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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
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Replying to: forks2 (Mar 30, 2005 8:19 am) >>Sell Price: $29,750 >>Lease specs: 48 mnth/ 15k miles >>Trade-in: -$4,600 (Hyundai Elantra GT) >>Down payment: $2000 >>Mnthly payment: $460 + tax I missed the - in front of the trade, or thought it was a typo. With no trade and no cap cost reduction we were at $370.03, so if we add $4,600 to the cap cost we get $474.55 per month + tax. That is a lot closer to what you have from them. I am still not clear on what the $2,000 is - you call it "down payment". If you mean as a cap cost reduction then you would be at $429.30 per month. If you meant "out of pocket at signing" - and includes the acq fee, security deposit, and first month's rent, tags, and taxes then the payment the dealer gave you sounds OK. Hyundai makes some really nice stuff now and the warranty (and some of the dealers) are first-rate. The residual values of their cars does not reflect this, however. Resale and lease numbers on them just are not great. Dennis |
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Replying to: ar831 (Mar 30, 2005 7:55 am) If you have the $4,500 you could stick it in the bank and withdraw $125 each month ($4,500/36) to help pay the note. Then you could do the deal (in theory) with $0 down and payments of $373 ($248 w/o insurance + $125 from the bank) per month. No need for the insurance since you don't have any up front money in it. Sounds like the dealer was trying to make the payment work out for you the same as the advertised lease. If you have that much money to put down, then save it and go with the higher payment. Have them run the numbers that way and see how it works out. See if your insurance company covers GAP for free - if so then there is no need for the extra $18 per month if you can get a deal with little down. The promo deals all call for "tier 1" credit and they never advertise (and in some cases do not offer) any alternative - so hard to know what is a "Fair" deal or not. In any case get the purchase price, any fees (doc, acq, etc), money factor, and residual before you sign anything and run them through a lease calc to be sure they add up. Way too easy to get ripped off with hidden charges if you do not. Dennis
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Can you please help with a monthly payment estimation for 2005 Tacoma? If the selling price is $25,800 before t/l, what would a lease payment be on a 48 month lease at 15k miles per year? Trade in value of $2364 (2003 Ranger Edge EXT cab 4dr 3.0 and still owe $7400 on it) with an additional $1000 cash down. I am going in to a dealer today and would like a heads up. Thanks! By the way..my credit is over 740 |
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Replying to: Car_man (Mar 30, 2005 4:34 am) Unfortunately my deal did not yet go through, but I have spent my time finding better overall indicators to assess whether a deal is good beyond the MF, and the term, etc. So I came up with these 2: Indicator 1: Deal Cost / Depreciation point -- For this one you add the sum of monthly amounts + inception fees and you divide it by the depreciation points incurred during the life of the lease -- It is good only for comparing different lease terms on the same car. Indicator 2: Prorated deal cost / month -- For this one you add the sum of monthly amounts + inception fees and you divide it by the term of your lease -- This one is good to compare any lease to any lease independent of the term period as long as you have comparable cars per your goals. So my question to you: Do you know of any indicators beyond the ones I listed above that allow you to do an overall deal assessment? Thanks again. |
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I see they have some great money back for the sedan. What are the money factor and residuals for the remaining 2005 sedans. Thanks.
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Replying to: dwynne (Mar 30, 2005 8:51 am) My credit scores are in the high 500's and low 600's. The reason it is so bad is because of a recent Bankruptcy. My boyfriend has scores in the high 600's and low 700's. With our scores combined we are in tier 3. We do have the $4500 to put down because i sold my old car for $2000 and we have the other $2500. For us the monthly payment being low is a huge help because we are moving and the lower the better until we are stable in the new state, if you know what i mean. We will need the car for the new state thats why we HAD to buy it. Where i live right now a car is not really necessary but in the new state it is. Based on everything so far what do you think of the lease deal? I just want to make sure im not getting taken advantage of... Thanks so much!
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Replying to: ar831 (Mar 30, 2005 9:34 am) I checked on the leasecompare site using a score of 600 and with nothing down (getting the car below cost) the payment would be $443/month for 36 months. With a lot down (close to $4k) the payment was $339 a month for 36 months. Money factor was 0.00570 (ouch). So in light of that, the payment you quoted for 36 months does not sound that bad. Dennis |
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Replying to: Car_man (Mar 30, 2005 5:10 am) 1) GS 300 - MSRP $46,800, sales price $45,900 2) M35 - MSRP $47,760, sales price $46,760 3) MDX w/NAV - MSRP $43,294, sales price $40,794 I am looking for 24 and 36 month leases with 15k miles per year. What other costs will be involved upfront? Thanks. |
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| My CLK320 lease is up in Novemeber and I was thinking that I would buy my next car because I am onw a consultant and the job is a lot more tenuous than my previous fulltime positions. Someone told me that there was insurance available that would pay off your lease if you lost your job. Can someone point me to someplace where I can get more information on this? Is it expensive? Does it affect your credit rating if it happens? Thanks very much. | |
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