Decisions, Decisions, Decisions...

Discussion in 'Motorized Vehicles' started by hizzaah, Jan 25, 2014.

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  1. knight427

    knight427 theenemysgateisdown

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    I don't think you are being overly picky, you just don't have a ton of options right now is the problem. Maybe you'll just have to suck up the crappy financing for a year. Can you call one of the credit unions and ask if you'd hypothetically be able to refinance a car loan in a year assuming you have a job after graduation?

    Another option would be to have your dad come visit, and do the co-owner thing, registering the vehicle back in Ohio but leaving it with you (hopefully Ohio doesn't have inspections). Or can your dad be the bank? Can you hack ATMs? How do you feel about embezzlement? Prostitution? Investment banking? Oh, sorry about that last one, over line I know.
     
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  2. hizzaah

    hizzaah Notebook Virtuoso

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    That was my goal anyway. Get establish with a CU over the next year and then refinance, putting the car solely in my name. But is it worth $4k down + monthly payments for this car that I'm not really that happy with? Sure, I'll have something to sell or use as a down payment later. But is that worth it to me at this point? Idk. The Honda finance guy said he'd let me know numbers by 10am so I have to figure out at what number would it not be worth it for me to take the lease. I know a lease is generally not the best option, but in my current price range, it seems the benefits outweigh the cons.

    I also draw the line before investment banking but after prostitution lol.. It's hard to know what my dads real financial situation is, he's not very forthcoming about it. Child of divorce, yaaaaaay.

    The other thing is, I didnt think about them using a different credit score. My FICO is around 710 (according to my free one on my Discover statement), but the score they're using is a 627 I believe. I know they can get an Auto Industry Score or whatever it's called. So now instead of the top tier money factor rate of .00011 it will be whatever the second to last tier rate is. I just don't know that exact number and idk how much my payment would go up..

    Edit: now apparently the 09 is sold, but they "couldn't work out a deal" on the 06 with the other buyer so it's still available.
     
  3. hizzaah

    hizzaah Notebook Virtuoso

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    Woo! The sales manager just called and said they were able to get me the original deal on the lease. The only issue is that generally they don't let the car leave until all the paper work is in which means overnighting it to my dad and him overnighting it back. That puts us at Thursday. The sales manager is working his magic to try to convince the general manager to make an exception since I'm on a time constraint.

    I already missed class today, it's going to be really difficult for me to miss class clear through Thursday also.
     
  4. knight427

    knight427 theenemysgateisdown

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    You're leasing a 2006 car??? Are you still doing a down payment? You know you can't get out early from a lease without major financial pain right? Also take money factor times 2400 to get interest rate do you are getting a quarter percent rate??? What is the residual value?

    Sent from my SPH-L710 using Tapatalk
     
  5. hizzaah

    hizzaah Notebook Virtuoso

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    Nonono.. I'm not crazy lol. Leasing a 2013. Money factor is .00011. Down payment is high (4k), but that's what I was putting down to begin with. They came down to 18xxx and residual will be a hair over 10xxx.

    It comes out to 165/m. Standard 36m/36k miles.. I essentially qualified for the lease deal Honda is advertising except my down payment is 4k instead of 2.6k. I don't know that I would be qualified without the higher down payment, it would be very interesting to know that. I went in to look at used so the knew my down payment amount. I suppose that was an oversight on my part
     
  6. hizzaah

    hizzaah Notebook Virtuoso

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    Drove it right off the show room floor! Not a lot of wiggle room, but I got a free hat and after I turned down their maintenance plan then they were able to add it while lowering the payments 10c a month lol. So Yay!
     
  7. knight427

    knight427 theenemysgateisdown

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    OK, the world makes a lot more sense now. I'm not sure how Honda does their lease financing, but I know for BMW it's all or nothing. Either you qualify for their financing or you don't, no tiers. I'm less certain about effects of down payment. I don't think that matters so much in a lease since you are buying gap insurance built into the acquisition fee (this protects the lender, not you). Generally putting large down payments on leases don't change the terms, you are just pre-paying depreciation. You got a great money factor, but residual value is computed from MSRP. Take RV/MSRP. Upper 50's (percent) are really good RVs. Then for a car like this, I'd say you are doing OK on purchase price at 3% below MSRP. You can use TrueCar to see how you did:
    Hassle-free car-buying experience from a nationwide network of certified dealers. - TrueCar

    People paying below Invoice are qualifying for incentives and applying them after negotiating a price slightly above invoice (remember incentives from the OEM are paid to the dealer, so if they say you qualify for $500 incentive, then take MSRP-500, you just gave them MSRP for the car).
     
  8. hizzaah

    hizzaah Notebook Virtuoso

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    Wow, that's all good information. I appreciate all the help! This was my first attempt at getting into a car so it was definitely a learning experience but it was 100% more enjoyable after I stepped into the Honda dealership.

    There honestly wasn't any games. I told them what I wanted and what they need to be at in payments and that's what they did. They didn't try to sneak anything in or sell me extras. They were a tad slow for my liking, but the Ford and Chevy dealers were much, much worse. My sales guy was off today, but he still contacted me multiple times to see if there was anything he could do and even offered me a ride to the dealership. I know they're in it to make money, but it was still pleasant. I talked to the general manager multiple times, the finance manager, the sales manager, and multiple sales people who I didn't deal with brought me water and stuff.

    I paid about the average according to truecar so I'm about 55‰ (rv/msrp). I don't have the exact numbers in front of me, most of the paperwork is being overnighted to my dad in Florida (forgot he's doing work there for Express Co atm).
     
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