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Message
Leasing a New Car
Posted on 4/25/19 at 7:43 am
Posted on 4/25/19 at 7:43 am
Need advice please. The car is for my wife she only travels to work and to pick up child so mileage is gonna be ok with lease.
Looking at 2 dealerships. First one's MSRP is at 22870 got them down to 20500 with no down payment at 0.023 interest rate. Manager says hes losing 2300 on deal.
Next dealer got the car from 22870 to 20190 dollars, no money down and is losing 1800 on deal. same interest rate as well.
Doesnt make sense that i can get the car for 300 cheaper and second dealer isnt losing as much as first dealer. I believe first dealer is lying about loss.
looked at true car and KBB and getting car lower than what the national average of 20600.
Any advice or tips is appreciated!
Looking at 2 dealerships. First one's MSRP is at 22870 got them down to 20500 with no down payment at 0.023 interest rate. Manager says hes losing 2300 on deal.
Next dealer got the car from 22870 to 20190 dollars, no money down and is losing 1800 on deal. same interest rate as well.
Doesnt make sense that i can get the car for 300 cheaper and second dealer isnt losing as much as first dealer. I believe first dealer is lying about loss.
looked at true car and KBB and getting car lower than what the national average of 20600.
Any advice or tips is appreciated!
20
Posted on 4/25/19 at 7:44 am to TIGER1790
quote:
for my wife
Are the pics not loading for anyone else?
Posted on 4/25/19 at 7:45 am to TIGER1790
quote:Think about this.
Manager says hes losing 2300 on deal.
PS: You’re also a dummy for leasing in your situation.
Posted on 4/25/19 at 7:47 am to TIGER1790
1) They are never losing money on a lease.
2) Refer to Edmunds for your vehicles Money Factor and residual value for your section of the country (believe it or not they have different things for different part of the US)
3) Hit them with the researched MF and RV. Dont budge. Max sure there is no manufacturer lease cash they are withholding from you.
4) Do not take a 12k mi lease. 10k mi or less, if you drive more than that, you will have issues running over. I promise you.
2) Refer to Edmunds for your vehicles Money Factor and residual value for your section of the country (believe it or not they have different things for different part of the US)
3) Hit them with the researched MF and RV. Dont budge. Max sure there is no manufacturer lease cash they are withholding from you.
4) Do not take a 12k mi lease. 10k mi or less, if you drive more than that, you will have issues running over. I promise you.
Posted on 4/25/19 at 7:48 am to soccerfüt
quote:
PS: You’re also a dummy for leasing in your situation.
Maybe they want a really low payment and the wife is kicking him in the arse for something new every so often?
Everyone's situation is different.
Posted on 4/25/19 at 7:51 am to bluebarracuda
I know shes not going over 12000 miles a year.
This post was edited on 4/25/19 at 7:52 am
Posted on 4/25/19 at 7:51 am to TIGER1790
Hope your wife is a good driver...
Side note, frick leasing a car...
Side note, frick leasing a car...
Posted on 4/25/19 at 7:53 am to TIGER1790
you're about to get a bunch of 1970s Dave Ramsey financial advice
Posted on 4/25/19 at 7:54 am to GreatLakesTiger24
quote:
you're about to get a bunch of 1970s Dave Ramsey financial advice
too late
Posted on 4/25/19 at 7:55 am to Hangover Haven
If the dealership was losing money on the deal, they wouldn’t do it. The dealer is not being truthful with you
Posted on 4/25/19 at 8:00 am to TIGER1790
quote:
Leasing a New Car
People still do this? fricking baby boomers triple leveraging themselves yet again dragging down our economy.
I bet your house has a reverse mortgage also.
Posted on 4/25/19 at 8:01 am to TIGER1790
Tried leasing once. I hated it. The worst part is that several months ahead of the lease ending, the dealership wouldn't stop calling me begging me to go ahead and get into a new leased vehicle at that moment instead of waiting to make a move at the actual end of the lease. It is like a vicious cycle.
Lesson learned.
Lesson learned.
Posted on 4/25/19 at 8:02 am to OleWarSkuleAlum
quote:
People still do this? fricking baby boomers triple leveraging themselves yet again dragging down our economy.
I bet your house has a reverse mortgage also.
Do you feel the same way about half the population renting their apartments/homes?
Posted on 4/25/19 at 8:03 am to guttata
quote:
If the dealership was losing money on the deal, they wouldn’t do it. The dealer is not being truthful with you
Bingo. Car dealers are for profit entities and it is stupid to think they are ever taking a loss.
Short version
A. Dealer is lying, do not be dumb enough to believe him/her
B. Leasing is the wrong move, unless you are able to write it off some how.
C. If you are not in a financial place to throw away money, just buy a used car that has already taken a large depreciation hit.
Posted on 4/25/19 at 8:07 am to 50_Tiger
quote:
Do you feel the same way about half the population renting their apartments/homes?
No because in that scenario you must figure in opportunity costs.
Posted on 4/25/19 at 8:10 am to OleWarSkuleAlum
quote:
No because in that scenario you must figure in opportunity costs.
Okay, so what if I wanted something new every 3 years and had the financial means of doing such a thing?
Some of us dont want to be 70 years old to experience the finer things in life.
Posted on 4/25/19 at 8:11 am to TIGER1790
Research and do what's best for you.
But, there is no way dealer takes any loss let alone $2300 or $1800 on a deal.
Maybe they'd be willing to lose a few hundred $ on a sale? I've heard they make the real $$ on service.
But, there is no way dealer takes any loss let alone $2300 or $1800 on a deal.
Maybe they'd be willing to lose a few hundred $ on a sale? I've heard they make the real $$ on service.
Posted on 4/25/19 at 8:12 am to 50_Tiger
quote:
Okay, so what if I wanted something new every 3 years and had the financial means of doing such a thing?
The majority of vehicle leasers do not fall into this category.
Posted on 4/25/19 at 8:12 am to 50_Tiger
quote:
Do you feel the same way about half the population renting their apartments/homes?
We’ve all been sold a bill of goods on the dream of owning a home.
Posted on 4/25/19 at 8:13 am to OleWarSkuleAlum
Actually no I do not have a reverse mortgage ya dick
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