Interest rates and leasing
#19
#20
Re: Interest rates and leasing
Allow me to clairfy a few things here:
First off, tax write offs don't mean jack unless you own a house(and have a corresponding mortgage) or you own your own business or you somehow are able to write off more than the standard exemption the gov gives you. So if you are like me...single and rent and have a decent paying job(though not enough to buy your own place which pretty much requires a salary of $75K+ in Los Angeles right now unless one wishes to live in the ghetto or BFE), and judging from the meet most everyone there falls in this category....you will have no way to take advantage of any sort of tax write offs. This is because the Federal Government allows you to exempt something like $8K-11K of personal income and you will not write anything off until you have write offs exceeding that amount. So therefore any ability to write off leases doesn't apply to many on this board.
Now, as far as interest rates go, I don't know what Infiniti is offering as a special. What I do know is that my credit union would go no closer to prime than 0.25% and I assume most other banks and financial institutions operate under the same principle. However, and this is a big however, the lowest rates require a significant downpayment...usually 20-50%.
Sometimes, you can get a great deal by borrowing against your 401K and essentially repay yourself. I wouldn't recommend anyone expect to get rates in the low 3's without putting a lot down unless the prime drops below 3%.
Each percentage point is not worth a whole lot either.....for mine(where I only put $3K down), each % point is worth about $240 a year assuming I take the entire 59 months to pay off.
First off, tax write offs don't mean jack unless you own a house(and have a corresponding mortgage) or you own your own business or you somehow are able to write off more than the standard exemption the gov gives you. So if you are like me...single and rent and have a decent paying job(though not enough to buy your own place which pretty much requires a salary of $75K+ in Los Angeles right now unless one wishes to live in the ghetto or BFE), and judging from the meet most everyone there falls in this category....you will have no way to take advantage of any sort of tax write offs. This is because the Federal Government allows you to exempt something like $8K-11K of personal income and you will not write anything off until you have write offs exceeding that amount. So therefore any ability to write off leases doesn't apply to many on this board.
Now, as far as interest rates go, I don't know what Infiniti is offering as a special. What I do know is that my credit union would go no closer to prime than 0.25% and I assume most other banks and financial institutions operate under the same principle. However, and this is a big however, the lowest rates require a significant downpayment...usually 20-50%.
Sometimes, you can get a great deal by borrowing against your 401K and essentially repay yourself. I wouldn't recommend anyone expect to get rates in the low 3's without putting a lot down unless the prime drops below 3%.
Each percentage point is not worth a whole lot either.....for mine(where I only put $3K down), each % point is worth about $240 a year assuming I take the entire 59 months to pay off.
#22
Re: Interest rates and leasing
Leasing can have a few advantages. One if you're like me wants to have a new car every 4 yrs leasing is the way to go. I suggest to just pay drive off which is around $1200 or at the most $2000. Don't take a 5 yrs lease get a 4 yr lease 12k miles/yr, you will find a better monthly payment. Besides after 4 yrs the new model car will come out and you can get rid of your trade in w/o being upside down. I have a business so I can write it off at least 80% of it maybe less depending on the use. Draw back on leasing is the limited milage, that's why I have a daily driver. You never get to rest with your monthly payment. Insurance is a bit higher on a lease than a purchase.
It's been a while since I purchased a car so I can't give you a advice on that. All I can say is get the lowest rate possible from your bank it would be better that way ( I think ).
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It's been a while since I purchased a car so I can't give you a advice on that. All I can say is get the lowest rate possible from your bank it would be better that way ( I think ).
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#25
#26
Re: Interest rates and leasing
I took delivery of my 6mt/ leather Friday. MSRP was 33,265. I put 1700.00 down and did a balloon at 5.5% for 48 months. My payments are 468.00 a month for 15,000 miles a year. I think I did ok. What do you guys think? I think they ripped my on the interest rate. but I think rates may be a little higher on a so called smart buy. I have good credit.
#28
Re: Interest rates and leasing
It sounds like some people here got very good deals and some got hosed pretty bad. I just got my 6MT yesterday: Sticker price-$36,205; nothing down (cr*ppy $1200 for trade-in, but that's okay), $499/month (48 months), 15K miles/year. Even though I have very good credit, financing the car would've been out of reach for me (another $200+/month), so I feel good about the deal I got.
#29
#30
Re: Interest rates and leasing
speaking of residual's, i keep seeing people say after 3 years residuals of 50-54%, i was at the dealer today going over some numbers for an 04 coupe, i was looking at a 39 month lease, 12k miles a year, guy told me the residual is 60%
On a separate note, i currently drive an '00 Acura TL, dealer trying to tell me they can only give me 14,700 on a trade in, meanwhile the Kelly Blue Book dealer trade in value is 16,200 and private party value is 18,200, so they can go you know what while i sell my car privately
On a separate note, i currently drive an '00 Acura TL, dealer trying to tell me they can only give me 14,700 on a trade in, meanwhile the Kelly Blue Book dealer trade in value is 16,200 and private party value is 18,200, so they can go you know what while i sell my car privately