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Old 03-01-2003, 08:25 PM   #1
ScoobYPwR
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Lightbulb How Much Down Payment On STi?

For those of you guys financing the STi, how much are you guys planning to put down on the Sti, saying that the STi is around 33k. I'm planning to keep my payments under $400 so i take it with a down payment around $6k-10k down on the car and a low APR i should be right under the $400 mark. What about you guys, how much down are you planning to put down and how much are you willing to pay a month through financing?
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Old 03-01-2003, 08:42 PM   #2
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I'm trading in my WRX. I'm hoping to have it paid off by then and get around $20k for it. Depending on the date, I may put down some cash too.
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Old 03-01-2003, 11:19 PM   #3
DR EVYL
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I'm planning on putting down at least 50%, no trade in.
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Old 03-02-2003, 01:10 AM   #4
HunterKiller
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Im puttin down a third. Around 8000.
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Old 03-02-2003, 01:13 AM   #5
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At 4% apr 60 months and 10k down.. you'll be financing 23k...
your payment will still be around 423.xx... total interest paid
would be 2414.xx

Or.. just keep the 10k... and your payment should be 607.xx..
sounds high.. but you got 10k in the bank to pay for that... for
at least 11 payments... of course your total interest will jump up
to 3464.xx not counting the interest you'll gain with the 10k in
the bank.
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Old 03-02-2003, 02:24 AM   #6
ObsidianRS
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Actually, those are some low figures. You're not walking out the door for $33k.

If you're in California, a good number is to add 10% for both tax and liscence + registration (it's actually more like 9%-ish) but 10% is easy.

So if you buy the car for $32-33k then out the door you're out $35-36k. So a $10k down will be about $25-26k.

Oh and I really don't recommend keeping the 10k! Unless you know something I don't, that 10k won't be making you 4% in the bank and I don't know where you could use it to make that much right now (which is why loan rates are so good). You'll definately save money paying down as much as you can up front. At 4% assuming you're numbers are good, that's $1000 in savings. Not everyone will be getting 4% (seems too low unless dealer offers some good incentives as I just looked and for 60 month loans, 6% is a good rate) so really it'll be more of a difference than that in interest.
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Old 03-02-2003, 03:42 AM   #7
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My company is going to lease it for me.
Interest paid is deductible as are the payments, tax, tags & maint.
They'll cover insurance & fuel too.
No 'down payment' (cap cost reduction) will be paid.

- Janq
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Old 03-02-2003, 04:01 AM   #8
HOKWRX
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Quote:
Originally posted by Janq
My company is going to lease it for me.
Interest paid is deductible as are the payments, tax, tags & maint.
They'll cover insurance & fuel too.
No 'down payment' (cap cost reduction) will be paid.

- Janq
Can you really lease a STi?
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Old 03-02-2003, 04:07 AM   #9
ImprezaRSinCT
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Quote:
Originally posted by HunterKiller
Im puttin down a third. Around 8000.
8000 x 3 = 24,000

wishful thinking
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Old 03-02-2003, 06:22 AM   #10
JT-KGY
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Quote:
Originally posted by ObsidianRS
Actually, those are some low figures. You're not walking out the door for $33k.

If you're in California, a good number is to add 10% for both tax and liscence + registration (it's actually more like 9%-ish) but 10% is easy.

So if you buy the car for $32-33k then out the door you're out $35-36k. So a $10k down will be about $25-26k.

Oh and I really don't recommend keeping the 10k! Unless you know something I don't, that 10k won't be making you 4% in the bank and I don't know where you could use it to make that much right now (which is why loan rates are so good). You'll definately save money paying down as much as you can up front. At 4% assuming you're numbers are good, that's $1000 in savings. Not everyone will be getting 4% (seems too low unless dealer offers some good incentives as I just looked and for 60 month loans, 6% is a good rate) so really it'll be more of a difference than that in interest.

Well.. it's always good to keep some money around... economy
is so bad you never know when you'll be out of a job...
(unless your job is 100% secure)
Sure, it's $1000 in saving.. but it's also over 5 years... so roughly
you're saving $16/month....

Putting that money in a high interest money market that does
compound monthly... 2.3% for 60months will get you around
$1,204 after 60 months... according to bankrate.com
http://www.bankrate.com/brm/calc/cdc...page=calc_home
(Not sure why I end up more than $1000 though..??)
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Old 03-02-2003, 07:19 AM   #11
Steven C
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Default

Quote:
Originally posted by Janq
My company is going to lease it for me.
Interest paid is deductible as are the payments, tax, tags & maint.
They'll cover insurance & fuel too.
No 'down payment' (cap cost reduction) will be paid.

- Janq
Is it YOUR company? Or the company you work for??
What happens when you leave the company?
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Old 03-02-2003, 08:16 AM   #12
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Quote:
Originally posted by Steven C


Is it YOUR company? Or the company you work for??
What happens when you leave the company?

Should be.. lease payments are tax deductible..
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Old 03-02-2003, 08:28 AM   #13
SubEd
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Default

Why is this important? Everyone's situation is different.
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Old 03-02-2003, 04:09 PM   #14
HunterKiller
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Oops i meant about a quarter of the car before TTL.
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Old 03-02-2003, 04:16 PM   #15
Janq
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Steven C,

Yes, it is MY company and I work for it as an officer and 'employee'.

Even if it were'nt my company though the employer would retain all rights to operation toward the vehicle as its leased & registered in the companys name, but owned & titled by the leasing company.
Leasing is a common method in which a 'company car' is provided as part of a corporate or employees 'benefit package'.

--

HOKWRX,
Yes you can lease an STi....as you can any other vehicle make, model or type (car, boat, truck, motorcycle, plane, whatever).

Leasing is just another form of payment toward purchase (i.e.; cash or traditional financing) and the dealer does not care how you pay...as long as you can and do pay.
Now in most instances there are 'internal financing prorgrams' (aka kick-backs) from various financiers/banks or even the manufacturers own financing arm (i.e. GMAC or Volvo Finance) for selected payment options such as traditional ownership financing or leasing which is why there are at times super low financing options available (i.e. Mitsubishi, GM & Ford 0% interest programs).
In the case of SOA they do not have a financing arm, but your local dealers 'F&I' (finance & insurance) department will have access to various providers of financing options for there potential buyers. Keep in mind the dealer (and manufacturer) are in the business to move product ASAP.
Knowing that not everyone wants to pay cash or even 'own the car' is not a hinderance, just an incentive to offer the purchaser as many options as possible to again move product.
Besides, leasing works to the dealer and sometimes manufacturers favor as the same vehicle can be 'sold' two or even three times over as a leasing is really nothing more than a long term rental agreement with payments based on percieved/expected depreciation of value against the vehicle, plus usage fees and a profit (aka 'money factor' aka 'interest rate').

And yes JT-KGY, lease payments are in fact deductible but only to a corporation as per current tax law. This tax benefit does not apply to individuals, sole-proprieterships, limited liability corp's. (LLC) or sub-class 'S' type corporations.
Check with your local tax preparer and/or CPA for specifics as to the whys, hows and whens of leasing benefits for corporations large and small.

BTW, I agree with your math and analysis.
If I were buying the car directly using traditional financing I would finance it at as long a term as possible (60 or even 72 months) and secure as low an interest rate as possible (dependant on credit score and past payment history) and make zero down payment resulting in a slightly higher payment.

But thats just my humble opinion for my specific situation.
One should always consult their certified financial planner prior to making large capital purchases for their own individual situation.

- Janq
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Old 03-02-2003, 09:52 PM   #16
HOKWRX
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Quote:
Originally posted by Janq
Steven C,

Yes, it is MY company and I work for it as an officer and 'employee'.

Even if it were'nt my company though the employer would retain all rights to operation toward the vehicle as its leased & registered in the companys name, but owned & titled by the leasing company.
Leasing is a common method in which a 'company car' is provided as part of a corporate or employees 'benefit package'.

--

HOKWRX,
Yes you can lease an STi....as you can any other vehicle make, model or type (car, boat, truck, motorcycle, plane, whatever).

Leasing is just another form of payment toward purchase (i.e.; cash or traditional financing) and the dealer does not care how you pay...as long as you can and do pay.
Now in most instances there are 'internal financing prorgrams' (aka kick-backs) from various financiers/banks or even the manufacturers own financing arm (i.e. GMAC or Volvo Finance) for selected payment options such as traditional ownership financing or leasing which is why there are at times super low financing options available (i.e. Mitsubishi, GM & Ford 0% interest programs).
In the case of SOA they do not have a financing arm, but your local dealers 'F&I' (finance & insurance) department will have access to various providers of financing options for there potential buyers. Keep in mind the dealer (and manufacturer) are in the business to move product ASAP.
Knowing that not everyone wants to pay cash or even 'own the car' is not a hinderance, just an incentive to offer the purchaser as many options as possible to again move product.
Besides, leasing works to the dealer and sometimes manufacturers favor as the same vehicle can be 'sold' two or even three times over as a leasing is really nothing more than a long term rental agreement with payments based on percieved/expected depreciation of value against the vehicle, plus usage fees and a profit (aka 'money factor' aka 'interest rate').

And yes JT-KGY, lease payments are in fact deductible but only to a corporation as per current tax law. This tax benefit does not apply to individuals, sole-proprieterships, limited liability corp's. (LLC) or sub-class 'S' type corporations.
Check with your local tax preparer and/or CPA for specifics as to the whys, hows and whens of leasing benefits for corporations large and small.

BTW, I agree with your math and analysis.
If I were buying the car directly using traditional financing I would finance it at as long a term as possible (60 or even 72 months) and secure as low an interest rate as possible (dependant on credit score and past payment history) and make zero down payment resulting in a slightly higher payment.

But thats just my humble opinion for my specific situation.
One should always consult their certified financial planner prior to making large capital purchases for their own individual situation.

- Janq
I see what you saying, but doesn't this vehicle that you lease has to suit some purpose for the company? It will totally make sence to lease a delivery van for a company, but whats an STi going to do for a company?
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Old 03-02-2003, 11:20 PM   #17
Janq
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Quote:
Originally posted by HOKWRX


I see what you saying, but doesn't this vehicle that you lease has to suit some purpose for the company? It will totally make sence to lease a delivery van for a company, but whats an STi going to do for a company?
Its a perk for me to use toward work (i.e. commuting to meet with clients) and non-work (i.e. autocross) related actvities.
There is no law or tax-rule stating a company owned vehicle must be a delivery truck, dump truck or something obvious of that sort.

- Janq
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Old 03-02-2003, 11:59 PM   #18
Redneck Ricer
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assuming $32,999 + TTL

$15K down, 3.9% over 42 months, $501/month
Shoudl have it paid off within 6 months though
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Old 03-03-2003, 12:40 AM   #19
STI-300
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20-22K down
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Old 03-03-2003, 12:52 AM   #20
Nothonotus
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in cash so long as it's under 32k... if more it'll be a g35 coupe... have to add a little luxury at that price range for what I want.
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Old 03-03-2003, 05:26 AM   #21
JT-KGY
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Quote:
Originally posted by Janq
And yes JT-KGY, lease payments are in fact deductible but only to a corporation as per current tax law. This tax benefit does not apply to individuals, sole-proprieterships, limited liability corp's. (LLC) or sub-class 'S' type corporations.
Check with your local tax preparer and/or CPA for specifics as to the whys, hows and whens of leasing benefits for corporations large and small.

BTW, I agree with your math and analysis.
If I were buying the car directly using traditional financing I would finance it at as long a term as possible (60 or even 72 months) and secure as low an interest rate as possible (dependant on credit score and past payment history) and make zero down payment resulting in a slightly higher payment.

But thats just my humble opinion for my specific situation.
One should always consult their certified financial planner prior to making large capital purchases for their own individual situation.

- Janq
About the taxes...
Yup... I left that part out... thanx for clarifying..

And just like someone else said.. everyone's situation is different..
I and some people like yourself.. rather keep some cash around..
since you never know if there will be an emergency....
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Old 03-03-2003, 08:39 AM   #22
CoOlSlY
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Default

Same thing here... The company will lease it. Here in Montreal, for new cars the ratio was 3 years ago:
50% are leasing
50% are buying

and those numbers are increasing every year. Leasing is best for us also since everything is deductible and it gives better cash flow to invest. Compared to the lease rate (usually here 7-8%) and if you invest a bit, you can get back this 7-8% in interest from your investment.

Sylvain
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Old 03-03-2003, 11:58 AM   #23
95MPower
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Default what he said...

Quote:
Originally posted by Nothonotus
in cash so long as it's under 32k... if more it'll be a g35 coupe... have to add a little luxury at that price range for what I want.
I love the car. But 32,999 (guess) + TTL (~$2500 in TX) = $36K Please bring it in a little cheaper Subaru!

G35 is right at that price also.
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Old 03-03-2003, 12:12 PM   #24
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Some interesting ideas here. I would buy into the long term idea if I were in a different field. I am in networking and my jobs depend heavily on telecommunications companies. Obviously that sector is doing about as bad as possible right now. Since I am a contractor and I am not garunteed job security in 04 I am planning on paying as much $ as possible, $25-30k and then financing the rest for 12 months.
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Old 03-03-2003, 12:38 PM   #25
naveeny
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Quote:
I love the car. But 32,999 (guess) + TTL (~$2500 in TX) = $36K Please bring it in a little cheaper Subaru!
Even I have to admit, unless you are a real speed freak, this price range is a little high for a sub compact with no luxury in it. Although it is tough to find cars at this price range that have 300 hp in it.
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