Zero Percent Financing Question

[sogdoc1]

I just found out my Platinum is arriving in a couple weeks. Now they have 60 month zero financing. Does anyone know if that comes with GAP coverage? I haven't heard back from my salesman yet.

 

[BadHabit2Break]

probably not. It will be an add-on when signing the paperwork, like the extended warranty option.

 

[sheltonfilms]

I just found out my Platinum is arriving in a couple weeks. Now they have 60 month zero financing. Does anyone know if that comes with GAP coverage? I haven't heard back from my salesman yet.

Don't get GAP coverage from a dealer. Get it from your insurance company, it will be much cheaper.

How much are you putting down?

 

[sogdoc1]

Actually putting zero down since it is 0%. I have a lease I'm turning in!

 

[sheltonfilms]

Actually putting zero down since it is 0%. I have a lease I'm turning in!

Good point.

Yeah I would just call your insurance company.

 

[colintrax]

On my chevy it was an add on. I also got 0% so I didn't put any down either lol isn't it nice to not pay interest?!

 

[NEWPORTNJ]

Some states like ny nj and connecticut have gap already in the sale automatically

 

[sogdoc1]

I agree, no interest is great. I appreciate the info on the Gap insurance. Thanks all!

 

[HARDROCKTIMES]

What are the payments going to be...with zero down

 

[sogdoc1]

About 875 but remember we have 7.5% tax rate in this part of NY. I am getting about 1250 under invoice. It is a platinum with the only addition being the all weather mats.

 

[sheltonfilms]

About 875 but remember we have 7.5% tax rate in this part of NY. I am getting about 1250 under invoice. It is a platinum with the only addition being the all weather mats.

Damn! That's a mortgage payment.

 

[sogdoc1]

Yep but remember it is a 50k car with no money down. I could have put a bunch down and got the payments down but at 0% I will keep the money invested for now.

 

[NEWPORTNJ]

For 875 you can drive an audi Q7 fully loaded and still save money. 875 is crazy. I'm a ford guy but for that is crazy i was getting in 2014 a mercedes ml 350 fully loaded i mean loaded for 675 and 3k down or 0 down and 735 but i mean loaded....

 

[Bill #5 Explorer]

I will keep the money invested for now.

Good luck. The market is -10% this year.

 

[Odrapnew]

Good luck. The market is -10% this year.

He doesn't really need to "invest" in the market. If he keeps his money in a savings account that accrues interest, he'll be money ahead vs. putting money down.

 

[Bill #5 Explorer]

He doesn't really need to "invest" in the market. If he keeps his money in a savings account that accrues interest, he'll be money ahead vs. putting money down.

Right, because banks are paying such great interest now. I have "Platinum" money in my checking account, and the interest every month can buy a vente Starbucks. Cash is king. Live debt free.

 

[Odrapnew]

For 875 you can drive an audi Q7 fully loaded and still save money. 875 is crazy. I'm a ford guy but for that is crazy i was getting in 2014 a mercedes ml 350 fully loaded i mean loaded for 675 and 3k down or 0 down and 735 but i mean loaded....

The Q7 starts at ~$54k in my area.

For the OP's Ex, 875*60months is 52500, I assume that's including tax, title....etc.

Add a few options to the Q7 to make "fully loaded" and you're approaching $1000/month.

 

[Odrapnew]

Right, because banks are paying such great interest now. I have "Platinum" money in my checking account, and the interest every month can buy a vente Starbucks. Cash is king. Live debt free.

LOL.

Yeah, I know saving accounts interest rates are nothing to brag about, I think mine is at 0.5%, but that’s 0.5% on money in the account vs. 0.5% on less money(if you put a down payment or paid cash).

0%(assuming gap coverage) + savings account interest = money ahead.

If you pay cash on a new vehicle, you are in debt because as they say, the value goes down as soon as you drive it off the lot.

Just think, if you paid cash, you wouldn't be able to buy that Vente Late.

But, if we’re talking saving money, a $50k vehicle wouldn’t be on the list.

 

[Bill #5 Explorer]

LOL.

Yeah, I know saving accounts interest rates are nothing to brag about, I think mine is at 0.5%, but that’s 0.5% on money in the account vs. 0.5% on less money(if you put a down payment or paid cash).

0%(assuming gap coverage) + savings account interest = money ahead.

If you pay cash on a new vehicle, you are in debt because as they say, the value goes down as soon as you drive it off the lot.

Just think, if you paid cash, you wouldn't be able to buy that Vente Late.

But, if we’re talking saving money, a $50k vehicle wouldn’t be on the list.

My wife's Credit Union still pays a pretty good rate. I should move our money over there, but, it's still not worth the hassle to me, plus many things are direct pay and direct deposit into the current checking account.

Back in 2008, when interest rates were very good, we had a bunch of money parked in my wife's credit union because we were between home purchases. Our monthly interest was over $2,800.