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#1
08-10-2008, 09:49 PM
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Lease ending next month.....options?
So the lease on my '04 G is up next month and i am debating what to do. Well I know i cannot return the car to the dealer b/c i have 81,000 miles and they will kill me with the mileage overage charges. I am looking to get a loan and buy the car and keep it for a while longer and then possibly look to get something new next year. Problem is i have never bought a car or house or any large item before that required financing. I have good credit and a good credit score but I guess its different when it comes to loans. I am only 23 and the lease is under my mom's name. I applied for a loan and I was accepted but the rate was a ridiculous 13%. Am i going to have to get one of my parents to co-sign or file a joint loan to get a decent rate? Anyone been in a similar situation? thanks
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#2
08-11-2008, 11:59 AM
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Do you know what the payoff is on the car? Also where did you apply a bank, dealership, credit union etc?
I have found that unless a dealership has a special running credit unions are hard to beat for rates. Also remeber that interest rates are not just based off of your credit score, they also look at the length if time that you have established credit history and amount of previous loans etc. I would have to say that if the payoff is reasonably close to or less than the KBB value then sell the car being that you are looking to buy something new next year. Or calculate the mileage overage charge and see if it is less than the difference between the value and the payoff to buy it outright. My .02
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#3
08-11-2008, 01:29 PM
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Credit unions are only hard to beat if you already have a history with that specific credit union.
Remember, as the consumer, you may work with two, maybe three banks. As the dealer, I have over 400 banks and credit unions that I work with. We do what is called an "option contract" all the time. We write the contract at the rate WE can finance you at. If you can beat it, you have the right to bring us a check from your bank or credit union, and you are financed through them. 13% is not bad for a first time buyer with minimal history. My recommendation, as long as you dont have any NEGATIVE history, is to have your parents buy out the car, with you as the Co-Signer to build your credit. You get the rate they would have got on their own as a side bonus 
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