12-09-2008 08:58 AM
Lexus does 7 year financing, which could drastically lower my current payment. Also, I have no problems getting a nice used Lexus if I can find one.
But if I can wait until 2009 (January 1) and have my car equity even out, I think that is optimal.
12-09-2008 09:09 AM
First off, waitning until Jnauary will not amke a difference. You willhave to wait until you have paid off 4k more than the car has depreciated currently. That would probably take 6 months or so. The first 2 years of any loan most of the payments go to interest, so it takes awhile to pay down the balance.
Second, a 6 year lona is always a bad thing. The rule of thumb is if you can not afford the car in a 4 year loan it is more than you should spend. Now if you can afford the 4 year loan but choose to stretch out the payment a little to give you some breathing room (with the plan on making larger/bigger payments) OK. Or if you end up in a situation where you have no choice to buy a car for some reason and that is the only way, then so be it. But, if you are buying a car for pleasure/personal desire, stretching it out makes no sense. I would at least wait until youhave the BMQ paid down a bit. Make some extra payments on it. If you can not afford to make extra payments on it right now, then you should seriously consider whether you are in a financial position to waste teh negative equity you have right now by trading it in.
Again, to each his own. I know what it is like to have to deal with a bad dealer, but how often do you reall yhave to deal with them...Not that often. Much better to suck it up and deal with them to make a bad financial decision during what is probably the worse financial crunch since the 20's.
12-09-2008 09:45 AM
I guess I would have to agree with other posters on this topic ...the decision sounds like more of an emotional decision rather than a financial one .. if thats the case and you can afford it ...do it and dont look back ....peace of mind is a hard thing to put a price on.
However, I do not know where anyone is getting a 4k negative value on this car ..I am a manager at a major dealership and I can tell you an 08 model vehicle bought new ....well lets just say you can probably figure that value to be somewhere between 25-30% less than what the invoice was on that vehicle new! No one in their right mind Lexus included would give you almost invoice less 4k for a BMW 328i not even with 100 miles on it lol .....just wouldnt make sense.
People are correct in stating if you had another dealership to go to I would go there but if that is the only dealer in your area then I guess your options are limited.
I do not know your situation with the service of your dealership but have you talked to the Owner yet? I know our Owner is on site 5 days a week and is very hands on and is involved in every aspect of our dealership and has an open door policy with customers unlike most dealerships.
A visit with the Owner may prove to be a simple and easy fix and at the same time might save you a ton of cash to boot If you have already done this I would say do what makes you happy.
Oh and by the way ... 6 year loans are not bad things but more like the norm because of the amount of money it takes to purchase a car these days although I would say my personal choice on "highline-type" vehicles ie BMW, Mercedes, Lexus etc ... would be to lease it unless you put a ton of miles on it or intend to keep it forever.... payment is low ...you can buy it out after the lease term and you have a guaranteed future value that you can turn the vehicle in after the term or just purchase it if you feel you like owning it.
With the lease at least you can turn in the car after 2-3 years and not have to worry about the trade in value just vehicle condition and excess miles .... thats why you see so many people in highline leases ... beleive it or not trade in values are most of the time worse than you think on high line vehicles ...but to each his own ...
Like I said it all depends on your financial position .. if you do not really care about the negative equity and this is all about making a statement then just do it ...if it is going to kill you to lose 10-15k on a new BMW then I would be trying to stay in some sort of good grace with the only dealership in town ....
Just curious ..how far is the next closest dealership?
Anyways ..good luck sorry for the rant....
12-09-2008 10:53 AM
Just curious ..how far is the next closest dealership?
Way out in Newport News. Probably a good hour from here.
The stereo on my brand new car goes in and out. I took it in to have it looked at. They admitted they didn't look at it at all. Then I discovered someone stole money out of my car. Instead of apologizing, they told me it was my fault and that it was okay to steal money because "sometimes car washers get thirsty and want a drink from the soda machine".
I wrote a letter to their corporate office. I'm hoping that will do some good. Under no circumstances will a senior manager at a car dealership tell me stealing from cars is an acceptable practice.
The sticker on my car was 42k. I talked him down to 32k when I bought it.
12-16-2008 01:50 PM
My 2 pennies having driven both cars, the BMW is more enjoyable to drive, hands down. I own both makes (not the 3 or the IS, but have driven both when each car/truck was in the shop). Initially had the BMW and the wife had the Lexus, but I drive further to work on a daily basis and the Lexus truck gets better gas mileage so I now drive the Lexus.
Don't get me wrong, its a great make, and if a car is a car to you and nothing more, you can't go wrong with the brand. But if you enjoy the open road, the BMW is one of the best daily drivers they make.
I've taken the BMW to a few of the Northern VA dealerships and they fall WAY short to the service you encounter from Lexus. Lexus is a gold standard of above and beyond service experiences. No appointment necessary, open from 5am-11pm, 365 days per year. They have a free cafeteria, sports room with large screen TV, internet room with computers, a lounge or you can take a free loaner and come back when their done with your car.
11-15-2012 01:35 PM
Anyone have one of these new Lexus'? The BMW dealership here is pathetic, and the worse customer service experience I've ever had. They've angered me enough to file with the BBB as well as complain to their corporate office.
As such, I don't even want to pay them interest. I have 2.9 financing on my current car, but I'm thinking about dealing it for a new Lexus so I never have to set foot inside the BMW dealership again.
Thoughts? Anyone have experiences with Lexus vehicles?
Wow brotha I hear what you are saying. I have a 2008 bmw 328 i but had a lexus is 350 2008 prior. The lexus dealership in Lexington KY treat you great. But with the Lexus you hardly ever have to go to the dealership because they don't break down often. I love the way my BMW drives but I hate going to the dealership because they screw every customer they have. It sucks and I will never Owen another BMW as long as I live due to the way the dealerships treat us. Lexus is the way to go. They want to retain a customer not screw them all....
11-15-2012 02:58 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.