Is Your C5 Paid Off?
10-25-2013, 09:46 PM
#43
Burning Brakes
I paid cash, kinda.
I found the MY 2002 A4 coupe on the internet (offered by a Fort Worth BMW dealership) in 2010 - it had 2,832 miles on the clock. The dealer had originally offered it for sale for $30K, but after a month of no action, dropped it down to $28K. And there it remained for yet another 3 weeks when I came calling.
Having already researched the market value of these cars, I offered the dealer what I knew was top dollar - $24K cash. The dealer said he couldn't sell it for $24K because he had more in it than that. I told the dealer that was his problem, because he and I both knew I was offering market.
So...we worked a deal. I paid $24K, but agreed to finance $10K of that purchase price over two years (at the cheapest interest rate the dealership could find, which was about 1.9%), thus earning the dealership a loan origination fee which he could show as additional revenue on the sale. Four months later - exactly long enough for the dealership to vest in its origination fee (that was my wink-wink-nod-nod "deal" with the dealership) I paid off the note. What it did cost me in interest was fully offset by the dealership's agreement to tint the side and back windows for free.
The car now has 22K miles on the clock, I am a happy camper, and I have noticed that the BMW dealership has decided it best to sell BMWs, not Corvettes.
And that's the name of that tune.
The Lizzard
I found the MY 2002 A4 coupe on the internet (offered by a Fort Worth BMW dealership) in 2010 - it had 2,832 miles on the clock. The dealer had originally offered it for sale for $30K, but after a month of no action, dropped it down to $28K. And there it remained for yet another 3 weeks when I came calling.
Having already researched the market value of these cars, I offered the dealer what I knew was top dollar - $24K cash. The dealer said he couldn't sell it for $24K because he had more in it than that. I told the dealer that was his problem, because he and I both knew I was offering market.
So...we worked a deal. I paid $24K, but agreed to finance $10K of that purchase price over two years (at the cheapest interest rate the dealership could find, which was about 1.9%), thus earning the dealership a loan origination fee which he could show as additional revenue on the sale. Four months later - exactly long enough for the dealership to vest in its origination fee (that was my wink-wink-nod-nod "deal" with the dealership) I paid off the note. What it did cost me in interest was fully offset by the dealership's agreement to tint the side and back windows for free.
The car now has 22K miles on the clock, I am a happy camper, and I have noticed that the BMW dealership has decided it best to sell BMWs, not Corvettes.
And that's the name of that tune.
The Lizzard
10-25-2013, 11:31 PM
#47
Safety Car
Paid cash.......wired the money to them, they loaded it on a truck and a few days later an 18 wheeler pulled up in front of my house. All my neighbors came outside with that "what the hell" look on their faces. None of them could believe it was 8 years old.
10-26-2013, 06:27 AM
#53
Melting Slicks
Thread Starter
Nosy? Nah, I just like to make waves.
Young? I'll take it!
To others, where the hell'd you get all that cash?? I bought my '04 with 7K miles in Nov of '07, traded in a six year old Camry, sold nearly $10k in stock and still had to finance for five years. Finally got it paid off about a year ago. Got over 60K miles on it now.
.
Young? I'll take it!
To others, where the hell'd you get all that cash?? I bought my '04 with 7K miles in Nov of '07, traded in a six year old Camry, sold nearly $10k in stock and still had to finance for five years. Finally got it paid off about a year ago. Got over 60K miles on it now.
.
10-26-2013, 06:59 AM
#54
Melting Slicks
Member Since: Jun 2010
Location: Yorktown Virginia
Posts: 2,809
Likes: 0
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3 Posts
Nosy? Nah, I just like to make waves.
Young? I'll take it!
To others, where the hell'd you get all that cash?? I bought my '04 with 7K miles in Nov of '07, traded in a six year old Camry, sold nearly $10k in stock and still had to finance for five years. Finally got it paid off about a year ago. Got over 60K miles on it now.
.
Young? I'll take it!
To others, where the hell'd you get all that cash?? I bought my '04 with 7K miles in Nov of '07, traded in a six year old Camry, sold nearly $10k in stock and still had to finance for five years. Finally got it paid off about a year ago. Got over 60K miles on it now.
.
10-26-2013, 07:16 AM
#55
I financed mine for 5 years when I bought it new, it helped build my credit plus it was at the time you could get 0% interest.
It's been paid off for the past 4+ years.
It's been paid off for the past 4+ years.
10-26-2013, 07:22 AM
#56
C5R
I put $2500 down on mine and financed the rest for $250 a month. I will be making quadruple payments on it until it is paid off. Should not be long, little over a year.
10-26-2013, 07:59 AM
#59
Intermediate
Paid cash a month ago for my 2003 z06. Decided a few years back I would only pay cash for cars. Because if I didn't I would have a new one every year. Opened a money market and put $750 a month in it. When I get the urge to get another car I check the account to see if I can afford it. Best decision I have every made, well except for marring a woman that isn't bothered by my car fixations but enjoys the ride.
