0% financing... but not really?

[paulney]

My wife and I are looking for a bigger car, now that we have 2 daughters (both in car seats) and occasionally have another adult for a ride.

Mazda has 0% financing going on (thinking about CX-9). I read the fine print, and it says:

60 MONTHS PARTICIPATING LENDER FINANCING AT $16.67 PER MONTH PER $1,000 FINANCED. 0.0% APR ONLY FOR WELL QUALIFIED BUYERS.

What does the first part mean? That, despite 0% promised, you will still pay 1.667% to the dealer for financing the loan?

 

[vi edit]

1000/60 = $16.67 a month

Finance $10,000 and it's 166.70 a month in payments.

 

[PricklyPete]

1000/60 = $16.67 a month

Finance $10,000 and it's 166.70 a month in payments.

^ What VI said.

 

[spidey07]

1000/60 = $16.67 a month

Finance $10,000 and it's 166.70 a month in payments.

Math wins again.

 

[paulney]

1000/60 = $16.67 a month

Finance $10,000 and it's 166.70 a month in payments.

Durrrr... I thought this was not a principal calculation, but an additional fee they impose.

 

[OutHouse]

That, despite 0% promised, you will still pay 1.667% to the dealer for financing the loan?

yea if you use their financing.

 

[vi edit]

Durrrr... I thought this was not a principal calculation, but an additional fee they impose.

It's okay. All of us have an extra bowl of dumbass for breakfast every now and then.

As for the car...look at the Mazda5. Excellent little family vehicle.

 

[DesiPower]

It's okay. All of us have an extra bowl of dumbass for breakfast every now and then.

As for the car...look at the Mazda5. Excellent little family vehicle.

I know its not the garage but, 5 and CX-7 are miles apart...

 

[PingSpike]

For future reference OP, many loan amounts are presented in this format of $ per month per $1,000 borrowed.

The 5 is the mini-minivan right? That thing is pretty cool, especially since actually minivans seem to cost like $30,000 now!

 

[DesiPower]

For future reference OP, many loan amounts are presented in this format of $ per month per $1,000 borrowed.

The 5 is the mini-minivan right? That thing is pretty cool, especially since actually minivans seem to cost like $30,000 now!

5 is much smaller than Odyssey and similar and has a 4 cyl engine. no stability control either.

 

[ElFenix]

For future reference OP, many loan amounts are presented in this format of $ per month per $1,000 borrowed.

The 5 is the mini-minivan right? That thing is pretty cool, especially since actually minivans seem to cost like $30,000 now!

that's probably a federal truth in lending disclosure.



the 5 is what the euros call an MPV. yeah, microvan, mini minivan, etc. it's actually 6 inches longer than the original dodge (not grand) caravan.

 

[paulney]

We are looking for 3 rows. With 2 adults in the front, and 2 car seats in the back, only a child/very skinny adult can fit in our current cars (325, TL). CX-9 has 3 rows, and even decent space in the trunk when the 3rd row is up.

Another alternative is MDX.

 

[PlasmaBomb]

Shouldn't this be in the garage?

 

[mattpegher]

Definitely need a minivan for that 3rd adult. You won't want to force an adult into the 3rd row of anything but a minivan, and you don't want one of the car seats too far back to reach. Do you need all-wheel drive? (toyota sienna) A Yukon/Tahoe/Escalade or Toyota Sequoia can fit 2 seats next to eachother with an adult in same seat.

 

[rcpratt]

Keep in mind that you're likely foregoing another discount to get 0%.

 

[Gibson486]

Keep in mind that you're likely foregoing another discount to get 0%.

nope....Mazda just 0% as a promo. No cashback unless you already own a Mazda, but that rebate is available either way.

 

[rcpratt]

Mmm, 'kay. Didn't check it out.

Wow this percent thing is getting annoying.

 

[Gibson486]

Mmm, 'kay. Didn't check it out.

Wow this percent thing is getting annoying.

yeah....it very annoying....I guess it is this or time warps...

 

[KK]

My uncle has a cx-9, looked pretty sweet. Only downfall he said he got alittle over 15mpg on it.

 

[JS80]

You get 30percent off buying 2-3 year used. Way better than 0% financing.

 

[rh71]

I sat in a Mazda5 3rd row and it is no place for adults unless it's a quick run to the local restaurant. Obviously you don't want the child seats back there either. I don't know about the CX-9 but if it's like other mid-size SUVs with 3rd row, it's just as big a pain getting back there. Also keep in mind with kids, sliding doors are great... I didn't consider this and occasionally have to back out of a spot before being able to open the door wide enough to toss the kids into their seats. Imagine others trying to do it next to your car - hello door dings.