tito_b0y Posted August 25, 2007 Share Posted August 25, 2007 Wow, now I am getting really confused. You/they are paying $432.12 a month, for SEVENTY-TWO months? So, your agreed-upon price was $22,777. Your truth-in-lending act says you are paying $37,152 after all payments are made including interest. Your monthly payment is $432.12 You have death or disability coverage (which could be purchased from AFLAC, btw) I have to assume your $5,000 down-payment is included in the $22,777. Actually, that wouldn't make sense either, because then you paid above MSRP. Did they sell you a Legacy Ltd for $22,777, THEN gave you the rebate, too?? If so, that's a good deal. If you financed $22,777, and the rest of your info above is right, you are actually paying 27.01% interest. Give or take a point because of the disability insurance, I don't know how they work that in. I know it's none of my business, but I think somewhere along the long something is still not right. Andy i'm confused myself. i'm trying to scan the "long paper" but there's something wrong with my printer. and no it's not limited, it's the special edition trim. i'll just type it: ANNUAL PERCENTAGE RATE: 8.99 FINANCE CHARGE: 7232.93 AMOUNT FINANCED: 23922.19 TOTAL OF PAYMENTS: 31155.12 TOTAL SALE PRICE: 37155.12 (with down payment of 6000.00) NUMBER OF PAYMENTS: 72 AMOUNT OF PAYMENTS: 432.71 WHEN PAYMENTS ARE DUE: Monthly Beginning: 09/14/2007 ITEMIZATION OF AMOUNT FINANCED (only typing in the ones with numbers) Vehicle Price: 22700.00 Manufacturer's Rebate: 1000.00 Cash Down Payment: 5000.00 Down Payment: 6000.00 Adjusted Cash Price: 16700.00 Sales Tax: 1768.76 Unpaid Cash Balance: 18468.76 Service Contract, Paid to:_____: 2568.00 (dunno what that is) Paid to Others: " " Public Officials - Other than Filing Fees: 300.00 Insurance Premiums: 1578.93 To Document Fee: 249.00 To GAP: 750.00 To Tire Fee: 7.50 Total Other Charges: 5453.43 Principal Balance: 23922.19 Time Price Differential: 7232.93 Time Balance: 31155.12 Amount Financed: 23922.19 Time Sales Price: 37155.12 i am not a math whiz, so i appreciate the help/understanding/concern 82DMC12. 2006 SWP 3.0R 5EAT VDC BBQ 2008 OBP 2.5i 4EAT BBQ [RIP] Link to comment Share on other sites More sharing options...
tito_b0y Posted August 25, 2007 Share Posted August 25, 2007 Stop the madness! Join one of the Subaru VIP organizations and you can gain access to invoice minus 2% price guarantee, plus you still have the option to take incentives or special financing rates. You may have to wait a few months for your membership before you make the deal, but that's several grand saved right then and there. but i already got my legacy..? 2006 SWP 3.0R 5EAT VDC BBQ 2008 OBP 2.5i 4EAT BBQ [RIP] Link to comment Share on other sites More sharing options...
82DMC12 Posted August 25, 2007 Author Share Posted August 25, 2007 i'm confused myself. i'm trying to scan the "long paper" but there's something wrong with my printer. and no it's not limited, it's the special edition trim. i'll just type it: ANNUAL PERCENTAGE RATE: 8.99 FINANCE CHARGE: 7232.93 AMOUNT FINANCED: 23922.19 TOTAL OF PAYMENTS: 31155.12 TOTAL SALE PRICE: 37155.12 (with down payment of 6000.00) NUMBER OF PAYMENTS: 72 AMOUNT OF PAYMENTS: 432.71 WHEN PAYMENTS ARE DUE: Monthly Beginning: 09/14/2007 ITEMIZATION OF AMOUNT FINANCED (only typing in the ones with numbers) Vehicle Price: 22700.00 Manufacturer's Rebate: 1000.00 Cash Down Payment: 5000.00 Down Payment: 6000.00 Adjusted Cash Price: 16700.00 Sales Tax: 1768.76 Unpaid Cash Balance: 18468.76 Service Contract, Paid to:_____: 2568.00 (dunno what that is) Paid to Others: " " Public Officials - Other than Filing Fees: 300.00 Insurance Premiums: 1578.93 To Document Fee: 249.00 To GAP: 750.00 To Tire Fee: 7.50 Total Other Charges: 5453.43 Principal Balance: 23922.19 Time Price Differential: 7232.93 Time Balance: 31155.12 Amount Financed: 23922.19 Time Sales Price: 37155.12 i am not a math whiz, so i appreciate the help/understanding/concern 82DMC12. OK now it makes a little more sense. The purchase price sounds OK, but let me tell you this. I just signed papers - Yesterday! - for a 2008 Legacy Limited, and for $23,380 I got the car, cold weather package, rubber mats, VDC, Astrostart and the factory sub installed. So it seems to me you could have negotiated the price much lower for a Special Edition. How long is the service contract, and for what does it cover? My dealer was going to sell me one for $1000 that covered every service for 3 years and 36K miles, including the 30K service. I am very mechanically inclined so I said no. For the price you paid, I would hope that covers lifetime services, all-inclusive, with rental car! I don't think you will spend $2568 in 10 years on a Subaru unless your shop charges ridiculous shop rates. Is the $300 public officals fee for license and registration? Be careful of dealers here. They love to do the tax, title, license for you - but for a price. Where I live, in North Dakota, you can do this yourself at the Department of Motor Vehicles. Much better to save up the money to pay TTL in cash, rather than letting the bank/dealer earn interest on it for 6 years! What the heck is the tire fee? Sounds like dealer padding to me. GAP is gap insurance. If you have to sell the car in like 2 years, and you owe more money on the loan than the car is worth, which you will since you have that service contract, the gap insurance will cover the difference, and sometimes gives you a rebate for a new Subaru car, in that situation. Gap insurance is unnecessary except when you don't get a very good deal on the sticker price (I don't think you did), and you either have no trade-in worth more than 3 or 4K, or you add a ton of dealer extras like service contracts. I am guessing the dealer said the bank won't finance the car without gap insurance? They probably weren't lying, because I am afraid you will be 'upside-down' on the loan for nearly the entire loan term. Basically, the numbers add up, and your interest rate is right, but in my personal opinion, the service contract and other padding will be haunting you in the future. Last night, I agreed on a price of $23,380 for the above-mentioned car. I traded in a 13-year old Lexus for $4,000 (I might have been able to get $4,500 for it myself, but it needed front-end work too. And the A/C is not good. AND it would have taken time and money to advertise and show the car to prospects). So then I was at $19,380. I asked them to finance an additional $600, and then write me a check for $600 at delivery. I will use this plus my own cash to pay tax, title, license myself. Otherwise, the dealer wanted to add $1100 (T, T, L total) to my loan, which they would 'promptly pay the state for my TTL and save me $5.50 service charge by doing it myself'. Sounds great, BUT then I would be giving the dealer the pleasure of earning my interest! So I only let them finance a part of it since I had cash on hand for the remainder. I turned down all of their service contracts and extended warranties. The service contracts are a rip-off, because I can do the work myself or have an independent do the work for much less. The extended warranties can be purchased online by 3rd parties as long as the car is still under factory warranty. The only fee I let them charge me was the Document Admin Fee, which was pre-printed on the contract. So I financed a total of $20,029 for 60 months, giving me a monthly payment of about $391. Sure, they get pissed when you play hard ball, and they had the balls to tell me they were losing money on the deal because I insisted on so much stuff. But a dollar I don't pay them is a dollar in my pocket!! Andy - proud owner of a 2008 Bronze Legacy Ltd w/VDC Link to comment Share on other sites More sharing options...
tito_b0y Posted August 26, 2007 Share Posted August 26, 2007 OK now it makes a little more sense. The purchase price sounds OK, but let me tell you this. I just signed papers - Yesterday! - for a 2008 Legacy Limited, and for $23,380 I got the car, cold weather package, rubber mats, VDC, Astrostart and the factory sub installed. So it seems to me you could have negotiated the price much lower for a Special Edition. How long is the service contract, and for what does it cover? My dealer was going to sell me one for $1000 that covered every service for 3 years and 36K miles, including the 30K service. I am very mechanically inclined so I said no. For the price you paid, I would hope that covers lifetime services, all-inclusive, with rental car! I don't think you will spend $2568 in 10 years on a Subaru unless your shop charges ridiculous shop rates. Is the $300 public officals fee for license and registration? Be careful of dealers here. They love to do the tax, title, license for you - but for a price. Where I live, in North Dakota, you can do this yourself at the Department of Motor Vehicles. Much better to save up the money to pay TTL in cash, rather than letting the bank/dealer earn interest on it for 6 years! What the heck is the tire fee? Sounds like dealer padding to me. GAP is gap insurance. If you have to sell the car in like 2 years, and you owe more money on the loan than the car is worth, which you will since you have that service contract, the gap insurance will cover the difference, and sometimes gives you a rebate for a new Subaru car, in that situation. Gap insurance is unnecessary except when you don't get a very good deal on the sticker price (I don't think you did), and you either have no trade-in worth more than 3 or 4K, or you add a ton of dealer extras like service contracts. I am guessing the dealer said the bank won't finance the car without gap insurance? They probably weren't lying, because I am afraid you will be 'upside-down' on the loan for nearly the entire loan term. Basically, the numbers add up, and your interest rate is right, but in my personal opinion, the service contract and other padding will be haunting you in the future. Last night, I agreed on a price of $23,380 for the above-mentioned car. I traded in a 13-year old Lexus for $4,000 (I might have been able to get $4,500 for it myself, but it needed front-end work too. And the A/C is not good. AND it would have taken time and money to advertise and show the car to prospects). So then I was at $19,380. I asked them to finance an additional $600, and then write me a check for $600 at delivery. I will use this plus my own cash to pay tax, title, license myself. Otherwise, the dealer wanted to add $1100 (T, T, L total) to my loan, which they would 'promptly pay the state for my TTL and save me $5.50 service charge by doing it myself'. Sounds great, BUT then I would be giving the dealer the pleasure of earning my interest! So I only let them finance a part of it since I had cash on hand for the remainder. I turned down all of their service contracts and extended warranties. The service contracts are a rip-off, because I can do the work myself or have an independent do the work for much less. The extended warranties can be purchased online by 3rd parties as long as the car is still under factory warranty. The only fee I let them charge me was the Document Admin Fee, which was pre-printed on the contract. So I financed a total of $20,029 for 60 months, giving me a monthly payment of about $391. Sure, they get pissed when you play hard ball, and they had the balls to tell me they were losing money on the deal because I insisted on so much stuff. But a dollar I don't pay them is a dollar in my pocket!! Andy - proud owner of a 2008 Bronze Legacy Ltd w/VDC i really wish i had found this forum before i got mine, lol. my service contract is 72months/80,000 miles (pink form? not sure because there's a white form that says "Car Care Service Plan" and has 3/37,500 Miles checked). i also get free tires for life, although i hear the stock tires aren't very good, vehicle total loss, and vehicle replacement etch. of course dealers rarely carry bone-stock cars, so my legacy came with the extendable armrest (very happy it came with that because i'm used to leaning on my right elbow for being a shotgun passenger for a year and a half in my friend's car), and rubber mats, so i don't have to worry about carpet stains or gum. thanks again and congrats on your bronze legacy ltd! =] 2006 SWP 3.0R 5EAT VDC BBQ 2008 OBP 2.5i 4EAT BBQ [RIP] Link to comment Share on other sites More sharing options...
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