Over my head with a lease

[Anonymous]

So it looks like the interest rate is high. You said it's a lease, right? How many months are you leasing for (crossing fingers it's 24 but I'm guessing more like 36).

The good news, I'm hoping, it's just a lease and you'll be out of the lease and can walk away from the car when it's over. The payment isn't terrible for the overall price of the car ($34k).

Next time, you're ready for a new car, I'd wouldn't do anything until you're armed with information and are I a position to walk away if you don't get a fair deal, good apr and exactly what you want. Start looking a couple months ahead of time.

[Chala]

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@Anonymous wrote:
So it looks like the interest rate is high. You said it's a lease, right? How many months are you leasing for (crossing fingers it's 24 but I'm guessing more like 36).

The good news, I'm hoping, it's just a lease and you'll be out of the lease and can walk away from the car when it's over. The payment isn't terrible for the overall price of the car ($34k).

Next time, you're ready for a new car, I'd wouldn't do anything until you're armed with information and are I a position to walk away if you don't get a fair deal, good apr and exactly what you want. Start looking a couple months ahead of time.

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Its 36 months unfortunately, and what armed information are you referring to? Other then having better credit and being comfortable with the apr and monthly payments?

[Anonymous]

For starters you need the trucar price, are there any rebates or incentives on the car (dealer and/or customer) are there special financing offers (which tiers qualify), have pre-approval lined up if you don't qualify for the best tiers. Since you'll be looking again around October, have the new model years come in yet, any deals to take the older/current year (great deals are usually available if they are doing any model changes). Know the price of the car to make sure there are no top line additions.

I'd also say, shop around and get the internet pricing. Make the different dealerships compete and bid against each other.

Your deal and payments aren't horribly bad, just make them on time so your auto scores rise over the next three years.

[MTSN]

I leased a car a few years ago that I ended up not liking very much after 4 months. It was an Acura TSX which thankfully has strong residual and high demand, so I started calling local dealers to see if any of them wanting to buy me out of it. One of them wanted one on the lot, so I negotiated them to pay off my lease/buyout and I walked away being out of pocket about $900. It was by far the best move I could have made and barely cost 2 month's worth of payments. Depending on what kind of car you leased that could be an option for you too.

[Anonymous]

260 a month for 36 months not bad at all for keeping ur credit.. Make sure don't go over miles that can cost u anywhere from .10-.25 a mile over