- 813
- 174
- Joined
- Sep 22, 2007
What loan % did you qualify for?
To Lease of Finance?? Vol. Car shopping blows
What loan % did you qualify for?
anygivensunday
Banned
- 1,243
- 10
- Joined
- Oct 15, 2003
So i'm looking to get a 2010 dodge challenger later this year... should i lease or buy?
- 3,949
- 1,197
- Joined
- Nov 16, 2001
Which is exactly why I will never lease OR finance a car. I'm perfectly fine getting a car that's a couple years old and letting someother sucker eat the depreciation on it while I pay cash for it and get to use it for a couple years and then sell it at a minimal loss rather than paying overface value with interest for a car that's only going to depreciate beyond what the loan was worth when I drove it off the lot.
DYNAMICS
formerly diplomat tdot
- 28,564
- 3,756
- Joined
- Jun 26, 2002
What numbers are you running? No numbers were even given. You have no idea about the down-payment, residual, interest rate, term of the lease, mileage allowance... NOTHING. So how exactly are you running the numbers? Get out of here with this garbage man. There's a reason why over 50% of new BMWs on the road are leased - they offer GREAT leases. And there's a reason why under 5% of new Porsches on the road are leased - their leases are HORRIBLE.
When I got my M3, it was a $45,000 car. I put down $5,000 and agreed to pay $500 a month over 30 months. I'm paying a total of $20,000 before tax, yet according to your logic, this is more than the original price of the car?
Get out of here with this garbage man. This is one of the reasons I don't spend too much time on NT anymore - too many morons who clearly don't know ANYTHING.
What's your insurance like? just curious?
- 2,108
- 84
- Joined
- Jul 8, 2002
$2,200 with 35% discount (don't know how it works in Ontario).
- 1,135
- 14
- Joined
- Jul 27, 2004
What do you mean broke down for good? Like what exactly happend to end it...and where is it now? And consider previous gen Maximas on that list.
Edit: By the way...don't lease. I am a Finance major. One of the first things we learned in our Financial Planning classes. It's for the people whowant to flash a fancy car, but are not smart enough to look at the real picture.
- 6,782
- 18
- Joined
- Dec 29, 2006
You drive new cars every 3 years that you probably could not afford to buy every 3 years.
Some people like being in the latest and greatest.
- 2,108
- 84
- Joined
- Jul 8, 2002
Where did you get your degree? University of Phoenix?
- 2,144
- 31
- Joined
- Jun 4, 2006
Why you salty?Originally Posted by HOLLAKID619
Originally Posted by Sha77er S7ar I
or you could do the ghetto loan. 84-96 month loans
Huh? How was that relevent to anything you had to say? Try again dude.
hollakid619
Banned
- 2,390
- 11
- Joined
- Feb 24, 2003
Salty? Not me, just allergic to corny jokes.Originally Posted by OGMIKEY
Why you salty?Originally Posted by HOLLAKID619
Originally Posted by Sha77er S7ar I
or you could do the ghetto loan. 84-96 month loans
Huh? How was that relevent to anything you had to say? Try again dude.
- 230
- 10
- Joined
- Feb 27, 2006
hollakid619
Banned
- 2,390
- 11
- Joined
- Feb 24, 2003
You are a pretentious little guy. You strike me as a "big !@**, little bowl" guy. Sure, your M3 with 45k miles is a great car, but seriously grow up. I've been around the wealthiest people in America my whole life and they don't need to shoot people down and try to show superiority...one day you'll get there big guy. For now relax
I guess when you buy a M3 it comes with Instant Douche Mix (Just add water)
- 5,974
- 352
- Joined
- Aug 25, 2005
hahahahaha... as much hate as Vancity is getting I gotta agree with him on a lot of stuff (but the pretentiousness is just going to rub people thewrong way).
Mind you its only 9AM on the west coast but this is the dumbest thing I've heard/read all day. Vancity has already pointed out some of the benefits ofleasing which many of you have just decided to ignore, but that's your choice to do so.
Admittedly I am a little biased because I underwrite leases for a living. Although I don't do auto leases (I specialize in commercial equipment leases)conceptually it is the same. There are pro's and con's to both leasing and finance. For those of you who don't want to fully explore thebenefits/drawbacks associated with both leasing and financing a vehicle here is my general advice.
If you are in the market for a tank of a car that holds value well, is very reliable, and will run for years (ie. Toyota Camry, Honda Accord, etc...) FINANCEthat thing and drive it for the next 15+ years and eventually hand it down to your kid or something.
If you are in the market for a car that devalues faster than currency in Zimbabwe (ie. 7 series BMW, Chevy Impala [example given by an NTer], etc...) thenLEASE. If you finance you will often find yourself underwater, and owing more than the car is currently worth.
Question for VANCITY
You mentioned that you are in Canada. I am still getting up to speed on Leases in Canada (PPSA FTL, and oh yea.... whats up with the effed up taxation systemwith GST paid upfront and then collected 3 months later with the quarterly tax return?), so hopefully you can shed some light. You mentioned that the fulllease payment is tax deductible? Is this because you use the M3 for business and you are deducting the lease payment as a business expense, or does Canada taxlaw allow you to take personal tax deductions on leases?
- 9,470
- 13
- Joined
- Jun 24, 2008
lease if your going to lease finance if your going to finance..i see both arguments, having a current model every 3-4 yrs or having the freedom ownership comeswith are both alluring...it all depends on ones financial situation...just DO NOT lease with the option to buy and decided to finance it at the end of thelease....dumbest move to make...youll be paying way over retiail for that car wether its a scion xa or a zonda.
- 2,108
- 84
- Joined
- Jul 8, 2002
In Canada, you can deduct a lease up to $800/month. Luckily I was in an industry that was never audited, so I was able to write off 95% of the lease (I wasearning commission).
- 168
- 10
- Joined
- May 28, 2001
I always thought financing was the way to go but if you can lease a vehicle and right it off on taxs that sounds alot better to me ... Can anybody explain howthis can work for somebody who lives in the US?
- 5,974
- 352
- Joined
- Aug 25, 2005
As far as I know (please correct me if I am wrong anyone)
In the US, you can write-off the entire lease payment as a business expense if the leased asset is for business use. If you financed the equipment, you wouldonly be able to write-off the principal paid. I dont work with consumer leases only commercial leases, so I'm not 100% sure, but I don't think you canwrite it off for your personal use. Now if you are a pizza delivery boy or something like that, and your car is used specifically for your work, you might beable to. Probably best to talk to your tax advisor/accountant about it.
- 1,254
- 11
- Joined
- Feb 6, 2009
when you lease a car, luxury or not, you pay more than how much it depreciates in the end. why in the world would a dealer purposely take a loss if that wasnot the case? the dealer is better off selling the car, no?
so after your lease is up, what do you do next? take up another lease and then another? your better off buying used and then saving the rest. leases were madefor people who want to live beyond their means
so after your lease is up, what do you do next? take up another lease and then another? your better off buying used and then saving the rest. leases were madefor people who want to live beyond their means
- 23,200
- 5,201
- Joined
- Jan 19, 2002
I don't know all the ins/outs of leasing....but paying so much money for something that you will have 0 to show for in 3 years is :/ to me, unless you gota lot of money
- 74,444
- 62,011
- Joined
- Dec 13, 2004
That is not true. In my business environment, I encounter plenty of people who loves cars and these people who only settle for the top or the line or nothing.I can assure you, none of these guys finances a car over $100k. I highly doubt they are living beyond their means as they could very well buy these vehicleslike it is change in their pockets but they don't.
I just read the last page of this thread but there is definitely a place for leased cars out there and it is becoming more and more popular.
One major reason to lease for the people I spoke to does it so that they do not have to worry about selling or trading off their vehicles in a couple of years.These people also hate having the same cars for more than 2 years so that is why they lease. They found that it is so much of a hassle getting rid of a car andthat they actually lose money on it just to get rid of it, that they lease.
One example of a none-baller friend of mine. He leased a 328i because he figured in 3 years, he would get married and he would opt for a family car so he foundit useless to finance a vehicle. He leased not just for convenience but also to save some money as leasing for him is cheaper.
- 2,108
- 84
- Joined
- Jul 8, 2002
Quick question - how do car dealers make money (excluding service)?
- 6,744
- 995
- Joined
- Sep 16, 2004
Your whole post is 100% wrong
- 1,254
- 11
- Joined
- Feb 6, 2009
please explain matthew
- 6,744
- 995
- Joined
- Sep 16, 2004
I look at it like this, It basically depends on the type of person you are... Me, I personally dont wanna drive the same car for 5 years.... I might lease acar, see something new that catches my eye 3 years down the line and want that....Why would I want to finance for 5-6 years, then have to worry about finding abuyer or getting raped trading it in for credit towards the new car that I want...
Other people are different, but thats how I think...And trust me, leasing has nothing to do with people trying to live beyone their means.... Wayyyyyyyy morepeople %%@* their credit up on financing than leasing..
- 1,254
- 11
- Joined
- Feb 6, 2009
ok, I see your point. The second part of what I said could be subjective depending on the individual but you didnt address the first part. I still dont see whya car dealer would knowingly take a loss on depreciation if leasing was actually better for the lessee vs leaser
