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      01-08-2007, 01:39 AM   #1
trekster
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Are my payments coming out correctly?

I'm in the process of getting a 335i Coupe. Now, I wanted to know if someone can give me an estimate I'm not sure If I'm getting the right monthly payment.
Price of the Car $49,500 + 8.25%tax =$53,583.75
$15,000= $38,583.75 x60 7% APR= $764.00 Do I have add sales tax on top of top of the monthly payment? Considering, that I paid 28% of the total car payment, it feels that's it's still too expensive. What's making the payment expensive? APR? Is it even worth making payment longer than 60 months? This is going to be my first real loan since, I'm only 20 and I need advice.
If my payments are coming out to be this high I might just be better off keeping my car since I only owe about 20k left.
Thanks,
Gilbert
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      01-08-2007, 01:50 AM   #2
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Yup - your calculations are correct.

The tax applies only when you purchase the car, not on the loan payments. Your interest rate is pretty high too for a car loan. If you have good credit, you can get a five year loan near 5%. Your purchase price seems really high - are you using MSRP & fully loaded?

If you can't handle the $760/month, then you either need to:
1) Get more $$ for down payment (not a good idea)
2) Lower your purchase price through negotiations or don't get so many options
3) Lease it
4) Don't get it.

Keep in mind that you are buying something that will immediately lose about 15%-20% of it's value. Thus, from day one your large downpayment is essentially gone forever. Might not be a big deal if you plan to keep the car for a very long time.
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      01-08-2007, 01:51 AM   #3
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wow you're upside down on a car and you're purchasing a $54k one? Your payment (without owing money on the other one) should come out to about $690. The only thing I could think of is that your payment came out to $764 because you owe money on the trade in.
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      01-08-2007, 01:54 AM   #4
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search for auto loan payment calculator
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      01-08-2007, 09:39 AM   #5
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Quote:
Originally Posted by BMWE90
wow you're upside down on a car and you're purchasing a $54k one? Your payment (without owing money on the other one) should come out to about $690. The only thing I could think of is that your payment came out to $764 because you owe money on the trade in.
I'm not planning to trade the car in. I'm actually selling it and getting a $16000 equity from my car. As far as the purchase price goes, it's 49,500 since it's a pretty loaded car.
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      01-08-2007, 03:08 PM   #6
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Quote:
Originally Posted by trekster
I'm not planning to trade the car in. I'm actually selling it and getting a $16000 equity from my car. As far as the purchase price goes, it's 49,500 since it's a pretty loaded car.

If you're just financing the $38,583 amount, then your payment is a little bit high. However, if you factor in the $4000 that you still owe on your car, then the payment you were quoted is right on. Other than that, I dont know of any other factors that could be involved in this.
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      01-13-2007, 03:34 PM   #7
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Gilbert,
I can help you out with your payments on my computer. Give me a call and I'll type them in your numbers and we will see what comes up

Will
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      01-13-2007, 05:11 PM   #8
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yus yus - a BMW person speaks......
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