Another first timer buyer thread, I really need a RX-8
02-26-2007, 09:21 PM
#1
A Lebanese Camel
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Another first timer buyer thread, I really need a RX-8
Where do I start... For about the past month, all I have been doing is reading threads in these and other forums. I've gatherd all the info I think I need engine wise. I read how to prevent flooding, what to do if it does flood, and to make the motor scream at least a couple times a week. Now I'm ready for my car. 
This is where it gets tough.
I went to the credit union today, and the lady said I have a pretty good chance of getting approved for an $18,000 auto loan. I do not want to spend more than this.
Unfortunately, i'm the only one with good credit in my family, and unfortunately i'm only 22 years old. Meaning insurance is gonna bend me over and well... you know the rest. So my question is this, is there a way I can get the loan, and say I'm buying this car for my mother, and put the insurance in her name?
And do you guys have any advice, or experiences you can share?
I'm also a little scared of making a wrong decision on which 8 I get. I want a Red GT with a sport package, and 6 spd. I found 1, and only 1 that Is exactly what I want within 75 mile radius of my area. It is a 2005, with 33,000 miles. Carfax report on it is very very clean. Is that too many miles? And how much do you think resale value will be if lets say, I got the car up to 60,000 miles?
This is where it gets tough.
I went to the credit union today, and the lady said I have a pretty good chance of getting approved for an $18,000 auto loan. I do not want to spend more than this.
Unfortunately, i'm the only one with good credit in my family, and unfortunately i'm only 22 years old. Meaning insurance is gonna bend me over and well... you know the rest. So my question is this, is there a way I can get the loan, and say I'm buying this car for my mother, and put the insurance in her name?
And do you guys have any advice, or experiences you can share?
I'm also a little scared of making a wrong decision on which 8 I get. I want a Red GT with a sport package, and 6 spd. I found 1, and only 1 that Is exactly what I want within 75 mile radius of my area. It is a 2005, with 33,000 miles. Carfax report on it is very very clean. Is that too many miles? And how much do you think resale value will be if lets say, I got the car up to 60,000 miles?
02-27-2007, 07:42 AM
#3
Extraordinary Engineering
First, welcome to the club!
Second, you'll have to put your location in your profile if you want us to give you relevant advice.
Average driving is about 12K miles per year but you have to judge each car on its own merits. You can also check the for sale section of this forum.
Second, you'll have to put your location in your profile if you want us to give you relevant advice.
Average driving is about 12K miles per year but you have to judge each car on its own merits. You can also check the for sale section of this forum.
02-27-2007, 08:03 AM
#4
A Lebanese Camel
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Hey thanks for the welcome brew 
But I won't feel like an official member until I have one in my driveway!! lol Thanks for reminding me to update my profile, the site was down for a while, and I forgot.
But I won't feel like an official member until I have one in my driveway!! lol Thanks for reminding me to update my profile, the site was down for a while, and I forgot.
02-27-2007, 08:40 PM
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33K is still under warantee.
Thats a big plus if you're on a tight budget, gives
some protection from unanticipated expenses.
Take your time & shop around. The shopping is 1/2 the fun.
Good luck.
Thats a big plus if you're on a tight budget, gives
some protection from unanticipated expenses.
Take your time & shop around. The shopping is 1/2 the fun.
Good luck.
02-27-2007, 09:20 PM
#6
I am a meat popcicle
Hmm... Part of the problem you might have buying the car, but insuring her is that if you live in the same house, your insurance company will likely want you to be insured as well. Your finance company shouldn't give a crap whether you're buying the car for yourself, your mom, or your dog. When you're the registered owner, the insurance company is going to want you to be insured. This can be avoided by having your mom have the insurance in her name, but to exclude you from coverage, a specific exclusion will have to be filed. If that happens, don't be driving it if something bad happens.
Insurance on these cars isn't as bad as you might think (though it's still worse than others I suppose). Either way good luck. Oh, BTW, my advice comes from CA, I'm not sure how things go in MI, but I would imagine it's somewhat the same.
Insurance on these cars isn't as bad as you might think (though it's still worse than others I suppose). Either way good luck. Oh, BTW, my advice comes from CA, I'm not sure how things go in MI, but I would imagine it's somewhat the same.
02-28-2007, 01:21 AM
#7
A Lebanese Camel
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Fortunately I don't live with my mother, so that shoudlnt be a problem. Actually my mother said if she can get approved for the car, that she'll put it in her name. I should know by tomorrow, I got my fingers crossed... Thanks for the advice guys, the for sale section is really a good place to look around. Not just for cars to buy, but also to find out how much these cars are worth when shopping around.
02-28-2007, 07:15 AM
#8
If she can get it, put it on her name.
but just MAKE SURE that you dont run into any trouble. I mean dont HIT anything. or you might end up throwing your mom into jail.
but I think maybe you should wait another year or 2 before getting it. Cuz if u cant afford insurance, whats the point of getting a car ?
For your reference Im 27, and I pay about 1700 for 1/2 year.
but just MAKE SURE that you dont run into any trouble. I mean dont HIT anything. or you might end up throwing your mom into jail.
but I think maybe you should wait another year or 2 before getting it. Cuz if u cant afford insurance, whats the point of getting a car ?
For your reference Im 27, and I pay about 1700 for 1/2 year.
02-28-2007, 07:48 PM
#9
destination anywhere..
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Originally Posted by nycgps
For your reference Im 27, and I pay about 1700 for 1/2 year.
Ouch. I'm in my early 30's
(31) and pay $1600 CDN for a full year...I know a young guy paying $500 a MONTH to insure his...
Whats the point? Thats a car payment, right there..
03-15-2007, 07:01 AM
#10
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I'd go for a something new, myself. Buying used you really don't know how the car's been treated, and you'd be foolish not to spend $ on an extended warranty on top of it. (warranties are more costly on a used car) I've been making out like a bandit on last year's leftovers (this is my second 8) What are your driving factors? What options are important, can you go with a base model? Do you have any $ to put down, or trade something in?
Its hard to say which way is better - if your mother's credit is poor, she's not likely to get a good interest rate. Some insurance carriers look at your credit score when they rate you so you may be better off flying solo. Try all avenues - get quotes w/your mom as primary driver and with you on the policy, then get quotes on just yourself. The hard work will pay off. Call all carriers. Don't get discouraged.
If this is your only means of transportation, down the road I'd look at spending $1,500 for a front wheel drive beater car - put liability only on it and get the multi car discount and have that car rated as your primary vehicle, plus, you wont have to drive your 8 in inclimate weather.
And don't fall for the "I've got good news" from the dealership - let them give you your interest rate and explain the credit tier and blah blah blah and then push back for another point or two less - tell them you got "x" % from your credit union. Dealerships make $ on the interest rates too and have room to move -its just up to them how much they're willing to bend and get rid of the car.
I know you know this but remember a brand new car the banks will give you a better rate then for a used one too.
Hope this helps- Lisa
Its hard to say which way is better - if your mother's credit is poor, she's not likely to get a good interest rate. Some insurance carriers look at your credit score when they rate you so you may be better off flying solo. Try all avenues - get quotes w/your mom as primary driver and with you on the policy, then get quotes on just yourself. The hard work will pay off. Call all carriers. Don't get discouraged.
If this is your only means of transportation, down the road I'd look at spending $1,500 for a front wheel drive beater car - put liability only on it and get the multi car discount and have that car rated as your primary vehicle, plus, you wont have to drive your 8 in inclimate weather.
And don't fall for the "I've got good news" from the dealership - let them give you your interest rate and explain the credit tier and blah blah blah and then push back for another point or two less - tell them you got "x" % from your credit union. Dealerships make $ on the interest rates too and have room to move -its just up to them how much they're willing to bend and get rid of the car.
I know you know this but remember a brand new car the banks will give you a better rate then for a used one too.
Hope this helps- Lisa
03-18-2007, 05:47 PM
#11
A Lebanese Camel
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Hey Lisa, I've been asking around and they all said pretty much the same thing you said, which is by the way great advice. Thanks for the informative and helpful response. When I buy something, I cannot settle for less, so I absolutely need the 6-speed GT with the appearance package. A lot of people have been telling me to put my mother as the main driver because she will be 61 years young on the 20th of March and to put myself as an occasional driver. This sounds like a good idea, but I also have a question about that: If I put her as a primary driver, and myself as a occasional, does she have to be on the title? Can't I just get the auto-loan completely in my name and have her as a primary? Or does she have to co-sign so her name can be on the title to put her as a driver? I want this car and nothing else. Coming from a 04 Accord coupe with a few mods to a 96' Taurus with a broken mirror and blown speakers is kinda rough. I've been driving it since October, and I am going nuts waiting for this 8!
Side Note: I found a Red RX-8 with 485 miles, and all the options added for $24,000. I hope to bring him down to $23,000. I definitely want low miles on this car after finding out it needs proper break in.
Side Note: I found a Red RX-8 with 485 miles, and all the options added for $24,000. I hope to bring him down to $23,000. I definitely want low miles on this car after finding out it needs proper break in.
Last edited by CamelJockey; 03-19-2007 at 12:19 AM.
03-19-2007, 01:06 PM
#12
He's going the distance..
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Great questions. Your mother does not have to be on the title in order to be a covered driver on the policy. Make sure the policy is in your name, with your mom as a covered driver, rated as primary, and you secondary. If you have to explain it - say that you are financing the car but it is being furnished for your mom's daily use. Policy must always be in the name of the titled owner, but does not matter who the covered drivers are.
How is your driving record, and your mom's? They generally look back 3 years for violations and accidents. Some things may be rated against you that may appear on an motor vehicle report that may not be related to you.
Is this red RX 8 brand new? what year is it?
How is your driving record, and your mom's? They generally look back 3 years for violations and accidents. Some things may be rated against you that may appear on an motor vehicle report that may not be related to you.
Is this red RX 8 brand new? what year is it?
03-19-2007, 01:58 PM
#13
A Lebanese Camel
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Hey Lisa, thanks for responding! 
But I honestly cannot explain how angry I am.
(Before I bitch let me say that I'm telling the insurance companies to not pull my credit, because I fear that if my credit is pulled too much it will lower my score.)
These insurance companies are really stressing me out. As a matter of fact they are the only reason I don't have an RX-8 yet. Why are they giving me such high quotes even though I'm listed as an occasional driver and her as the primary? My mother and I have perfect driving records, I'm 22 and shes 61. Some are saying over $2000 for 6 months. I'm telling them that shes only using it for pleasure and shes only gonna put about 4000 miles annually. My mother also lives in a nice neighborhood. I see some people on these forums paying like $130 a month and they're the same age as me. Do you know any cheap insurance companies? I've noticed that the big name companies are always the most expansive. Any tips on lowering the premium?
Heres a link to the car I'm interested in, the only negative is that its from a private owner, so the interest rate will be higher
http://www.autotrader.com/fyc/vdp.jsp?car_id=208830789
But I honestly cannot explain how angry I am. (Before I bitch let me say that I'm telling the insurance companies to not pull my credit, because I fear that if my credit is pulled too much it will lower my score.)
These insurance companies are really stressing me out. As a matter of fact they are the only reason I don't have an RX-8 yet. Why are they giving me such high quotes even though I'm listed as an occasional driver and her as the primary? My mother and I have perfect driving records, I'm 22 and shes 61. Some are saying over $2000 for 6 months. I'm telling them that shes only using it for pleasure and shes only gonna put about 4000 miles annually. My mother also lives in a nice neighborhood. I see some people on these forums paying like $130 a month and they're the same age as me. Do you know any cheap insurance companies? I've noticed that the big name companies are always the most expansive. Any tips on lowering the premium?
Heres a link to the car I'm interested in, the only negative is that its from a private owner, so the interest rate will be higher
http://www.autotrader.com/fyc/vdp.jsp?car_id=208830789
03-30-2007, 10:39 AM
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First post.... yayyy!
I am an insurance agent, looking for my own RX8.
Absolutely have them run your credit, because otherwise they automatically quote you with crappy credit, and you would need to do it anyway if you do go with them. Also, it's not the same thing as pulling a credit report to finance something. It's called a "soft hit" and doesn't affect your score, as you're not looking to purchase anything on credit. Things that most determine your rate
Car - only somewhat actually
Years licensed
Age
Credit
Location (are you in a city, in an area with bad winters, flood zone, etc)
State - Michigan has some of the highest rates in the whole country, blame you legislature and insurance commissioner.
# of policies with company. IE, if you do homeowners/renters and Auto with us, we give you 15% off of both policies. Sometimes it's actually cheaper with both than auto alone!
I'll treat you right if you want to call me, and I can write in Michigan. Allied Ins. 800-982-0756 x5048 Aaron Lehmer
Good luck!
I am an insurance agent, looking for my own RX8.
Absolutely have them run your credit, because otherwise they automatically quote you with crappy credit, and you would need to do it anyway if you do go with them. Also, it's not the same thing as pulling a credit report to finance something. It's called a "soft hit" and doesn't affect your score, as you're not looking to purchase anything on credit. Things that most determine your rate
Car - only somewhat actually
Years licensed
Age
Credit
Location (are you in a city, in an area with bad winters, flood zone, etc)
State - Michigan has some of the highest rates in the whole country, blame you legislature and insurance commissioner.
# of policies with company. IE, if you do homeowners/renters and Auto with us, we give you 15% off of both policies. Sometimes it's actually cheaper with both than auto alone!
I'll treat you right if you want to call me, and I can write in Michigan. Allied Ins. 800-982-0756 x5048 Aaron Lehmer
Good luck!
04-12-2007, 11:54 AM
#17
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Originally Posted by Carrera26
First post.... yayyy!
I am an insurance agent, looking for my own RX8.
Absolutely have them run your credit, because otherwise they automatically quote you with crappy credit, and you would need to do it anyway if you do go with them. Also, it's not the same thing as pulling a credit report to finance something. It's called a "soft hit" and doesn't affect your score, as you're not looking to purchase anything on credit. Things that most determine your rate
Car - only somewhat actually
Years licensed
Age
Credit
Location (are you in a city, in an area with bad winters, flood zone, etc)
State - Michigan has some of the highest rates in the whole country, blame you legislature and insurance commissioner.
# of policies with company. IE, if you do homeowners/renters and Auto with us, we give you 15% off of both policies. Sometimes it's actually cheaper with both than auto alone!
I'll treat you right if you want to call me, and I can write in Michigan. Allied Ins. 800-982-0756 x5048 Aaron Lehmer
Good luck!
I am an insurance agent, looking for my own RX8.
Absolutely have them run your credit, because otherwise they automatically quote you with crappy credit, and you would need to do it anyway if you do go with them. Also, it's not the same thing as pulling a credit report to finance something. It's called a "soft hit" and doesn't affect your score, as you're not looking to purchase anything on credit. Things that most determine your rate
Car - only somewhat actually
Years licensed
Age
Credit
Location (are you in a city, in an area with bad winters, flood zone, etc)
State - Michigan has some of the highest rates in the whole country, blame you legislature and insurance commissioner.
# of policies with company. IE, if you do homeowners/renters and Auto with us, we give you 15% off of both policies. Sometimes it's actually cheaper with both than auto alone!
I'll treat you right if you want to call me, and I can write in Michigan. Allied Ins. 800-982-0756 x5048 Aaron Lehmer
Good luck!
FWIW, GEICO quoted me $611 US every six months to insure a new RX-8. I have a good driving record, I live in Minneapolis MN, and I'm 28. According to a local car salesman (so take it with a grain of salt), he was paying $350 or so every six months to insure his RX-8 through State Farm, because they classify it as a four-door car with a 1.3 liter engine.
04-13-2007, 03:05 AM
#18
Originally Posted by filterban
This is good advice.
FWIW, GEICO quoted me $611 US every six months to insure a new RX-8. I have a good driving record, I live in Minneapolis MN, and I'm 28. According to a local car salesman (so take it with a grain of salt), he was paying $350 or so every six months to insure his RX-8 through State Farm, because they classify it as a four-door car with a 1.3 liter engine.
FWIW, GEICO quoted me $611 US every six months to insure a new RX-8. I have a good driving record, I live in Minneapolis MN, and I'm 28. According to a local car salesman (so take it with a grain of salt), he was paying $350 or so every six months to insure his RX-8 through State Farm, because they classify it as a four-door car with a 1.3 liter engine.
04-13-2007, 03:39 AM
#19
幹他媽!
some insurance co's, such as AAA, require that the owner of the vehicle be on the policy, at minimum. it's just a way to prevent fraud, from their point of view. u should get some insurance quotes before u buy the car so there are no surprises. when u finance the car, the financing bank becomes a lien holder on the vehicle, and their name will remain on the title until the car is paid off in full. they will require that u carry full coverage on the car until it's paid off as well. unfortunately, drivers aged 16 to 25 are considered higher risk and therefore will pay more regardless.
my advice is, (1) find the car that u want, but don't over-stretch yourself (2) don't cheap out on insurance and get a sound policy with a reputable company. u may not think it will happen to u, but statistically, drivers 17-25 have the highest number of accidents, as well as the highest fatality in accidents. u don't ever want to be under-insured in the event something happens. for example, u could get hit by an uninsured motorist, in which case u will need ur insurance to cover ur damages.
welcome to the club, and hope u find the 8 that u want soon.
my advice is, (1) find the car that u want, but don't over-stretch yourself (2) don't cheap out on insurance and get a sound policy with a reputable company. u may not think it will happen to u, but statistically, drivers 17-25 have the highest number of accidents, as well as the highest fatality in accidents. u don't ever want to be under-insured in the event something happens. for example, u could get hit by an uninsured motorist, in which case u will need ur insurance to cover ur damages.
welcome to the club, and hope u find the 8 that u want soon.
04-13-2007, 03:59 AM
#20
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Seriously, by all means insure your baby.
The second day after I got my car, my window was smashed in by someone looking for stuff to jack.
The 3rd day after I got my car, a dude on a motorcycle completely ate **** on a turn in front of me. I managed to stop b4 I hit him or his bike, but it was damn close.
**** happens. Don't risk it.
Also who are you getting quotes from?
I'm 22, I was listed as an occasional driver of a honda civic for the past 4 years, no tickets, no accidents and I'm paying $143 a month here in California.
The second day after I got my car, my window was smashed in by someone looking for stuff to jack.
The 3rd day after I got my car, a dude on a motorcycle completely ate **** on a turn in front of me. I managed to stop b4 I hit him or his bike, but it was damn close.
**** happens. Don't risk it.
Also who are you getting quotes from?
I'm 22, I was listed as an occasional driver of a honda civic for the past 4 years, no tickets, no accidents and I'm paying $143 a month here in California.
04-13-2007, 08:17 AM
#22
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Originally Posted by dontfeedthenerd
Seriously, by all means insure your baby.
The second day after I got my car, my window was smashed in by someone looking for stuff to jack.
The 3rd day after I got my car, a dude on a motorcycle completely ate **** on a turn in front of me. I managed to stop b4 I hit him or his bike, but it was damn close.
**** happens. Don't risk it.
Also who are you getting quotes from?
I'm 22, I was listed as an occasional driver of a honda civic for the past 4 years, no tickets, no accidents and I'm paying $143 a month here in California.
The second day after I got my car, my window was smashed in by someone looking for stuff to jack.
The 3rd day after I got my car, a dude on a motorcycle completely ate **** on a turn in front of me. I managed to stop b4 I hit him or his bike, but it was damn close.
**** happens. Don't risk it.
Also who are you getting quotes from?
I'm 22, I was listed as an occasional driver of a honda civic for the past 4 years, no tickets, no accidents and I'm paying $143 a month here in California.
He then tried to deny that he did it, and then, despite the fact the damage was about $100 (new plastic grill for my truck) he still wanted me to go through his insurance.
What a tool. I'm taking solace in the fact that his premium probably went up by more than $100 every six months...
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