Lease or Buy? Everyone bought?
#21
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One quick correction to the math above: it is easy to get an interest rate below 9% if you don't finance with the dealer. The dealer is given a fee by the lenders according to the interest rate they can get you to pay. That is why they will often give you a better price on the car if you finance through them.
The dealer's offer was 9%. My bank offered me a loan at 8.25%, because I am a "preferred" customer (I auto-deposit my paychecks). Instead, I got a loan for the full purchase price through PeopleFirst.com at 7.25%. I filled out the paperwork online, they called to say that it was approved 15 minutes later, and I had the check 19 hours later from FedEx. I walked into the dealer, filled in the amount of the purchase, signed the check and walked out.
I have mentioned this before, but I *highly* recommend PeopleFirst.com. It was easily the best experience I have ever had getting a loan.
The dealer's offer was 9%. My bank offered me a loan at 8.25%, because I am a "preferred" customer (I auto-deposit my paychecks). Instead, I got a loan for the full purchase price through PeopleFirst.com at 7.25%. I filled out the paperwork online, they called to say that it was approved 15 minutes later, and I had the check 19 hours later from FedEx. I walked into the dealer, filled in the amount of the purchase, signed the check and walked out.
I have mentioned this before, but I *highly* recommend PeopleFirst.com. It was easily the best experience I have ever had getting a loan.
#22
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While I had planned to just keep the car for awhile, I cannot bear the thought of parting with it now. I purchased mine and now plan to keep it!
I say, buy or lease, just get the car!
I say, buy or lease, just get the car!
#23
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I certainly agree with andrewewing
The amount I can write off was not a critical part of my decision to get it. Keeping my other vehicles was. As much as I love the S2K and plan to buy it out at the end, who knows if I will. In three years, the buyout price should be simple for me to payoff straight out....if not I can finance a bit.
It is all about how much you want the car and what you need to do to get it (within your means!)
All these people that say BUY, BUY, BUY.....if they put 10,000 down, their payments are higher than mine, and either way you look at it (buy or lease) the bank or leasing company owns the car. When they say "My Car", theirs is no more theirs than mine is
I used to say that I would never lease. But at this point, it actually made sense to me. I would normally be well over mileage limits (the del Sol has 80k in 3.5 years) but I want to garage for the winter anyway....that will keep miles low. If I lived in a warm climate I would have probably sold my Sol and bought the S.
The amount I can write off was not a critical part of my decision to get it. Keeping my other vehicles was. As much as I love the S2K and plan to buy it out at the end, who knows if I will. In three years, the buyout price should be simple for me to payoff straight out....if not I can finance a bit.
It is all about how much you want the car and what you need to do to get it (within your means!)
All these people that say BUY, BUY, BUY.....if they put 10,000 down, their payments are higher than mine, and either way you look at it (buy or lease) the bank or leasing company owns the car. When they say "My Car", theirs is no more theirs than mine is
I used to say that I would never lease. But at this point, it actually made sense to me. I would normally be well over mileage limits (the del Sol has 80k in 3.5 years) but I want to garage for the winter anyway....that will keep miles low. If I lived in a warm climate I would have probably sold my Sol and bought the S.
#25
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[QUOTE]Originally posted by Tanqueray
[B]One quick correction to the math above: it is easy to get an interest rate below 9% if you don't finance with the dealer.
[B]One quick correction to the math above: it is easy to get an interest rate below 9% if you don't finance with the dealer.
#26
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Originally posted by rjm161
I certainly agree with andrewewing
All these people that say BUY, BUY, BUY..... When they say "My Car", theirs is no more theirs than mine is
I certainly agree with andrewewing
All these people that say BUY, BUY, BUY..... When they say "My Car", theirs is no more theirs than mine is
#28
Hmm... I guess so. But whenever I ask the dealer by phone what the rate is they never tell me anything. I guess it's really up to them what rate they want to give you? Is the rate negotiatable?
If I lease should I put something down? What's a good length for leasing? 3 years? And if I choose to buy after that would I be hit hard?
If I lease should I put something down? What's a good length for leasing? 3 years? And if I choose to buy after that would I be hit hard?
#29
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Originally posted by Howie
And if I choose to buy after that would I be hit hard?
And if I choose to buy after that would I be hit hard?
Also, if you finance the portion you don't have cash for, you can always pay down the loan amount whenever possible -- saving interest payments in the long run. With a lease, you're locked into paying a fixed amount for a fixed term for fixed mileage.
#30
I was using some lease calculators and somehow I always came out with higher "price for car" and not so much lower payments that a loan. Though maybe not paying a downpayment for a lease had something to do with it.
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