Who is willing to pay 20K markup for a Gladiator?

Torrin said:
I let it sit around for a couple of years due to over all busy-ness, but it is in the shop right now to get it on the road. If I ever decide to sell it, I will for sure post it up here first. :)
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I’ve been first in line for a few years now. Don’t forget. Lol


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I would think a loan company wouldn't finance a vehicle for more than it's worth. I couldn't imagine putting $10,000 down and still driving off the lot and being $10 -15k upside down.
 
MericaMade said:
I would think a loan company wouldn't finance a vehicle for more than it's worth. I couldn't imagine putting $10,000 down and still driving off the lot and being $10 -15k upside down.
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lol

Banks not lending money to idiots? It’s a car. Of course they will lend them money. For 7 years at 5%. [emoji857]
 
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HighwayTrout said:
lol

Banks not lending money to idiots? It’s a car. Of course they will lend them money. For 7 years at 5%. [emoji857]
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While replacing my wife’s vehicle recently, I overheard a couple signing a 9 year loan on a year old Suburban. [emoji44] I did not hear the interest rate, but did ask our salesman. He said they do 9 year loans all the time.
 
MericaMade said:
I would think a loan company wouldn't finance a vehicle for more than it's worth. I couldn't imagine putting $10,000 down and still driving off the lot and being $10 -15k upside down.
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You're right they wont finance a vehicle for more than it's worth, however loan terms don't matter. They'd prefer to do 72 or 84 months as they make more money that way.

HighwayTrout said:
lol

Banks not lending money to idiots? It’s a car. Of course they will lend them money. For 7 years at 5%. [emoji857]
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Yep, a lot of people don't care about the bottom line they just want a manageable monthly payment.

USMC Wrangler said:
While replacing my wife’s vehicle recently, I overheard a couple signing a 9 year loan on a year old Suburban. [emoji44] I did not hear the interest rate, but did ask our salesman. He said they do 9 year loans all the time.
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And I thought 84 months was long, 108 months is crazy. I have a hard time with 72 months, but hell if they gave me 0% I might consider it...haha.
 
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jesse3638 said:
You're right they wont finance a vehicle for more than it's worth, however loan terms don't matter. They'd prefer to do 72 or 84 months as they make more money that way.



Yep, a lot of people don't care about the bottom line they just want a manageable monthly payment.



And I thought 84 months was long, 108 months is crazy. I have a hard time with 72 months, but hell if they gave me 0% I might consider it...haha.
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New cars are a little different. I’ve seen huge markup vehicles get bought by the bank all day long. Then again a strong FICO helps that


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jesse3638 said:
And I thought 84 months was long, 108 months is crazy. I have a hard time with 72 months, but hell if they gave me 0% I might consider it...haha.
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We bought our 2006 Yukon XL during a 0 down, 72 months at 0% interest special. We drove it for 11 years, put 214,000 miles on it, then sold it for $2,500 when it started getting some electrical gremlins. Definitely got our money's worth out of that thing (scary to think we paid about $10k less than the going price for a brand new JLUR.)
 
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HighwayTrout said:
That’s what I was thinking. Insurance will require some type of “gap” insurance if anything. But banks will lend over msrp all day long.
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GAP is good to have regardless. I have it on my Jeep even though I have equity in it. It’s especially good to have on cheaper cars like Malibu, Accord, etc. stuff that loses value fast. But if I paid 20k over MSRP I’d for sure be springing for GAP


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HighwayTrout said:
Insurance will require some type of “gap” insurance if anything. But banks will lend over msrp all day long.
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longarmwj said:
GAP is good to have regardless. I have it on my Jeep even though I have equity in it.....if I paid 20k over MSRP I’d for sure be springing for GAP
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And for anyone who didn't know, GAP can be purchased a ton cheaper through your own insurance company rather than the dealer.
 
WJCO said:
And for anyone who didn't know, GAP can be purchased a ton cheaper through your own insurance company rather than the dealer.
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State Farm would only sell me GAP if I financed through them, in AZ. They did say they do sell it as a stand-alone in other states.

My credit union gives me way better rates and way better prices on GAP than the stealership, so that’s what we’ve done.
 
longarmwj said:
New cars are a little different. I’ve seen huge markup vehicles get bought by the bank all day long. Then again a strong FICO helps that


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HighwayTrout said:
That’s what I was thinking. Insurance will require some type of “gap” insurance if anything. But banks will lend over msrp all day long.
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Yeah I was thinking along the lines of used cars.
Sharkey said:
We bought our 2006 Yukon XL during a 0 down, 72 months at 0% interest special. We drove it for 11 years, put 214,000 miles on it, then sold it for $2,500 when it started getting some electrical gremlins. Definitely got our money's worth out of that thing (scary to think we paid about $10k less than the going price for a brand new JLUR.)
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Yeah the last few cars I've bought were 72 month low interest (1.9%). I always look at the bottom line and see what the difference in total interest paid with be at the term of the loan. I'll take 0% and use their money all day. I do the same with financing things too.
longarmwj said:
GAP is good to have regardless. I have it on my Jeep even though I have equity in it. It’s especially good to have on cheaper cars like Malibu, Accord, etc. stuff that loses value fast. But if I paid 20k over MSRP I’d for sure be springing for GAP


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As long as you won't end up upside down how is GAP coverage good? Isn't it only used if your vehicle is totalled and the value is less than the amount owed? I'd think as long as your down payment and ammoritized payments will stay ahead of depreciation there would be no need. In our case we were a bit upside down on the trade in for the Durango so we absolutely got it. My ex totalled her 9 year old Altima and received about 10k from the insurance company. It had been paid off for 4 years at that point.
USMC Wrangler said:
State Farm would only sell me GAP if I financed through them, in AZ. They did say they do sell it as a stand-alone in other states.

My credit union gives me way better rates and way better prices on GAP than the stealership, so that’s what we’ve done.
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Yeah I had the same thing happen with state farm when we bought the Durango. Their interest rate was higher than the credit union we financed through. The difference was a wash on the savings in GAP coverage so it didn't make sense to finance through them.

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I’d buy this, to me the benefit of a mid sized truck is negated by being a 4 door and as long as a damn train. I do refuse to be the sucker that pays over MSRP for darn near anything though.

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