New to leasing, What MF, residual and lease or loyalty credits(if any) should i be looking for on a 2023 Toyota Corolla LE or Camry SE, 36/15k, zipcode 77449, credit score-690 ?
Thank you
Ah another one coming from YouTube. Youāll find this information on Edmunds.
@alphawave7 Thanks for the info but i am not a super supporter
Couldnt find acuurate data
Ask there
Edmunds is bronze. Then thereās copperā¦itās the only pipe we use.
TLDR: Finance the Camry
Accord. to RF, a 22 Corolla LE is subvented thru tomorrow 3.67%, but have no idea of differences btw. 22-23 āif anyā.
Become oneā¦ You came here for some reason.
I can get either at msrp in Texas. Iāll echo what the rest are saying. You want to finance these. Especially with Texas lease taxes.
Text if interested.
Jim
215-359-6836
I can only finance at 0 apr if possible due to religious reasons. But the monthly payment goes up. I cant go above a set amount. Already texted you.
Thank you
Iām genuinely curiousā¦
How does paying rent charge on a lease not run afoul with that?
There are different types of permitted ālendingā in sharia law, and there is leasing. But SETFS/TFS is afaik not a halal lender.
OP might want to look into an Islamic loan from someone like First Abu Dhabi Bank USA. I recently learned that Islamic lending is available in the United States, First Abu Dhabi USA NV or DIB USA might be able to assist with a riba free car loan.
Yep Iāve sent people to Islamic banks as well for this same issue. I think they basically just front load āinterestā as a fee
This should give you an idea how bad the lease is.
There are multiple forms of Islamic lending, my Arabic is VERY bad, but you described, Murabaha, as front-loading a fee where there is a markup, and the bank buys the item and resells to you and takes installments.
Ijara is leasing and thereās tons of things around that.
Thereās takaful insurance, etc.
Do you mind sharing which lenders are halal/sharia compliant?
Maybe I didnāt understand your point. Are you saying SETFS/TFS is not sharia compliant even in a lease?
If a lender is sharia-compliant in the US, they will usually explicitly mention it.
There are plenty of lenders in the USA that are compliant that I have come to be aware of, including UIF which is a division of University Bank, FAB USA, Dubai Islamic Bank USA, etc.
Iām not qualified to make that call in any way, but they donāt advertise as a compliant lender so there is no reason to assume it is.
What is your definition of compliant? They will collect a rent charge from you which is just monthly interest (money factor) on the capital you borrowed.