Auto Lease

[CreditDrama85]

i guess the real question is why are you being so negative? if the salesman told the prospective buyer that they have worked with scores in that range and have closed deals, your negative input that you want to be seen as realistic is not needed....

[fishbjc]

It IS needed because not understanding financing is why people are on the boards in the FIRST PLACE.  I'm simply pointing out that it's necessary to really look at those terms without walking away and asking questions later when it's too late.

I've come across people on another board who simply did NOT realize what the true cost of that lease was, now they can't get out of it. 

[CreditDrama85]

your input is appreciated.... but, you have reinforced your negative outlook re: auto financing and even went so far as to carry that over and place judgement as to why the majority of forum members joined myfico......just like you think people with poor fico scores cannot get a good lease or auto loan rate, and think the majority of people out there joined this forum because they did not understand numbers.....im trying to get you to understand that although those scenarios may be likely.....there is ALWAYS an exception; so if a borrower happens to be an exception and comes here for advice--they instead got you telling them the deal they expect is not realistic....when what they may have needed was clarification on something; not to mention-- myfico forums would eventually be full of people that had YOUR point of view. understand?

[fishbjc]

Hey, if people want to sign on the dotted line without reading the fine print and checking the numbers, it works for me.   I'm not the one paying their payments. 

[fishbjc]

CreditDrama:  I respect your opinion, but I am not required to agree with it.   I have my opinions and am entitled to them.     

[Datgirl]

I spoke to BMW and when they add all "other" fees the $369 quickly turns into about $425 and that's with Excellent credit. They told me they do have lease options for other credit levels. Also, the car is very basic and you'll be tempted to upgrade. If you look at swapaleasedotcom you will see that practically no one has leased the 3 series for under $500/month (Geesh). I skipped the BMW and bought a really nice Solara with very low payments. I'm very happpy!

[tryingtogetitrightnow]

Thanks for the update datgirl, and congratulations! Probably a wiser choice at this time. :-)

By the way, I think we've all been in the bad/not great credit situation. Some of us are still there and some of us are trying not to get back there again. I don't think we should be too sensitive about the advice that is given us.

I know that the scores that I have are where they are because I haven't been the smartest guy in the world. For example, 3 years ago I bought a brand new 2004 Chevy Trailblazer. When I look back on it, now I wish I would have bought a car that was a couple years old since it would either be paid off now or I would have had lower payments and I could have kept up with my credit when times got tough. If I would have done that, I could buy a house right now instead of waiting until the end of the year. I'm not going to beat myself up too much about it, but try to make sure I remember it so I don't repeat the same mistake when this car is paid off. So, long story short, I wish I would have had someone like fish be brutally honest with me at the time and tell me not to be an idiot and get a less expensive car.

[fishbjc]

I really hate those *teaser rates*.  I saw my car advertised for $209/month for 24 months with $2k down.  After viewing the car, it was a manual transmission with NO extras.

I walked out with a $330/monthly rate. 

I'm happy you got a solara, I think you will be very happy with it, it's a beautiful car!  Vroom, Vroom!

Congratulations!!!!

[Datgirl]

Thanks everyone for replying to this thread and congratulating me on my car purchase. Just like tryingtogetitrightnow I made some dumb decisions in my past and am still going through the credit re-building process. I really wanted a nice comfy vehicle with a few bells and whistles. I was looking all over the place - AUDI, BMW, HONDA etc. Well the AUDI and BMW were too expensive and maintenance is a mutha. The Hondas were boring but very reliable. I decided on purchasing a used (2005) Toyota Solara which has a few bells and whistles, is quite comfy, very sporty yet won't break the bank. I have absolutely no regrets. I am also proud of the efforts I've put forth the past two years to re-build my credit which allowed me to get approved with Bank of America. I am also proud that with this purchase I was very practical. Wishing all you excellent credit and prosperity, Datgirl

[Anonymous]

I was going to say.....the BMW's you see have NO POWER SEATS. Can you believe that ? Paying $$$ for a BMW that has NO power seats. BMW's are so over-rated.  Plus they BREAK all the time due to the fancy electronics they carry.  Good thing you went with the Solara. Congrats !