Last post on Aug 20, 2009 at 11:03 AM
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Car Buying, Car Financing, Car Leasing
#4 of 7 Re: Question about SmartBuy Program... [pa356228]
Jul 29, 2009 (3:32 am)
Can I still make monthly payments until it is pay off when after the lease is up?
We'll have to wait for someone who is familiar with SMARTBUY to help out but my understanding is that you effectively have a balloon payment due at the end of your "lease" and then the car is yours. You can either pay cash or finance the balloon payment.
Can anyone help out here? Thanks!
SUVs and Smart Shopper
#5 of 7 Re: Question about SmartBuy Program... [tidester]
Jul 29, 2009 (10:57 am)
Well, I dunno if I'd call it a balloon payment because I think that implies you have to pay it. It is like a lease in the fact that you can turn in the car and walk away.
But, to answer the question, no, you can't just keep making payments. You have to arrange financing or turn the car back in. It is possible you could extend the SB like you do a lease, but you definitely need to call the finance company to discuss the possibility of that option.
#6 of 7 Not sure if that answers...
Aug 20, 2009 (10:04 am)
Not sure if that answers my question, hopeing for more feedbacks, but I guess that works. Also, I do remember the car dealer (where I got my car from) saying with the Smart Buy, I can trade my car in for another vehicle and If I decided to trade my car in after 2 years of the lease (now, it's been almost 4 years) and how much money left on the lease will go toward another vehicle and will take the sales price and subtract the amount I still have left on my lease from my previous vehicle.
I think after the lease is up, I'll just buy a used vehicle and won't have to deal with anymore leases. That's the best way, I could think of. Anymore suggestions??
#7 of 7 Re: Not sure if that answers... [pa356228]
Aug 20, 2009 (11:03 am)
"...and subtract the amount..."
I would get any salesman's promises in writing before I did anything. Maybe I am not understanding what you were trying to say but I can't imagine any deal where they would SUBTRACT any costs when trading.
I forget what state you said you were in but if SB in your state is anything like in NY you should treat it exactly like a lease.
I seem to remember that when SB came here there was an outcry because sales tax was charged on the ENTIRE cost of the car rather than just the lease cost as was previously done. If this is true where you are you might look in to any sales tax rebate that is available to you at the end of your lease.