most would rather add some accessories to your car than give you oil change even though it's more money for them becuase it's just give, you take, done deal.

rivvin

I gave a personal check for downpayment and they even asked me when they could cash it. They gave me like 5 days before cashing it. I also wouldn't use CC for downpayment unless you can pay it back right away. Otherwise those interests will be pretty high. Also, 4.99 for 60 month is good, as least for me anyway...unless you can do better.

Oh yea...I have ABP with nav also. A lot of stares and people in tall cars (suv, truck) looking down...probably checking out the navi. hehe. j/k

keg1997

I used my CC for my down payment (3K)...the funny thing is that they forgot to take it at delivery and did not catch it until a month later. So, my 3K earned me money for an extra month

As for financing...they looked at what I had and looked thru their stuff and actually gave me a Bank of America loan for less than AHonda. They never pushed Honda financing on me.

As for oil changes....can't say...I got 2yrs/24K free maint. at my dealer...

blackjackman

hey congrats you buying from Manhattan A. ?

Newplay1

Thanks much for the replies guys.. quick update, Fin guy won't be in tomorrow so he wanted to finalize everything over the phone and offered 4.99% again and I told him about 3.99% VISA-check, about 15-20mins later he called me back and said best he can do is 4.14% 60months....I took it!

So now I say bye-bye to my 3yrs old RSX(base) and say hello to my new TSX woohoo... W00t W00t

-Tom

VeniceBeachTSX

I have never had a problem with a personal check for buying a car from a dealer. Remember, the dealer has already run a credit check on you, is holding the paperwork on the car, know where you live and you've signed papers allowing them to repo the car if you fail to hold up your end of things. You've probably somewhere in the fine print agreed to some pretty hefty fines for passing a bad check, and you can bet that they know who to report the felony bady check to very quickly.

Also, most dealers know all the local banks and can call on the spot to verify that you have the cash available. My dealer took about 30 seconds to verify the balance in my account.

Selling a used car to a private party without an escrow company is a bit different. Then a cashier's check is the norm.

But the best way to know is to ask the dealer.

Car loan rates are running 4.7-5.0% these days, depending on the exact terms. You'll get a better rate (but higher payment) on shorter term loans. A good dealer will usually check with a couple of sources before completing the deal, but some don't. No reason not to ask.

Credit card companies are sneaky about the way they calculate their APRs, so keep that in mind.

Brooks

My dealer said they can only take $3000 out per 24 hrs on credit cards. I had 6k on my bank card that I used for my down payment. I got %5.9 percent from Wachovia using the dealer. I thought it would be from American Honda Finance Corp. Good luck with the new car. I got ABP too and love that color.

ClutchPerformer

1. It probably depends on the dealer. My parents and I paid for the whole car with personal checks. Why would you want to put 9000 on a credit card when you could write a check for it? Don't pay interest on your DP if you don't have to.

2&3. You should have the Honda Fin. guy go as low as possible. Use any tactic you can!

4. Pay attention! And be disciplined.

Newplay1

$9k down on my credit card because most CC companies give you goodies

Not sure if I can keep it under 4k rpm mangle..... I'm hardcoreeeee... j/k

mg7726

so you're going to thoroughly inspect the car right, not going to have the exhaust tip fall off when you drive it outta Manhattan Acura right???

ClutchPerformer

I hope the goodies are worth the interest.... I'd rather keep the money.

Be patient! You can start opening it up at 600 miles.

fatcat

While we're on this topic:
I have tentatively agreed with my dealer for 4.5% interest. If i can get a lower rate at Capital One Auto Financing, should I just apply, get the blank check, and bring it to the dealership on the day of the scheduled pickup? Would anyone get pissed?

Thanks!

VeniceBeachTSX

If you pay it off the same month, there is no interest. I do this as often as possible, for the same reason, and I never pay interest.

SacQuacker

I walked in with pre-approved credit fom Capital One (4.35%). The dealer did eventually arrange better financing through a local bank (3.45%). .....Don't accept his initial offer either. If your credit rating is top tier, you can insist he "look harder." Just don't sign until you are satisfied. My dealer initially offered .36% lower than what I walked in with.

They'll try to sell some other crap too during the finance phase. LoJack, extended warranty, paint protection, etc. etc. If you want any of that stuff, remember that the price is also negotiable. EX: LoJack suggested retail is $695 installed. His price $650. My price paid $600.

Hope this helps. Good luck.

DGH

biker

Depends on what you mean by tentative. If there's anything in writing you're probably on the hook. If not you're OK but yes they'll be pissed and might even raise the price because they're losing out on the financing profit.

Newplay1

Got it baby! Great car it rides good and put around 200 miles in 2 days wooohoo... Called my g/f sunday and drove her IS300 like I stole it since I'm babying the hell out of my new ride