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I am brand new here and I am amazed at the great forum this is - it's obviously the people ;D

I really need some help - here's the deal:

My wife and I have a common fantasy - to own an Acadia SLT2. I mean, this is a a near obsession for me now - but I fear we may not be able to afford one, even used.
We have seen the style we want run for around $41,000 new. But we are willing to drive almost anywhere to get a good deal. We are in Indianapolis.

We only have about $5000 cash to put towards the vehicle, and we have a credit score slightly over 700.
We won't have a trade in worth much, so count that out, but we have a family member with GM, so we can use the GM Family discount.

The bottom line: Is it at all possible that I can get into a new or used SLT2 for around $500 per month? Are there rebates out there now, will the family GM discount be the way to go? How much can they be talked down? Is financing better on new ones?

I just don;t know if if I am wasting my time or not...

Thanks for the help, new forum friends.
 

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Current rebates offer $2250 cash back. The other option is 0% financing that GM is currently offering for *qualified* buyers. I recommend using the calculators at the link below to find out which option would be best for you:

http://www.bankrate.com/auto.aspx

Assuming the purchase price of the vehicle is roughly $45k after taxes/fees, and you put $5k down, leaving a $40k payment. Ouch, personally not what I would do, but it's your money and debt to manage. It would mean your monthly payments would be about $555.00.

Since you've been lurking the site, be sure to check out the "Buying and Leasing" section for all the tips that you could ask for.
 

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I think GM's 0% for 60 months has a monthly payment of $16.67 for every $1000 financed. To hit your $500/month target, you would need to finance no more than $30,000.
 

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You'll need to put some cash down or unlikely any bank will finance that large amount - especially given the current credit crunch.
 

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You'll be able to get that vehicle for about 38k with GM incentives and GM pricing but you'll need to put down 8-10k in order to keep the payment below $500 and to be frank to even qualify for financing in this environment. This is the part where I come out looking like an *** but perhaps it is appropriate to either save longer for the vehicle or consider a more inexpensive version or alternative if it "has" to be $500... a great car is not worth a burden on you or your family. :thumb:
 

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Canyon - you're not being an *** at all. That's what got us into the mess we're in now. Spending beyond means. But the banks won't allow it to happen again. Buy what you can afford. If you have -0- to put down, you CANNOT afford a car that is $40K - $45K.
 

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Entitlement vs what I can actually afford------the curse of the housing market :thumb: this applies to vehicles and most high dollar purchases
 

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Right you are - but no longer can someone buy something just because they feel they're entitled. Those days are over.
 

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Unfortunately it's a mind set that too many people have; WRT the housing market; this problem was strengthened by no interest loans and carriers giving loans to people that had no business buying a 500K house with an income that didn't fit.

:hijacked:
 

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I was in the same boat as you. We needed a bigger vehicle for our growing family. I was not able to afford a new Acadia but, I was able to get a bad a$$ used one. I have a one owner 2007 SLT-2 with every option. With our trade (03 Olds Aurora) and $0 down we drove it off the lot. I purchased the extended warranty and my payments are $423.00. We paid I think about $23k. My Acadia has 43k miles on it however. I think that in this day and age, you would be able to find an older model with one owner to fit your budget. Mine was in "like new" condition. The good thing about buying used is I do not have to take a huge hit for depreciation. As you can see in 2 years the resale is about half. Having said that be sure that this is the vehicle for you before you buy. I have buyers remorse...I wake up every day wondering if my Acadia is going to have one of the many problems that I read about on the forum. She still has yet to prove herself to me. Good luck!
 

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So to me it boils down to:
1) Used SLT2 (2007-08), no incentives with $5K cash downpayment, max price of say $29K with taxes & fees, with $5K down you're financing about $24K. AT 8% APR for 60 months this is under $500.
2) New 2009 SLE with GMS (family) pricing, could get to under $30K w/ downpayment if not too loaded. With 0% APR would be in payment range as Geo noted.
3) Hold off for more savings & wait out a used 2009.

Shopping by car payment is not a good idea- by all means do not tell the salesman that is what you can afford.

Read "Confessions of a car salesman" on Edmunds.com and you'll see what I mean by this tactic.

Here is the Bankrate auto loan calculator (slightly different page than linked above):
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
 

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Blue_2009_SLT2 said:
Shopping by car payment is not a good idea- by all means do not tell the salesman that is what you can afford.
Blue could not be more dead on with this statement. Do your homework, know what the final price has to be to get it under $500. You are in control, if they ask what monthly payment you are looking for you are not obligated to tell them squat. You will get taken for a ride.
 

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If I can just add a little different spin on the fact of telling a salesperson what you can afford on payment. Why wouldn't you do that? For example: If you are looking at an Acadia, and the payment will be in the 500 range, but you can only afford 300 a month, then you are wasting both your time and the salesperson's time. When I sold cars, I was trained to qualify the customer, which means asking certain questions to make sure they are looking at the right vehicle, and one of those questions was what was a comfortable monthly payment.

You wouldn't go into the doctor and not give them all the facts, why hide stuff from the salesperson, who's trying to help you with the purchase? That's why people get upset, or embarrased when the payments come back too high, and they say "I'll think about it" or say, "that's not a good deal", when in fact...they were on the wrong vehicle all together.

My rules to follow, that I think will help anyone in a purchase:

1. Don't do a loan for more than 5 years on a new car
2. Don't do a loan for more than 3 years on a used car (make sure you are not financing more than what the vehicle is worth for trade-in)
3. Don't roll any negative equity from a previous vehicle, onto the new one.
4. Go for a lesser vehicle if possible, and buy new. This goes against what some people will say, but refer to #2., a lot of people finance a used vehicle for 5 or 6 years, with little down, and they end up being upside-down from the get go, and when they want out of the vehicle in about 3 years or so, they have a hard time doing it.
5. Contacting the dealer: Call first, or e-mail, and make an appointment with the salesperson, makes the process go much smoother for all involved.
6. Have your trade-in cleaned, and looking top notch. Fix any simple things first, it will potentially make your trade worth more, by looking better.
7. Have fun. Why go into the dealer with the attitide that it's going to suck? Be happy to shop for your new ride...don't make it a negative experience.

Hope this helps.

:cheers:
 

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09Enclave said:
If I can just add a little different spin on the fact of telling a salesperson what you can afford on payment. Why wouldn't you do that? For example: If you are looking at an Acadia, and the payment will be in the 500 range, but you can only afford 300 a month, then you are wasting both your time and the salesperson's time. When I sold cars, I was trained to qualify the customer, which means asking certain questions to make sure they are looking at the right vehicle, and one of those questions was what was a comfortable monthly payment.

You wouldn't go into the doctor and not give them all the facts, why hide stuff from the salesperson, who's trying to help you with the purchase? That's why people get upset, or embarrased when the payments come back too high, and they say "I'll think about it" or say, "that's not a good deal", when in fact...they were on the wrong vehicle all together.

My rules to follow, that I think will help anyone in a purchase:

1. Don't do a loan for more than 5 years on a new car
2. Don't do a loan for more than 3 years on a used car (make sure you are not financing more than what the vehicle is worth for trade-in)
3. Don't roll any negative equity from a previous vehicle, onto the new one.
4. Go for a lesser vehicle if possible, and buy new. This goes against what some people will say, but refer to #2., a lot of people finance a used vehicle for 5 or 6 years, with little down, and they end up being upside-down from the get go, and when they want out of the vehicle in about 3 years or so, they have a hard time doing it.
5. Contacting the dealer: Call first, or e-mail, and make an appointment with the salesperson, makes the process go much smoother for all involved.
6. Have your trade-in cleaned, and looking top notch. Fix any simple things first, it will potentially make your trade worth more, by looking better.
7. Have fun. Why go into the dealer with the attitide that it's going to suck? Be happy to shop for your new ride...don't make it a negative experience.

Hope this helps.

:cheers:

My experience. Before purchasing the Acadia I sat down and talked numbers at the Acura dealership. Did all my homework..interest rate, how many months on the loan, the amount of the loan. I knew what the monthly payment would be before walking in the door. After telling the dealer what I could afford a month he quoted me over $50 a month more than the payment should be at the interest rate. Somewhere in the numbers he worked in a few extra bucks. When I called him out on it he looked at me like I was nuts. So I walked out. When I worked with the GM dealer I based it off of total vehicle price instead. The payment was EXACTLY what I calculated it should be. Tell them what you can afford and they will get you in at that price...even if it could have been less.
 

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The key is to tell them what you can afford in terms of purchase price - NOT MONTHLY PAYMENT. As soon as you mention monthly payment, they will lose all respect for you and try to take you to the cleaners. Only uninformed purchasers talk monthly payment.
 

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I agree w/ much of the above - specifically that being knowlegable & well-prepared in your vehicle shopping will generally result in a more favorable experience - especially regarding costs. It's easy to shop prices. If you can figure out how you intend to purchase the vehicle in advance, you're able to have a very good idea of the estimated monthly costs. There are plenty of online calculators, and insurance costs are as simple as a phone call - so there shouldn't be too much guess work.

Smooth[/color] <><
 

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mikegocubs said:
I am brand new here and I am amazed at the great forum this is - it's obviously the people ;D

I really need some help - here's the deal:

My wife and I have a common fantasy - to own an Acadia SLT2. I mean, this is a a near obsession for me now - but I fear we may not be able to afford one, even used.
We have seen the style we want run for around $41,000 new. But we are willing to drive almost anywhere to get a good deal. We are in Indianapolis.

We only have about $5000 cash to put towards the vehicle, and we have a credit score slightly over 700.
We won't have a trade in worth much, so count that out, but we have a family member with GM, so we can use the GM Family discount.

The bottom line: Is it at all possible that I can get into a new or used SLT2 for around $500 per month? Are there rebates out there now, will the family GM discount be the way to go? How much can they be talked down? Is financing better on new ones?

I just don;t know if if I am wasting my time or not...

Thanks for the help, new forum friends.
You could get into a new one with enough down and the 0%, but I think you could do better with a used 09 because of depreciation and the vehicle cost will be lower. The only draw back is the percentage, but if you could find financing under 5% and enough down you could still get there
 

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What about a never titled new 2008 SLT-2? Right now this dealer in CT wants 34800, might go lower...all incentives would apply and you're in a SLT2. It is Brown on Brick so it is an aquired taste! Check out Gallagher GMC in New Britain, CT.
 

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Boy, did I learn a lot in this post!! It seems like every time I purchased a vehicle, it was out of need instead of want. That's possibly the worst way to purchase a car. Auto salespeople have always liked me! Some day I hope to practice what some of you have preached in here.
 

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CTAcadia said:
What about a never titled new 2008 SLT-2? Right now this dealer in CT wants 34800, might go lower...all incentives would apply and you're in a SLT2. It is Brown on Brick so it is an aquired taste! Check out Gallagher GMC in New Britain, CT.
Brown on brick; sheeesh. Yeah you could get that one for a steal because no one wants it. If you decide to buy; stay with that price but have them install a new battery.
 
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