Who Leases? Who Purchased?

[PurpleRT]

Purchased. I work out of state most the year and can’t predict the miles I’ll be driving. More the likely j would be over the allowed amount by a lot plus if I’m paying for something I rather be paying for something to own and not an extended rental. Buddy does the same work I do.. leased a Jeep, told him terrible choice. When it came time to turn it in he would of had to pay like $5-6k do the the mileage. So of course he bought it.


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[Bones]

Leased. With trade in, total down was 13K. 72K MSRP, got it for 59K. 3 years 45K miles, 550/month. Went up to 590/month after adding extended coverage stuff

 

[50Front]

Leased. With trade in, total down was 13K. 72K MSRP, got it for 59K. 3 years 45K miles, 550/month. Went up to 590/month after adding extended coverage stuff

Are you sure your numbers are right? With 13k down you should have been around $325 a month plus taxes for an ok average deal.

 

[Brad460]

Leased. With trade in, total down was 13K. 72K MSRP, got it for 59K. 3 years 45K miles, 550/month. Went up to 590/month after adding extended coverage stuff

So much wrong here....I don’t even know where to start...and 13k down on a 3 year lease is the most absurd thing I’ve ever heard.

This thread is full of bad financial decisions..

 

[Biga]

I purchased mine sticker was about 57K and got the truck for 45K, 22K on trade in. So somewhere around 23K out the door financed for a few months to get the extra rebates then paid it off.

 

[Yogi217]

So much wrong here....I don’t even know where to start...and 13k down on a 3 year lease is the most absurd thing I’ve ever heard.

This thread is full of bad financial decisions..

I don't know... i pay less than half a percent of interest each month on my lease and I've been making a good return on the stocks I've bought with the extra discretionary income I have had over the past few months.... but that's just me..... snowflake and tesla have been killing it

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[Kxlexus]

Purchased and paid off after 3 months

 

[CrewDaddy]

2020 Rebel. Leased. 42 mo/12,000 mi, $365/mo. $56555 MSRP, $45643 Sale Price including incentives. Leased through a local bank so dealer applied Employee pricing and retail purchase incentives as the leasing company is actually purchasing the vehicle. Worked out better than leasing through FCA and getting the lease incentives without EPP. MFI .00208, Residual 56%. $1750 due at signing included my first months payment, taxes and fees as I didn't want to finance those.

Traded my 2016 Toyota Tacoma TRD Off-Road with $6500 equity. Added the gap coverage for the lease to my auto insurance for only $199/year. This is in addition to the new car replacement that was included and applies to the lease as well.

I know some will say it is not financially wise to apply a down payment or trade equity to a lease. To that I say, I was already driving a leased vehicle with $6500 positive equity in the Tacoma. Just because equity is at the front end vs the back-end doesn't really matter much if the residual works for the end of lease buyout or trade. (if you don't total it, but new car replacement and my auto insurance gap coverage will make up any difference) I expect this RAM to be worth more than the $31k or so residual value and plan on purchasing it after the 42 month lease is up. YMMV.

 

[troutspinner]

Purchased and paid off after 3 months

Damn! I applaud you for not wanting to owe anyone but do you realize how much money you could have made with that money?

 

[obrien]

Purchased. MSRP was 55k and I paid 47k - it was BTS edition in Anvil color which weren't that easy to find in configuration I wanted at the time. The interests are so low now - I got 2.4% though the dealer preferred finance partner (to get $500 incentive) and then refinanced with local credit union with rate of 1.85% before making the first payment.

I would love to hear if that is a common practice or not as this is the first new car I actually bough, I usually lease.

 

[wallyuwl]

Purchased. MSRP was 55k and I paid 47k - it was BTS edition in Anvil color which weren't that easy to find in configuration I wanted at the time. The interests are so low now - I got 2.4% though the dealer preferred finance partner (to get $500 incentive) and then refinanced with local credit union with rate of 1.85% before making the first payment.

I would love to hear if that is a common practice or not as this is the first new car I actually bough, I usually lease.

Yes, going with the manufacturer financing arm to get the rebate, then refinancing shortly thereafter with a different bank or credit union, is very common. The dealer gets a kickback if you keep the manufacturer financing for several months, usually 3 payments. I refinance right away, I'm not in the business of making the dealer money. Plus, with my RAM I recently bought, they didn't even ask me what term I wanted and automatically selected 84 months (which I would have never chosen) which increased the rate even more than their standard rate.

 

[obrien]

....

Thank you, it makes me feel better about myself lol.

I have learned that if you come obviously prepared into dealership, they see many credit checks on your record etc. they don't usually f..k with you. It is easier for them to move quickly, get some small profit out of you a wait for someone who is not prepared or/and have low credit score.. At least in finance office

 

[thedream829]

That's a smoking deal, 27% off and 0%

I got it from Peel. I went to a couple others and got close to 27% off too but Peel threw in an X-Line Tri-Fold hard tonneau cover and the Mopar tow cover.

 

[RRRAAAAMMMM2020]

I got it from Peel. I went to a couple others and got close to 27% off too but Peel threw in an X-Line Tri-Fold hard tonneau cover and the Mopar tow cover.

I also bought from Peel. They were much better priced than anywhere else I went. When did you purchase your truck?

 

[thedream829]

I also bought from Peel. They were much better priced than anywhere else I went. When did you purchase your truck?

Around end of March. BTW looking at your sig, did you full PPF? I did my fronts only.

 

[RRRAAAAMMMM2020]

Around end of March. BTW looking at your sig, did you full PPF? I did my fronts only.

Yeah you are a lucky one during the COVID deals haha. As for my PPF, I'm getting it done tomorrow (bumper, grille, partial hood, partial fenders, mirror caps, pillars and partial roof in Suntek film for $800. I did all the paint correction myself and will be applying Turtle Wax Ceramix after everything is done

 

[jastevenson]

Maybe a dumb question, but is financing a car like financing a house, where the first several payments almost entirely go to interest rather than principal (I.e., you won’t get any equity in the car until several months of payments?)

If so, I’d think that financing at a high rate with a dealer is bad news since even 3 payments before refinancing could mean a few thousand dollars.

 

[kilcher]

Purchased used w/ 11,000 miles and paid cash.

 

[2019REBEL]

That's why I like the 0% for 96 months, paying it off early has no penalty.

 

[obrien]

Maybe a dumb question, but is financing a car like financing a house, where the first several payments almost entirely go to interest rather than principal (I.e., you won’t get any equity in the car until several months of payments?)

If so, I’d think that financing at a high rate with a dealer is bad news since even 3 payments before refinancing could mean a few thousand dollars.

My understanding is that it is like any loan. You pay interest from remaining premium so yes the more you owe the less to pay it off. Fortunately interests are low now