Hello everyone, first off thanks a ton for all the info here. Had a great roller coaster experience leasing my " FIRST " car.
2018 Alfa Romeo Stelvio Sport
Black with Chocolate interiors.
Dealer Dis: $6693
Cap cost : $33592
Taxes, fees: $1539
Acquisition fee: $795
Annual Mileage: 12k
Cash Due at Signing: $500 (First month)
Monthly Payment: $468 with tax
I would like to share my experience as a newbie. I do not have any experience leasing cars like most people here who are leasing gurus, but I tried to gather the most info possible from here with least questions.
I thought I had this and started negotiating with dealers. I’m from Columbus OH and no dealer in 300 mile radius was even willing to go close to a similar deal. So found this Black w/ chocolate interiors at Criswell Alfa MD. It was love at first sight.
The sales person first gave me a quote for 11% off MSRP DAS $2000 with $498/month for this car. When I pushed for more dealer discount knowing that one of a leasehaker member got 15% MSRP from the same dealer. He straight away told me nothing was possible beyond this offer. Disappointed me started looking at other offers, but still had my eye on this one.
Finally got a deal for $433/month with $12.5k off MSRP (inclu. incentives) with another dealer. With this deal in hand, I thought I would call the sales person at Criswell and see if he was willing to do anything. I called him and told that I have a deal with $12.5k off MSRP, but still my heart was with his car. He was talking to the manager with me on the phone to see if anything can be done, out of nowhere the manager got on the call and asked “Will you buy this car if I give you $12.5K off MSRP? “ I was like hell yeah!
I was happy that I got a good deal for October on a car I love. So my final numbers came out to be,
Dealer Disc. : $6250
True car: $500
Cap cost: $34035
Taxes and Fees: $1600
Residual ; 55%
0 drive off
Monthly $450 with taxes.
After this came the real “DEAL”, this is the part that I was not prepared for. The “FINANCE” part. The Business manager gave me a call and I submitted a credit application online. In 5 min, she gives me a call back and tells me your application was DENIED in both Ally bank and Chrysler Financial due to low credit score of 606. I was in utter shock, I could not believe it. I thought this was some mistake since I have a 750 FICO credit score on my credit card monitor. That is when she enlightened me with the information that auto finance have a different scoring model based on previous auto or mortgage loan history. Since I had neither of them and this is my first car I have such a low score. She told me that it was impossible to get me a lease approved.
We went back and forth the whole day; the business manager was doing her best and pushing the banks. Finally, at the end of the day she came back with this offer from Chrysler Financial, they would approved me for a higher MF of 0.00082 with a co-signer.
So, I had two options either no car at all or pay more for it. Since I already knew how I felt when I thought that I was not getting this car, I worked the numbers to see if the higher MF was worth it. In the end, it came to paying $1000 more because of the higher MF. I thought that I had to start somewhere and I was still getting a good deal, paying $1000 more to buy my credit did not sound that bad.
Now I had to find a co-signer, my close friend who already had a lease for 2 years was willing to co-sign. Got his application in and was approved. At this point, I was too stressed to pay attention to the numbers. I just went by the BM words, $500 DAS and 23 x $468. When I got the lease agreement through email I was surprised to find that they had increased the dealer discount by $450 to get to this payment. Paid my $500 through credit card and finalized the deal. Drove over with my friend last weekend signed the lease papers and picked the car up. A big shout out to my sales person Michael Disogra and Business manager Krystie at Criswell Alfa Romeo.
Morel of the story: “ In the end it all works out “
Thanks and looking forward to do this all over again, of course with a good auto credit score next time.