lol…touche. I should have taken the $400 when I had the chance. I thought this deal was bad until I talked to other dealers.
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What were the important numbers? Pre-incentive discount, incentives, marked up mf, etc? Did you do gap through toyota or did you do it through your insurance/credit union?
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I did gap through the dealership.
Dealer discount: $2,298.06
MF: 0.00103
Rebates: $1250 applied toward first mo payment
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The initial quote for $291.58 was first month down + tax & tags
How did the pre-incentive discount compare to researched deals and broker offerings? Did you confirm rv/mf/incentives with Edmunds? Did you compare gap prices? Typically the rate through toyota is a metric shit ton higher than most other places.
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The pre-incentive discount was middle of the road between the other dealers I spoke to. Yes, I confirmed the Edmunds residuals & incentives. My other deals were being killed by the higher MF, lower residual and lower trade amount. Ford Fusion for instance was at 44% RV, they were giving me $9000 tops for my trade and only discounted $1290. The other high-incentives were Acura, which MF & trade killed for me anyway…though a better LTV on the MDX. Lexus was similar in dealer discount & trade to Ford. Alfa Romeo had great incentives and MF, but the MSRP & residual wasn’t going to work for my budget…and again with the trade. Genesis had the best incentives/MF of them all, but were not offering lease support for the 2020s or were sold out of them. Should have got to them sooner…but their residual was lower too 46%
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The dealer’s was $495. I felt better going with them than Allstate because of the huge premium spike and complaints I’ve heard about Allstate & claims. My insurance - Progressive offered 25% lease/loan payoff, but because of my NE, I just wanted to go with one that had no % restrictions.
Does anyone go with an aftermarket GAP? I wasn’t finding any standalones.
Did you not look at any comparable deals here or broker offerings for establishing your pre-incentive targets before talking to dealers?
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I researched for hours and drew up numerous quotes for where I wanted to be on pre-incentive targets. It all changed when I would bring up my trade. gave them every excuse to say it wasn’t possible after the appraisal.
If I waited longer I may have found a dealer willing to work with me more…guess I started to feel like that day was not going to come.
I understand now what many of you mentioned “the negative equity doesn’t just disappear” so I just went with the best deal on the table.
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Can we add up how much time and productivity was wasted in this one thread? Any economists here?
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I’m not expecting everyone to agree with me.
Just sharing my decision.
I don’t think it was wasted.
I think all the info can help someone in a similar situation weigh all their options.
There’s lots of valuable info and I did my best with it. I didn’t expect it to be that disappointing
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These endeavors here all play out the same. People come to justify what they’ve already decided to do. The proof is in the thread. You ended up right where you wanted to be. Enjoy the vehicle and be safe.
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What’s done is done.
Is there a reason you did not go with a higher mileage allowance?
I hope any newbie reading this does not fall into the NE cycle.
At the end of the day, it was not anyone else’s decision to make. IMO, the refi route would have been more financially prudent.
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I can stay well within 10k, but I pushed for it. I admit that I was partially motivated by feeling exhausted over this and after looking at my refi options worrying if I waited longer the situation would get worse. I should have moved on this in Aug when I was getting $13,500 for my trade. I waited. It got worse.
@chrishs2000 Thank you
Thanks again to everyone as well. Appreciate you guys. Hope to come back with a unicorn deal next time 
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That’s all that matters. I don’t disagree that stand-alone, there were better deals to be made, but $475/mo for 3 years and you are free and clear.
Congratulations and enjoy! Post photos in the Trophy Garage
I have mine with my auto insurance, and I don’t recall off the top of my head what the % was, but I recall it also having a cap.
I don’t want to slam the door here, but I imagine there will be lots of opinions over the next couple days. Let us know when it’s ok to lock this thread.
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What did they end up giving you for trade in? Anyway glad you got a car you like and are happy with how it turned out, that’s always an important part of any of these transactions.
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