New Car. 2013 Dart

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GumbyJarvis

GumbyJarvis

Joined
Aug 24, 2011
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2,635
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Tampa Bay
So I am on Holiday Block Leave from Basic Training. (Yippee)
Andddd as a generous Christmas Present, my Mum co-signed with me a new 2013 Dodge Dart.
The Payments were right for me. 400$ a month, 72 months, couldnt go wrong.
Ill prolly pay 400-600$ a month, pay it off early as possible!
Anyway, the old truck was having issues, and at 140K miles, I wanted something more reliable than it when I graduate basic training and drive to my first duty station.
I cant drive on HBL, so I test drove it in the parking lot... Love it.
Had it up to 55 in the back lot that was empty in the parking lot at the dealer.

Mum helped me with the Down Payment, 200$ out of my pocket, 800$ she put down as a christmas present.

Anyway. Yeah. Sweet ride. Sweet Drive.

68923_3448068418885_2030495467_n.jpg



576512_3448068058876_1905927573_n.jpg
 
Thank you for your service!
34.gif


Looking sharp!

Enjoy the new ride. Def try to pay it off if the loan is not preloaded.

Take care, bill
 
figured 550$ a check starting, after bct it will be roughly 600-650 a check, 200$ per check is 400$ a month, that leaves me 350$-450$ a check to spend on anything really, living on base, chow hall/everything within distance/no rent/no med payments the payments will be fine. plus after 6 months, promotion to e-2, ill make another 200$ more a month, then after another 6 months, promo to e-3, almost 100 more $, it will all work out
laugh.gif


the gas mileage on this bad boy is nearly double what my ranger got, so thats money saved.

lol.

This is the first real thing I ever bought more than 300$ in my life, not gonna lie, I cried, Idk, didnt think I could do it. But I will, I wont lose this. I will push harder in basic when I go back, Ill have pics of my dart next to pics of my family in my locker. so every morning and night, I know why I am there, to protect my family, and to have a nice rod awaiting my return
smile.gif


Responsibility is key.
I will have this car as long as possible
this is now my baby, nothing is going to change that.

plus I got a 500$ Chrysler Military Discount,
on top of first 4 Oil Changes free, 7500-10000k OCI, thats almost 4 years for me.
 
Originally Posted By: GumbyJarvis
So I am on Holiday Block Leave from Basic Training. (Yippee)
Andddd as a generous Christmas Present, my Mum co-signed with me a new 2013 Dodge Dart.
The Payments were right for me. 400$ a month, 72 months, couldnt go wrong.
Ill prolly pay 400-600$ a month, pay it off early as possible!
Anyway, the old truck was having issues, and at 140K miles, I wanted something more reliable than it when I graduate basic training and drive to my first duty station.
I cant drive on HBL, so I test drove it in the parking lot... Love it.
Had it up to 55 in the back lot that was empty in the parking lot at the dealer.

Mum helped me with the Down Payment, 200$ out of my pocket, 800$ she put down as a christmas present.

Anyway. Yeah. Sweet ride. Sweet Drive.

First, Thank You for your service and happy Holidays.

There is something isn't right about car payment of $400/mo for 72 months for a total of $28,800.

The most expensive one is the Limited with MSRP of $19,995 (Invoice $18,945) with $795 destination, there are few options no more than $2100. The total MSRP should be less than $23,000.

With a down payment of $1,000 the finance amount should be less than $22,000. Assume that you paid full MSRP for the car, with interest rate of 2% at most credit union the monthly payment for $22,000 at 60 months is $385.

You need to take a hard look at the paper work to see what interest rate and the financed amount they are charging you.
 
So you are being picky about $15 a month.

He may have rounded it up.

Or he might have got a slightly different interest rate.

I just can't see the point in your post.

OP good luck with your military service and good luck with the new purchase.
 
$385 at 60 months is a lot less than $400 at 72 months. He's trying to save the guy money with some common sense, I don't see anything wrong with that.
 
Originally Posted By: asiancivicmaniac
$385 at 60 months is a lot less than $400 at 72 months. He's trying to save the guy money with some common sense, I don't see anything wrong with that.

Yes. Many people look at monthy payments and not the actual out-of-pocket cost of the vehicle. $400 x 72 months + $1,000 down is nearly $30,000. I hope they didn't stick you with a massive interest rate... those numbers reflect 25%. That's not slightly different. That's huge. I hope something was just lost in translation here.

Enjoy the car and good luck with the remainder of basic.
 
Originally Posted By: asiancivicmaniac
$385 at 60 months is a lot less than $400 at 72 months. He's trying to save the guy money with some common sense, I don't see anything wrong with that.


Exactly. Why pay so much for a depreciating asset?

I actually love the new Dart II, it's a really good looking and driving small car with some personality. But I'll be at the auction looking for a low mile lease turn in or such, and I'll pay about half of sticker!
 
Originally Posted By: asiancivicmaniac
$385 at 60 months is a lot less than $400 at 72 months. He's trying to save the guy money with some common sense, I don't see anything wrong with that.


We don't all have access to the same interest rates as we don't all have the same credit history.

I did miss the bit about 60 months though.

If the OP is happy and can afford the payments then why try to belittle the deal that he Nd his mum brokered.

I personally would never finance a new car over 6 years, but that doesn't mean I should have a pop at the OP, no matter how well meaning.

Hopefully the OP will be able to take good cars of it with the help of Bitog.

If the OP wishes to say how much the car cost and what options he has then fine.

But why start attacked him, the deal is done, any comments regarding the price of the car and interest rate he got is irrelevant.

And did I miss the part where he said he borrowed the money from a Credit Union?

I thought he has financed through the dealer.
 
Originally Posted By: Bandito440
Originally Posted By: asiancivicmaniac
$385 at 60 months is a lot less than $400 at 72 months. He's trying to save the guy money with some common sense, I don't see anything wrong with that.

Yes. Many people look at monthy payments and not the actual out-of-pocket cost of the vehicle. $400 x 72 months + $1,000 down is nearly $30,000. I hope they didn't stick you with a massive interest rate... those numbers reflect 25%. That's not slightly different. That's huge. I hope something was just lost in translation here.

Enjoy the car and good luck with the remainder of basic.



Ok let's look at the price.

$400x72=$28800

Deposit is $1000.

So if the car was $22000 out the door then $21000 is financed over the 72month period.

$28800-$21000=$7800

So $7800 interest over 6 yrs or $1300 interest annually.

I am sure somebody will be able to extrapolate the figures backwards to get an APR rate.

But the typical APR rates at the moment in the UK are nearer 10%. But that would be over 3 yrs with a sizeable deposit.

In my experience the longer the term and the lower the deposit then the higher the APR charged.

So maybe the OP could have got a better deal if be had driven to Towbin Dodge and seen Chopper.

But he is happy and as far as I am concerned that is all that really matters.

Is $7800 really considered a lot of interest?

Perhaps over 3 yrs, but over 6?

Doesn't seem unreasonable.
 
Originally Posted By: GumbyJarvis
figured 550$ a check starting, after bct it will be roughly 600-650 a check, 200$ per check is 400$ a month, that leaves me 350$-450$ a check to spend on anything really, living on base, chow hall/everything within distance/no rent/no med payments the payments will be fine. plus after 6 months, promotion to e-2, ill make another 200$ more a month, then after another 6 months, promo to e-3, almost 100 more $, it will all work out
laugh.gif


the gas mileage on this bad boy is nearly double what my ranger got, so thats money saved.

lol.

This is the first real thing I ever bought more than 300$ in my life, not gonna lie, I cried, Idk, didnt think I could do it. But I will, I wont lose this. I will push harder in basic when I go back, Ill have pics of my dart next to pics of my family in my locker. so every morning and night, I know why I am there, to protect my family, and to have a nice rod awaiting my return
smile.gif


Responsibility is key.
I will have this car as long as possible
this is now my baby, nothing is going to change that.

plus I got a 500$ Chrysler Military Discount,
on top of first 4 Oil Changes free, 7500-10000k OCI, thats almost 4 years for me.



You are almost in the same boat as my brother
smile.gif
. Good choice for the Dart and Thanks for your service.
 
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