I need some advice people…….
I have never bought a new car in my life.
I just graduated from college = Student loans = BAD CREDIT!
And to top things off, I am in the market for a G35 coupe. (Yeah you can call me crazy).

NOW here comes the question…
Do you guys think I should buy or lease the car?
Do they check your credit when you go for a lease????
I have about $4K to put as a down payment.
Any takers?
I hope I run into some Finance Majors on this board…LOL
Just kidding….. All suggestions are more than welcome.
Perhaps some of you have been in my shoes at some point of you lives .

T-Bull

 

<blockquote><font class="small">In reply to:</font><hr>

And to top things off, I am in the market for a G35 coupe. (Yeah you can call me crazy).

<hr></blockquote>

*** Soapbox-mode "ON" ***

Yep, you're crazy alright. If you're looking for finance majors to help advise you on how to purchase this car then you're asking the wrong guys. Most will tell you not to invest in a new car in the first place. Obviously the right thing to do would be to start paying down your debts (or invest that money if student loan interest is tax deductible and at pretty low interest rates already) before going out to buy a $30k+ car. I know the emotional pull of a new car but I'm guessing that this probably isn't the best time for you to buy a new car having just graduated. Another car will come along that will evoke as much passion as the G so don't break the bank just to buy this car.

*** Soapbox-mode "OFF" ***

Since you probably already know all that and you're still going to buy the car anyway, I would say to purchase the car since I'm sure you'll probably want to drive over 10-12k miles per year and you're not going to be able to write the car off as a business expense (are you?).

<font color=blue>Twilight Blue/Willow, Nav, Aero, 6MT, Splashguards, Clearbra, Tint, Sirius...</font color=blue>

 

I just leased a 2004 G35 Coupe for 39 months. Leasing gave me lower payments plus I will be able to write off a small portion for my side business. To give you an idea on what I am paying: The sticker price was $37,865 and the dealer took off $2700. I put down $2000 plus $1139 for drive off fees (First payment, license fees, docoment fees...) My payments are $417 a month for 39 months with 12k miles.

 

man thats a neat deal......
how much will u be paying at the end to buy the car?

 

If you ask me, I think it's smart to NEVER, EVER buy a car. A car is a terrible investment, and always will be. It's not like it's a house or some antique car that will be worth gobs of cash later on. What will you do when the warranty runs out? Do you want to keep the car for a long period of time? Do you want to modify the car much? Ask yourself those questions.

You can negotiate your annual mileage if you need to. You can also purchase extra miles up front. I'd say lease.

A bad credit rating is unfortunate. I put 2k down, and I pay 378 a month due to "good credit rating." Take care of that credit people. Makes a world of difference unfortunately.
<P ID="edit"><FONT class="small"><EM>Edited by Serum on 11/08/03 05:03 PM.</EM></FONT></P>

 

To buy the car I think the payoff is around $22000.

 

Don't you get a good interest rate from car manufacturers for college grads? You can use that.
Only you can say if leasing or buying is better, everyone has different situations that dictate what one should do.
Go to Edmunds.com and take the lease versus buy quiz. That should give you a better idea. Good Luck and I know how confused and anxiious you must feel.

 

As a former Nissan salesman I can tell you that the lowest credit score you can have for a lease is in the mid to high 600 range...If you don't have stellar credit (and mid 600 isn't, to a car dealership) you aren't leasing, not from Nissan/Infiniti anyway...

And if you have really bad credit it won't matter how much money you have to put down...That's for the dealership, not the bank, and the bank doesn't care if you have 12 payments of $1 lined up- bad credit means you aren't getting financed...It's a myth that banks care how much you're willing to put down over 25% (and they don't often see that quarter anyway) as they only look at a car purchase in terms of who's high risk and who's low risk...Nissan is very hard on people as far as credit is concerned...Nonetheless, always a good idea to try having a dealership run it and seeing if they'll finance you, unless you KNOW you have bad credit...I've seen bad credit get through and get financed, but by second or third tier banks with insane interest, and on used cars...

Finally, the bank will look at your age, your credit history, and the car you want...And before that happens the finance managers in the dealership will get a hold of it and decide what the banks are going to say to him if he tries to slide a deal in...22 year old with bad/no credit and with a bad/no credit history wants a new Infiniti G35? Not likely...Nissan IS this strict...Not trying to discourage anyone, just trying to give a little insight into what goes on behind the scenes...You need all the inside info and ammo you can get when walking into a dealership, and you're still most likely going to get screwed somewhere...

"All the Power in the World resides in the Eyes..."