When i saw the new TL last month i just had to have it after a test drive i knew i had to but now after looking at my final paper work i need to eather fell better or kick myself so let me ask!!

I did a trade in on my 03 accord EX 4DR(15k) for 04 TL WO/Navi , my accord had a $22,900 payoff i was paying $478 month because i put nothing down at the time,so now my new TL is $515(EXTENDED WARRANTY INCLUDED) month with a balloon of $12,900 at the 60th month $2,000 down and i get $1,300 back from honda for canceling my extended warranty had 56 payments left on Accord took 60month balloon and the TL is $15 a month less to insure Vs the accord,now with all that said i took a day thinking it over and said Ok i`ll worry about the $12,900 in 5 years. only about $20bucks more total then the accord...

So i went ahead with the deal was so excited about the TL i really trusted the sales person that when i got into the ROOM i really did not look over the final paper work like i should,the payments are the same im just confused about the price of the car contract..it reads amount financed $37,766 total payments $43,344 total sale including down payment $45,344 at 4.33%APR..

So if you do the math $515 x59months is $30,385 with the balloon of $12,900 its close to the $43,344 total payments but what happend to the $2,000 down??

Also price of TL says $37,500 on recipt and sticker total price is $33,195 which seems like i got around $18,500 for my accord which i guess is not to bad and im happy with my monthly payments Vs the Accord but i still dont see where that $2,000 down went to and i just got to vent and stop kicking myself!!!! How does the deal sound?? GO ahead GUY`s SWING AWAY :ar15: !!!!!!!!

I guess in the end i got a much better car for a few bucks more a month but in 5 years ill worry about the final $12,900 if i even want to keep it, but i doubt i will say thanks for the car and here you go take it back!!
:ar15: fire away

 

I kinda know how you feel. I traded in my 95 Accord LX 4DR w/95K Miles for a spankin new cherry TL (blue of course). Anyways I was upside down on my trade in. I bought my accord for 10K and I had only paid off about 3,000. The dealer gave me about 4300 for my accord. Not too bad but I ended up paying 3000 down. The smart thing to do would have been to pay off my accord, but I couldn't help to be the first one in Hawaii with a Blue TL. So I agreed to pay 526 a month for my baby. To tell you the truth ITS WORTH IT. I cna always trade it in next year for a new TL w/A-spec package. anyways....try not to take it to hard and enjoy your car.

 

Not to be mean but your situation is a financial time bomb. IMHO you should not be buying this car as it doesn't seem like you are currently in a position to really afford it. There is a reason the savings rate in the US is terrible, and the prime example is the deal you put together on your car. The key to financial success is live below your means.

 

Just so I understand you recently (given that you only paid off $3000 of it.) bought a 1995 Accord for 10,000? Why would you buy a nearly ten old Accord for 10,000? I have had two Accords and love them to death but wow that's sticker shock.

 

Wow, a $45K TL? You may be the first to have dove this deeply into the car? Are you trying to tell us that your only NOW looking at the paperwork? You mean AFTER you've already signed the legal contract your wondering what happened? Sorry to say it bud, but it oes look like you got the shaft. From what you have posted it looks like they not only "loaded up" any shortage of your old Accord onto the new contract but they also consumed the down payment. Did they even kiss you during the event? You signed a contract and now your financially obligated to cary through with it. Use this as a lesson and be more carefull the next time. One positive is that this car probably WILL be worth the $12K at the end of the fifth year. It's just sad to see someone having to buy their own car for market price after they've been renting it for the first five years... READ THE CONTRACTS PEOPLE!!!!!!

 

i've never been in this type of situation but i'm curious. What is the difference between what he is doing and 'leasing'? To me it looks like he probally would of done better trying to sell his accord to a private party and then getting a lease on the car. He'd be in the same situation MINUS the fact that he's paying 40K for the car.

 

No matter how you look at it, you took a hit for 4400 dollars, but at the same time as far as the payments go, after what you saved on insurance and what 15k miles of wear and tear turn into your not doing too bad. Just now you have the balloon payment but if the car holds up in value, is in good shape, and low mileage, buy it. You may be able to sell it for more and make the 4 back, instead of just turning it in. Now dont worry about the 2k down im almost sure that went for taxes which you had to pay anyway, so good luck and enjoy the new ride.

 

The $2000 down comes off the top. It Should be under the CAP COST REDUCTION section of your contract. So where it reads 37,xxx as the amount financed, it was actually 39,xxx total agreed price of the car, plus tax/tags/title, plus whatever they are charging you on top to take back the accord.

Basically, in 5 years you will have paid 45K for that car. I hope they at least gave you a reach-around.