2023 Laramie flooded won’t start

[John Galt]

Meh. I don’t like owning money on things. Feels like wearing someone else’s underwear.

 

[Darksteel165]

Meh. I don’t like owning money on things. Feels like wearing someone else’s underwear.

I'm glad I don't know the that feeling...

 

[WXman]

Meh. I don’t like owning money on things. Feels like wearing someone else’s underwear.

Unfortunately the average U.S. household income is something like $70k. So if everyone felt the same way you do, the automotive industry would collapse because they'd be selling almost no new vehicles. This also means there'd be no used vehicles to purchase. So I guess we could go back to riding horses to work. Actually there's one family in my town that did just that last year when gas hit $5/gallon.

Financing expensive needs is literally the thing that keeps our economy alive.

 

[Darksteel165]

Financing expensive needs is literally the thing that keeps our economy alive.

I can't tell if you are trying to be serious or just trolling

 

[John Galt]

I can't tell if you are trying to be serious or just trolling

one man’s idea of “economy” is another man’s pathway to serfdom.

 

[HSKR R/T]

Unfortunately the average U.S. household income is something like $70k. So if everyone felt the same way you do, the automotive industry would collapse because they'd be selling almost no new vehicles. This also means there'd be no used vehicles to purchase. So I guess we could go back to riding horses to work. Actually there's one family in my town that did just that last year when gas hit $5/gallon.

Financing expensive needs is literally the thing that keeps our economy alive.

Horses are more expensive thanc cars.

 

[User_3336]

Depending on the lease. Without ordering, I have never gotten the truck I want, only what I would settle for, therefore I never bought at the end. I have had lease deals that would have made it stupid to purchase outright when I got them. By purchasing at the end of the lease would have saved almost $6,000. I don't remember the exact numbers, because it was a couple leases ago but for example, say the price was $55,000. Say price negotiated was $50,000. (Lease price is still based off of that price) Let's say total of lease payments, was $4000. The buy out at the end of the lease was $40,000. You would pay $6,000 less over all by leasing,then buying, then if you purchased originally. Not every lease works out that good. Plus, once you drive it for 2 or 3 years, you know whether it's a vehicle you want to keep.

All that would depend on the residual value. Your analysis isn't quite accurate for real world.

 

[User_3336]

Yes, there is no difference. Lease, "buy", if you make payments the truck is NOT yours. Miss a payment or two in either situation and they're sending a tow truck.

But for somebody who never misses payments and has good credit a lease used to be an amazing way to go. You could drive a brand new vehicle at half the monthly cost, plus less tax, and if you decided to buy it at the end you typically had immediate positive equity. It was a great option. TODAY it's not because last year when used vehicle prices went insane the banks holding leases lost their shirts. So now they protect themselves. "Money factor" (interest rate) on leases is sky high, and they have employed shady tactics to ensure they don't lose money. I had a Nissan lease through Nissan and they said I could ONLY turn the truck in at a Nissan dealership...no other brand. Today I have an Ally lease and they say that if I turn the truck in early they will tack on $9,000 in fees so I'm stuck with it until the end of lease. I'll never lease again now that they've screwed this once great option.

Under NO circumstances should you EVER lease with Ally. F Ally.

What do you consider a "sky high" money factor on a lease. It varies from vehicle to vehicle. Money factor is different on each lease term as well (24/36mos).

 

[User_3336]

Why are folks financing thru ALLY on a RAM vehicle? Wasn't CCAP good enough?

 

[John Galt]

Why are folks financing thru ALLY on a RAM vehicle? Wasn't CCAP good enough?

Chrysler is over 7% right now. Here are far better deals out there…..BT hard to believe Ally would have them.

 

[HSKR R/T]

Why are folks financing thru ALLY on a RAM vehicle? Wasn't CCAP good enough?

Might depend on dealer as well. Some make deals with finance institutions for kick backs on getting people to use them

 

[User_3336]

Might depend on dealer as well. Some make deals with finance institutions for kick backs on getting people to use them

Yeah, mostly for dealer kickbacks. I've always been offered CCAP mainly because there have been rebates in my deal that depended on using them. I'm sure dealer gets kickback on the back end on any loans they float.

 

[6of36]

All that would depend on the residual value. Your analysis isn't quite accurate for real world.

I don't remember my exact numbers, because that was like 3 leases ago, but that is accurate for my savings on that vehicle. None of my other leases were quite that good, but it answered the original question of why lease. For that particular vehicle it would have been stupidity to buy day 1.

 

[6of36]

Why are folks financing thru ALLY on a RAM vehicle? Wasn't CCAP good enough?

When I leased that truck, Ally was about $25 less per month than CCAP. My last lease was through a credit union. The only reason a dealer only offers factory leases, is kickbacks. Very rarely is the factory lease the best price.

 

[User_3336]

When I leased that truck, Ally was about $25 less per month than CCAP. My last lease was through a credit union. The only reason a dealer only offers factory leases, is kickbacks. Very rarely is the factory lease the best price.

Well, on my last lease, CCAP was offering $1500. that would have been around $40 a month extra off my lease cost over 36 months.

A dealer gets a KICKBACK on EVERY LEASE they sign. So you have to look at what extra inventive is given and also what money factor each lender is offering.

Surely depends on the vehicle and the time you're leasing. No one is better than the other until you compare.

 

[6of36]

Well, on my last lease, CCAP was offering $1500. that would have been around $40 a month extra off my lease cost over 36 months.

A dealer gets a KICKBACK on EVERY LEASE they sign. So you have to look at what extra inventive is given and also what money factor each lender is offering.

Surely depends on the vehicle and the time you're leasing. No one is better than the other until you compare.

That is the rare time the factory lease is better, due to lease dependent rebate. The salesperson always says who the best rate is with, where I go.

 

[User_3336]

That is the rare time the factory lease is better, due to lease dependent rebate. The salesperson always says who the best rate is with, where I go.

And you trust a salesperson or a finance manager for giving you the "best rate"? Best deal for them you mean?
Gees, you truly are gullible!

 

[Jimmy07]

Good lord. You shop lease offers just like you would regular financing when buying the vehicle, and choose the one that works out best for you. What difference does it make if the dealer may or may not be getting a “kickback”, as long as the lease offer you choose is financially better than other offers, WGAF?

 

[Darksteel165]

And you trust a salesperson or a finance manager for giving you the "best rate"? Best deal for them you mean?
Gees, you truly are gullible!

One time I got the best rate through a bank through the dealership. I was shocked. I already had financing through my bank at a great rate but for whatever reason the dealership gave me the normal rate without the dealership markup so I would get it from them. He even showed me his computer and was like, this is the rate I'm suppose to offer but I'm going to just give it to you directly without us taking a %.


Still not sure why that dealership did that, but I called around to like 20-30 different banks and credit unions prior so I know it was a great rate).

I always let the dealership try if their rate sucks just move on, you should of already done your research by that point.

You shouldn't care what the dealer is getting as long as YOU are getting a good deal. No one works for free and large businesses gets better deals then an individual person for almost everything so everyone can get a piece of the pie and be happy.

 

[BowDown]

Well, on my last lease, CCAP was offering $1500. that would have been around $40 a month extra off my lease cost over 36 months.

A dealer gets a KICKBACK on EVERY LEASE they sign. So you have to look at what extra inventive is given and also what money factor each lender is offering.

Surely depends on the vehicle and the time you're leasing. No one is better than the other until you compare.

Dealers can get a kick back (dealer interest rate mark-ups) on a lease or a purchase if its done through them. In Texas the legal limit is 2 additional percent