Well I have also been in the hunt for a S2 looking probably to puchase one in FEB and have been hunting for a good deal most say that MSRP is as low as it goes BS I say I haggled alittle and they told me that they would take 1000 of MSRP and mabe throw in a option like the front lip in that I want prob is the only reason they are budging is that I will be putting 21K down on the sighning so I guess the old saying still stands strong money talks Bullshit walks

 

Hey sheister, wolfpacker, and anyone else who got these great deals - what is the payment schedule you all worked out? Did you lease or buy? How much down? What APR and for what term? And the most important, what is the almighty monthly payment? For me, the monthly payment is the bottom line - I don't care if I lease or buy, and I don't care what the term is. I need a low monthly payment, so for me I need a GREAT deal, a GREAT APR, and the planets to align perfectly for me to get it. I would love to hear what the lowest monthly payment on the forum is, given only $0-$2000 or so down (i.e. no huge downpayments). Thanks - Mike

 

Michael,

You didn't ask (), but mind if I offer some advice...? If you're planning to keep the car till the wheels fall off -- and given your time on this board, I'll imagine you are -- go for a purchase, and not a lease. Leases often look like a good deal for a few months, but they're usually not (for folks who want a long relationship with their car)... Look very closely, and don't be driven totally by the lowest monthly payment.

That said, now is definitely the time to be financing anything here in the good old US of A. I've never seen interest rates lower in my life. Christ, my parents paid higher interest when they bought the house I grew up in in 1968 then you can get now. What you want to shop for is the downright lowest rate you can find.

Most reputable credit unions are doing super car loans right now. If you own property, investigate an equity line of credit (my absolute favorite credit vehicle) because the payments are almost certainly deductible. Many of these equity lines allow you to lock a rate for big purchases, which right now can get you somewhere between 4 and 5%. Holy finance, Batman!

Best of luck, Michael. Hope you get planetary alignment soon.

 

Michael,

I put $5,000 down, with no trade. I was able to lock in the 3.99% that Honda was offerring across the board until 12/1. With the numbers above on a 60 month finance my payments are around $475.

Wolfpacker

 

michaelr,

I'm fortunate enough that I didn't have to finance my car. I've been saving for it ever since I paid off my '93 240SX which I purchased new. But, I can still answer your question. If I had financed 100% of what I paid at 6% for 60 months, my payment would be $610.87. I have a simple Excel payment calculator that I can email you if you need it. Honda had a special a couple of weekends ago for all loans at 3.9%. At 3.9% that payment would be $580.49, quite a difference. Keep a look out for that one again. Also, the fact is that a car dealership would rather you take a loan out for a car than finance it. If you get a loan at the dealership, they make a flat fee of about $100 or so from Honda finance or whatever bank does the loan. When you are talking to the sales guys, shop price and not payment. They can always get you a lower payment by stretching the term of the loan. This only increases the amount of interest that you will pay. In reality you are shopping for two different things, a car at a given price AND a car loan. Understand how the two relate, but do not put them together by shopping for a payment. I would shop around for a loan first. You don't even have to have one when you go in to the dealership. If they know that you know what the going rates are for car loans, then they will usually be fair because they want to make that extra $100 (or whatever it is). I have a friend that bought an '01 Prelude. They offered him a rate through Honda Finance that was more than he could get through his credit union. He told them so and they went to work again. Eventually they found a loan through Chase that matched his credit unions rate. Good luck.

 

[QUOTE]Originally posted by michaelr
[B]Hey sheister, wolfpacker, and anyone else who got these great deals - what is the payment schedule you all worked out?

 

Ok, I know this will sound crazy, but here is the reason I focus only on minimum payment. I am 2 and a half years from finishing my residency in radiology. BELIEVE ME, I have delayed my own gratification for a long time, and I would just like a little taste, a bit of fun. If any of you don't know what starting attending radiologists make, do an internet search. Point being, I don't care how horribly inefficient I might end up being. If I were to lease for 2 yrs, then pay off with a big check, vs. buy for 2 years and payoff the rest with a big check, what's the total difference - $1000, $2000, maybe? I think that's worth the price, to get to play while I'm still a resident. I know I could just wait until I start my real job, but that's a long way off, and where is the challenge in that? Hell, I'd do a 10 year lease if I could. I know this sounds like a totally crazy concept to most people, especially older people, but I've busted my butt for so long, and all I want is the damned car. Now, I am not counting my chickens before they hatch, but I really just want an S2000. Jeez, I was one of the first members (in 1999) of S2000fans.com, the precursor to this site. It's been a long long long wait. Hey, I'm only human.
Mike

 

Sheister, you'll have to come up to one of the Atlanta club meetings sometime. Congratulations on your new car!

 

[QUOTE]Originally posted by michaelr
[B]Ok, I know this will sound crazy, but here is the reason I focus only on minimum payment.