Short take:

Daughter, aged 38, divorced one year is about to lose the 01 Focus Wagon I provided to her ex when he was my general manager in my business. Lease is up in 10 days.

She has settled on a 98 Toyota Sienna which seems a decent ride for her and her financial circumstances. I can help with what price she should pay in general but am out of the loop on interest rates for a 6 year old vehicle. She is paying the mortgage OK, has no credit card debt and would seem to be a reasonable credit risk. However, she is a single mom now with 3 kids and a gross income around $25K (most of which Pat and I provide as she works part time in our store).

I know a lot of you out there are in the "BUSINESS" and I am hoping to get a read on what interest rate she may have to look forward to. The particular vehicle is priced at $11K, at a Toyota dealership, has a very clean CarFax sheet and has about 60K miles. I told her to offer $10K and I would put up $1K for the down (I am a real sucker for my grandbabies even if I have given up on the daughter's love life).

I am thinking maybe 5-6% which is liveable. What do you folks think.
Bill

 

Bill, Funny thing, I talked by phone with a friend of mine tonight. He just got rid of his two year old Toyota Landcruiser and bought a new one. He got 3.8 percent financing. I know, different set of circumstances, etc, but a point of comparison on what a Toyota dealer can do with a new car. He also talked to a Mercedes dealer about their high end SUV type, and they quoted 8 percent.

Sorry to be draggin' my feet on the other issue, I'll try to get my act together and get something to UPS Friday.

john