Drivers regret Cash for Clunkers leases

[halik]

800 a mo for a silverado truck...

http://www.leasetrader.com/2008_Chevrolet_Silverado_Crew_Cab_143520.xhtml

$878/mo for a cooper convertible
http://www.leasetrader.com/2008_Mini_Cooper_S_Convertible_161312.xhtml

 

[speedy2]

Wow. That site is hilarious. These people are nuts. If people had any common sense when it comes to finances, we would've never saw cash for clunkers in the first place.

 

[StageLeft]

Wow. That site is hilarious. These people are nuts. If people had any common sense when it comes to finances, we would've never saw cash for clunkers in the first place.

This is true, but the irony is that C4C took people woh DID have common sense and turned them into consumer whores. Not all, though, some did I am sure make good decisions, but not all.

 

[v8envy]

Yup, and that's why those payments are as high as they are. No financial sense is highly likely to correlate to bottom of the barrel credit score. Which means credit-card like 20% APR on anything financed. Which is where the bonus 13k over 3 years (as opposed to a "normal" lease) comes from. Also, many dealers roll the "upside down" negative value of a trade into the new lease.

Also, no financial sense people are *used* to being raped for cars. Like, 5-10 year old cars at 2-3x retail blue book combined with double digit interest rates from "no credit? no problem!" slime dealers. So for them, a 5 year old junker for 600 a month makes a new car for 800/mo look like a good value proposition. At least until they run out of money again...

 

[StageLeft]

Also, no financial sense people are *used* to being raped for cars. Like, 5-10 year old cars at 2-3x retail blue book combined with double digit interest rates from "no credit? no problem!" slime dealers. So for them, a 5 year old junker for 600 a month makes a new car for 800/mo look like a good value proposition. At least until they run out of money again...

I was at a used lot the other day and a woman in her late 20's pulled up in a nice new-looking Civic coupe. I overheard her asking the guy if he takes trade ins because she is looking to lower payments. Damn. If you have to lower payments on a CIVIC either you are epically poor or you got seriously gang banged at the dealership when you signed the papers.

 

[PhoKingGuy]

Lulz theres a 700/month Prius in OC

 

[zerocool84]

This is true, but the irony is that C4C took people woh DID have common sense and turned them into consumer whores. Not all, though, some did I am sure make good decisions, but not all.

It's the same thing with people buying the houses they couldn't afford. No sympathy for people who don't read over everything 100% when they're making such large purchases that last years.

 

[amdhunter]

2007 Saturn Aura XR
Lease Months Remaining: 14
$550.36 per month with $0 down

SIGN ME UP RIGHT NOW!

2009 BMW 328i Coupe
25 months @ $320, could be reasonably fun.

lolol I saw that Saturn also. I must not be the only one looking for these "deals." lol

 

[Bignate603]

I was at a used lot the other day and a woman in her late 20's pulled up in a nice new-looking Civic coupe. I overheard her asking the guy if he takes trade ins because she is looking to lower payments. Damn. If you have to lower payments on a CIVIC either you are epically poor or you got seriously gang banged at the dealership when you signed the papers.

Not necessarily, I know plenty of people that have either lost jobs or had cuts in pay in the last two years. They were making good money but when things started getting tight they went looking for ways to lower their monthly expenses.

 

[alkalinetaupehat]

This is true, but the irony is that C4C took people woh DID have common sense and turned them into consumer whores. Not all, though, some did I am sure make good decisions, but not all.

My boss practically stole the van he bought under C4C. He traded in his truck that I would sometimes restart for him during the winter that had expanding foam for half the driver's door, got $9000 + 0% financing _+_ $2000 rebate __+__ $0 down on a Town & Country with midrange trim.

I was proud of him that day.

 

[boomhower]

I did C4C. Traded in a beat down Mountaineer and bought an Elantra. Sticker was $16.8k and I paid ~$9700 OTD with $0 out of pocket. My car is still worth about 2k more in trade in value, no less private party, than what I paid for it. I'm still happy I did it.

 

[amdhunter]

fail

you don't win when breaking a lease. PERIOD. A car goes to auction will never see a profit.. even if you bought it 30% off sticker.

and nobody wants to give less than 2 yrs because the residual is so high the first two years. the best lease deal is 39 mos.

My residual was $12k and it sold for $18k at auction. Hell, the car is for sale in upstate NY for only $1k less than retail - 3 YEARS LATER (http://www.vwofrome.com/VehicleDetails/676490563)

I got all my remaining payments back + more.

And yeah, they don't WANT to give you less than 2 years, but money talks. Offer them enough to make something, and they will bite. I'd bet if more people knew they could haggle for 1 year leases, it would become more popular.

 

[geno]

For the low price of 739/mo you can drive away in a 2 year old Cherokee!

Link

Near $900/mo for a Sprinter van with 26 mo left on the lease :

Link

This site is hilarious.

 

[StageLeft]

For the low price of 739/mo you can drive away in a 2 year old Cherokee!

Link

Near $900/mo for a Sprinter van with 26 mo left on the lease :

Link

This site is hilarious.

That sprinter has a ton of miles allotted to it, but 26 months at $900/month you could easily EASILY buy one in better shape with lower miles than that one. So leasing it is just completely, tangibly, a terrible thing to do.

$740 for a cherokee is a great deal, and this guy is only a few hours away. I am definitely calling him first thing Monday to get in on that action!

 

[dud]

Anyone else tired of hearing about people trying to "get out" of their legal obligations. No one put a gun to anyone's head when they signed their mortgages, leases, etc. and now they want out?

We live in a society of people who want their say, their freedom, their everything ... but not to be held responsible for their actions.

 

[speedy2]

Anyone else tired of hearing about people trying to "get out" of their legal obligations. No one put a gun to anyone's head when they signed their mortgages, leases, etc. and now they want out?

We live in a society of people who want their say, their freedom, their everything ... but not to be held responsible for their actions.

This.

I'm tired of it. Those credit relief commercials. You swiped the card. You make the payment. Period. I don't care if you got thrown out on the street because you couldn't pay your mortgage. You lived on the extreme edge of your income. What did you think was going to happen? As they say, the bigger they are the harder they fall. And boy is that the truth.

 

[dawp]

I thought leasing was suppose to be cheaper than buying. my 2004 toyota solara was less than $420/mo. and i bought it. and that was with no money down.

 

[coxmaster]

My residual was $12k and it sold for $18k at auction. Hell, the car is for sale in upstate NY for only $1k less than retail - 3 YEARS LATER (http://www.vwofrome.com/VehicleDetails/676490563)

Odd that they still have yours, although im not surprised at that price. Hell, i can get a GLI for 5k less than that, with about the same miles.


As for Lease trader. Theres nothing within 200 miles of me? Weird