Lease Payment Question Help!!
Pro
Joined: Apr 2005
Posts: 734
Likes: 0
From: Davie FL
Originally Posted by motninorc
Explain to me how this is any different than a buy/finance. The monthly payment includes interest and sales tax, so naturally if you add them all up plus the residual plus your down payment it is going to be higher than the agreed price or MSRP (whichever you negotiated). Point is even if you finance, the total of your monthly payments plus any down payment is going to be higher than the purchase price.
Pro
Joined: Apr 2005
Posts: 734
Likes: 0
From: Davie FL
Originally Posted by dupont2406
Are you saying that dealers can mark up the interest rate on a lease???? That may be the reason why the numbers vary so much.
Racer
Joined: Jul 2006
Posts: 495
Likes: 0
From: So Cal
Originally Posted by Purdue94
I have seen many threads about trading to dealers. One could do a search or look for some of the threads were forum members were ranting about how their local dealer insulted them on a trade amount on their C5/C6
YES.. and they do it to all vehicles really, especially more common vehicles like when my dad wanted to trade in his 02 Altima, they offered like 8-9k and he owed like 16k on it haha. It was still worth 12-13k on the street.
So he picked a fully-loaded 05 Maxima and they took over his payments on the altima right before he walked out.. =)
Intermediate
Joined: Jul 2006
Posts: 38
Likes: 0
From: Fredericksburg Virginia
#'s on my lease
06 vert.
61.8k sticker
53.8k final price for car financed throught lease
48 month
795.00 per month
3700.00 paid by me in ttt&1st payment
720+ credit score
12k miles per year
the key to not being upside down is the right purchase price.
Just sold and 01 I leased for 60 months and made out like a bandit!
we only drove it for 40k.
I had an 05 we also just sold we had for 18 months we paid sticker, drove it for 18K and got killed on it. We paid 55.6k for the car, we sold it for 42.5 with new tires in excellent condition.
Different strokes for different folks but as you can see I'll keep leasing.
Buy it if you want to keep it forever or don't care about the questionable potential for loss.
The lease offers a "structure loss", all cars are considered "wasting assets". When you lease you know exactly what you are losing.
Hope this helps a little.
-Chuck
61.8k sticker
53.8k final price for car financed throught lease
48 month
795.00 per month
3700.00 paid by me in ttt&1st payment
720+ credit score
12k miles per year
the key to not being upside down is the right purchase price.
Just sold and 01 I leased for 60 months and made out like a bandit!
we only drove it for 40k.
I had an 05 we also just sold we had for 18 months we paid sticker, drove it for 18K and got killed on it. We paid 55.6k for the car, we sold it for 42.5 with new tires in excellent condition.
Different strokes for different folks but as you can see I'll keep leasing.
Buy it if you want to keep it forever or don't care about the questionable potential for loss.
The lease offers a "structure loss", all cars are considered "wasting assets". When you lease you know exactly what you are losing.
Hope this helps a little.
-Chuck
Melting Slicks
Joined: Apr 2005
Posts: 3,216
Likes: 4
From: ---Phoenix, AZ --- Boiler Up, Hammer Down!
Originally Posted by jayelleseven
YES.. and they do it to all vehicles really, especially more common vehicles like when my dad wanted to trade in his 02 Altima, they offered like 8-9k and he owed like 16k on it haha. It was still worth 12-13k on the street.
So he picked a fully-loaded 05 Maxima and they took over his payments on the altima right before he walked out.. =)
So he picked a fully-loaded 05 Maxima and they took over his payments on the altima right before he walked out.. =)
.
Pro
Joined: Aug 2004
Posts: 616
Likes: 0
This is a trick question.
I don't think that there is a "fair" payment on a lease.
But you do seem more than ready to pay for something you can't keep without paying for it again later, so I would say whatever you can afford to pay seems fair for you.
For anyone thinking this is part of lease vs. purchase highjack.....he did also ask what we thought was "fair"
I don't think that there is a "fair" payment on a lease.
But you do seem more than ready to pay for something you can't keep without paying for it again later, so I would say whatever you can afford to pay seems fair for you.
For anyone thinking this is part of lease vs. purchase highjack.....he did also ask what we thought was "fair"
Le Mans Master
Joined: Feb 1999
Posts: 5,492
Likes: 2
From: Florida
remember the payment is a result of not only the interest rate "factor" but the residual as well so any combo of those two need to interact the get the right payment. You may get a low interest rate, but a low residual as well which could equal a higher payment. That is why you need to ask to see "lease link" info at the dealer. Lease link takes into consideration all those items and lists the payments lowest to the highest.
Thread Starter
Instructor
Joined: Aug 2006
Posts: 107
Likes: 7
From: LI NY
Originally Posted by RAP
This is a trick question.
I don't think that there is a "fair" payment on a lease.
But you do seem more than ready to pay for something you can't keep without paying for it again later, so I would say whatever you can afford to pay seems fair for you.
For anyone thinking this is part of lease vs. purchase highjack.....he did also ask what we thought was "fair"
I don't think that there is a "fair" payment on a lease.
But you do seem more than ready to pay for something you can't keep without paying for it again later, so I would say whatever you can afford to pay seems fair for you.
For anyone thinking this is part of lease vs. purchase highjack.....he did also ask what we thought was "fair"
I like leasing it works for me. New car every 3 years. After 3 years 45K miles I’m done with a car. No hassles no nothing I get a new one. To each his own.
No tricks in this question. I can reword it. What is a reasonable payment??? A good deal etc.
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Burning Brakes
Joined: Dec 2005
Posts: 919
Likes: 0
From: Cincinnati Ohio
Originally Posted by jayelleseven
Its ALL about private party value! Who sells to the dealer anyway? Thats much worse than a bad lease...
Last edited by SomeoneTakeTheWheel; Sep 3, 2006 at 08:51 PM.
Burning Brakes
Joined: Mar 2006
Posts: 1,183
Likes: 1
From: Santa Monica CA
Originally Posted by WD-40
Please do not lease if you can afford not to. Lease options are not good and you are stuck for the entire lease period. There are restrictions and at the end yo give the car back and have nothing. I spoke with a person trying to sell his recently leased Corvette and he is so far upside down he can't do it.
Burning Brakes
Joined: Dec 2005
Posts: 919
Likes: 0
From: Cincinnati Ohio
Originally Posted by WD-40
Please do not lease if you can afford not to. Lease options are not good and you are stuck for the entire lease period. There are restrictions and at the end yo give the car back and have nothing. I spoke with a person trying to sell his recently leased Corvette and he is so far upside down he can't do it.
The issue is that lease terms are more complicated than loan terms, and people don't want to do the due diligence. I don't feel bad for them when they get a terrible deal.
Last edited by SomeoneTakeTheWheel; Sep 4, 2006 at 09:57 AM.
Le Mans Master
Joined: Apr 2004
Posts: 8,217
Likes: 0
From: Morrison Co
Originally Posted by dupont2406
Looking to lease my first Corvette!! Need some opinions on a lease payment. Looking to order 07 coupe MSRP 52,230 my GMID is 46,912. The lease I want is 39 Months 15K Miles a year. Tax, First Payment and Reg. Fees Out of Pocket (upfront, down, etc.).
Had a few dealers do the math and I am getting payments way higher than I figured. Example leasecompare.com has payments at 684.00. I am getting quoted at minimum of 100.00 more a month. 684 a month sounds a little unrealistic too but am I asking too much to be somewhere in the middle around 730.00 a month.
Just looking for some opinions.
Thanks!!!
Need some opinions on a lease payment. Looking to order 07 coupe MSRP 52,230 my GMID is 46,912. The lease I want is 39 Months 15K Miles a year. Tax, First Payment and Reg. Fees Out of Pocket (upfront, down, etc.). Had a few dealers do the math and I am getting payments way higher than I figured. Example leasecompare.com has payments at 684.00. I am getting quoted at minimum of 100.00 more a month. 684 a month sounds a little unrealistic too but am I asking too much to be somewhere in the middle around 730.00 a month.
Just looking for some opinions.
Thanks!!!
Last edited by COAndy; Sep 4, 2006 at 10:42 AM.
Racer
Joined: Oct 2005
Posts: 409
Likes: 2
From: The Villages FL
Advanced
Joined: Mar 2006
Posts: 95
Likes: 0
Originally Posted by dupont2406
Like I said before it’s not a matter of affording anything. I wouldn’t be leasing a Corvette if it were a matter of affording it. I think most Corvette owners can afford way more than they are paying a month. It’s a matter of what a person wants to spend on a vehicle a month. Would you lease a Honda Civic for $1000.00 a month just because you can afford it? Sound like that’s what you are saying.
I like leasing it works for me. New car every 3 years. After 3 years 45K miles I’m done with a car. No hassles no nothing I get a new one. To each his own.
No tricks in this question. I can reword it. What is a reasonable payment??? A good deal etc.
I like leasing it works for me. New car every 3 years. After 3 years 45K miles I’m done with a car. No hassles no nothing I get a new one. To each his own.
No tricks in this question. I can reword it. What is a reasonable payment??? A good deal etc.
Former Vendor
Joined: Sep 2005
Posts: 552
Likes: 1
From: Parkland FL
Originally Posted by vettetech2
Sounds to me like everyone is trying to tell this person he should not lease, i believe he said and i quote----------- The lease I want is 39 Months 15K Miles a year. Tax, First Payment and Reg. Fees Out of Pocket (upfront, down, etc.). quit highhacking the mans thread, if you rather purchase than thats good for you congratulations.If you rather lease congratulations to you also.Everyone has different needs for different situations.Start your own thread on purchase vs. lease and do a comparsion chart on the pros and cons on both of them.
So if you know if it's a fair deal or not that is what he is asking for.
Last edited by Coastal Boot; Sep 4, 2006 at 02:28 PM.
Racer
Joined: Jul 2006
Posts: 495
Likes: 0
From: So Cal
Originally Posted by SomeoneTakeTheWheel
I've never known anyone who had luck with private party sales unless it was a $500-$1000 car where someone could just show up with cash. They advertise like crazy, field 1000 phone calls from people that can't buy the car and are just trying to get a joyride, and when someone finally does make an offer, they need two weeks to try to scrape together financing, so they need you to fax all kinds of documents to their bank. Add on the red tape of paying off your own loan on the car and the few extra bucks you make disappears quickly.
It really depends on the vehicle and where you are selling it. Focus should be on a competitive price and Exposure. Cars.com and autotrader hook you up with exposure and if you're car has good re-sale value than you won't have trouble with ppl scraping $ together.
I'll never give a joyride to anyone interested in my current vehicle!
Racer
Joined: Jul 2006
Posts: 495
Likes: 0
From: So Cal
Originally Posted by Purdue94
It's a shame that buying a new car or trading one has to involve an exact science in order to not get screwed! Glad your dad was able to get what he wanted .
.Yeah he pulled it off, hes damn good at negotiating, he helped me get a discount on my current vehicle when I thought the dealership wouldn't budge anymore
sorry to go off topic...
Melting Slicks
Joined: Apr 2005
Posts: 3,216
Likes: 4
From: ---Phoenix, AZ --- Boiler Up, Hammer Down!
Originally Posted by jimmie jam
a good rule of thumb is $130 per $10000 of PURCHASE price. thats with no money down not including taxs ect., etc.. my .02.
If you purchased for $50K at 0% interest for 5 years that would be more than $130 per $10K with no money down etc...factor in an interest rate and it goes up from there.