Any 99/00 owners thinking of getting 02's with these deals?
Member
Joined: Oct 2001
Posts: 24
Likes: 0
From: Washington state
I've been shopping for a truck for the past few months, and the "0% rate" campaign is a bit deceptive. Here are some observations that I have made:
0% interest - This is on a 36 month loan. Now I don't know about the rest of you, but I finance at the 48 month term, as the 36 month would make my payments go up quite a bit.
.09% interest - This is for a 48 month loan. A longer term, but when you are talking about a 25 to 30k rig, it still makes for a hefty payment if you don't put much down.
2.9% interest - This is for a 60 month load. As I understand it, this is term most consumers finance at. Still, it is a great rate.
Trade in - Good luck. I was able to SQUEEZE 9,300k out of the dealer for my 1999 S10. The trade in acording to the research I had done was much more than this, but they wouldn't budge. Their reasoning? "With the 0% interest rates, people are trading in left and right, so we are getting an overstock of used cars".
How I did it - I shopped around for a better rate than 8.9%, and was able to get one through the credit union for 7.5%. When I talked to the finance guy at the dealership, he was able to lock me in at 7.25%, which saved me a bit more.
So, just my thoughts on the much advertised "0% interest" campaign. I also found that dealers were giving very few rebates on the 2k2's, and not discounting the MSRP tags. Their reasoning? "We've been swamped, at 0% interest, consumers are willing to pay full MSRP to get the good rate". Uh huh. The times I was at dealerships (and I went to many), I didn't exactly see buyers stampeding to spend full price on a rig, and many of the dealers were busy doing nothing. In fact, a few were seen playing their GameBoy Advances!
Just my thoughts, hope this helps.
Tammie
0% interest - This is on a 36 month loan. Now I don't know about the rest of you, but I finance at the 48 month term, as the 36 month would make my payments go up quite a bit.
.09% interest - This is for a 48 month loan. A longer term, but when you are talking about a 25 to 30k rig, it still makes for a hefty payment if you don't put much down.
2.9% interest - This is for a 60 month load. As I understand it, this is term most consumers finance at. Still, it is a great rate.
Trade in - Good luck. I was able to SQUEEZE 9,300k out of the dealer for my 1999 S10. The trade in acording to the research I had done was much more than this, but they wouldn't budge. Their reasoning? "With the 0% interest rates, people are trading in left and right, so we are getting an overstock of used cars".
How I did it - I shopped around for a better rate than 8.9%, and was able to get one through the credit union for 7.5%. When I talked to the finance guy at the dealership, he was able to lock me in at 7.25%, which saved me a bit more.
So, just my thoughts on the much advertised "0% interest" campaign. I also found that dealers were giving very few rebates on the 2k2's, and not discounting the MSRP tags. Their reasoning? "We've been swamped, at 0% interest, consumers are willing to pay full MSRP to get the good rate". Uh huh. The times I was at dealerships (and I went to many), I didn't exactly see buyers stampeding to spend full price on a rig, and many of the dealers were busy doing nothing. In fact, a few were seen playing their GameBoy Advances!
Just my thoughts, hope this helps.
Tammie
Senior Member
Joined: Apr 2000
Posts: 107
Likes: 0
From: Sudbury On Can
In my area (Ont) they are only giving the $3000 rebate or 0% financing on the 01's but I bought one anyway. They gave me a good trade in price on my 98 reg cab so I bought a 150XLT 4X2 supercab with the 5.4 and towing package. I had bought the 98 as it was a steal back then but now needed a V8 for towing 21' 5'ver. I'm satisfied with the deal I got as they also gave me another $750 rebate for being a repeat buyer.
Senior Member
Joined: Jul 2001
Posts: 513
Likes: 1
From: Raleigh, NC
Part of the trade in value problem is that the 0% interest depresses trade in values on the models that the manufacturers are offering the incentive on. Why would you buy a used car at 8-9% interest when you can buy a new one at 0% for the same monthly payment? Therefore, the dealer will offer you less for the trade in because the wholesaler offers the dealer less or the price on their pre-owned lot will be lower.
0% really kills our resale value. Don't expect alot on trade-in and it takes a while for Edmunds to reflect the effect.
0% really kills our resale value. Don't expect alot on trade-in and it takes a while for Edmunds to reflect the effect.
Senior Member
Joined: Sep 2000
Posts: 425
Likes: 0
From: Denver, CO
Yes, trade-in is the problem. I was tempted to buy a Screw at $7600 off of sticker and 2.9% for 60 months, but with new ones so cheap, the resale on used drops also. Who wants to buy my 99 with 30,000 miles for $22k @ 8% when they can get an 01 with 0 miles for $24k @ 2.9%??? Dealer was only offering me $16.5 for my truck, stating they use the "auction average", not blue book.
I've decided to keep mine until I see the 03's. I'll probably trade it in the month after I make my last payment. haha
I've decided to keep mine until I see the 03's. I'll probably trade it in the month after I make my last payment. haha