Selling my tC2 to reduce payments..
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Posts: 2,406
From: Wellesley, MA
Leasing is a great way to lower your monthly payment and get
more for your money, because you’re not paying for the full value
of the vehicle. Instead, you pay for the portion of the vehicle’s life
you use plus a rent charge, and official fees and taxes. You are
also responsible for the cost of maintenance and insurance, and
any applicable excess wear and use charges.
Dude, leasing is nothing like renting, due your research on it. I am not going to sit here and compare the two. What I am reading is that he wants to switch cars every few months or less than a year or two. With a lease he can still have fun with the car, give the car up at the end of the lease, and get a different car or buy it. You are paying less monthly payments, which mean you are saving $$, plus your not paying full cars value. Sure it's not his, but he still add rims/tires etc, just have to convert it back to stock.
Plus, your are complaining about maintenance. I don't see him doing a lot of maintenance. A oil change, and perhaps a tire change, depending on his driving habits. A brand new car shouldn't break down within 12,00 miles or however long he leases the car at least with a reliable car like toyota/scion. Insurance is mandatory to begin with, unless you are driving illegally. Also with a lease, he doesn't have to wait around for a buyer to buy his car like he is doing right now. He might not have any buyers, and still sit for weeks, months or years to sell his car. Talk to your dealer about buying vs leasing or look it up before you get your next car.
more for your money, because you’re not paying for the full value
of the vehicle. Instead, you pay for the portion of the vehicle’s life
you use plus a rent charge, and official fees and taxes. You are
also responsible for the cost of maintenance and insurance, and
any applicable excess wear and use charges.
Dude, leasing is nothing like renting, due your research on it. I am not going to sit here and compare the two. What I am reading is that he wants to switch cars every few months or less than a year or two. With a lease he can still have fun with the car, give the car up at the end of the lease, and get a different car or buy it. You are paying less monthly payments, which mean you are saving $$, plus your not paying full cars value. Sure it's not his, but he still add rims/tires etc, just have to convert it back to stock.
Plus, your are complaining about maintenance. I don't see him doing a lot of maintenance. A oil change, and perhaps a tire change, depending on his driving habits. A brand new car shouldn't break down within 12,00 miles or however long he leases the car at least with a reliable car like toyota/scion. Insurance is mandatory to begin with, unless you are driving illegally. Also with a lease, he doesn't have to wait around for a buyer to buy his car like he is doing right now. He might not have any buyers, and still sit for weeks, months or years to sell his car. Talk to your dealer about buying vs leasing or look it up before you get your next car.
Also to toss out there for conversation sake, something like 85% of cars on the road are not actually owned by the drivers... the Bank ownes the car until the vehicle is paid for in full, and most drivers never actually finish paying off thier vehicle before trading in for a new one anyway...
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Joined: Jan 2011
Posts: 274
From: Maryland
Agree, and with them usually trading in vehicles that they own money on for a new one and you want to trade, you are going to end up being in a financial mess unless you put a lot more money down, as I stated before. Its called "upside down loan." Look it up. Here is a lease vs buy comparison that I got. Its just an example.
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From: Wellesley, MA
Agree, and with them usually trading in vehicles that they own money on for a new one and you want to trade, you are going to end up being in a financial mess unless you put a lot more money down, as I stated before. Its called "upside down loan." Look it up. Here is a lease vs buy comparison that I got. Its just an example.
P.S. "Upside Down" on a loan is term used in like the 80's... LOL "Flipped" on a loan is the new black.
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Scinergy
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Well, most people also trade thier car in at about the 3 year mark, which is right around the time where the value of the car is pretty close to what they owe, so most people dont end up being flipped that badly, or possibly end up with positive equity. It depends on the vehicle, mileage, etc.
P.S. "Upside Down" on a loan is term used in like the 80's... LOL "Flipped" on a loan is the new black.
P.S. "Upside Down" on a loan is term used in like the 80's... LOL "Flipped" on a loan is the new black.
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Joined: Jul 2006
Posts: 2,878
From: Central TX
I traded in my 07 Spec tC for the 09 RS 5 and had $1,000 tacked onto the new loan. I had the car for two years, which is about the time when one can think of trading in or sell and not have any or little negative equity.
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From: SATX
I was about $1500 upside down on the Fit. When I looked at it, I said "Yeah, I have to pay that $1500 one way or the other. Do I want to do it in the Fit or in a tC?" That particular amount across the entirety of the Toyota loan will cost me about $15 more in interest than the interest on the remainder of the Fit's loan (got the tC at a lower interest rate).
Also, did it for 72, as that gives me the option of paying more, but if the excrement hits the fan, I have the option of paying less. Ideally, I'll have it paid off long before the six year mark.
FICO lists the following:
720-850 4.797 %
690-719 6.3 %
660-689 8.174 %
620-659 11.795 %
590-619 17.716 %
500-589 18.767 %
for a 60 month loan. Toyota/Lexus Financial gave me 4.39... Have interest rates gone up recently? I mean, I've got bulletproof credit (score of 830 with one of them high 790's with the other two), but damn... I'd expect 72 to be a bit higher... I got the military rebate, but no special interest rate.
Also, did it for 72, as that gives me the option of paying more, but if the excrement hits the fan, I have the option of paying less. Ideally, I'll have it paid off long before the six year mark.
FICO lists the following:
720-850 4.797 %
690-719 6.3 %
660-689 8.174 %
620-659 11.795 %
590-619 17.716 %
500-589 18.767 %
for a 60 month loan. Toyota/Lexus Financial gave me 4.39... Have interest rates gone up recently? I mean, I've got bulletproof credit (score of 830 with one of them high 790's with the other two), but damn... I'd expect 72 to be a bit higher... I got the military rebate, but no special interest rate.
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From: Nashua, NH
If you want to drive a new car every year then yeah get a lease.
Otherwise always finance. Lease is a contract that cannot be terminated and has lots of clauses that will bite you in the ___ when you bring it back.
Just remember your limited on miles so cant drive between the states as you please. Also it is a waste of money to put aftermarket equipment in it and it has to be kept clean and pets free.
If you can't make payments after you financed it with a bank then the bank takes the car and you're off the hook.
If you cant' make payment on a lease...well tough luck, it's a contract that has to be fulfilled or you can be sued because the lease provider has no collateral from you but the piece of paper that you signed.
With financing, with every payment you own more and more of the car and therefore the bank holds it against you since it has the title.
Otherwise always finance. Lease is a contract that cannot be terminated and has lots of clauses that will bite you in the ___ when you bring it back.
Just remember your limited on miles so cant drive between the states as you please. Also it is a waste of money to put aftermarket equipment in it and it has to be kept clean and pets free.
If you can't make payments after you financed it with a bank then the bank takes the car and you're off the hook.
If you cant' make payment on a lease...well tough luck, it's a contract that has to be fulfilled or you can be sued because the lease provider has no collateral from you but the piece of paper that you signed.
With financing, with every payment you own more and more of the car and therefore the bank holds it against you since it has the title.
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Joined: Feb 2011
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From: Dallas/Houston, TX
sorry guys.. changed my mind (nothing new) ive decided since i drive 300+ miles a week i kind of need a dependable car. and so im just gonna keep this one and keep adding more stuff to it. 
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Thread Starter
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Joined: Feb 2011
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From: Dallas/Houston, TX
damn i wish i could pay 100. shoot id be happy with 200.. but im paying 300! lol they say its going to go down next april. by $50 lol
and thats with no tickets and no accidents. clean record!
and thats with no tickets and no accidents. clean record!
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From: Rochester, NY
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From: New Orleans
car was $19,500, i put $13,000 down, financed from toyota for 5 years with 4% interest rate, i pay $150 bucks a month, oh and plus $320 a month from geico
so uhh my 2nd car in my life costs me $470 a month
so uhh my 2nd car in my life costs me $470 a month
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