BajaNomad

Mexican Auto Loan?

RnR - 2-7-2013 at 07:01 AM

Anybody have any experiences, good or bad, with buying a new car/truck from a Mexican dealership and financing it with an auto loan from a Mexican Bank?

This would be in La Paz.

DENNIS - 2-7-2013 at 07:34 AM

Credit down here costs a brazo and a pierna. I wouldn't even consider it. Loans seem to be very short term and require large amounts down.
Good luck and keep in mind the consumer protections you won't have as you would in the states.

Wally - 2-7-2013 at 11:50 AM

5 years ago Bancomer's VIP unit said they'd finance a new car loan with 30% down at nearly 9%. A year ago I was in the Toyota dealership waiting for someone and asked about financing and the guy sheepishly told me they were "offering" 16%. I chuckled.



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RnR - 2-7-2013 at 10:22 PM

Quote:
Originally posted by Wally
5 years ago Bancomer's VIP unit said they'd finance a new car loan with 30% down at nearly 9%. A year ago I was in the Toyota dealership waiting for someone and asked about financing and the guy sheepishly told me they were "offering" 16%. I chuckled.

.


OUCH !!

MitchMan - 2-7-2013 at 10:54 PM

Sure are a lot of big new trucks and SUVs in La Paz. I can't imagine that everybody is paying cash for their vehicles. The cars and trucks in the parking lot at Walmart La Paz has all the same cars at the Walmarts in Orange County CA.

RnR - 2-8-2013 at 08:21 AM

Quote:
Originally posted by MitchMan
Sure are a lot of big new trucks and SUVs in La Paz. I can't imagine that everybody is paying cash for their vehicles. The cars and trucks in the parking lot at Walmart La Paz has all the same cars at the Walmarts in Orange County CA.


Yeah, this same observation was what started me thinking about looking for a new vehicle in La Paz rather than in the States.

There are a LOT of new vehicles on the road in the La Paz area. Either the prices here are more affordable, they are being financed, or the dealerships are being very creative in convincing people to sign on the dotted line ....

I was parked near the Nissan dealer a week or so ago and decided to wander over. I'm actually looking for a new, small, 4x4 truck and they had a bunch parked outside.

In summary:

Nissan Frontier, 4 door, 4x4, US version - $450,000 MXN, ($36,000 USD)

Nissan NP300, 4 door, 4x4, Mexican version - $270,000 MXN, ($21,600 USD).

Very similar vehicles when parked side by side, (in appearance and function). Very dissimilar prices.

The Mexican version is without many of the US mandated safety/environmental/pollution control features of the US version. IE: airbags, side impact/rollover strengthening, low speed crash bumpers, tire pressure monitors, gas vapor capture system. emission controls, etc, etc.

The engine compartment is SIMPLE. Put up the hood and there is a fuel injected engine w/ A/C and power steering. It's just sitting there in an otherwise basically empty engine compartment. Put up the hood on the US version and ask "There's an engine in here somewhere???".

Next stop may be the Ford dealer. I want to take a look at the US F150 vs the MX LOBO models and whatever the small pickup/Explorer equivalents are.

And maybe ask some specifics about financing......


Edit: Corrected prices.

[Edited on 2-8-2013 by RnR]

DENNIS - 2-8-2013 at 08:28 AM

Quote:
Originally posted by RnR
And maybe ask some specifics about financing......



You could ask the owners [ not really....don't do that] of these vehicles what they do for a living to be able to buy such expensive toys. An honest answer may surprise you....or not.