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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
| Thiulede, you should be able to lease the car from that dealership without any problem. The fact that you are an out of state customer should not matter. The only difference would be the taxes. You may want to look around and see what sort of lease deals you can find on the Expedition through banks and lending institutions in your area just to see if they can beat the Ford dealer's rate. If you decide to lease through Ford Motor Credit I believe that you will have to pay 9.75% for 24 & 36 months and 10.75% for 48 months to lease an Expedition. Good luck | |
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I slightly disagree with Car Man. Many leasing companies will not allow a car to be move out of state. The dealer in Oklahoma uses a local leasing company so Thiulede has to find a leasing company local to him to handle the deal. Perhaps even through a local dealer. But I also think the $500 charge is a ripoff from Oklahoma to Texas. One of my readers had a car shipped from Miami to N.C. for $300. If you belong to a credit union that does leases, have them buy the car, you take a train to go get it with the credit union check, bring it home save $500, and the credit union then leases you the car. http://zim.com/ejo/lease.htm Jeff |
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| You'd have to take something other than a train since only cargo trains run through Oklahoma at present. But a valid point nevertheless. | |
| Would someone please tell me if GMAC loans go by the "Rule of 78"? Where the interest is paid in the first 12 months thereafter you are paying off the principle. | |
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I have a very good income but have a few spots on my credit, one collection, and a few lates. I am debt free with the exception of a mortgage and the vehicle I plan to trade in. What sort of lease options are there for me? I tried the internet on-line car loan and was denied. |
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I am trading in a 94 caravan for a 1999 Chevrolet Suburban k1500. |
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I'm considering trading in my two cars and am interested in leasing possibly a Ford F-150 and a SUV (of some make). I've read Edmund's suggestions for leasing, however, I have high mileage requirements (one car averages 23k a year). Buying the vehicle after the lease agreement is up sounds interesting, but do you still have to pay for the extra mileage and "wear and tear" if you buy it? And...what's so special about the GMC Smartlease? |
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Well, KeavDog, depending upon your specific credit rating, leasing may prove to be extremely expensive for you. Lease rates for individuals with poor credit can be as high as 16.5% through GMAC! You may actually be better off financing your next vehicle. Financing will enable you to put down a decent size down payment. By doing so, you will lessen the amount that you have to pay interest on and increase your chances of getting approved. I don't advise putting a large down payment down on a lease, this is essentially throwing your money away. Even though it will mean higher monthly payments, you are much better off leasing a vehicle with $0 down. Your trade-in will definitely help. Make sure that you don't take too low a price for your van on a trade. You can always sell the vehicle yourself and use apply the money that you get from the proceeds towards your new vehicle. Good Luck. Your Host |
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| Hbarron, it seems as though you put a lot of mileage on your vehicles. Leasing is probably not for you, unless you plan on purchasing your vehicle at lease end. It's generally not a good idea to lease a vehicle if you plan on driving more than 15,000 miles per year. The excess mileage charges will become extremely expensive if you drive 23,000 miles per year. In answer to your question, no you do not have to pay for wear and tear or excess mileage if you plan on purchasing your vehicle at the end of your lease. There really isn't anything special about GMAC SmartLease. This is just the lease program that is offered through General Motors' captive finance company, GMAC. GM frequently offers low lease rates through the SmartLease program in order to help sell its vehicles. However, these offers can sometimes be beaten by other finance companies like World Omni or Chase. It's important to shop around when leasing a vehicle. | |
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Car man, In response to Hbarron, you made the point that you should shop around for a lease and not just plump for the mfrs finance. My question is if you take the time to negotiate the selling price of a vehicle to somewhere close to invoice with the dealer, then can you get a third party lease at this price, OR would you have to negotiate a new deal with that company? |
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