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Thread: Current selling price for CX-5?

  1. #5491
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    picking up our Machine Gray 2019 AWD GT with Premium Package on Saturday morning.

    we landed on an OTD price of $33,205 + plates.

    BREAKDOWN
    MSRP: $34,415
    Sale Price: $31,628
    Doc Fee: $75
    Taxes: $2,728
    Price before rebates: $34,455
    Price after rebates: $33,205 + plates cost

    the only kicker is that this includes $500 customer cash which would bump my financing from 2.9% to 3.9%. the dealer seems confident i can keep the $500 discount AND get 2.9% somehow. if not, is it better to take the cash or the better APR? any ideas on refinancing?

    lastly, in regards to the price, i shopped it around to no less than 8 other local dealers. none of which would match and many which wouldn't come close.

  2. #5492
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    Quote Originally Posted by riverrock View Post
    It looks like to keep the $1000 rebate and longer financing period of 72 months and a lower payment, I'd have to go with 5.99% at my close dealer or 4.99% at a further one, and can refinance it down to 3.99% in 3 months through my credit union. Or elsewhere if someone knows where to do better.
    Why not start with a loan from the credit union to begin with? That should get you a lower rate than any dealer. I went this route and got a 3.65%, which when paired with the $1000 incentive actually beats the 2.99% (paying it off in a couple months anyways).

  3. #5493
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    Quote Originally Posted by zintegy View Post
    Why not start with a loan from the credit union to begin with? That should get you a lower rate than any dealer. I went this route and got a 3.65%, which when paired with the $1000 incentive actually beats the 2.99% (paying it off in a couple months anyways).
    I hear you, however I suspect the dealer will not give the offered discount without financing, I know it's part of where they make their money, which I can understand. They are already beating my local dealer who said they can't match it. That itself was disappointing- I was told they don't care about losing the sale because they know I will get my vehicle serviced at the local dealer and make money that way.

    My financial situation is going to be better in a few months, so I figure I should take the best price and lowest payment possible, and then pay it off early after my monthly income picks up.

  4. #5494
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    Quote Originally Posted by riverrock View Post
    I hear you, however I suspect the dealer will not give the offered discount without financing, I know it's part of where they make their money, which I can understand. They are already beating my local dealer who said they can't match it.
    One thing you can do is to get yourself pre-qualified for a credit union loan, then decide at the dealership whether or not you want to go with their financing. It'll give you more options (at the cost of a slight ding to your credit score due to the hard pull, I think).

    The dealership I talked to told me that the price I paid for the car required that I go with financing ("potentially with a 5% or 6% rate"), rather than pay by cash. I said I would finance the car, and as we got through the details, pulled out my credit union pre-approval paper to show that I already had financing options available, and since we had already finalized on the final out-the-door price of the car, I paid that value but financed to the credit union.

    Not sure if your dealership would do something similar. No harm in trying, right? You can still decide at the dealership whether you finance through the dealership or through the credit union and pick the better option from there.

  5. #5495
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    Quote Originally Posted by cx5bargain View Post
    the only kicker is that this includes $500 customer cash which would bump my financing from 2.9% to 3.9%. the dealer seems confident i can keep the $500 discount AND get 2.9% somehow. if not, is it better to take the cash or the better APR? any ideas on refinancing?
    Perhaps it depends on your financial situation. The 2.9% is going to be better from a total cost standpoint, as the additional 1% will be more than $500 over time. However, the 3.9% might be a 72 month loan rather than 60 months and be a lower payment. If the lower payment means being able to pay a credit card bill in full, it's worth the slightly higher interest. I'm not sure you can find a refinance much lower than 3.9%.

  6. #5496
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    Quote Originally Posted by zintegy View Post
    One thing you can do is to get yourself pre-qualified for a credit union loan, then decide at the dealership whether or not you want to go with their financing. It'll give you more options (at the cost of a slight ding to your credit score due to the hard pull, I think).

    The dealership I talked to told me that the price I paid for the car required that I go with financing ("potentially with a 5% or 6% rate"), rather than pay by cash. I said I would finance the car, and as we got through the details, pulled out my credit union pre-approval paper to show that I already had financing options available, and since we had already finalized on the final out-the-door price of the car, I paid that value but financed to the credit union.

    Not sure if your dealership would do something similar. No harm in trying, right? You can still decide at the dealership whether you finance through the dealership or through the credit union and pick the better option from there.
    Thanks Zintegy, that made sense and looks like I'm going to do that as well. I contacted the dealer and they said the offer would stand even if I have my own financing. To my surprise I was able to get pre-approved through my credit union in under an hour. The 4.1% rate isn't as low as I'd like but better than the dealer rate and nice to have the loan within my existing bank. I assume it will make the purchase faster too having the financing lined up.

  7. #5497
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    Quote Originally Posted by riverrock View Post
    Thanks Zintegy, that made sense and looks like I'm going to do that as well. I contacted the dealer and they said the offer would stand even if I have my own financing. To my surprise I was able to get pre-approved through my credit union in under an hour. The 4.1% rate isn't as low as I'd like but better than the dealer rate and nice to have the loan within my existing bank. I assume it will make the purchase faster too having the financing lined up.
    Great! I'm glad everything worked out for you. Just be careful with hidden fees and such when you go buy your car - don't let them charge you for things you don't want or are unnecessary, and read over the paperwork closely. Hope you enjoy your new car soon!

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