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Discussion Starter · #1 ·
i was @ lexus of memphis all day today trying to work out a deal with the salesman there for an is-f..we came up with this deal.

sticker price is at 61,4xx
10k down
payments are going to be 1100 for 60 months
the APR for my loan was quoted at 7.29%

i have very good credit..the salesman told me i was in teir 2 in their toyota lexus financing crap when they ran my score. something about my credit score being within 690-719. I was really hoping they would give me 5% or lower...

I'm really not sure if this is a good deal, because Im an first time car buyer. (I've owned 3 cars before but never financed any of them) So I'm really not sure if I'm being played here. Because 60months times $1100 per month comes out to 66k plus my 10k down. 76k total..?. However i had to leave to work before i got to ask him how much TTL fees were in total.Taxes here are @ 9% or 9.25% i think. And I'm going back there tomorrow to finish my paper work.

So before i close this deal in the morning..I'm wondering if all the numbers seem okay and are in order. Any input would help. thanks
 

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Yeah that seems about right; however, the APR seems a little on the high side, even with 10k down. I would check out some other banks to see if you can get a better deal. I wouldn't anticipate seeing below even 6% with the economy being as it is right now. What you owe will always be greater when increasing the loan terms.

I guess it all depends on what you are looking for. Whether its a certain amount of money per month or the lowest APR. If you are looking for lowest possible monthly payments, which usually means the loan term will be about the 60 months as you stated, then by means the APR isn't really your biggest priority. I hope you get what i'm trying to say here.
 

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that is probably about right...

i know here in southern california if you have Tier 1 credit something in the $900-$1000 is the lease.
 

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Do you know your actual credit score by any chance? The Teir 2 690 to 719 credit score is an "average" score. So obviously, Teir 1 would be 720+ credit score.
 

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Discussion Starter · #5 ·
he said i was jst over 700....

thanks for the input thou. already picked up the car 2 days ago and loving in. ill post up pics.

with the deal, i got everything i stated above but he threw in lojack and some 5yr wheel & tire protection plan. so that was cool with me.
 
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