Hello, very new here but I've been following this forum for quite some time before owning my first G37 today. Bought a 2011 G37S coupe with 128k miles from a big dealer in Texas today for $11400 out the door (financed). The lender required me to have full coverage insurance throughout the loan's life which I didnt know about since I had never financed a car before lol. Now it seems a little too expensive for me Do yall think I got a good deal or should I return it and continue searching for a cheaper deal? They gave me a 3 day return period.

 

If you have a feeling of "Buyer's Remorse" in that you are over-exrending yourself financially, then I would suggest you back out.

As long as there is a lien against the car (ie. financed) you will be required to carry full insurance coverage. Collision, comprehensive, gap, etc. Once the car is paid off and you have the title then you can adjust coverage to your preference.

In a nutshell: I/we do not know your financial situation- only you do. If you have a secure job and can afford it comfortably, enjoy your car. If you're scraping by living "paycheck to paycheck" (or may be potentially affected by this Covid crap) I'd reconsider.

Just my 10¢.

 

Yes you have to use full coverage for whatever the loan last.
Nor sure whether it is a good deal or not, I have a 2014 Q60S bought it for 19.500 and had 35.000 miles on it

 

I wouldn't finance a nearly 10-year-old car.

 

Any particular reason?

 

Depending on the terms of the loan, and how much money you put down, the car may soon be worth less than what you owe, so you'll probably have to carry gap insurance. Plus, as was previously mentioned, you have to carry full coverage until the load is paid off.

I don't know, it just doesn't seem wise to take on debt for a car that has 128k miles on the clock. What if something major fails that takes thousands to replace (e.g. auto. trans)?

Just food for thought.

 

Sounds like the OP's financial situation necessitated the loan. If you're intent on keeping the car, you can help offset some of the insurance fees by carrying high deductibles ($1000, 2500, etc..). The other posters make good points about not financing a 10 year old vehicle.

What are the terms of the loan (apr, duration)?

 

8.4% apr which is higher than i anticipated since i have excellent credit according to credit karma... 60months term, but here's the deal, i can just pay it all off next month which seems like the smart choice since i dont wanna pay for full coverage and high apr interest. I just wanted to pay it off in the span of 6 months or so... Or i can try to return it tomorrow but i dont know how much of a hassle it's gonna be.

 

8.4% is awfully high for someone with excellent credit. In a day with interest rates so low, the dealership took you for a ride on the financing! Not enough credit history perhaps?

If the car is in good condition and you like it, pay that loan off within the 6 months. That will establish some credit history at the cost of insanely high interest. If you're on the fence and over extended and can return the car, do so.