0% Financing on a Prius

Ronald56 · 07-02-2007, 11:25 PM

I just bought a new Prius with 0% financing. The only problem is (and they did not tell me this until I got to the dealer and was signing the papers) that I have to put 50% down and pay list price. Package #6 is around $27,600. The alternative is to take out a 4 year loan at around 7.5% which would equate to about $3,500 in finance charges. Any ideas as to which way is better?

onlynark · 07-03-2007, 12:01 AM

yeah, I would leave.....now unless you got horrible credit. My dad just got a prius in March, 0% financing with 2500 of MSRP without haggling with 3k down. Try a different dealership, what they are doing is dumb.

rigormortis · 07-03-2007, 06:23 AM

i second the motion

walk away

i got 4.9 % apr on a 5 year loan with 0 down on a 2007 prius

gail88 · 07-03-2007, 07:00 AM

I would go somewhere else. I purchased a 2007 2.9% on a 5 year loan with only $500.00 down

FloridaWen · 07-03-2007, 07:24 AM

<div class='quotetop'>QUOTE(gail88 @ Jul 3 2007, 07:00 AM) [snapback]472142[/snapback]</div>

Quote:

I would go somewhere else. I purchased a 2007 2.9% on a 5 year loan with only $500.00 down
[/b]

Is it true that if you purchase a Prius in Connecticut you pay NO STATE SALES TAX ??
If so, is this just on the Prius or ANY Hybrid vehicle ??
I was born and raised in CT., lived there 48 years, then left there in 2000 when the I.T. jobs became "outsourced" and the I.T. / Computer field in the Northeast was saturated. Moved to Florida where there was once some I.T. openings.... now it's getting Deju Vu of CT. down here

Raykay · 07-03-2007, 09:06 AM

<div class='quotetop'>QUOTE(FloridaWen @ Jul 3 2007, 07:24 AM) [snapback]472149[/snapback]</div>

Quote:

Is it true that if you purchase a Prius in Connecticut you pay NO STATE SALES TAX ??
If so, is this just on the Prius or ANY Hybrid vehicle ??
I was born and raised in CT., lived there 48 years, then left there in 2000 when the I.T. jobs became "outsourced" and the I.T. / Computer field in the Northeast was saturated. Moved to Florida where there was once some I.T. openings.... now it's getting Deju Vu of CT. down here

[/b]

Yep, it's true. It's a nice savings, but they won't negotiate on price. Only haggling I could do was on my trade-in.

coonbutt · 07-03-2007, 01:02 PM

<div class='quotetop'>QUOTE(Ronald56 @ Jul 2 2007, 10:25 PM) [snapback]472032[/snapback]</div>

Quote:

I just bought a new Prius with 0% financing. The only problem is (and they did not tell me this until I got to the dealer and was signing the papers) that I have to put 50% down and pay list price. Package #6 is around $27,600. The alternative is to take out a 4 year loan at around 7.5% which would equate to about $3,500 in finance charges. Any ideas as to which way is better?
[/b]

So you would need a 4 year loan at 7.5% to pay for the half down necessary to get the 0% on the rest? What is the term for the half that would be at 0%?

It may not apply, but I was able to get 0% for 2 years on the entire cost of the Prius in March, paid invoice, and will get the $1,750 tax credit. While this kind of deal may not be possible now, but mentioning it might get you something in negotiation.

Marlin · 07-03-2007, 01:11 PM

<div class='quotetop'>QUOTE(Ronald56 @ Jul 2 2007, 11:25 PM) [snapback]472032[/snapback]</div>

Quote:

I just bought a new Prius with 0% financing. The only problem is (and they did not tell me this until I got to the dealer and was signing the papers) that I have to put 50% down and pay list price. Package #6 is around $27,600. The alternative is to take out a 4 year loan at around 7.5% which would equate to about $3,500 in finance charges. Any ideas as to which way is better?
[/b]

Have them drop the price $3500 and get the 4 year loan. Then pay the loan off early.

ystasino · 07-03-2007, 03:56 PM

<div class='quotetop'>QUOTE(Marlin @ Jul 3 2007, 01:11 PM) [snapback]472340[/snapback]</div>

Quote:

Have them drop the price $3500 and get the 4 year loan. Then pay the loan off early.
[/b]

I have a score in the mid 700s but they only offered me a 5.99% APR. I figured that if I pay 656/mo instead of the minimum 428 I will be done in 38 instead of 60 months and save over $1k in finance charges.

Malarkey · 07-03-2007, 07:27 PM

Couple points-

Yes, CT still has no sales tax until Oct 2008. It only applies to a few cars, the Prius, Insight, Civic Hybrid. CT Hybrid Exemption

ystsino, 5.99% isn't bad - I'm at 800 and haven't been able to find a rate lower than about 6.15 - mind if I ask where you got the 5.99?

I'm finding many dealers who will negotiate in CT but only on the models they have on the lot. Anything they have to get elsewhere (order or trading from another dealer) they want full MSRP for.

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07-02-2007, 11:25 PM	#1
Ronald56 Member Join Date: Jun 2007 Location: Stony Brook, New York Posts: 49 My Car: 2007 Prius Package: #6 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I just bought a new Prius with 0% financing. The only problem is (and they did not tell me this until I got to the dealer and was signing the papers) that I have to put 50% down and pay list price. Package #6 is around $27,600. The alternative is to take out a 4 year loan at around 7.5% which would equate to about $3,500 in finance charges. Any ideas as to which way is better?

07-03-2007, 12:01 AM	#2
onlynark Senior Member Join Date: Mar 2007 Location: bay area Posts: 181 My Car: Other Hybrid Package: N/A Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	yeah, I would leave.....now unless you got horrible credit. My dad just got a prius in March, 0% financing with 2500 of MSRP without haggling with 3k down. Try a different dealership, what they are doing is dumb.

07-03-2007, 06:23 AM	#3
rigormortis Senior Member Join Date: Feb 2007 Location: san jose, ca Posts: 1,159 My Car: 2007 Prius Package: #5 Touring Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 1	i second the motion walk away i got 4.9 % apr on a 5 year loan with 0 down on a 2007 prius

07-03-2007, 07:00 AM	#4
gail88 Join Date: May 2007 Posts: 9 My Car: Package: Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	I would go somewhere else. I purchased a 2007 2.9% on a 5 year loan with only $500.00 down

07-03-2007, 07:27 PM	#10
Malarkey Senior Member Join Date: Jun 2007 Location: Connecticut, USA Posts: 119 My Car: 2007 Prius Package: #6 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Couple points- Yes, CT still has no sales tax until Oct 2008. It only applies to a few cars, the Prius, Insight, Civic Hybrid. CT Hybrid Exemption ystsino, 5.99% isn't bad - I'm at 800 and haven't been able to find a rate lower than about 6.15 - mind if I ask where you got the 5.99? I'm finding many dealers who will negotiate in CT but only on the models they have on the lot. Anything they have to get elsewhere (order or trading from another dealer) they want full MSRP for.