Here I am sitting at the dealership waiting for service and decided to check into Leasehackr, saw this message from last year.
I apologize for not ever getting back to you. I didn’t see your last messages. This is way old, but anyway, grateful for the assistance you tried to give me and wanted to say keep at it. Although this deal wasn’t good for me, I have learned something from it and will not buy or lease another car again by myself.
I was really worried about naming and shaming, at the time last year I didn’t know what I was doing, was embarrassed as hell, and didn’t want to expose myself as the fool that I was.
In any event, with your help I realized the lease was an absolutely awful deal and I ended up buying the car instead. I had initially signed the lease not really understanding it and then told them that I felt they lied to me. They agreed to let me buy the car instead. During the contract signing to buy, the finance guy raised the apr by a whole point. He told me 4.1, then made it 5.1 as I was signing, reasoning being - “oh, your credit score dropped by 10pts since you applied for the lease, so we can’t give you 4.1 now for the purchase.”
I ended up paying 760/mo to buy the car at 5.1%. I’m sure that sucks. I do like the car, but I am thinking of getting out of it once two years go by and I am not underwater. I owe about $40k, sales price was $56. I realize that all around I did horrible.
I’d like to use a broker next time, because this was by far the worst car buying/ (1st time leasing) experience I’ve ever had and paying someone $500 to do this for me would be worth every penny.
The dealership was Peterson Boise BMW. I say without any malice at all, but I will never buy anything from them again, ever, and I will be buying more cars. They have a good service department, which I am thankful for, but I’ll never consider another car from them or their larger owner, Peterson. I also can’t really do any upgrades here because I don’t want to give Peterson the money. Kinda sucks, and I am coming to realize that buying a new car is not simply as easy as a good deal… you are also buying the car dealer service department because you will need warranty work at some point. At least I can say, the service department has been good.
I suck at math and this time it really burned me. I understand general principles of finance and by that I mean I understand lower numbers are better. The whole issue with how convoluted this thread became was my embarrassment at being such a math retard.
Now that it’s a year past though, I don’t care as much. I would suggest that people stay away from Peterson Auto Sales in Boise, and stay away from Boise BMW, but ymmv.
I have since learned that there is another BMW dealer in twin falls and have reached out, he’s also on this forum and he seems like a decent guy. Wilso at Twin Falls BMW.
Thanks again for the time that you all put into this thread and I hope all is going well for you this year!