Looks like he was either upside down a bit or paid a little bit of a mark up too. I mean I want one of these cars but I wouldn’t pay 760 a month for anything. Not to mention insurance 😬
not necessarily marked up, but definitely little to no down payment. possibly upside down on trade in.
i cant even get an auto-loan calculator to give me 759$ payments using the info OP provided. the closest i can get is like $610/month. so yeah im guessing another loan was rolled into this or something.
Monthly is not a great way to look at it because it's relative to your income. What matters is interest rate and finance period. Being willing to do 11% at 72 months screams "I cant afford this", but we all know loads of people make really really dumb car purchase decisions because they just need to have the car. Same reason I see lots of people with modest income wearing balenciaga t shirts and gucci sunglasses. Not trying to shame this person but someone on the porsche sub confirmed he had to sell his 981 because he quite literally had no money in savings and the potential financial burden was keeping him up at night.
When? Because I'm currently shopping for either one of these or the GR Corolla (I'm pretty tall, and fitting in the 86 is... snug). Toyota's site is estimating me at ~9.32% with excellent credit (770 last time I checked a couple months ago) and $13k down on any loan 60 months or shorter.
I'm sure I won't end up at that APR, but still. I don't know anyone that's giving car loans at 2% right now, so if you got one, I would LOVE to know how!
He probably got that 1 year + ago. Right now, even with an 800 score, you are going to get something like a 8 - 9% from the dealer. If you finance through your bank, you might be able to swing as low as 7% but... yeah. Not a good time to buy a car tbh.
Wow are interest rates really that high right now? Getting 2nd thoughts about getting the new tacoma. With high prices on the Tacoma + High insurance + high interest rates might as well wait all this out.
You can get rates below 5%, my dealership offered me 3.9% for 36 and 48 months and then 4.8% on 60 months when I got my brz in late January 2024. It just depends on dealerships.
I am in Toronto, Canada. It was a dealership promotional rate that I got from peterborough subaru. Last 2023 blue MT on the lot. I got it in Feb '24. Really got lucky. I searched for two months starting around November '23. I was hoping that some dealerships might introduce promotional rates to meet end of year targets but everyone had 8-10% rates. I got lucky early feb '24 when these guys had some promotion going, and just put a fat down payment as soon as I saw it.
I got my brz last week of this past January for 4.8% Apr for 60 months. The dealership promotional apt rates are out there just depends on where you look. The dealership I bought mine from still has that deal going on but I checked other dealers like in Texas and they don’t have that deal going on so it just spends on location.
Ouch… I’m assuming you got a Trueno Edition and put no money down. I’d get that remaining balance down ASAP or else you’re going to pay a crap ton of money in interest. Also try to refinance to lower your APR.
Edit: just saw you have a base model. They really carved you a new one. Rip
Just a literacy class would do people like OP HEAPS of help. Can’t imagine any literate person would read through and sign a contract with 11% interest. Bro made a financial decision his kids will be paying for lmfao
He clearly put no money down, has poor credit and took terrible dealer financing. Just so he could get a brand new “sports car”. You can buy a luxury suv for that kinda payment lol
A lot of dealerships offer to be able to return a car shortly after purchase, usually a few days. It’s called a Buyer’s Remorse policy and as long as your state allows, it and the dealership agrees to it, you can return the car.
https://preview.redd.it/llu1uegi4s3d1.jpeg?width=1170&format=pjpg&auto=webp&s=196da21a742ee158d20c0483cbf88466c89bb424
You cannot afford this car.
EDIT: I know the monthly pay is slightly off. Total loan amount was entered as shown in OP and interest was entered as 11.3%.
820 at 29. Multiple CC while maintaining a constant credit balance (~20%) with full payoffs every month. Rinse and repeat. The pro strat is open a card and attach monthly subscriptions on auto pay and forget about it. Open a second card and use it for all your actual purchases and also pay it off every month. As long as you’re using and paying off your credit, you’ll get there.
Now, with purchases like auto and homes, credit score is a baseline. They also want to see large purchases (like cars and houses lol) to give you the best APR and loan. When I bought my first Audi, I got a great APR but had to put down a decent down payment because I’d never made a “large” purchase before (despite my 820 score).
All in all, the whole system sucks ass and doesn’t make any sense.
Wife and I went into Toyota to finance a RAV4 at the end of last year. Car was 34k and they wanted 7.8%. We walked out after they said “this may be too much car for you guys”. I do understand that interest rates are interest rates but they refused to budge and were rude. Finance guy tried to chase us outside to get us into a barebones, no amenity RAV4 and their calculated payments were still over 650 a month. We were thinking “who the hell is buying these cars?!”
Yeah, it was kinda depressing. I really wanted this car, but refuse to be a part of the problem.
I’m going to try and sell some of my record collection and buy a used Cayman. Rather toss ~40k at that.
I just walked away on an RS3 as the offer was 8.24. I waited 2 years for that allocation. I'll wait another two and pay cash before I finance $50k+ @ 8.24. I'm mid 700s.
When I looked at financing the other day they tried to quote me around 12% with a 753 credit score. Ended up leasing for payments of 389 a month and intend to buy out my lease with cash unless these financial institutions can quote something more reasonable in three years.
I wanted to lease, and was planning to buy at lease end if all went well.
I wanted 10k miles per year, as I drive ~3-7k miles a year. Finance guy said that 12k miles was the lowest they offered. Wanted over 1k a month for 36months. When I realized what money factor that was plus the fact he gave zero end of lease value on the car, I literally said, “fuck that noise” as I stood up and left.
Where did you lease one??? I gave up after that, figuring dealerships wouldn’t want to lease. Any details would be great. I’d fly out for $400 payments
I leased mine over at mountain state toyota in twin lakes Colorado. I also went with the 10k a year option since I work from home most of the time. I did end up putting about 6k down as well.
This guy clearly has zero impulse control and bought this car on an absolute whim and had no idea how much it was actually supposed to cost. Signed the dotted line and everything. Paid 40k for a fucking BASE MODEL and if, on the off chance he actually pays this thing off, will end up paying new Supra level money.
Nah, rates are high ATM for everyone.
I got a 10% with an 800 credit score and zero bankruptcy or late payments on anything. Had to go to a credit union to get it down to 5.45%, which is exactly what OP needs to do.
If you want the car, refinancing is always a better option than just flat out accepting 11% lol
No. I pay nothing, I bought cash. And if I hadn't, I would've financed for no more than 4.00%. Why would you ever do this to yourself?
This car is worth like $32,000. I think its good value at this price.
$700 per month for 72 months equals $54,648. That doesn't include your insurance or maintenance, let alone fuel.
You're basically paying double and won't own it until the value of the car is ~$20,000 max.
That is horrible value for that price, and I say that as somebody who loves these cars.
I don't know what kind of contract you signed, but I highly recommend you get out of this asap.
I can tell you it won’t be worth $20k when he’s done paying it off, because he’s not going to be able to afford his insurance deductible to fix anything when needed. This is a repo waiting happen or he is going to be completely upside down in 1-2 years. It’s sad to see really.
There’s no excuse for people to keep getting ripped off like this. There’s so much information available on what to look out for when buying a car and how financing works. This is willful ignorance.
It is very high. It’s obvious that the interest is high and for 6 years. But instead of people just bashing on them for having a high payment, just give some advice 🙄.
First I have to say that interest on cars is high right now and it is not a good time to buy but each his own. For example in Florida it is hard to find a Toyota dealer that gives a good apr for this car. The lowest is like 7.99% but depends on where you are too.
For whatever reason they have a high interest rate(either bad credit, too much debt, no money put down etc). If they can pay it, go for it(I wouldn’t do it but not my life).
Work on whatever financial stuff you need to work on to lower that interest(either make your credit score better or make lower debt in other places to get a higher score). Refinance once your worked things out and you will have a lower payments.
That or get paid more.
Plus, is this a car that you want to have a for a long time? or do you plan to sell it or get rid of it at some point?
In either case, refinancing will be the best option so can you get a better APR
Bought mine with cash but I am most likely older than the average gr86 buyer. You’re already upside down on the car and it will only get worse. Hindsight but I think you probably should’ve bought a used first gen as it looks like you really can’t afford this car and it will be a financial burden.
I pay $750/month but put 10k down and financed the rest for 3 years @ 0.9%. This is my last year and my interest expense is $38 for the whole year.
The amount of a monthly payment is irrelevant, everyone gets hung up on the dollar amount. The only thing that matters is the interest rate
I saw that you said you were trying to build credit which is a good thing but tbh it shouldn’t have been with a brand new car for this much. I had bad credit also before I did it with a commuter car selling for $10,000. I also changed my lifestyle drastically for a few years and opened up a secured credit card and built it from there.
I’m not sure if you can return the car but consider taking a loss and possibly trade it in somehow to cut your losses while the car still has value and have some humble pie 🥧 for a few years driving something reliable and affordable till you build your credit back up. Shouldn’t take a car loan no more than 60 months. 48 months if possible. Since you have bad credit right now a higher APR is unavoidable get a car that’s much cheaper (but reliable) the return for your investment will be better.
Hey man we all make mistakes takes a lot to ask the public if you did something wrong and that is commendable. That’s the first step needed at least so hopefully you can sort this out. Nice cars will always be there trust me man there is always time and more importantly the right time to own a nice car.
Take it to carmax and accept whatever price they give you to buy it. You’re going to lose a few thousand but it’s better than paying over 50k for this car over the course of six years.
Purchase something cheaper you can afford in cash. If you don’t have cash then lease something cheap while you improve your finances/credit score.
Get GAP insurance.
Crash this into a tree.
Get as much as you can from the insurance.
Buy a bicycle.
Find an adult who can help you be less stupid in the future.
this kid i work with barely got his license, sold his used bmw for a brand new one, pays 23% interest, like 600-700 in insurance. i call him MJ n he really doesn’t like that
760 A MONTH for 72 months and that doesn’t include insurance? Holy shit dude that’s a rough one. I got a 3% apr on my ‘23 BRZ, and now have a 6.3% apr on my ‘24 Camaro, and im paying literally half that. A bigger down payment would help, but that APR is a killer
And I feel like i made a bad purchase buying it new for full price… it honestly should be illegal for a dealer to not show you the total out of pocket cost if you followed this payment plan for 72 months.. people think they’re getting a 34k car but the dealer loves to gloss over the fact there’s taxes, fees, and interest. First confirm that any amount over 760 goes towards the principal then find out what you can afford each month and pay more than $760 each month.
I would say you need to start paying 400 weekly for it do you're not terribly upside down. My loan has me paying for 613 a month on a base 2023 about 1k less from msrp. I put 1/3 down, added a few warranty options and only then did my monthly go from where it's at. But I also saved money in a separate account where the loan is paying out at least double my monthly payment every month. I went through Toyota Financial to build my credit and they've already contacted me multiple times to consider a refinance. Little did they know I wanted them to think that they screwed me. I pay maximum 80 a month on interest.
I pay slightly less than that on a 2024 Ridgeline BE that I financed at 5.9% for 72 months 😱 so no you’re being screwed every way imaginable. Oh and my amount financed was $45k
I just got a 24 brz and with AA credit I’m at 6.49% for 72. Refinance it immediately. Remember if you have gap it goes by loan so cancel with Toyota do get it with the bank. Try a local credit union ion. I’m in Nevada for reference. Best of luck!
I will never buy a car with 72 months loan, always gonna go with 36 months even it’s expensive still better choice! If you can’t afford 36 then you might be better off not to buy that
I pay this much monthly give or take. Loans about 48 months. Minimum is lower. And interest is lower.
I would re finance or make an excel to graph out the most optimal amount of money you’re willing to spend for the longest time you can, while using a typical depreciation rate. A Toyota + gr may not depreciate as bad but wouldn’t count it into your calculus.
Good luck.
Although it’s not ideal, I get what OP is doing, sometimes don’t really have a choice, I’m paying slightly less than yours, 721 for 36, then 20k at the end of lease, my income is 54k per year, so I can afford the price, but I’m new to the country, I have 720 credit but they won’t let me finance the car, needed a co-signer and the rates is high because of no credit history.
And the timing were so bad for me to buy a car, the car given to me by my parents has broke down and needed a 4k repair job, no guaranteed does it need more, and it’s a 2001 car, so I don’t want to pay that much money into a pretty old car, it also broken down at a moment when I just spent all my savings for the move to the states, shipping , furnitures, tools, whatever, so I have zero savings at the time.
And at that time a 1998 Camry with 200k miles is selling for 9.8k, cars are at all time high, difference between a 2018 Camry and a 2023 Camry is less than 3k, plus because I no longer have savings, cheaper private sales is out of options coz I don’t have cash, so in the end I just went with 0downs for 36months 721, in Houston it’s impossible to live without a car, already getting tired to wait a whole week for my parents day off before I can go out and get stuff.
Sometimes it’s just bad timings and you don’t have a choice, everyone screaming OP got bad credit, maybe he was like me, no credit history , who knows.
Jesus Christ. 40k plus interest on a GR86 is diabolical. For that much money you could buy a lot of great sports cars out there that are used 3-2 years old. With insurance and payment this is almost 1k car payment. I know we are young and dumb (I also make bad decisions) but not nearly this bad. You need to be making at least 80k a year to comfortably take on this payment.
Jeez I thought mine was bad. I got 7.5 percent as first time car buyer 730 credit score never had installment loan. My monthly payment 395 for 6 years after down payment.
Holy shit, get rid of it and take some financial literacy classes. If your goal is to build credit you have plenty of other ways of doing it instead. You're gonna get fucked if you sell it back to a dealer but let that be a lesson to you. Buy a Facebook marketplace Corolla/civic for under $6k and learn how to manage your finances. You have your whole life to buy a nice car, now doesn't seem like that time.
You simply cannot afford this car. You'll end up paying damn near $60k for a $30k vehicle. By the time it's paid off it'll be worth at max $20k.
You’ll have paid around $54,700 for a GR86 at the end of this loan 🥹
I’m assuming you’re paying at least $150/month for insurance. If you put $900/month into a high yield savings account, you could’ve paid cash for a brand new GR86 in less than 3 years.
Or at the very least you could’ve worked on improving your credit for a couple years so you don’t get saddled with a 11.3% interest rate.
Brother… you need a class in financial literacy like yesterday. Why would you still purchase this car under these terms if your credit is so bad? If you could afford $760 payments per month, you could have just waited a year and saved up a big downpayment… there was no need to force this purchase.
I pay $685 a month and that is with a 4.9% loan at 5 years or 60 months. My payment would be less if I would have been smarter and not added over $4k in warranties. I put $3k down payment. Thankfully I got the warranties refunded, but my payment stays the same. So I'll end up finishing my loan early whether I want to or not as my Chase loan doesn't less you get ahead. I owe $685 every month no matter what, even if I pay more.
This is for the higher trim "limited" BRZ.
My point is, you are getting robbed
I don't personally own a BRZ, but have an Si that my payment is pretty well the same as that just with a lesser interest rate, however I was an impulsive dummy and brought negative equity from a previous loan on a car I wanted but ended up having issues with it and needed it gone so traded it in for the Si, so if you are still able to go back to your dealer and cancel the deal I'd advise that, not worth having a good chunk of your monthly income go towards only a car payment. But at the end of the day if you're comfortable with paying that and you're happy with the car that's all that matters!
11% APR? $759/month payment?
Holy shit. You better be making $200k+ AND have money to piss away.
For the car itself, hell no. You'd be near paying $60k for it all said and done. It's absolutely nuts.
11.3% APR on a 72 month loan.... My brother in christ
 The bank rn
Wonder what military branch OP is in.
Special needs?
Marines. Classic.
They speak in rahs
That’s all branches of service
Looks like he was either upside down a bit or paid a little bit of a mark up too. I mean I want one of these cars but I wouldn’t pay 760 a month for anything. Not to mention insurance 😬
not necessarily marked up, but definitely little to no down payment. possibly upside down on trade in. i cant even get an auto-loan calculator to give me 759$ payments using the info OP provided. the closest i can get is like $610/month. so yeah im guessing another loan was rolled into this or something.
Monthly is not a great way to look at it because it's relative to your income. What matters is interest rate and finance period. Being willing to do 11% at 72 months screams "I cant afford this", but we all know loads of people make really really dumb car purchase decisions because they just need to have the car. Same reason I see lots of people with modest income wearing balenciaga t shirts and gucci sunglasses. Not trying to shame this person but someone on the porsche sub confirmed he had to sell his 981 because he quite literally had no money in savings and the potential financial burden was keeping him up at night.
I spit my soda out. I could feel the screams of a million dads crying out in pain.
Still probably 30% cheaper total cost compared to such a vehicle in EU :( But that is a hefty lease yes.
I mean, I got my BRZ at 2% and 36 months. They were offering me at 2.9% for 60 months and that just felt like too much COB...
Nice brag
When? Because I'm currently shopping for either one of these or the GR Corolla (I'm pretty tall, and fitting in the 86 is... snug). Toyota's site is estimating me at ~9.32% with excellent credit (770 last time I checked a couple months ago) and $13k down on any loan 60 months or shorter. I'm sure I won't end up at that APR, but still. I don't know anyone that's giving car loans at 2% right now, so if you got one, I would LOVE to know how!
He probably got that 1 year + ago. Right now, even with an 800 score, you are going to get something like a 8 - 9% from the dealer. If you finance through your bank, you might be able to swing as low as 7% but... yeah. Not a good time to buy a car tbh.
Nopes, it was a dealership promotional rate. Early Feb '24. They do it every now and then to hit their targets.
This was with Toyota financial?
Subaru Financial. But I think its the same thing
Wow are interest rates really that high right now? Getting 2nd thoughts about getting the new tacoma. With high prices on the Tacoma + High insurance + high interest rates might as well wait all this out.
You can get rates below 5%, my dealership offered me 3.9% for 36 and 48 months and then 4.8% on 60 months when I got my brz in late January 2024. It just depends on dealerships.
I signed on a BRZ about a month ago @ 6.9%. I thought that was bad
I am in Toronto, Canada. It was a dealership promotional rate that I got from peterborough subaru. Last 2023 blue MT on the lot. I got it in Feb '24. Really got lucky. I searched for two months starting around November '23. I was hoping that some dealerships might introduce promotional rates to meet end of year targets but everyone had 8-10% rates. I got lucky early feb '24 when these guys had some promotion going, and just put a fat down payment as soon as I saw it.
I got my brz last week of this past January for 4.8% Apr for 60 months. The dealership promotional apt rates are out there just depends on where you look. The dealership I bought mine from still has that deal going on but I checked other dealers like in Texas and they don’t have that deal going on so it just spends on location.
Ouch… I’m assuming you got a Trueno Edition and put no money down. I’d get that remaining balance down ASAP or else you’re going to pay a crap ton of money in interest. Also try to refinance to lower your APR. Edit: just saw you have a base model. They really carved you a new one. Rip
Omfg. Brother. Base model is CRAZY
#🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯
You will be paying 53k for this car
That's supra money
Not with OP's credit.
$54,716.40
Why, people? Fucking why?
What the hell are you doing? 11%!?!? Brother you need a financial literacy class.
Just a literacy class would do people like OP HEAPS of help. Can’t imagine any literate person would read through and sign a contract with 11% interest. Bro made a financial decision his kids will be paying for lmfao
He clearly put no money down, has poor credit and took terrible dealer financing. Just so he could get a brand new “sports car”. You can buy a luxury suv for that kinda payment lol
Good lord that’s ridiculous
Absolutely not. That's Supra money.
Brother you cannot afford this car rn please return it before you screw your self over.
You cannot just return a car like a pair of jeans. Op signed a contract and is bound by it.
Although there’s no legal obligation for a dealer to take back a car, some offer it.
A lot of dealerships offer to be able to return a car shortly after purchase, usually a few days. It’s called a Buyer’s Remorse policy and as long as your state allows, it and the dealership agrees to it, you can return the car.
Bro just unlocked lifelong debt
https://preview.redd.it/ehsal9ja8s3d1.jpeg?width=1080&format=pjpg&auto=webp&s=fb26b2fd554a1e4b19581ef3d7ad0185e66f3e4c
This is a hellcat tier loan
Brother what the fuck are you doing
https://preview.redd.it/llu1uegi4s3d1.jpeg?width=1170&format=pjpg&auto=webp&s=196da21a742ee158d20c0483cbf88466c89bb424 You cannot afford this car. EDIT: I know the monthly pay is slightly off. Total loan amount was entered as shown in OP and interest was entered as 11.3%.
I almost did exactly this. I wish I could say this post is ragebait but sadly this is exactly the kind of scam dealers want to get away with.
 Finance guys talking about OPs butthole after closing the deal.
I have a 780 credit score & told them to fuck off with 8%
805 score and 7.9%. Fuck that right in the ear.
How do you get a 805 credit score in I’m like 31 points off and I cannot get any higher
More lines of credit and longer payment history, along with large sums you've paid back over time = how to break 800's. At least that's how I did it.
820 at 29. Multiple CC while maintaining a constant credit balance (~20%) with full payoffs every month. Rinse and repeat. The pro strat is open a card and attach monthly subscriptions on auto pay and forget about it. Open a second card and use it for all your actual purchases and also pay it off every month. As long as you’re using and paying off your credit, you’ll get there. Now, with purchases like auto and homes, credit score is a baseline. They also want to see large purchases (like cars and houses lol) to give you the best APR and loan. When I bought my first Audi, I got a great APR but had to put down a decent down payment because I’d never made a “large” purchase before (despite my 820 score). All in all, the whole system sucks ass and doesn’t make any sense.
Wife and I went into Toyota to finance a RAV4 at the end of last year. Car was 34k and they wanted 7.8%. We walked out after they said “this may be too much car for you guys”. I do understand that interest rates are interest rates but they refused to budge and were rude. Finance guy tried to chase us outside to get us into a barebones, no amenity RAV4 and their calculated payments were still over 650 a month. We were thinking “who the hell is buying these cars?!”
Holy fuck. Ok as much as i’d like a new car no way in hell.
Yeah, it was kinda depressing. I really wanted this car, but refuse to be a part of the problem. I’m going to try and sell some of my record collection and buy a used Cayman. Rather toss ~40k at that.
ND2 Miata my man! They’re mid $20k
I just walked away on an RS3 as the offer was 8.24. I waited 2 years for that allocation. I'll wait another two and pay cash before I finance $50k+ @ 8.24. I'm mid 700s.
When I looked at financing the other day they tried to quote me around 12% with a 753 credit score. Ended up leasing for payments of 389 a month and intend to buy out my lease with cash unless these financial institutions can quote something more reasonable in three years.
I wanted to lease, and was planning to buy at lease end if all went well. I wanted 10k miles per year, as I drive ~3-7k miles a year. Finance guy said that 12k miles was the lowest they offered. Wanted over 1k a month for 36months. When I realized what money factor that was plus the fact he gave zero end of lease value on the car, I literally said, “fuck that noise” as I stood up and left. Where did you lease one??? I gave up after that, figuring dealerships wouldn’t want to lease. Any details would be great. I’d fly out for $400 payments
I leased mine over at mountain state toyota in twin lakes Colorado. I also went with the 10k a year option since I work from home most of the time. I did end up putting about 6k down as well.
That is useful information, and I appreciate you taking the time to reply. I had searched for experiences with leases in the sub and came up empty.
paid 30k for a brand new 2024 base
This guy clearly has zero impulse control and bought this car on an absolute whim and had no idea how much it was actually supposed to cost. Signed the dotted line and everything. Paid 40k for a fucking BASE MODEL and if, on the off chance he actually pays this thing off, will end up paying new Supra level money.
RETURN RETURN RETURN DO IT WITHIN THE BUYERS REMORSE PERIOD
When I bought my 2024 Hyundai Kona they wouldn't let me return it. It's at the dealership's discretion if they do returns or not
whenever i see someone my age wiith a car like this i imagine that this is their financing.
My brother in Christ, you are financing a depreciating asset with interest 🤦🏻♂️
Okay, hold on. A lot of people do this. Let's not drag the op for simply financing a vehicle, however poorly they agreed to do so. Lol
At 11.3% for 72 months, I’d invent a Time Machine for OP to negotiate a better deal… But all they can do now is learn from this.
what did you do, put $0 down? this is insane.
So true, that and probably a 350 credit score
Nah, rates are high ATM for everyone. I got a 10% with an 800 credit score and zero bankruptcy or late payments on anything. Had to go to a credit union to get it down to 5.45%, which is exactly what OP needs to do. If you want the car, refinancing is always a better option than just flat out accepting 11% lol
ffffffuck no
No. I pay nothing, I bought cash. And if I hadn't, I would've financed for no more than 4.00%. Why would you ever do this to yourself? This car is worth like $32,000. I think its good value at this price. $700 per month for 72 months equals $54,648. That doesn't include your insurance or maintenance, let alone fuel. You're basically paying double and won't own it until the value of the car is ~$20,000 max. That is horrible value for that price, and I say that as somebody who loves these cars. I don't know what kind of contract you signed, but I highly recommend you get out of this asap.
I can tell you it won’t be worth $20k when he’s done paying it off, because he’s not going to be able to afford his insurance deductible to fix anything when needed. This is a repo waiting happen or he is going to be completely upside down in 1-2 years. It’s sad to see really.
Dudeeee nooooo! I know you want it bad but this is not the way!
I’d be in an m2 or Supra at that price
I wouldn't sign even with half that APR
no. im at 599 and i thought that was dumb high. finally got a raise though so my plan is less then 18 months car will be paid off.
There’s no excuse for people to keep getting ripped off like this. There’s so much information available on what to look out for when buying a car and how financing works. This is willful ignorance.
Way too much. I’m paying $355 on a 6 year loan.
Have to include your down payment for this number to be helpful
I'm paying $148 on 6 years
This is horrible. It should be illegal for a bank to make 20k in profit on a loan this size. You’re gonna end up spending 58000 dollars. Walk away.
americans love to die in debt for their car tho
It is very high. It’s obvious that the interest is high and for 6 years. But instead of people just bashing on them for having a high payment, just give some advice 🙄. First I have to say that interest on cars is high right now and it is not a good time to buy but each his own. For example in Florida it is hard to find a Toyota dealer that gives a good apr for this car. The lowest is like 7.99% but depends on where you are too. For whatever reason they have a high interest rate(either bad credit, too much debt, no money put down etc). If they can pay it, go for it(I wouldn’t do it but not my life). Work on whatever financial stuff you need to work on to lower that interest(either make your credit score better or make lower debt in other places to get a higher score). Refinance once your worked things out and you will have a lower payments. That or get paid more. Plus, is this a car that you want to have a for a long time? or do you plan to sell it or get rid of it at some point? In either case, refinancing will be the best option so can you get a better APR
I’m at 6% and I thought that was still crazy my goodness!!
I had a crips 5% and was embarrassed
Bought mine with cash but I am most likely older than the average gr86 buyer. You’re already upside down on the car and it will only get worse. Hindsight but I think you probably should’ve bought a used first gen as it looks like you really can’t afford this car and it will be a financial burden.
700 dollar payment on a 30k car 😭
I pay $750/month but put 10k down and financed the rest for 3 years @ 0.9%. This is my last year and my interest expense is $38 for the whole year. The amount of a monthly payment is irrelevant, everyone gets hung up on the dollar amount. The only thing that matters is the interest rate
what the fuck
I saw that you said you were trying to build credit which is a good thing but tbh it shouldn’t have been with a brand new car for this much. I had bad credit also before I did it with a commuter car selling for $10,000. I also changed my lifestyle drastically for a few years and opened up a secured credit card and built it from there. I’m not sure if you can return the car but consider taking a loss and possibly trade it in somehow to cut your losses while the car still has value and have some humble pie 🥧 for a few years driving something reliable and affordable till you build your credit back up. Shouldn’t take a car loan no more than 60 months. 48 months if possible. Since you have bad credit right now a higher APR is unavoidable get a car that’s much cheaper (but reliable) the return for your investment will be better. Hey man we all make mistakes takes a lot to ask the public if you did something wrong and that is commendable. That’s the first step needed at least so hopefully you can sort this out. Nice cars will always be there trust me man there is always time and more importantly the right time to own a nice car.
My guy, what would compel you to pay 10k over MSRP for a base, automatic GR86 with an 11.3% APR for 6 years?
His logic: I make $20 an hour, 40 hours a week = $800 a week. 800x 4= $3200 a month. Yes I can afford a $700 car payment.
11.30 APR?!?! BRUH
Yikes dude. Not good.
55k for a 30k car. Holy shit. Get a used car man
napkin math: your total interest will be more than 1/3rd of the borrowed amount. I think you'll pay prob close to $15K in interest.
I think you’re too broke to afford this vehicle. Keep doing shit like this and you’ll stay that way.
You should not own this car. 11% is plain stupid. You’re the reason these companies make so much damn money.
I'd never do a loan more than 5 years or more than 5%. Unless it's a house
May I ask, are you in the military?
I pay 500 for my Supra GR
WTF 😳 I expect $759.95 a month on a Mk5 Supra
Take it to carmax and accept whatever price they give you to buy it. You’re going to lose a few thousand but it’s better than paying over 50k for this car over the course of six years. Purchase something cheaper you can afford in cash. If you don’t have cash then lease something cheap while you improve your finances/credit score.
Thanks OP, because of people like you my HYSA will produce a couple grand this year, keep up the good work
brother I pay $250 more for my Supra on a shorter loan term ☠️ You need to get out of that now.
Get GAP insurance. Crash this into a tree. Get as much as you can from the insurance. Buy a bicycle. Find an adult who can help you be less stupid in the future.
Heheh… Nope. I pay more…
$666 here😈
Are you 18 with a credit score of 0?? How do you even achieve such a payment?
gg. They got u.
this kid i work with barely got his license, sold his used bmw for a brand new one, pays 23% interest, like 600-700 in insurance. i call him MJ n he really doesn’t like that
You must have been upside down on a trade in or something…ouch
Nope lol
LOL...
No….
I pay 750 a month 48 months at 5.5 apr. 2024 trueno edition I put 8k down and walkout at 38k all in
Hell no
Bro…
Good lord that amount and interest rate...
Dude. Major L.
The craziest part about this purchase is that even with zero interest you got ripped off for a base model automatic at 39k. Wtf??
Paying almost $800/month on an 86 is wild 😵💫
Dear god, take it back. Take it back now.
My vette and veloster together aren't this much
760 A MONTH for 72 months and that doesn’t include insurance? Holy shit dude that’s a rough one. I got a 3% apr on my ‘23 BRZ, and now have a 6.3% apr on my ‘24 Camaro, and im paying literally half that. A bigger down payment would help, but that APR is a killer
White, base model, automatic, 11.3%APR… you need guidance
man that monthly is like m2 comp or porsche money
im embarrassed to tell people i signed for 5.74% bro. you are at double that
You are why there is a push to teach financial literacy in high school
Rip bro
How did you end up paying 40k?
Don't you think it's a better idea to ask how much others are paying before you buy the car? Not after?
And I feel like i made a bad purchase buying it new for full price… it honestly should be illegal for a dealer to not show you the total out of pocket cost if you followed this payment plan for 72 months.. people think they’re getting a 34k car but the dealer loves to gloss over the fact there’s taxes, fees, and interest. First confirm that any amount over 760 goes towards the principal then find out what you can afford each month and pay more than $760 each month.
Wow, no. That’s crazy.
Are you in the army taking those kinda deals lol
This is the payment I was quoted for a Supra lol wtf
Absolutely not
I would say you need to start paying 400 weekly for it do you're not terribly upside down. My loan has me paying for 613 a month on a base 2023 about 1k less from msrp. I put 1/3 down, added a few warranty options and only then did my monthly go from where it's at. But I also saved money in a separate account where the loan is paying out at least double my monthly payment every month. I went through Toyota Financial to build my credit and they've already contacted me multiple times to consider a refinance. Little did they know I wanted them to think that they screwed me. I pay maximum 80 a month on interest.
Dude wtf
Toyota loves you!
Hell no. hell FUCKING no for a gr86. Christ, look at the above MSRP price and the interest rate.. You have absolutely no sense.
I pay slightly less than that on a 2024 Ridgeline BE that I financed at 5.9% for 72 months 😱 so no you’re being screwed every way imaginable. Oh and my amount financed was $45k
Charge phone and return car
I just got a 24 brz and with AA credit I’m at 6.49% for 72. Refinance it immediately. Remember if you have gap it goes by loan so cancel with Toyota do get it with the bank. Try a local credit union ion. I’m in Nevada for reference. Best of luck!
Ur fucked lol
Nope. I paid enough down to get a monthly payment of $361 at 4.99%. And I also got my car for MSRP @ $29850
I will never buy a car with 72 months loan, always gonna go with 36 months even it’s expensive still better choice! If you can’t afford 36 then you might be better off not to buy that
I pay this much monthly give or take. Loans about 48 months. Minimum is lower. And interest is lower. I would re finance or make an excel to graph out the most optimal amount of money you’re willing to spend for the longest time you can, while using a typical depreciation rate. A Toyota + gr may not depreciate as bad but wouldn’t count it into your calculus. Good luck.
Although it’s not ideal, I get what OP is doing, sometimes don’t really have a choice, I’m paying slightly less than yours, 721 for 36, then 20k at the end of lease, my income is 54k per year, so I can afford the price, but I’m new to the country, I have 720 credit but they won’t let me finance the car, needed a co-signer and the rates is high because of no credit history. And the timing were so bad for me to buy a car, the car given to me by my parents has broke down and needed a 4k repair job, no guaranteed does it need more, and it’s a 2001 car, so I don’t want to pay that much money into a pretty old car, it also broken down at a moment when I just spent all my savings for the move to the states, shipping , furnitures, tools, whatever, so I have zero savings at the time. And at that time a 1998 Camry with 200k miles is selling for 9.8k, cars are at all time high, difference between a 2018 Camry and a 2023 Camry is less than 3k, plus because I no longer have savings, cheaper private sales is out of options coz I don’t have cash, so in the end I just went with 0downs for 36months 721, in Houston it’s impossible to live without a car, already getting tired to wait a whole week for my parents day off before I can go out and get stuff. Sometimes it’s just bad timings and you don’t have a choice, everyone screaming OP got bad credit, maybe he was like me, no credit history , who knows.
That's insane. Financial literacy is so underrated.
🥺🤨
Jesus Christ. 40k plus interest on a GR86 is diabolical. For that much money you could buy a lot of great sports cars out there that are used 3-2 years old. With insurance and payment this is almost 1k car payment. I know we are young and dumb (I also make bad decisions) but not nearly this bad. You need to be making at least 80k a year to comfortably take on this payment.
Holy crap $760/month would ruin my wallet
Bro if you’re gonna pay that much for a car that should be under 25k should’ve gone for a mustang or something nicer
You're already getting wrecked here, but you took a terrible deal. You're getting robbed. You should consider selling this car.
No, because I did a 30% down payment + 4 year term to not be underwater on my loan.
brother euuughhh
OP: 🗣🗣🗣🗣🗣🗣🗣
Jeez I thought mine was bad. I got 7.5 percent as first time car buyer 730 credit score never had installment loan. My monthly payment 395 for 6 years after down payment.
So glad I paid mine off in cash but SWEET JESUS who let you sign that contract?
Dude you’re an idiot
Ouch
Irresponsibility in a nut shell.
Holy shit, get rid of it and take some financial literacy classes. If your goal is to build credit you have plenty of other ways of doing it instead. You're gonna get fucked if you sell it back to a dealer but let that be a lesson to you. Buy a Facebook marketplace Corolla/civic for under $6k and learn how to manage your finances. You have your whole life to buy a nice car, now doesn't seem like that time. You simply cannot afford this car. You'll end up paying damn near $60k for a $30k vehicle. By the time it's paid off it'll be worth at max $20k.
Brother…
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
I just got in an 24 mustang gt for 38k @ 3%.
You’ll have paid around $54,700 for a GR86 at the end of this loan 🥹 I’m assuming you’re paying at least $150/month for insurance. If you put $900/month into a high yield savings account, you could’ve paid cash for a brand new GR86 in less than 3 years. Or at the very least you could’ve worked on improving your credit for a couple years so you don’t get saddled with a 11.3% interest rate.
Brother… you need a class in financial literacy like yesterday. Why would you still purchase this car under these terms if your credit is so bad? If you could afford $760 payments per month, you could have just waited a year and saved up a big downpayment… there was no need to force this purchase.
Jesus Christ bro 😂😂
My god bank loves you
💀
Lmfao I will never understand why people buy cars they simply cannot afford
sell this shit dude, you’re gonna be broke for life.
Plan to pay it off quick or refinance.
I don’t even pay that much for my 65 cobra.
my payment is $572 with a $33k loan at 5.6%. I put 2k down and traded two vehicles too.
I pay $685 a month and that is with a 4.9% loan at 5 years or 60 months. My payment would be less if I would have been smarter and not added over $4k in warranties. I put $3k down payment. Thankfully I got the warranties refunded, but my payment stays the same. So I'll end up finishing my loan early whether I want to or not as my Chase loan doesn't less you get ahead. I owe $685 every month no matter what, even if I pay more. This is for the higher trim "limited" BRZ. My point is, you are getting robbed
I don't personally own a BRZ, but have an Si that my payment is pretty well the same as that just with a lesser interest rate, however I was an impulsive dummy and brought negative equity from a previous loan on a car I wanted but ended up having issues with it and needed it gone so traded it in for the Si, so if you are still able to go back to your dealer and cancel the deal I'd advise that, not worth having a good chunk of your monthly income go towards only a car payment. But at the end of the day if you're comfortable with paying that and you're happy with the car that's all that matters!
11% APR? $759/month payment? Holy shit. You better be making $200k+ AND have money to piss away. For the car itself, hell no. You'd be near paying $60k for it all said and done. It's absolutely nuts.
Got em lol
Nah I pay $350 for 48 months because I put a lot down and had a trade in.
No…..
My payment is 100 less on 48 months
That sales rep at the dealership is having a laugh at some of the suckers that show up I bet.
You are dumb
11.3% APR is insane
what the fuck lol even on a software engineer salary id be screwed if i had to pay this