5-6K down on a lease is a joke. Totally defeats the purpose of a lease program

 

You got a great deal Jeremy, but don't forget, not just anyone can join NFCU. Unless they've changed their policy lately? btw - thanks for the info about Navy Fed leasing, the wife and I are wrapping up our re-fi (hopefully in the next week), and then it's new car time!

Rick - you may not have gotten the best deal possible, but you got a brand new Evo X and the payment is where you wanted it - congrats!

 

This is true, however, I was just illustrating that the dealership is not the end all-be-all of leasing. Plus, they have relaxed their entry standards, but it's still pretty tough to get in to if you don't know any military family.

 

Please educate me on your reasons why you believe this to be so. A vehicle is an depreciating asset and I'd much rather put the money, that I would have put down, into an high-interest bearing investment account. Some idiot plows into your year old Evo, which you paid 33k for and is now worth 23k to the insurance company. You get to eat that 10k difference and are left with nothing to show for it. GAP lessens that hit and for only a one time fee of $200-300 for the life of the loan, it's peace of mind that I don't mind paying for. Hell, PenFed will even spot you an additional 1k towards the purchase of another vehicle, if they ever have to pay you out the GAP coverage.

 

thanks pretty awesome if you don't have to pay taxes...wonder if it works for cali?

 

last time I checked cali was a part of the union, and govt entities aren't charged taxes anywhere

 

Plus Navy Fed includes GAP insurance, no charge. You really can't beat 'em. If any of you have an opportunity to join - through work, family, whatever - I highly recommend it!

 

What are you talking about? NavyFed charges $249 now.. used to be $199 but inflation is a b*tch in our current economy.

 

This is what I'm talking about: http://www.navyfcu.org/loans/autoleasing.html

4th bullet down - Gap protection included

I've been with them since '92, so I know what I'm talking about.

 

If you dont end up paying your bills...do the navy end up hunting you down?

 

You obviously got WAY below sticker to get down to the $443 payment. Nice job

Did you negotiate the price of the car down to around $35k?

 

exactly thats totally rapage.. i pay 450/month for mine

 

34k

 

Thanks and good luck to you!

I don't know why some of you are so bent on the lease I got...

I have never owned longer then 2 years and 4 months, and needed to stay under $400 a month.

If I bought instead and put down $5k and finaced $30k for 4 years at 2.9% APR like the current online deal, I would been paying over $660 a month.

Forget about a 6 year loan, in 2-2 1/2 years when I got bored once again and wanted another new car, I would have been upside down on my loan.

And at the end of my 2 year lease with @ 23 payments of $388.49 a month, I can either get in to another lease or buy the car for $22500+tax and sell it. If I sell it in 2 1/2 years for $26K I might even end up with some in my pocket.

I know I will be corrected if I'm wrong, I'm not to good with numbers...lol

But at the end, all that maters is that I'm soo happy I was able to finally own an EVO! Been lurking this site for a looong time

 

Ok lets do some quick math...

Ok so you leased the Evo, so your credit should have been more than enough to qualify for the 2.9% deal. I got my PB Evo X GSR SSS/Navi/Aero for 33K on a purchase not lease, so you should have been able to get AT LEAST 3K less than that on a BASE X GSR with the $299 lolSportAccPKg and the $40 lolWheelLocks. So we are at 30K on the price of the car. Minus your 5K down and we are at 25K to finance for 48mths @2.9%. Plugging those numbers into easy online calculators comes out to... ~$550/mth for 48mths on a PURCHASE.

On this purchase plan, @24mths you would owe ~$12,850 and @30mths you would owe ~$9,750, and have plenty of equity in that 2-2.5 year old vehicle if you wanted to trade up.

At the end of your lease you will have paid Mitsu approx. 14K to rent their 30K car for 2 years. On a puchase you would have paid an extra ~$168/mth, for a net difference of approx. $4000 and would only have 2 more years to OWN the car.

Negatory, your BASE X GSR is going to be probably worth less than 20K due to the huge over abundance of X GSRs that Mitsu has put out there. Dealers are having a hard time even GIVING THEM AWAY given the state of the economy and it's only going to get worse in the next couple years. IF you were foolish enough to buy the car for the residual, the deal gets even worse. Add in the 14K you already would have paid plus the 22.5K residual and you just paid 36.5K minimum for a 30K car [which is now worth less than 20K]. Your best bet will be to turn your X in and walk away.

I know everyone was not a Math major at Uni, but with the information readily available on the internet, there really is no excuse when everything is just a click/search away.

I don't know your age, occupation, family situation, but I am a 31 year old single guy and I am VERY diligent with my finances. I have seen many marriages of close friends destroyed due to financial difficulties and the ensuing lack of trust that stems from them. Being smart about money is just one way to keep ahead of the game and it is very easy when you realize how important is. But yes, being happy about your purchase is all that truly matters in the end. Just take it in as a learning experience and try not to make the same mistake next time. Buyers remorse is a friggin b*tch.