So I got Approved, but have some questions on the best direction I should take (finance vs lease)
11-03-2012 12:19 AM
I'm in a situation where I have to get rid of my car before it nickel and dimes me to death, so I have set my sights on a well equipped 2012 Ford Fusion SEL for $28K but being a leftover has alot of incentives to make the car a good deal.
I'm putting down $8000 between trade ins and cash, and I have it figured out that I can afford $300/month car payment comfortably so here are my offers:
Option A: Finance the car at 5.9% for 72 Months at $322.
Option B: Lease the car for 36 Months at $322, but I get to keep my down payment of $1K and they'll cut me a check for $2K, so I'll have a total of $3,000
If you divide that $3,000 over 36 months you can subtract that from $322 payment and you could theoretically say that you're only paying $250/month which is easily do able.
That being said, the dealership I'm dealing with currently has 8 model 2012 fusions left on their lot. 6 of which are similarly equipped, so I'm thinking I could probably talk them down and get them to my $300/month payment target.
Either way, my biggest concern is my credit and rebuilding it. I once had a score at around 400 and I worked hard to get here and I don't want to go back. I have a pretty good idea of what I can afford and I'm comfortable with $300, but no more than that. Obviously these arent exactly spectacular deals, but theyre about as good as they get when considering my credit.
So should I finance or lease?