T&T OFFICIAL New Vehicle Prices & Discussion Thread

[Allergic2BunnyEars]

Those rates are very good, however, I've never seen that in a credit union.

9% is the absolute best I've ever seen.

The beauty of the credit union is that they will hold/use/need 10% shares instead of asking for a 10% downpayment on the loan itself.
So they actually give 100% financing.

Banks also offering 100% financing based on where you work. I know a person who bought a Chevy Cruz with 100% financed 7 year loan with monthly payments around $1800 I believe.

April 2012 FCB was giving as low as 7.5% and rates were still dropping after.

[DJ Q]

^I agree, however, not everyone can qualify for 100% financing from a bank.
Anyone can get it from a credit union.

[acesinghit]

that $1800 figure is too low. No Chevy Cruze can be purchased brand new for $151,200. especially at 100% finance. That vehicle must have had a down payment for sure.

DJQ but normal lending criteria applies for CU's as well not so? Membership and funds does not equate to loan approval.

[DJ Q]

that $1800 figure is too low. No Chevy Cruze can be purchased brand new for $151,200. especially at 100% finance. That vehicle must have had a down payment for sure.

DJQ but normal lending criteria applies for CU's as well not so? Membership and funds does not equate to loan approval.

If by "normal lending criteria" you mean ability to repay the loan, then yes.
All you need is a certain amount accumulated in shares, prove you can pay them back and then BAM! Look money...

[kg494EJ-1]

Thanks again for the input fellaz. Every time i went to take out money for a car purchase, its a long story how I should take a loan instead. Im kinda old fashion also in terms of saving money at home in the past. Went to deposite an amount to cover the down payment for the new vehicle loan I wanted. I was then accused of money laundering. I guess my old fashion ways got me in this. The only reason I wanted the van was to help my business investment, not to ride the personal diesel wave.

Think it should help my rating if i start taking smaller loans?

I am now reading this, Death Row you are not alone. Earlier this year I attempted to purchase a Navarra and the institution suggested I take a loan instead, so I decided big downpayment and a small loan just to build credit I'm 25 and I got hell for my own money and additionally accused of money laundering and accounts audited by bank and IR.

On top of that when previously I attempted to purchase a vehicle I got constant run around until the seller called and informed me that the Manager was making offers.

When I put money in no problem, when I want to take it back world of problems.

[DJ Q]

All of you young guys that getting problems with banks approving your loans even though you have the money, send me a PM with:

- Full name
- Banking institution
- Account Number
- Picture of your signature (High res is important)
- Copy of your ID & DP

And I will ensure that remove these threats of money laundering

[Renaldo25]

@ DJ Q you not easy lol. I find it strange banks giving so much hell to take out loans tho...is money they want to make so? if i can pay down half the amount of my vehicle or more because i have the money and i earn it and i take the rest from you why u pressuring me? do they ask the men who can afford the range rovers and porsches how they earned their money?

[DJ Q]

Range Rovers and Porsches are usually registered to businesses.
Businesses will have a trail that proves where the money came from.

If the bank accepts money from fraudulent sources, the bank has committed a crime similar to you purchasing stolen goods.

[Ted_v2]

Weird

[Death-Row]

yup, gotta see it from their side. with the kinda questioable cash in our system, cant blame them. BUT, better measures and methods can be used with a touch of common sense to make everyone happy. with business ethics in trini tho, customer will suck salt as usual. guess ill wash my money in fake sales like the big boys, seems to be working for em.

[Renaldo25]

So you're telling me that all those audi sportbacks and cayennes and range rover evoques etc. are all registered to businesses? So what about if you arent a business owner but just make alot of money, say a doctor or lawyer or contractor or something...? well i guess thats what pay slip and job letter are for...so why then would a contractor or someone like that get pressure to obtain a loan?

[DJ Q]

So you're telling me that all those audi sportbacks and cayennes and range rover evoques etc. are all registered to businesses? So what about if you arent a business owner but just make alot of money, say a doctor or lawyer or contractor or something...? well i guess thats what pay slip and job letter are for...so why then would a contractor or someone like that get pressure to obtain a loan?

I did not say that they are ALL registered to businesses.
It does not matter the occupation once you have records and paper trail to prove your finances.

Calm down, guy

[Dave]

^^ I would almost say all are on a business name for VAT purposes
The VAT on some of those are the actual cost of a new car!

[Renaldo25]

dont worry i wasnt excited to begin with , just never knew that....very interesting information...always wondered how on earth one could afford a 800k plus vehicle along with insurance and interest etc., now it makes a little more sense...even if one owns bhagwansinghs or movietowne for example,

[acesinghit]

understand something, many of these high end vehicles are obviously majority owned by businessmen which includes contractors, lawyers (some with firms) and doctors (private practice). Some are leased vehicles as part of employment package for CEO's/MD's/company President's/Directors etc.

From a monthly salaried individual perspective, you would have to be in a very exclusive income bracket to afford a loan payment on a vehicle costing more than $500k. Keeping 40% tdsr in mind, you realize the avg employed individual cannot afford such a vehicle unless it was purchased as a result of inheritance from will, lotto or simply saved a lot of cash over the years and decided to buy a nice vehicle. Also, don't be fooled with many who drive recently registered Range Rovers etc. as some are actually roro, brought in used from the UK.

[drchaos]

People do not buy these vehicles through their business because of money laundering suspicion. Its because if you run your vehicle through your business as a company car its does benefit you VAT wise.

Once the money is in the banking system it is considered clean. Dropping 500K as cash and 500K as a cheque are two completely different things

[acesinghit]

People do not buy these vehicles through their business because of money laundering suspicion. Its because if you run your vehicle through your business as a company car its does benefit you VAT wise.

agreed

Once the money is in the banking system it is considered clean. Dropping 500K as cash and 500K as a cheque are two completely different things

please explain some more wrt cash vs certified cheque vs personal cheque vs company cheque, thanks.

[DJ Q]

People do not buy these vehicles through their business because of money laundering suspicion. Its because if you run your vehicle through your business as a company car its does benefit you VAT wise.

Once the money is in the banking system it is considered clean. Dropping 500K as cash and 500K as a cheque are two completely different things

This is true, but not the point I was making.
The comparison was a business man buying a Porsche through a business, and the common man buying a car with cash.

[Renaldo25]

curiouser and curiouser....keep the info coming guys, good stuff...

[Renaldo25]

curiouser and curiouser....keep the info coming guys, good stuff...

[nemesis]

Yeah the cash thing is quite a tricky issue. You need to have some proof that it was obtained legally.
Funny thing is, even if someone buys something from you, and pays with large sums of cash, you are still the one that will be investigated for it.

[Renaldo25]

So what Im getting is that even if you have the cash flow and liquidity, put it into the bank or cu and they will feel better that the money is legal, and therefore no hassle for the loan when you want to take it? because lets face it we know plenty money in them banks aint legal, but because it in the bank or cu already no questions asked? or at least not as many?

[kg494EJ-1]

I can understand the institutions point of view however if the proper checks and balances are in place and done before you allow me to deposit X amount into my account, it eliminates alot of the hassle later on. I am all for transparency but don't ask me questions after the fact of matter, You are willing to take my cash but when I want to put it to use or move from the institution you are giving me hoops to jump through.

On another note what got me was on another transaction I was informed by the seller that my rep thought the deal was too good for me and tried to get for herself. Props to good people, when they make a deal they stick with it.

[Gem_in_i]

How much is the Corporate discount at N&M?

[kg494EJ-1]

How much is the Corporate discount at N&M?

Just purchased some Tucsons from them and we got 4%

[4Motion]

Car import duties increasing.

In respect of the importation of new and foreign used cars over 2,499 cc

• I propose to increase customs duty by 25.0 percent with effect from October 1 2013 on new and foreign used cars over 2,499 cc excluding T-vehicles and vehicles registered for use as maxi-taxis.

(a) Engine size not exceeding 1 599 cc ... ..... ..... ..... ..... ... ... ... .. 5.00 per cc > 5.00 per cc
(b) Engine size exceeding 1 599 cc but not exceeding 1799cc... ... 8.00percc > 8.00 per cc
(c) Engine size exceeding 1 799 cc but not exceeding 1999cc ... ... 15.00 per cc > 15.00 per cc
(d) Engine size exceeding 1 999 cc but not exceeding 2499cc ... ... . 25.00 per cc > 25.00 per cc
(e) Engine size exceeding 2 499 cc but not exceeding 2999cc ... ... . 30.00 per cc > 37.50 per cc
(f) Engine size exceeding 2 999 cc but not exceeding 3499cc ... ... .. 35.00 per cc > 43.75 per cc
(g) Engine size exceeding 3 499 cc ... ...... ... ...... ... ...... ... ...... ... ..50.00 per cc > 62.50 per cc

[acesinghit]

This means a 3.5 V6 Honda Accord should cost at least $530k. The Teana 350 will spike up too as well as the V6 Camry. Good thing the smaller displacement turbo engines are the way of the future.

[DJ Q]

370Z will be $1m now

[acesinghit]

nah man q, more look like a $750k easy lol

What I do know, all pickups going up in price. Navara 4x4 auto dual cab with leather might be $300k now. A loaded Hilux could cost $350k. The 3.2 Ranger/BT-50 could hit $360k range. Those Porsche, MB, BMW and Land Rover SUV's will spike up as well.

RBC smell the rat and offering 7 year loan periods now. Just now we'll see 8 years normal.

[Renaldo25]

Thank goodness for those euros with smaller engines but bette performance....any thought on this push towards using more cng vehicles?