Pulling the trigger tomorrow

[Style]

Hey guys I need some quick advice. I was at toyota today and they have a Raven auto available. Car want get there till June but its up for grabs. I ran paperwok with them and I can lease the car for 360 a month for 3 years with $3500. I can give 1k down now and the rest when I take delivery of the car. Do you guys think this is a good deal? I can afford it but just wanted to get some more input. If I pull the trigger on the deal tomorrow, there's no waiting on a pre-order list or anything like that just get there and drive off in it. What do you guys think?

[YukiHachiRoku]

#1, do you want to drive automatic?
#2, are you sure you will drive under the mileage on given lease? (usually if you go over they charge you per mile over, and that could be a lot)
#3 will they give you a chance to buy after lease is up? (because the residual on this car might hold well that's why)

For me persnally, I don't like to lease, but everyones' situation is different ie: if you just need a car for say, if you are working in a certain city for a X years and you need transportation, and don't want to bother with buy/selling when you are about to leave, and if you like to have a new car w/ warranty etc... yadda yadda

good luck on your lease, sir.

[dookie11]

What do you end up spending after TTL and all that after the 3 years is up? Also, what's the max mileage allowed usually?

Sorry, trying to get some basic leasing research done Googling yields diff results, and I just wanted to ask someone who actually went through this at the dealership already.

[qbsacker93]

That seems like an awful lot to put down, with a pretty high monthly payment, and also including insurance. Did you find out how much it would be if you were to outright buy it? For my stang, I paid 25,400 for it, put down a downpayment to get down to 21,000, which leaves me with payments of 380 for 5 years. I may be going 2 years more, but I didn't put down much more, payments are only a little higher, and I will have the equity of a car that I own at the end. Decide what is best for you, but rarely is a lease the best deal, especially if you continue to do that for a long period of time.

[neutron256]

Leases are never a good deal for me because I don't put enough miles on to make it worth while. Plus I'm not the type to do a lot of mods but I do like having the option.

[ngabdala]

Don't lease please. If it's not affordable to finance then it's not the right car for you.

I went with a lease on my 2011 Civic Si. It sucks not being mine. Mileage restriction sucks. On a new car all you want to do is drive. I went from driving about 9k a year to my leased car at 20k a year.

With that said, if I want to buy it out today it will cost $17,300 or at the end of the lease in 2014 about $14.5k. Fortunately, I am trading it in and I think because Civic Si sells really well from the year 2011 I am being given $17k-$17.5k as trade-in and the car has an accident.

[powertrip]

Have they told you what your interest rate & residual is on the lease? Dont focus on the numbers, get the actual details of the transaciton. Then compare if the interest rate is a fair market rate for your personal situation and also see if the residual is agreeable to what others have posted.

[Turbowned]

Originally Posted by Style

Hey guys I need some quick advice. I was at toyota today and they have a Raven auto available. Car want get there till June but its up for grabs. I ran paperwok with them and I can lease the car for 360 a month for 3 years with $3500. I can give 1k down now and the rest when I take delivery of the car. Do you guys think this is a good deal? I can afford it but just wanted to get some more input. If I pull the trigger on the deal tomorrow, there's no waiting on a pre-order list or anything like that just get there and drive off in it. What do you guys think?

What mileage/yr? What's the residual value? The money factor? The buyout price at lease end? $3,500 breaks down to what? First month's, acquisition, sec. deposit, tax, registration, cap. cost reduction? You're not giving us enough information.

Originally Posted by powertrip

Have they told you what your interest rate & residual is on the lease? Dont focus on the numbers, get the actual details of the transaciton. Then compare if the interest rate is a fair market rate for your personal situation and also see if the residual is agreeable to what others have posted.

THIS.

[Liquidsnake]

Here we go with the leasing is never a good idea.................................

I'm leasing mine, $3,500 is way too much. You should not pay over $1,000....if they do not agree to that, walk away.

[SpeedR]

Leases are rarely a good deal for the consumer and are usually a way for the dealership to get you into a car you can’t afford to buy normaly.

[dookie11]

Originally Posted by powertrip

Have they told you what your interest rate & residual is on the lease? Dont focus on the numbers, get the actual details of the transaciton. Then compare if the interest rate is a fair market rate for your personal situation and also see if the residual is agreeable to what others have posted.

Originally Posted by SpeedR

Leases are rarely a good deal for the consumer and are usually a way for the dealership to get you into a car you can’t afford.

Wait. How do they make money from someone who can't afford it?

[Liquidsnake]

Wow. I have leased for over 15 years. I get to drive a new car every 3 years, I abuse the hell out of it, and I drop it off at the end of the lease. I never have to pay for expensive services etc.............I write off a portion of the lease to tax.

Don't knock it, because it may not make sense for you, but it does for plenty of other people.

In my 19 years of driving, I have never leased a car I wish I had bought. And I have leased Honda's Jaguars, Infiniti, and Nissan's.

[powertrip]

Originally Posted by dookie11

Wait. How do they make money from someone who can't afford it?

It's generally easier to get approved for a lease than a purchase. This is due to the methods they have to manipulate the lease payment (adjust residual, increase DP, factor interest rate).

The major factor of approval for any financing purchase is if you have the income to support the payment. Ever wonder why you see so many offers to get a low $300/mo lease on a 3 series BMW or a nice Audi? Mostly due to a high residual, high DP on lease, and low interest rate thru their financing. If you buy one of those normally outright with a standard DP, expect a 5-600 payment/mo.

[JDMrolla]

dang i dont think i can afford this car after reading this thread