i need an emissions test and have to my car certified in order to buy back my 2002 4 dr Z24. it would be a financing plan (monthly payments). the guy also said that for the 2, 3 and 4 yr payment plans the interest rate is about 10%.
ok, i understand an emissions test, but why would i need to have the car cert? i am buying it afterall.
is this a normal practice?
i live in the GTA.
Thanks!
S T wrote:the guy also said that for the 2, 3 and 4 yr payment plans the interest rate is about 10%.
Should ask him how he came up with this number for a rate when it comes to financing your car. He shouldn't be telling you a rate unless he ran your credit and actually got you approved for the car to be financed and actually got a rate quote from a bank or credit union. 10% is rather high considering I have 3.9 on my 03 cav, unless you having bad credit.
Never heard of having to have the car cetified in order to buy it back. Should call around to a couple of different dealers and get there take on the situation and see what they think. Either way you have to take the car back to dealer that you bought the car from in order to buy it back.( at least you do in wisconsin anyway) I can understand them going through and inspection before you buy the car, but not any kind of certifcation unless you are planning on buying extended warranty.Then maybe whoever you are buying it from might reqire a certified car or somthing.
http://www.j-body.org/forums/read.php?f=1&i=333805&t=333704#333805
you have leased the car and now they wan't to charge you 10 % to buy it out???
i'd personally walk away
It all sounds fair to me.
Understand that the bank financing you charges whatever rate they want. You can shop around in that aspect though. If they want you to certify the car as a condition of signing the loan, then that's up to them as well.
Rates in the GTA are going to be different than everywhere else the JBO reaches... (internationally!). Rates are also not going to be like the lease... GMAC usually was 1.9% or 0.9% (or even 0
on new cars.... but now it's not new.
That's on NEW cars though, right? A used car (as his is, at the end of its lease) wouldn't qualify.
Of course... I'm in Canada... that might be the US. I know GMAC in Canada won't finance you on a lease buyout.
10% seems high, but there's a lot of factors? Forgive my ingnorance, where/what is GTA?
'03 LS SPORT COUPE 5 SPEED black with teal/silver pinstripe
^^^ that would be the toronto area in canada
I thank you.
'03 LS SPORT COUPE 5 SPEED black with teal/silver pinstripe
It sounds fair...
Here in Ontario the car has to be certified again when its bought after the lease. (I think its because its switched from lease to yours?)
I just want to know whats the price your going to pay? If you check on autotrader and compare to see if thats more expensive it will give you an idea if you can save some money by giving it back. If its a little more don't worry, its much better to buy a car that you have known since brand new than one that some idiot drove,
BTW i'm paying 10% on my 2001 Z24 that I bought last year, its 166$/month for 60 months. So your in a good range!
Javob B wrote:BTW i'm paying 10% on my 2001 Z24 that I bought last year, its 166$/month for 60 months. So your in a good range!
10% is a horrible range to be in. Your 166&/month for 60 months also depend on how much you bought your car for, and how much his lease buyout is gonna be. If the buyout is higher thant what you piad for your car, it is obviously gonna be way different.
If you 166$ is your lease payment, than the payment will aslo fluxuate if you are gonna be financing the buyout amount. Sometimes it will be lesss, and some times it will be more. It all depoends on the situation and the car.
http://www.j-body.org/forums/read.php?f=1&i=333805&t=333704#333805
^mines for financing and your forgeting that were in Canada our rates are gonna be slightly different.
Thanks all for the replies, i really appreciate it!
the buy back amount is $9800 CND.
i got the car in 02, put 0 down and paid 380/month for leasing it.
i can get 265/month for 4 yrs now, the 10% i think is already worked in, but not sure.
i am a little tight for cash right now, so i thought i'd do the 4 yr plan, then pay off sooner when my situation improves.
so for a car that will be 7 years old when your done paying, you will have paid a total of $26,440 cdn for a cavalier including finacing
again i would walk away
this is 265 canadian, i can still get a nice 25G car?
i honestly haven't been looking at car prices lately, so i have no idea.
but i will also have to pay about $1400 for milage and from what i have been told, about $650 for replacing the front skirt (i'm embarrassed to say) and i think i may get hit for some scratches that need to be repaired.
i know the history of the car and enjoy driving it.
a couple questions:
1. How easily do you think it is to sell the car to someone before i have it paid off, so they assume my payments?
2. Do 2002 4-door Z24 cars have any suspension issues? cavs in general?
just seems that i get a lot more 'bounce' now going over speed bumps.
THANKS!
S T wrote:1. How easily do you think it is to sell the car to someone before i have it paid off, so they assume my payments?
They don't take over your current car payment at all. You have to sell the car for more or or for at least the amount on the buyout. If you sell teh car for 12,000, then you made 2,200 bucks, that is yours to keep. You give the bank there 9,800 that you owe which is the buyout amount and you keep the 2,200. The person buying the car has to pay for teh car cash, or has to go and get a lan form their bank fo the amount your selling the car for. Then they make payments for however much money they financed. If you sell the car for 8,000. then you are 1,800 in the hole, so then you have to give the bank, whoever you bought the car through, the 8,000 you got for the car plus 1,800 that has to come out of your pocket to cover the buyout of 9,800. Once you get eh 9,800 paid for, you have no more obligation to the car.
http://www.j-body.org/forums/read.php?f=1&i=333805&t=333704#333805
how many kms on the car?
Check on www.autotrader.ca for prices and compare them to what you were offered!!!!!!!!!!!
