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.
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@alphawave7 Thanks for the info but i am not a super supporter
Couldnt find acuurate data
Ask there
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Edmunds is bronze. Then thereās copperā¦itās the only pipe we use.
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TLDR: Finance the Camry
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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.
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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
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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
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Iām genuinely curiousā¦
How does paying rent charge on a lease not run afoul with that?
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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.
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Yep Iāve sent people to Islamic banks as well for this same issue. I think they basically just front load āinterestā as a fee
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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.
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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.
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