amended lease - GOOD OR BAD DEAL>>>>???
01-06-10, 10:56 AM
#1
Driver School Candidate
Thread Starter
Join Date: Dec 2009
Location: ca
Posts: 25
Likes: 0
Received 0 Likes
on
0 Posts
amended lease - GOOD OR BAD DEAL>>>>???
OK, SO I GOT THE LEASE NOW FOR $468/MONTH INCLUDING TAXES (8.75%).
15,000 MILES PER YEAR
$950 DUE AT SIGNING (INCLUDES FIRST PAYMENT AND REGISTRATION)
3 YEAR LEASE
LEXUS IS 250, 2010
WITH NAVIGATION + 18 INCH ALLOYS + Premium Package Value Edition + ACCESSORY PACKAGE + High Intensity Headlamps with Adaptive Front.
WHAT DO YOU THINK?? GOOD OR BAD???
15,000 MILES PER YEAR
$950 DUE AT SIGNING (INCLUDES FIRST PAYMENT AND REGISTRATION)
3 YEAR LEASE
LEXUS IS 250, 2010
WITH NAVIGATION + 18 INCH ALLOYS + Premium Package Value Edition + ACCESSORY PACKAGE + High Intensity Headlamps with Adaptive Front.
WHAT DO YOU THINK?? GOOD OR BAD???
Trending Topics
01-06-10, 12:47 PM
#8
Driver School Candidate
Join Date: Aug 2009
Location: Corona California
Posts: 37
Likes: 0
Received 0 Likes
on
0 Posts
800 is good. 775 to 850 gets the same rates. 850 is perfect. Above 840 and dealers will let you take a test drive over night/weekend. It'll also get you a better deal.
01-08-10, 09:18 AM
#11
As I've said in other threads, do the math to figure out if you're getting a good deal. The best deal starts with the price of the car, then the money factor (which is less of a secret). Compare this to buying the car, with whatever down payment you can afford and the sum of the monthly payments. If you intend to keep the car after the lease, then compare these:
Leasing: down payment + monthly payments + residual + purchase fees
Buying: down payment + monthly payments
The leasing costs will likely be higher if your plan is to keep the car, but they may be offset by the fact that the lump sum of the residual gets paid at the end of the lease, while the lump sum for financing often gets paid up front (to keep the monthly payments low).
I've bought cars and leased cars, and the math is different each time.
Leasing: down payment + monthly payments + residual + purchase fees
Buying: down payment + monthly payments
The leasing costs will likely be higher if your plan is to keep the car, but they may be offset by the fact that the lump sum of the residual gets paid at the end of the lease, while the lump sum for financing often gets paid up front (to keep the monthly payments low).
I've bought cars and leased cars, and the math is different each time.
01-08-10, 01:53 PM
#12
01-08-10, 11:06 PM
#13
Driver School Candidate
Join Date: Aug 2009
Location: Corona California
Posts: 37
Likes: 0
Received 0 Likes
on
0 Posts
Generally not true. Tier one credit has different meanings across various credit rating services. To insure you meet "Tier 1" accross all rating services you need to get above 775 which generally means that 775 to 850 gets the same rates. You can (rarely) get special unadvertised rates (from the lending institute - not the dealer) for credit ratings above 840. Which is why you should never let a dealer handle/obtain your loan.
Last edited by Xavier6162; 01-08-10 at 11:11 PM.
01-09-10, 08:36 AM
#14
Lexus Test Driver
Generally not true. Tier one credit has different meanings across various credit rating services. To insure you meet "Tier 1" accross all rating services you need to get above 775 which generally means that 775 to 850 gets the same rates. You can (rarely) get special unadvertised rates (from the lending institute - not the dealer) for credit ratings above 840. Which is why you should never let a dealer handle/obtain your loan.
Credit ratings above 800 are typically accidental, and the result of a consumer exhibiting behavior that the formula really likes. Ironically, this includes keeping some balance on cards (at a low utilization rate).
My opinion is that it's much better to be in very little or no debt and have a slightly lower FICO score. Screw "Fair Isaac" and their little game.
01-09-10, 12:22 PM
#15
Driver School Candidate
Join Date: Aug 2009
Location: Corona California
Posts: 37
Likes: 0
Received 0 Likes
on
0 Posts
Generally not true. Credit scores in the 720-740 range typically qualify for Tier 1, depending on the lender. This is because most creditors understand that scores above the 740 (approx) range have more to do with voodoo than actual credit behavior....Credit ratings above 800 are typically accidental, and the result of a consumer exhibiting behavior that the formula really likes. Ironically, this includes keeping some balance on cards (at a low utilization rate).
Last edited by Xavier6162; 01-09-10 at 12:37 PM.