Going for a car tomorrow--don't want to be ripped off.

[Anonymous]

Hello. 

I didn't know where else to post this, but I just want to make sure this dealership isn't ripping me off. I have a loan from BBVA and will be purchasing the car that way. My question is more on the dealer end just to double-check my math. 

Here it goes: 

2013 Toyota Corolla L  (I'm in Texas). I'll be making payments to own, NOT lease. 

$17,000   (car itself/"merchandise)

-$1,500    (rebate for coming in with my own financing

$15,500    (new price for car itself)

$15,500 * 6.25%  (TX tax rate for cars)

$15,500+968.75= $16,468.75

These are the fees: 

Doc. Fee  $50.00

Title/License:  $131.00

Gap Insurance: 61.72  (do I need this?)

Fee Total: $242.72

$16,468.75 + $242.72 =  $16,711.47

I'm putting $3,500 as a down payment, so that would be: 

$16,711.47 - $3,000.00 = $13,211.47 

1. Does my math seem right? 

2. Am I getting a "good deal?"

3. I've found varying answers to this question, but is the down payment reduced from the FINAL cost or the cost of the car? 

Any and EVERY piece of advice you have will be GREATLY appreciated. 

Thanks in advance. 

[Mike360]

Since your putting down a good down payment and not rolling in any negative equity i'd suggest to not get gap insurance or any type of extended warranty. if you do decide you want gap i'd suggest to see if your insurance company offers it and take it from them for like a year or two. and that is cheap for gap...how you get those figures? gap is usually a couple hundred $$$$

[Anonymous]

The deal guy gave me that number for the gap insurance. Thanks for pointing that out, though.

[Dustink]

I think you can get the car for less. Is the $1500 off something they made up or is that a real rebate?

Market on a base corolla is $15k, so you should be able to get at least another $500 off.

AT the end you wrote minus $3k rather than $3500, but I knew what you meant haha.

[Anonymous]

I don't know if they made it up to be honest. I was talking to people at different Toyota dealerships and they all said the same thing about the $1,500.

Thanks for pointing out the market price. I made a mathematical error with the sales guy over the phone, but I do want to lower it as much as possible. I'll do the whole, "well, I don't need to take the car today...nevermind" thing. I know their sales quarter ends on the 31--hopefully that helps a bit.

Thanks

[Dustink]

Generally they prefer to finance the car, so I don't see why they would ever offer a rebate for not financing.

Just get in touch with the internet sales mangers for the local Toyota dealers, and get them competing. 

Tell them you want to spend $15k OTD and go up from there.