Despite an excellent credit score, since I don’t have a history of purchasing cars this expensive I’m being pushed into a single-payment deal that’s not quite what I had in mind. I’m okay with doing the single-payment; I just want to make sure the loan price is reasonable.
24-month lease
107k single payment (taxes & all fees included)
323k MSRP
302k sale price
233k residual (72%)
Local sales tax is 9.5% (SoCal)
<100 miles on the car currently (so basically new).
I realize I may have to pay a premium for lack of auto credit history but I also want a fair deal.
The only other numbers I have right now are the following:
The advertised lease deal that pulled me in originally was for
$23k down (+ taxes & fees)
$2550/mo for 36 months.
323k MSRP
302k sale price
213k residual
That deal was closer to what I wanted. Now I’m trying to weigh if the “lack of loan history” penalty is worth it.
Get the rest of the numbers. There is no excuse to consider a deal that involves $100+k out of pocket and not spend the time to at least get the details of the deal.
Would you take a mortgage out without asking what the interest rate is?
I see the consensus is strong on this point. I wasn’t sure how much information was necessary to get a good base judgement. I’ll try to get a written copy of the details.
If you’re able and willing to spend this JACK (Gifted 10 million N95 masks late February ), suggest you reach out to one of the brokers on this forum. Offer to pay them a premium above their standard charge and I’m sure they’ll save you quite a bit of cash compared to what you can work on your own.
This, we have a few exotic brokers on the forum. I know at least Freddy from Manhattan motor cars, and legends auto in Cali both do, that’s all I know of.