question about car lease

[Doppel]

I'm learning to drive stick and somehow believe a car will fix my blah life

Frankly, what is more likely to fix your life (or fuck it up irreparably, it's a bit of a gamble) is hit up an online dating site and find a new lady. Although it will be more expensive than even a 15% loan on a car

 

[QueBert]

Frankly, what is more likely to fix your life (or fuck it up irreparably, it's a bit of a gamble) is hit up an online dating site and find a new lady. Although it will be more expensive than even a 15% loan on a car

I have a wonderful lady, replacing her would be like going from the car I want into my current Camry. I know this car will fix the holes in my life, but it will give me something new and exciting. And my loan's not 15% it's about 8! Which is ummm, well better than 15 lol.

I understand

1. I don't need a car
2. I'm going to overpay a good amount for it no matter how I go about this
3. my insurance will double
4. It's not a smart decision.

My credit might be good in 5 years but I want to have some fun now, and what sucks for me is there are only 2 cars that do anything for me. The FRS, which is brand new and used costs pretty much the same as a new one. And a '56 Corba, which I'm 100% sure I can't afford without resorting to a lot of illegal shit. And even then it would be hard to pull off.

Humm I wonder how much a 100k loan would be, that's about what the Corba goes for I think lol.

 

[WilliamM2]

What is a '56 Corba?

 

[QueBert]

What is a '56 Corba?

this

Imho maybe the sweetest car ever, I would kill for one, and that's probably the only way I could ever get one lol.

 

[HeXen]

Good to know about the maintenance thing, I thought it was absolutely enforced you had it done, but Googling this since I posted it. It looks like if you don't have it done when they tell you, they don't care but if anything fails it won't be covered.

Generally, but seriously you really have to read what you sign. Often it's worded so that they could nickel and dime you if they wanted to. I had one before that stated I had a $1500 damage limit, but they never told me nor would tell me what they would charge for anything. Technically, the way it was worded, they could charge me $2k for a scratch on a fender if they wanted to, or the cost of new tires if not replaced at 36k miles.
But generally they won't but it depends on management.

 

[QueBert]

all the replies were appericated, I went and sat down with my friend at the dealership, while I haven't signed anything yet. He drew up the terms for me, we had a nice talk about everything. While he doesn't have anything concrete, he suspects that by '15-16 Scion will have a turbo charged TRD model. I would think if not that they should have one with at least more horses. I test drove the automatic and it was incredible. I know this isn't a supercar, but compared to my 4 cylinder Camry it was a huge difference. I hadn't drove it before today, I was just in love with the looks of it. But after driving it, this is the kind of car I want to. I had so much fun on the test drive, there's a 360 degree off ramp I take a lot where going even 35 in my camry the tires start to squeal and I feel the traction slipping. I took it today at 50 and it was like doing 20 in my Camry. I probably could have took it at 60-70 with perfect handling. I know this isn't a feat for a sports car, but I'm not use to driving one so it was really an experience to me. And I'm sure hitting a 25mph off ramp @ 70 will land you in all sorts of trouble if a cops around.

Still undecided between leasing and seeing what the '16 model offers and go from there or just buy this one and he happy. On the lease he said 3k down and 285 a month. I'll sleep on it and figure it out tomorrow. And I came up with an idea to pay the payments with my visa and pay that off every month. So my credit should jump up nicely by the end of this over expenditure

 

[Topweasel]

all the replies were appericated, I went and sat down with my friend at the dealership, while I haven't signed anything yet. He drew up the terms for me, we had a nice talk about everything. While he doesn't have anything concrete, he suspects that by '15-16 Scion will have a turbo charged TRD model. I would think if not that they should have one with at least more horses. I test drove the automatic and it was incredible. I know this isn't a supercar, but compared to my 4 cylinder Camry it was a huge difference. I hadn't drove it before today, I was just in love with the looks of it. But after driving it, this is the kind of car I want to. I had so much fun on the test drive, there's a 360 degree off ramp I take a lot where going even 35 in my camry the tires start to squeal and I feel the traction slipping. I took it today at 50 and it was like doing 20 in my Camry. I probably could have took it at 60-70 with perfect handling. I know this isn't a feat for a sports car, but I'm not use to driving one so it was really an experience to me. And I'm sure hitting a 25mph off ramp @ 70 will land you in all sorts of trouble if a cops around.

Still undecided between leasing and seeing what the '16 model offers and go from there or just buy this one and he happy. On the lease he said 3k down and 285 a month. I'll sleep on it and figure it out tomorrow. And I came up with an idea to pay the payments with my visa and pay that off every month. So my credit should jump up nicely by the end of this over expenditure

Well good thing is the APR doesn't look nearly as bad as hinted earlier. That should help out a lot and alleviate a lot of worries some of us had. ~8% or so isn't the end of the world more than most.

The one tip I would say is leave 1 months car payment on the card. So that way you are always carrying a balance over from month to month (obviously still make a min payment or so for the first month). The extra $2-$3 a month in interest is well worth the credit rating increase it will provide.

 

[Phanuel]

Again, any money down on a lease is essentially lost money if you have any kind of accident.

Also, I don't actually know this. Is it possible to put car payments on a credit card? I always thought they had to come directly from a bank account these days.

 

[WilliamM2]

this

Imho maybe the sweetest car ever, I would kill for one, and that's probably the only way I could ever get one lol.

That is a '65 Cobra, not a '56 Corba.

 

[QueBert]

Again, any money down on a lease is essentially lost money if you have any kind of accident.

Also, I don't actually know this. Is it possible to put car payments on a credit card? I always thought they had to come directly from a bank account these days.

You know, I'm pretty sure you're right about the credit card thing. I was thinking debit card and got it confused. I can do cash back on my Captial One card, but it has some stupid interest rate. While I technically *could* do that, and it should end up helping my score. It would cost an arm and a leg. I would be hitting interest rates similar to those Indian Tribe's from the TV commericals that say in the damn ad "this isn't cheap!"

As for the accident part, how would that differ from buying and having an accident? Full coverage will cover me if I have an accident (god forbid) Outside of having to pay the $100 deductible to get a car that isn't technically mine fixed. It seems like it should be the same? I'm not saying you're wrong here, I'm pretty much just stuck trying to wrap my head around it all.

That is a '65 Cobra, not a '56 Corba.

Shit good catch, I'm obvously dyslectic because I posted it multiple times in this thread Yeah the 65 Cobra, now I see why the person asked what it was, lol shit.

 

[ponyo]

Well good thing is the APR doesn't look nearly as bad as hinted earlier. That should help out a lot and alleviate a lot of worries some of us had. ~8% or so isn't the end of the world more than most.

The one tip I would say is leave 1 months car payment on the card. So that way you are always carrying a balance over from month to month (obviously still make a min payment or so for the first month). The extra $2-$3 a month in interest is well worth the credit rating increase it will provide.

There is no reason to carry a balance on a credit card unless you like giving banks free money. The credit agency will most likely show balance on your card even if you pay it off in full each month because of the different reporting date.

 

[Phanuel]

As for the accident part, how would that differ from buying and having an accident? Full coverage will cover me if I have an accident (god forbid) Outside of having to pay the $100 deductible to get a car that isn't technically mine fixed. It seems like it should be the same? I'm not saying you're wrong here, I'm pretty much just stuck trying to wrap my head around it all.

"There is, however, a big disadvantage when you put money down on a car lease. Let's say you have put $2,500 down on your lease and the car is either stolen or wrecked. Well, your insurance and the gap coverage (assuming you have it) will pay off the car. But your $2,500 will never be seen again, since it was used at the beginning of your lease to reduce your monthly payment. So why gamble with your money? The smarter move is to keep that money that you would have used as a down payment in an interest-bearing account and make the lease payments from it each month. You will accomplish nearly the same thing as putting the money down, while assuring that your money is safe in the event something unforeseen happens to the car."

Here's the rest of the article, http://www.edmunds.com/car-leasing/dissecting-the-deal-how-to-spot-a-good-lease.html

 

[Midwayman]

this

Imho maybe the sweetest car ever, I would kill for one, and that's probably the only way I could ever get one lol.

I plan on building one of those as a kit eventually.
https://www.factoryfive.com/kits/mk4-roadster/