Quote:
Originally Posted by thill
- Downpayment amount (you do not want to put much cash in on a lease if at all possible, you are much better off keeping this cash in your pocket. Beware of dealers that want more than $1000 or so down. If they want $2k-4K down you really need to do your math, and you also need to watch for hidden fees here).
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I would agree with that. My credit is not that bad (669), I am here in US on a 3 years visa, 2 years remaining so a 2 years lease would be perfect for me.
And so I visited 2 toyota scion dealership. We went with one on an approval process and the other one just gave me some estimate but nothing really serious.
The approval of got from Scion of Kirkland (WA) was absolutely hilarious.
They want $8000 down (yes, you read well, that is eight thousand US dollars), and then monthly payments would "only" be $330 per month for the remaining 23 months. total cost? $15920
Since the residual value of the car after 24 months is roughly $18500, capital reduction is (also roughly) $6500. From $6500 of capital reduction to the amazing $15920 they ask me for, the interest rate would be........
106.46% !
Of course I did not even bother and hanged up the phone, but still, it shows how ridiculous things can get and how careful we sometimes need to be (on this case it was pretty obvious though)
Question (for fun) : should I sue them for such a dishonest proposal?