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Strange Position Maybe Someone Can Give me Some Advice..

Regular Contributor

Re: Strange Position Maybe Someone Can Give me Some Advice..


yea i think they got me also ... basically my residual after the lease is up is 14K but the buyout amount is 34K as of right now im confused as to how all of this adds because the car actually cost 24.9K


How much did you owe on your trade-in?  Without a trade-in, payments should be around $303+ for 36 months (based on the numbers above without money factor, taxes, etc).  

 

To be clear, 34k is the buy-out price to break the lease and not the purchase price at the end of the lease?  If it's to break the lease, read the fine print since it appears there's a hefty penalty (10k!).  Needless to say, if it's the purchase price at the end of the lease, walk-away then and learn from this.

 

 

Message 31 of 36
Established Contributor

Re: Strange Position Maybe Someone Can Give me Some Advice..


Hoya08 wrote:

yea i think they got me also ... basically my residual after the lease is up is 14K but the buyout amount is 34K as of right now im confused as to how all of this adds because the car actually cost 24.9K


How much did you owe on your trade-in?  Without a trade-in, payments should be around $303+ for 36 months (based on the numbers above without money factor, taxes, etc).  

 

To be clear, 34k is the buy-out price to break the lease and not the purchase price at the end of the lease?  If it's to break the lease, read the fine print since it appears there's a hefty penalty (10k!).  Needless to say, if it's the purchase price at the end of the lease, walk-away then and learn from this.

 

 


oh yes definitely at the end of the lease im done im giving the car back and im never financing again period point blank.. finance or leasing ... buy here pay here for me strictly ... im too scared to do anything with these dealerships again .... and yea my trade in for valued 9.8 and i owed 14K on it  i just dont get how 4k made another 356 dollars appear on my payments though..

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $1k - CreditOne $500 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 32 of 36
Established Contributor

Re: Strange Position Maybe Someone Can Give me Some Advice..


sdotlow wrote:

Use a relatives/friends address and zip code for your auto quote?

 

When signed up with Progressive they didn't ask for any kind of qualifying documents and I did everything, including signing documents, online.


i want to try this so bad but im just scared with my luck i might get caught or something insurance fraud is no joke although i dont plan on getting in an accident but who does i just dont know ... to scared to try.

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $1k - CreditOne $500 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 33 of 36
Regular Contributor

Re: Strange Position Maybe Someone Can Give me Some Advice..


oh yes definitely at the end of the lease im done im giving the car back and im never financing again period point blank.. finance or leasing ... buy here pay here for me strictly ... im too scared to do anything with these dealerships again .... and yea my trade in for valued 9.8 and i owed 14K on it  i just dont get how 4k made another 356 dollars appear on my payments though..

 


I wouldn't avoid financing all together.  Just learn from this experience for next time.  If you choose to lease again, go to Edmunds and ask around for the money factor for the various credit tiers.  There's a user there who provides the factory's money factor for nearly all makes and models. The vast majority of the time, the dealer will provide you a marked-up MF, but you can always negotiate it down, depending on your credit score.

 

Using an online lease calculator, and adding the negative equity to the Accord price, it appears your money factor is around 0.005 (12% interest), which is high for a lease, even if you don't have top tier credit.

Message 34 of 36
Established Member

Re: Strange Position Maybe Someone Can Give me Some Advice..


shaun2009 wrote:

sdotlow wrote:

Use a relatives/friends address and zip code for your auto quote?

 

When signed up with Progressive they didn't ask for any kind of qualifying documents and I did everything, including signing documents, online.


i want to try this so bad but im just scared with my luck i might get caught or something insurance fraud is no joke although i dont plan on getting in an accident but who does i just dont know ... to scared to try.


Actually don't do that.  I had no idea that constituted insurance fraud, but it definitely does.  I feel like an idiot for even suggesting it.

 

Also...

 

http://newarknj.patch.com/groups/business-news/p/report-auto-insurance-premium-costs-soar-in-newark


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
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Message 35 of 36
Established Contributor

Re: Strange Position Maybe Someone Can Give me Some Advice..


sdotlow wrote:

shaun2009 wrote:

sdotlow wrote:

Use a relatives/friends address and zip code for your auto quote?

 

When signed up with Progressive they didn't ask for any kind of qualifying documents and I did everything, including signing documents, online.


i want to try this so bad but im just scared with my luck i might get caught or something insurance fraud is no joke although i dont plan on getting in an accident but who does i just dont know ... to scared to try.


Actually don't do that.  I had no idea that constituted insurance fraud, but it definitely does.  I feel like an idiot for even suggesting it.

 

Also...

 

http://newarknj.patch.com/groups/business-news/p/report-auto-insurance-premium-costs-soar-in-newark


i knew it LMAO its so sad im suffering from this .. i need to move fast because 30.4% is alot its horrible...

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $1k - CreditOne $500 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 36 of 36