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Established Member
RebuildingAgain14
Posts: 27
Registered: ‎03-06-2012
0

Next move?

Wondering what my fellow forum participants may think... I am rebuilding slowly but surely. I have had a secured card from Capital One for about 6 months. Have not increased limit on that one yet but I intend to in the next few months. Otherwise, just leased a new vehicle and also financed a used vehicle through Chase. Wondering about timing for applying for a new card, and which card to go for at this point. Any advice would be greatly appreciated.

Thanks!
Starting Score: EQ 542 EX 513 TU500
Current Score: EQ 640-ish EX 603 TU 641
Goal Score: All 700+
Regular Contributor
MissExcellentCredit
Posts: 248
Registered: ‎11-20-2010
0

Re: Next move?

Leasing a car is the devil.

 

Check out www.bankrate.com for good cards. Consider a credit union.

 

Much success to you!



Current 2013 Score: ScoreWatch Transunion: 737, ScoreWatch Equifax: 723, Nordstrom Equifax: 734
Goal Score for January 2014: 750-809 range



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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Next move?

[ Edited ]

MissExcellentCredit wrote:

Leasing a car is the devil.

 


I've always been a cash buyer, purchased 11 cars in 13 years of driving history and I have to say leasing sounds nice right now =)

 

Just weigh the pros and cons but not really the devil.

 

Pros you turn the car in before it needs new tires these days it's about $1,000 for a full set of most tires for most cars

Brand new car every 2-3 years

New cars will practically have 0 maintance issues even if you buy a Ford (I have experience on this so =P )

Minimal maintance as washing and waxing a car religiously on a car for a couple years is often is not required

Always get a newer car which is usually always better on gas mileage

 

Cons of lease

over mileage fees

you never own the car

ANY damage has to be paid back in premium

 

Pros of buying

no over mileage fees 

You will eventually own the car

 

Cons of buying

Erked whenever a new body style comes out (maybe just me lol)

You will have to pay for expensive tires, and expensive maintance

Have to wax and wash your car regularly to keep it nice after 5 years (difference is HUGE if you do not, when compared to one that's taken care of. My friend has a 98 Camry he PAMPERS still looks like it rolled out of the showroom floor)

General rule of thumb you lose $5,000 when you drive off the lot (around $5,000 is spent on leases in 2 years so basically feels like less than $100 a year if you get car around 20-25k


Example :  2013 Altima 2.5 S with Splash Guards and Mats lease, 24 Months for $209/month. 
$2,399 initial payment.   Total lease cost = $7,400)

 

of course the deals can only be obtained with great credit, but all depends what your looking at. My insurance is dirt cheap no matter what thanks to Military banking discounts and a 10 year clean driving record. So that's not an issue. In the end if you always like having a new car, and don't drive past 12,000 miles a year on average it's a great deal, also you can take over lease options of other people for killer savings and HUGE amount of unused miles if you search enough. So leasing > ownership for me now =)

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Next move?

I got offered one lease deal that seemed pretty good. Nissan Leaf for $138 per month.

 

I just don't want to be screwed when I turn it in for stuff like door dings and such. So, I would still rather own my car out right. But full EV sounds nice right now for city driving.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Next move?

[ Edited ]

Dustink wrote:

I got offered one lease deal that seemed pretty good. Nissan Leaf for $138 per month.

 

I just don't want to be screwed when I turn it in for stuff like door dings and such. So, I would still rather own my car out right. But full EV sounds nice right now for city driving.


you know if you really like the company incase you get door dings etc and stick with them for the next lease they'll usually work out REALLY nice deals with you =) 

(pretty much removing the labor out of the work required) as an incentive to keep you aboard :smileyhappy:

 

But the way I see it leasing something like a Altima for 6 years straight will cost you around the total cost of the car, but you got a new car 3 times! and NO HUGE maintance and tires. That itself when you buy would probably cost you atleast $5,000 in maintance (tires+ timing belt + tune ups + alignments + more wash and waxing to keep it really nice)  plus all the gas savings you'll probably have changing to the newer models lol, I know Altima 2013 gets almost twice the gas mileage as my Lexus right now, so that itself would save me $2,000 a year.

 

http://www.nissanusa.com/altima/

Oh yea and btw if you wanted to buy the car you leased, like the Altima in the lease deal MSRP is $23,555 , and  at the end you can buy for $16,724 so your basically not really losing much. $6731 (total lease cost $7900, so only less than a $1,200) in difference only losing $1,200 potentiall going through the lease first, and who knows you might not like the car much after you got it..  Also remember if you get into an accident with the car and have Gap insurance (few hundred) this could save you thousands in resale of a car. Instead of YOU sucking up the resale value with having a car with a accident record, they eat the cost.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Next move?


distantarray wrote:

Dustink wrote:

I got offered one lease deal that seemed pretty good. Nissan Leaf for $138 per month.

 

I just don't want to be screwed when I turn it in for stuff like door dings and such. So, I would still rather own my car out right. But full EV sounds nice right now for city driving.


you know if you really like the company incase you get door dings etc and stick with them for the next lease they'll usually work out REALLY nice deals with you =) 

(pretty much removing the labor out of the work required) as an incentive to keep you aboard :smileyhappy:

 

But the way I see it leasing something like a Altima for 6 years straight will cost you around the total cost of the car, but you got a new car 3 times! and NO HUGE maintance and tires. That itself when you buy would probably cost you atleast $5,000 in maintance (tires+ timing belt + tune ups + alignments + more wash and waxing to keep it really nice)  plus all the gas savings you'll probably have changing to the newer models lol, I know Altima 2013 gets almost twice the gas mileage as my Lexus right now, so that itself would save me $2,000 a year.

 

http://www.nissanusa.com/altima/

Oh yea and btw if you wanted to buy the car you leased, like the Altima in the lease deal MSRP is $23,555 , and  at the end you can buy for $17,724 so your basically not really losing much. $5731 in difference.  Also remember if you get into an accident with the car and have Gap insurance (few hundred) this could save you thousands in resale of a car. Instead of YOU sucking up the resale value with having a car with a accident record, they eat the cost.


The leaf is $38k, but after 2 year lease purchase price is $21k. So, $3k down $138 per month is a pretty sweet deal.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Next move?

[ Edited ]

Dustink wrote:

The leaf is $38k, but after 2 year lease purchase price is $21k. So, $3k down $138 per month is a pretty sweet deal.


Considering you pay about 3 cent on electricity on average vs $4 a gallon of gas 

 

138 a month x 24 = 3312 + 3000 due at signing is  $6,312   Considering average person uses over 550 gallons a year @ $4 a gallon = $2,200 a year. x 2 = $4,400 

 

So basically your getting a car for $1988 + 3 cents of electrity x 1100 = $33 worth lol. So that's under $100 a month. DO IT lol


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Member
RebuildingAgain14
Posts: 27
Registered: ‎03-06-2012
0

Re: Next move?

My lease includes all scheduled maintanence for the first 36 months, plus the dealer offers free tires and car washes for life. Made sense for me at this point in time...

Now, not to be rude, but... anybody have any thoughts on my credit card question?! :-)
Starting Score: EQ 542 EX 513 TU500
Current Score: EQ 640-ish EX 603 TU 641
Goal Score: All 700+
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Next move?


RebuildingAgain14 wrote:
Wondering what my fellow forum participants may think... I am rebuilding slowly but surely. I have had a secured card from Capital One for about 6 months. Have not increased limit on that one yet but I intend to in the next few months. Otherwise, just leased a new vehicle and also financed a used vehicle through Chase. Wondering about timing for applying for a new card, and which card to go for at this point. Any advice would be greatly appreciated.

Thanks!

lol sorry got off topic, but what's your scores looking like and your previous credit history?


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Next move?

EQ 545 EX 513 TU 500

 


Those are your current scores? I really dont know what to say hmmm... which those scores it's going to be hard to get unsecured cards to be honest. I'm surprised you were able to get a car financed through Chase with those scores tbh. I think secured cards are still the way to go.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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