I just went to change my oil at the dealership and got into a conversation with the salesman about the 2003 6MT. I currently still owe $21k on the 2001 w/ payments of $730/mo. He offered me $23500 to buy out the loan and then wants me to lease the 6MT for $550/mo for 48 months with no money down. Lease financing is still in the works. Does this sound like a good deal to you???

 

I think $550/mnth for 48 months is kind of steep. Does that include tax?

 

For 34k miles, that is a good buy out price.

How many miles a year does the lease allow? A lease is a bad idea for most people. Find out how much to buy the 6MT.

 

how much have you paid so far in your financing?

 

Do it!!!!! You're saving money every month and if you decide the buy the car out in the end your interest rate will be lower too!

 

Not sure...good question to ask i guess. The guy actually said he could probably do it for $500, but we haven't done the final numbers yet.

 

The 6MT is a non-negotiable $32k (non-navi).

 

I financed the whole thing ($0 down) at a terrible 9.16%. I've paid the thing down to $21k (principal)....with interest, I've paid about $15k so far.

 

by the time you've finished paying it off, you would have paid like 45-50g' for the car. If you like the car that much, go for it than.

 

curious to know what the "finance dudes" on the site think of this deal....

 

PAY CASH !!!

 

The total cost for the loan, with interest, is $36k. I've paid that down to $24k. The remaining prinicipal is about $21k if I just went to the bank today and finishing buying the car.

 

Not a great deal, but better than what you have now, I would never pay 700+ for an Acura, damn you could lease a Porsche for that! heres the deal I got a month ago, granted a 2002 currenty is much cheaper than a 2003, but if you don't want the 6 speed get it.

I just got my 2002 Cls with Navi, spoiler, moon roof visor,,,everything possible. $30,800 @ 3.3% for 39 months, $0 down, 15k a year, payment 459+ tax (489.00)

 

Yeah, even if $550 is kind of steep, I would still try to get out of your deal you have now, and this might be the perfect option. If he is willing to go down to $500 a month I think you might want to think about doing it.

 

If he aint the sales manager or the finance manager....forget it, he's blowing shit out his ass...

 

smitty, do you math again ,it only come out to 19,000 for 39, What do you mean about 15 a year

 

heh heh he's blowing dirt

Fuck it..go form 700+ to 500+...just do it

 

I did smell something funny in there...and it wasn't the new-car smell.

 

We based the lease on the deal worked on the car which was $30,800. The term is 39 months at 3.3%, this was a special Acura ran last Jan-Feb. The choices are 12k miles or 15K miles per year, or course 15k is about $20.oo more per month. I got 15K. With $0 down and the low 3.3% my payment ended up at 459.00.
I don't are what the math says, I know what I'm paying, it's in writing from Honda Motor Corp.

 

Don't lease a car unless you can write it off on your taxes. If you can't pay 20% down on a purchase you can't afford the car, and unless you get a fantastic deal you will always be upside down on the car. You paid too much for the car you are driving (21K + $15K = $36K) and the lease will only set you back more. Sell the car outright. Take any profit left and go buy a another car. Interest rates are low and you can buy a CL-S w/NAVI for around $32K.

 

Another option for me is to borrow the remaining $21k from a family member and pay them back at around 5%. That is probably the best financial decision to make, but I'm a little worried about mixing family and money.

 

Not a good deal at all IMHO. See I got my 2001 with 0 down, spoiler, 15k a year, for $439 INCLUDING TAX. This was back when the 2001 were just coming out too.

To pay $550 on a lease when you are only paying $150 more now and will own a car at the end.

That is over $21,000 for a lease but you only owe $21,000 on your car right now and you will OWN that for the same remaining amount. Keep the finance and sell that car when you are done. Then go buy the 2004 CLS

 

Just got off the phone with the salesman...story has changed:

He wants $5000 down for a 48 month lease at $500/mo (incl. tax). The residual he used to calculate this is $15825. Kinda sux, eh?

 

baehaeh, ouch! forget that......

 

NEVER, I REPEAT NEVER PUT A CENT DOWN ON A LEASE. IF YOU WREAK THE CAR IN THE FIRST FEW WEEKS YOU WILL NEVER SEE THIS MONEY AGIAIN

 

So he really was talking out of his ass! He probably realized what he said after you left the dealership....what a jackass.

 

Isn't that what GAP insurance is for?

 

He called back again and is willing to come down to $3000 down $500/mo 15k miles and will swap my headers, springs, and intake into the 6MT for free.

 

Well, My friend leased his all options 02' 330ci for 36 months at 540/month here in PA. He put 2k down up front. Don't know all the other terms. Not saying you should do this, but just keep it in mind.

 

You are crazy if yuo pay that much for anything over $475 to LEASE a new CL-S.......THe buyout parts sounds nice...but regardless of how much money you will save each month...that is too high for a lease on a CL-S
The only reason he is saying $550/mo is because he knows what you are paying now...he knows that you could be saving $200 so he is gonna try to fuck ya...

Figure out a good price for a lease...$475 TOPS..with tax and everything else..and you should be able to get into a new CL-S....
Just remember..he has already said 23500 for the car in which you owe 21k..so you are all ready pocketing 2500.....That is a nice deal...but dont let him get one over on you as far a lease goes..
Hell..if the guy cant get you to $475 or lower each month..take the $2500 in your pocket and go spend 500/month ona 330ci 5 sp lease!
Good Luck

 

WHOAH! $700/month for an acura, you have got to be crazy!!!


Fuck that.


And then do take on more debt just so you can have a 03?


Not worth it IMHO.


Pay off what you have, which will build your credit (19% sounds like it sucks), then trade up.

OWNING is better than financing or leasing!

 

i leased my cl-s for 48 months
i pay $430/month

 

How much did you put down? I don't think I'm gonna go for this deal (if you can call it that). I think I'll just refinance and keep the car awhile. Ugh, you live and you learn.

 

No leasing.........Leasing id BAD

 

i gave $1,500 down.
i got the car for $28,000 - non-navi w/ spoiler & extra wood package for free.
u can get away w/ that in a lease.

 

leasing isn't bad for everyone, there are pro's and con's. Pro -you can get a much more expensive car for cheaper. Con- you build no equity, you don't own it and can't do many mods to it. My take is, equity in cars is bullshit, this is money you never see or hold in your hand. What 99% of people end up doing with equity is rolling into their next car purchase for the down payment. You have to do this or your payment will be through the roof. Basicly it's money you never see. If you only drive 15k miles max per year and don't care about mods, do like I did , get the lease. Also, you CAN get out of leases early without a penity, I know a lot of people who have done this becasue they went way over the allowed miles. They can put you in a new ride with min or no cost.

 

Do you have a 2003 CL-S? Cause I'm pretty sure that's not a good deal for a 2001. I got my 2001 for $416 a month/39 months and I only put $250 down. I didn't get the Nav, but I got the spoiler, & wheel locks.

 

I know this probaly isn't what you want to hear. But I strongly believe in paying cash for all vehicles. Granted this is easier said than done, but hands down is the only way to pay for a car if you're financialy consciences. Granted this means you're probaly going to stick with this car. But then again, by the same standards, you shouldn't have gotten this car to begin with.

Now realisticaly, Almost everyone with a car has a car payment. But I am 23 years old and this is my second car, the first one was a 95 Carmaro. Both of these I purchased myself and paid cash for. Just for reference I bought my '01 with 30miles on it last May for $20K in cash. I got a price of 26000 for the CL S (non Navi) and they gave me $6K for my carmaro trade in. They also threw in the extended warrenty to boot with Spoiler and other extras. Bottom line. That 20K check was the only payment that I will have to make.

Now, The best option is to take out that lease (only if you have the money to buy it out right now) and invest the total car cash value in the market through a tax deferred vehicle with principal garrentee i.e a variable annuity, and then you would really be financialy astute. Given that you're total car payment is protected by insurence riders, yet the entire value is exposed to the market and grows with triple compounding over say a 7 year period (typical surrender period on VAs) and should, given adaquit diversification with rebalancing, far out pace the lease rate and therefore in the end you will not only own and had use of your acura, but end up actaully making money on process while deffering your tax liability until you wish to recognize it.


*By the way, past performance is not nessecarily an indication of future results

-Logan

 

Ok well now we have four board members who start talking and then people have a hard time understanding:

1-EricL
2-scalbert
3-Nashua nighthawk
4-MTbikR



You mind translating your post into retard language so the rest of us can understand?

 

Sorry I am actualy at work and fell into jargin spewing

Basically, I can't justify paying interest on anything unless I can use it to earn a higher return than what I am paying.

Therefore when talking about a car (which we all know goes down in value, not up -for new cars atleast) I always wait till I can pay cash. If I can't then I don't buy that car (hence why I don't have an M3 ) Now if you use your car to win races or competitions, then it can offer you a return financialy. Provided it outwieghs your interest payments.


However for most of us, we will lose money in the value of our cars, just by owning and driving them.

For me personally, it only makes since to lease or make payments (or in other terms "leverage" yourself) on a car if you already have the money to buy the car AND use that money, that you would have spent on paying for the car outright, to earn a higher return than the rate that you're paying for leverage (in this case you're financing rate).

It's the same idea of using a credit card to make purchases (not becuase you don't have the money, but because you invest the money into somethingelse that will provide you with a higher return (ie Market, new idea, investing in your business, ect.)

Or like the use of Margin to buy or sell stocks. Leverage is an amazing tool if properly understood and closely monitored. Just remember it goes both ways.

Last I was only mentioning an investment like a Variable Annuity because it offers downside protection through the atttachment of insurence riders (therefore helping to limit your downside). Very important if you're using leverage. Besides offering triple compounding through tax deferral (i.e your 401(K) )

I hope this clears up what I said earlier. I don't want to confuse just point out a way to make the buying a car more lucrative.