I’d go further than that… I lost braincells reading it.
OP: there is no such thing as a Leasehackr dealer. This isn’t some Costco auto buying service
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I will say thank the lord for that.
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The leasehackr dealer deal is 20% off any in-stock BMW which results in a monthly payment of exactly 1% of MSRP per month.
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What on earth is a leasehackr dealer?
It’s a super secret location that only folks who truly understand leasing go to get their car.
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PM me dealer info!
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Lol! Pretty sure you’ve scared him off by now.
You can only find leasehackr dealers via platform 9 3/4.
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I think we all learned a lot today.
I don’t think it’s wise to advise someone to take out a very long term auto loan just to escape the acquisition fee.
If Op needs an 84 month term to keep payments low, then he’s most likely trying to buy too much car and over spending.
I always advise people to stay below 60 month loan terms. Even 60 months is too long, in my opinion; unless you make principal payments.
Reason being is that the longer the loan term, the Harder it becomes to make principal payments to beat the vehicles depreciation curve over the same period. The “break even” point gets pushed back much further.
Also, you end up paying more in interest over a longer period. You just “feel” less in a monthly level because it’s stretched out over a longer period.
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Was the logic on 84 months vs 60 different few years back when likes of GM were offering 84 months loans at 0%? Amount of interest paid is then not relevant.
And looking at where rates are going again we might be back at these 0% loans.
100% Agree with that. You’re missing the point that taking out a low apr new auto loan for 84 months will in most cases cost you less in the end then leasing for 3 years and then buying out and financing for 5.
Thank you for using the provisor “almost” to qualify your opinion but quite a few other factors ought to go into the decision of whether to buy one’s own leased vehicle at the end of the lease or to let it go:
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Condition: specially if you are very fastidious and tend to care for your ride more so than most similarly used vehicles.
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RV: we agree that one makes a significant contribution to that decision.
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Popularity: for instance if you happened to lease a 4Runner in 2016 and got a great lease, you may want to think twice before you turn it in!
Caveat: I tend to make very sensible lease deals and I always tend to buy at the end of the lease to drive for a few more years (old fashioned sort who doesn’t think that vehicles are disposable hunks of metal after 3 years) and thereafter make a great deal on a well-cared vehicle for an up-starter in my own extended family.
As always, YMMV.