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Discussion Starter #1
Can someone explain to me what the deal is here. If you don't qualify for 0% financing, does that mean you aren't elgible for the cash? And if you're elgible for the cash, do you use it for your down payment or is it used for a credit on the selling price of the car?
 

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Let's say they give you $3000 cash back or 0% financing.

Total Price + financing - Cashback = Price you have to pay
Total Price + 0.0% financing ($0) = Price you have to pay

0% APR and cashback is literally the same thing. You'll still have same amount to pay.
 

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Haris said:
Let's say they give you $3000 cash back or 0% financing.

Total Price + financing - Cashback = Price you have to pay
Total Price + 0.0% financing ($0) = Price you have to pay

0% APR and cashback is literally the same thing. You'll still have same amount to pay.
Dealers usually have some kind of little "trick" going on.

The good thing is that you get to save money, though. I guess its just whether you take the 3000 dollars "now" or spread it out among the financing terms.
 

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Haris said:
Let's say they give you $3000 cash back or 0% financing.

Total Price + financing - Cashback = Price you have to pay
Total Price + 0.0% financing ($0) = Price you have to pay

0% APR and cashback is literally the same thing. You'll still have same amount to pay.
It depends on how much cash you have to put down and what rate you get on your loan. If you have a lot of money to put down, you're better off with the cash, since interest won't affect you much. If you have good credit and little to put down, take the 0%.

Example - $18,000 car, ~$300 monthly payment:

$5000 down + 6% interest over 4 years - $2500 = $17155 pd @ $305/mo
$5000 down + 0% over 4 years = $18,000 pd @ $271/mo

$1000 down + 6% interest over 5 years - $2500 = $18218 @ $329/mo
$1000 down + 0% over 5 years = $18,000 @ $283/mo

So the 0% deal beats $2500 cash unless you have your own cash to play with. With more down you can either pay off the car faster or lower your monthly payment while saving money overall.
 

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Is it possible to get 0% financing and try to bargain down the MSRP?
 

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Discussion Starter #9
How much are the rates in CAN?
 

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The protege 5s are going at 0% at 36 months, then I think it's... somewhere around 2% for 48?
 

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Well, you're talking just "up to credit rating" financing now... I got my 6 with NO special deals at 3.74%... others have gotten even less.
 

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In Canada you get what they advertise - I doubt I can knock off more than 0.25% off the posted rate. We have higher interest and taxes than in the US.
 

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Well, I didn't go through Mazda financing. I went to the dealer and said "I'll finance with you if you can beat my credit union" and the dealer went and found 3.74 at Chase Manhattan Bank.
 

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dinu01 said:
In Canada you get what they advertise - I doubt I can knock off more than 0.25% off the posted rate. We have higher interest and taxes than in the US.
Yeah... those taxes are killer. In BC, it's 14.5% of a new car. THAT'S INSANE!! Plus interest on financing... we BC-ers pay taxes out of our ears... and our silly premier is cutting programs at teh same time!!! ARGH!!! (Sorry, had to rant).

MZ6zoomzoom said:
Well, I didn't go through Mazda financing. I went to the dealer and said "I'll finance with you if you can beat my credit union" and the dealer went and found 3.74 at Chase Manhattan Bank.
My Mazda dealer guy said he might be able to MATCH other interest rates... not sure what he meant by that, but probably means I could get him to lower it some.
 

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Yeah... that means at least he could get it to equal anything else you could find.

My Credit Union was offering 4.09 to me, so the dealer got me 3.74 from Chase.

In CT, it's 6% tax... 7-8% in NY, 5% in MA.
Plus like a few hundred in tax/title/etc fees.
 

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15% in Ontario and Quebec too. We paid $3000 in taxes for our PRO and $1300 in interest for 48mths at 2.9%. This is money wasted. Our payments could be $80+ cheaper per mth if it weren't for these ridiculous taxes.
 

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dinu01 said:
15% in Ontario and Quebec too. We paid $3000 in taxes for our PRO and $1300 in interest for 48mths at 2.9%. This is money wasted. Our payments could be $80+ cheaper per mth if it weren't for these ridiculous taxes.
I don't mind taxes if the money comes out in social programs and a good healthcare system.
But when the BC govt is shutting down schools and hospitals, that's taking it TOO far.
 

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Discussion Starter #20
I guess I can't complain about KY's 6%.
 
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