Im very interested in getting the new RL. I was wondering how much are your monthly payments, how much did you put down and also how much did you get the car for out the door? THANKS in advance....

 

If you're interested in seeing what people are paying for their RL please go to the:

"RL OWNER SIGN IN" thread which is the 2nd thread listed in this section of the website. My information is there.

I paid outright for the RL.

 

THANKS man!!!

 

Checked through the pages, found only ppl leasing. Im wanting to buy and see wha ppl payments are like.

Anybody??

 

Payments will vary by the amount you borrow, interest rate, and length of the loan. Plenty of loan calculators available online. HERE'S one.

LL

 

I was able to buy for $35 more than I could lease with minimum down of $3000.

 

OK, my payment is 0$ per month, car it's pay off. I hope this make You happy.

 

To the OP.....we're not trying to mess with you here. Everyone's payment depends, as lland says above, on what your downpayment is, what your trade is worth (as it adds or subtracts from your down payment), and how much you agree that the purchase price of the car is.

That's why we have the RL sign in thread--people post the price paid (or, if leased, capitalized) for their RL, and you can plug in the numbers in the calculator linked above.

HTH!

 

I just wanted to get a rough estimate. Yea I should just do the calculations. THANKS Bob!!!

 

Thank you!

 

DON'T Lease - period.

 

I paid cash.

 

Yea I wanna buy!!

 

Here's an example, traded 2004 TL for RL. RL price 50K, 36 mth buy, 1k/mth.

 

BTW, never buy a car cash, a car only depreciates. If you crash it on the way out of the dealer you just "lost" 15% of your money, if you finance, however, the bank, not you absorbs that loss. I don't mean that you should not give a healthy down payment (to lower the interest on the loan), however buying it cash is not really the best idea!

 

Here'sthe simple math working on a 5 year loan (60 months).

For every $5000 you finance, you are looking at about $100 in a monthly payment.
For every $1000 you finance, you are looking at about $20 in a monthly payment.

If you get a RL tech and put no money down, finance your sales tax (if applicable in your state) and registry fees, you would be looking at a payment between $950-$1000 per month (Figuring you will be financing between 47500 and 50000).

Your finance rate will affect this slightly, but not as much as people think, the difference between 6.9 and 7.9% works out to a couple bucks a month.

 

Thats a good point but I still rather pay the car off outright. Sucks to pay interest. Its just your luck if something happens to the car.

 

Thanks. I was looking to put down 15k-17k. I want my payments to be under 550 a month if its possible.

 

Where did you get that information? If you crash and don't get full coverage from your insurance company, YOU, not the bank or finance company, are on the hook for the difference. If you paid with cash, you lose the difference, but in no case does the bank absorb the loss-that is the purpose of insurance.

 

Ahem, I still have to see a dealership that will let you drive a car off without insurance. Also, no bank will loan you any money without a full cover, thus your scenario simply can't happen. If you pay it cash, insurance will only repay you the devalued cost of the car, once it leaves the lot it devalues appx 15 percent, therefore, if you total the car as you leave the lot you automatically lose that money. A good rule of thumb is to pay 50-75% down. You can pay off the remainder if so wished anytime after 6 mths. This eliminates that "window" of possible loss due to accident.

 

If you are buying it at 550/mth you're going to paying for a long long time, by the time you're done, your interest is going to be huge. The only way to have that kind of payment is to lease. Better yet, why not just get a TSX which for that kind of money you'll be able to buy?

 

Just because the bank requires full coverage does not mean the insurance company will cover the full value of the car-they are two separate things controlled by two different entities. Once the car is in your name, any coverage issues are between you and the insirance company-the bank is only interested in your regular payments or a payoff of the loan balance. They could care less if you have to dip into your own pocket for some of the money, but they will ding your credit rating if you don't pay off the loan.

 

Exactly. Now some financing companies will you require a larger down payment to minimize the possibility that you might be "upside down" if your car is totalled and you owe more than the car is worth. That's also another reason why you pay a larger interest rate.

Most insurance policies are based on replacement cost for "like kind and quality".

On a 2006 RL with 16K miles (my current situation), "like kind and quality" is an RL with similar value. IT DOES NOT MEAN COVERAGE FOR the original purchase price of the car. If my car were to be totalled, my insurance company would pay me for what my car is worth (retail). If that is less than what I owe, then I'm on the hook for the difference.

Now some companies, like Allstate are offering policies that will buy replace your car with a new one if you're in an accident, but you typically pay more for those policies, and the coverage most likely only applies for a couple of years. Anything beyond that and you'll see people having "accidents" with their 8 year old Accords wanting new ones.

For what it's worth, I work for a major insurance company for over 19 years, so I do know what I speak.

Lastly, if you pay cash for your vehicle, the dealer will not require you to have an insurance policy. While not having not having insurance is unwise, the only person who is "out" in that situation is you. You are assuming that risk.

 

It does not "suck" to pay interest. It only "sucks" to pay more interest than your money could make if it were invested properly.

In yor case you are perfectly fine with putting 15-17K down to lower your monthly payment to $550. You could probably lease the car for $550 or so per month for 36 months at 3-4% interest, then invest your 15-17K at 9-10% over the same period. The RL has not held its value as well as some other Acura products, so leasing may, let me repeat for those that hate leasing, MAY be a better deal for you. At least look into it, then decide.

 

Interesting, but wouldn't PIP insurance be required at minimum? Perhaps this is a state issue, but I would think any dealer that sells a motor vehicle and allows the buyer to drive it away with no inurance might be on the hook in our over litigatious society?

Kinda like a bartender serving too many drinks or selling a firearm with no registration.

 

It is notable to mention that, except for certain losses (like flooding), it would take a rather large repair bill to exceed the value of an RL that had only a few miles on it, even taking depreciation into account. I had a 9 day old Volvo 850 that had over 15K in damage in an accident (T-boned by an old Caddy), and I had to ensure the repair because I could not get "full" coverage for the vehicle and buy a new one (even though the accident was not my fault). Live and learn....

 

$100/month

 

Financing a car is the smart choice here. Any savvy investment will pay a higher yield than the cost of a car loan at 6%. I financed my car and bought 10000 shares of CROX at $27 a share, now it is at $54 a share and I am super happy.

 

$550/mo is $28,500 unpaid at 6% for 60 months.
$650/mo is $28,500 unpaid at 6% for 48 months.

With your 15-17k you should be good.

 

So sorry to intrude, but having been a young man with expensive tastes and a so-so income once, I feel compelled to say what I have learned ever so painfully in the interim...namely, if you have to even think about whether or not you can afford something...you can't.

Invest the money until you can.