[R.C. Collins]

RedHotAtl, if you read my post you would see, "I've found that some who brag", which was my way of not fingerpointing at anyone specific, but rather to use my statement as a cautionary tale to the O.P. that some people will embellish the facts of their deal. (Edit) I was ready to drop it right there, but then you had to try and school me on it. That's when i took a second look at your numbers and determined they just don't add up. Let's do the math:

Facts you provided: In an earlier post you stated you paid $42,000 out the door for your car. I believe that, and it's a good price. You had no trade. You put $2354 down against the total. That leaves apx $39,646 to be financed; You did not lease. You financed for 60 months. You used Penfed for financing because that's where "smart shoppers get financed". Your monthly payment is $389.95/mo. You did not mention an interest rate, so i'll assume you have great credit and are a pro negotiator.

Best case scenario: $39,646 financed for 60 months at 0% interest = $16.67 per thousand financed. $16.67×39.65= $660.97/month. Maybe Penfed is so good they'll even pay a chunk of your payment for you! Put another way; if your payment is only $389.95/mo×60months = $23,397 total financed, again assuming a best case scenario of zero interest. That means you would have to come up with a down payment of $18,603 instead of $2354 to drop your payment down that low.

OK, enough beating a dead horse. I don't like doing this to a fellow member, but you kinda asked for it.

[Boost Creep]

lol


BTW OP, new '17 1SS's can be had for <$35k with some options like NPP, wheels, etc.

I'm eyeing one with HBM, mag ride, NPP and optional lower grill for sub $35k, msrp is +$41k.

There's one with the kalahari interior that's $10k off right now, but it's closer to $40k.

Shop for what you want and be patient.



Once you get a house all your car money goes to property taxes.

[Boost Creep]

And I noticed the convertibles seem to be discounted more than the coupes already.

[RedHotAtl]

Originally Posted by R.C. Collins

RedHotAtl, if you read my post you would see, "I've found that some who brag", which was my way of not fingerpointing at anyone specific, but rather to use my statement as a cautionary tale to the O.P. that some people will embellish the facts of their deal. (Edit) I was ready to drop it right there, but then you had to try and school me on it. That's when i took a second look at your numbers and determined they just don't add up. Let's do the math:

Facts you provided: In an earlier post you stated you paid $42,000 out the door for your car. I believe that, and it's a good price. You had no trade. You put $2354 down against the total. That leaves apx $39,646 to be financed; You did not lease. You financed for 60 months. You used Penfed for financing because that's where "smart shoppers get financed". Your monthly payment is $389.95/mo. You did not mention an interest rate, so i'll assume you have great credit and are a pro negotiator.

Best case scenario: $39,646 financed for 60 months at 0% interest = $16.67 per thousand financed. $16.67×39.65= $660.97/month. Maybe Penfed is so good they'll even pay a chunk of your payment for you! Put another way; if your payment is only $389.95/mo×60months = $23,397 total financed, again assuming a best case scenario of zero interest. That means you would have to come up with a down payment of $18,603 instead of $2354 to drop your payment down that low.

OK, enough beating a dead horse. I don't like doing this to a fellow member, but you kinda asked for it.

R.C. Collins rest assured you're not doing anything to me what so ever. You're simply making a fool of yourself. Instead of just licking your wounds you had to open your mouth again.

Did I not say that I could back any claims I put out on the net. Did you seriously think I would say that and then claim something absurd or that you had a monopoly on smart car buying?

Well since you mentioned schooling let me educate you. Penfed has a great product you can't just find anywhere. Its called a payment saver loan and it has the benefits of a lease without any of the drawbacks.

If you're buying a car and are not upside down in your trade and don't plan on running up a bunch of miles on it but also want the flexibility of being able to do whatever you want to the car such as adding spoilers or a supercharger or chip tuning then this loan can't be beat. No worries about mileage caps and other b.s. you deal with if you lease.

The main advantage is that you only pay the value of the car for the loan term and when your 60 months are up and the cars residual value is still 20k you haven't had to pay that upfront.

Just sell, trade in, or refinance the remainder which penfed will happily do for you if you like and you're done. I have been buying cars this way for years with them and the payments can't be beat and the interest rates are low. This car was the highest rate I have ever paid with them and its just 3.25% so not horrible at all. As long as you don't go put 30k miles a year on it or something that seriously devalues the residual value of your car you won't have any problems. 7 cars done this way and I have never had an issue.


https://drive.google.com/file/d/1jZz...w?usp=drivesdk

Since you don't have to pay the 20k in those 60 months then your payments are sooo much nicer. I think we can agree that the 1LE given how rare it is should hold its value and be a car still in demand after 5 years correct? Well then no reason to want to pay any more on my monthly payments then needed. To me that seems smart I don't know what your thoughts are on that maybe you prefer to give your money away to finance companies but I don't which is why I do the research to find the best product out there for my needs hence the comment that smart shoppers use penfed for their purchases.

Since its a conventional loan you own the car and can do with it as you please vs lease where the leasing company owns the car and you simply pay to use it. Attached is a link to my truth in lending disclosure from penfed to prove my payment amount. I wasn't bluffing I back what I say or keep my mouth shut. Maybe something to be learned here for you.

I hope you realize you don't know everything and please just stop with the negative attitude. I don't go calling b.s. on what anyone says unless I am sure its not possible and even then I think twice because what's there to be gained? All you do is make yourself look stupid if you're wrong and even if you are right did you help anyone? No that's for your personal satisfaction that you do that nothing else. I don't appreciate it even if you were not specific in being your target. All my claims are valid and I don't think anyone like someone saying they are full of s.... Which is essentially what you did.

[Ian SS]

Damn are you really leasing a car for 5 years?!?!?!?

[R.C. Collins]

RedHotAtl. You leased it. Why didn't you say so in the first place? Enjoy your ride. Peace out.

[RedHotAtl]

Its not a lease that's the whole point of it has the advantages but its a purchase. No mileage restrictions car is in my name I can modify the car however I want. Not a lease but has advantages of a lease learn to read. Peace out.

[RedHotAtl]

Also I can sell or trade any time I feel like it no penalties and so on. If you find a lease like that please share because there's lot if people who would be interested in that lease.

[JLSuperfly]

I know someone who knows someone who got a loaded 2SS for $19,995 out the door.
Take that!

[Ian SS]

Originally Posted by RedHotAtl

Also I can sell or trade any time I feel like it no penalties and so on. If you find a lease like that please share because there's lot if people who would be interested in that lease.

That exactly describes a normal lease. No penalties if sold or traded or bought. Only penalties accrue when turned in and gone over mileage or damaged vehicle.

Actually I think what you did was a balloon lease. Does the car go back in 5 years or is the 20k due no matter what?

[CAM-FIFTY]

Yeah, what's the deal at the end of 5 years? I bet these camaros will be far below 20k value in 5 years.

[IMadeYouReadThis]

Originally Posted by R.C. Collins

RedHotAtl. You leased it. Why didn't you say so in the first place? Enjoy your ride. Peace out.

I agree bro he's just got some sort of backwards lease going on. Sorry redhot but you definitely don't own that car if you're going to owe 20 grand at the end of term

[RedHotAtl]

If you decide you want to keep it they will refi the remaining balloon at the end for you. I haven't ever done that I always just trade it in and buy something else and normally I don't wait until the 5 years are up. On average I trade in between years 3 and 4. As far as I know with a lease you have mileage restrictions or you have to pay more on a per mile basis. With this there are no mileage restrictions. With a lease you can't modify or change the car in any way. No custom exhaust, no after market stereo, or anything else unless you intend on returning it to original condition when you turn it in. I dont know about selling or trading in a leased car before end of term but I somehow doubt that its possible without paying extra otherwise what would be the purpose of websites like leasetrader or swapalease when it's as easy as just trading your car in for a new one whenever you feel like it. I can do that with this loan. Essentially I end up with a monthly payment that is equivalent to as if I had put down 20k on my car without having to put down 20k of my own money to get that payment. No other drawbacks to it. I have done this with about seven cars now without any issues. Personally I like having a lower monthly payment. If you don't see the benefit in that I don't know what to say except enjoy your high monthly payment I will spend what I keep in my pocket on having fun instead of paying the finance company and then getting beat up at the dealer when I trade in and they try to keep as much of my money as they can since I own it free and clear. Been there, did that, take my word for it this is far superior. Or don't it's your loss.

[RedHotAtl]

So here is factual info for you to look over regarding the differences between a loan and a lease. My additions are in red:

ADVANTAGES OF LEASING

You pay less money up front. Compared to the down payment for a new car loan, the down payment for a leased vehicle is much lower, or even nonexistent.
Your monthly payments are lower, too. When you’re on a tight budget, a lease may be the way to go simply because the monthly payments are low, low, low.My buddy recently leased a vw jetta and after he had done that we ran the numbers to see what they would look like with the loan I have and he would have had a $20 per month lower payment and the balloon payment at the end was smaller should he decide to keep the car. Unlike payments for a car loan, lease payments only need to cover the car’s depreciation during the term of your lease (plus interest, taxes, and fees).
It’s easier to get approved for a lease than a new car loan. The goal posts are closer when you apply to lease a car than when you apply for a new car loan.
You won’t foot the bill for major repairs. Because most new-car warranties last the life of a typical lease, your only maintenance costs will consist of routine things like changing the oil, rotating the tires, and other recommended maintenance.
You’ll always drive a car with the latest tech and features. When you replace your car every two to three years via a new lease, you’ll always have access to the latest technologies.I trade in every 3 to 4 years with this loan and I dont have to worry about how many miles I put on my car, my buddy with the jetta lease for 12K per year is in his 10th month and has close to 11k on it at this point. I live 30 miles away from him and for some strange reason he hasn't been stopping by as often as he used to.
DISADVANTAGES OF LEASING

Your insurance rates are higher. I don't pay any different rate than normalWhen you lease, your insurance policy has to cover the amount that’s still owed on the lease in case the car is totaled.
You’re left with no trade-in. I trade my car in when I want ususally after the 3 year mark but before the 4 year mark I can trade in and have say around $1000 to the positive when I trade. You won't have a large difference between your trade in value and what you owe with this loan but whenever I have traded cars I had substantial value in I always got the worst trade in deals. There is a reason the dealer wants to know right away how much you owe on it. If they want to get the deal done and you owe market value for your trade in guess what? They have to step up and pay it off or not get the car you're buying sold. If you have lots of equity for some reason I dont think they will come back with a market value appraisal they will lowball you every time. When your lease is up, you’re left with nothing of value to take the edge off the cost of the next car. Whatever I owe on this loan is what I owe because its a loan and not a lease so if the car appraises at 23k and I owe 22k then I have 1000 against my next car lease gets you 0.
You’ll pay a host of fees at both the beginning and end of your lease. No fees or taxes outside of what you would pay with a purchaseWhile there are plenty of costs involved in taking out a new car loan, once it’s paid off, it’s over. At the end of a lease, however, you’ll still owe considerable fees.
You’ll pay extra if you exceed mileage restrictions. None on my loan When you turn in your car at the end of your lease, if you’ve driven more than the allowable number of miles (usually 12,000 to 15,000 miles per year), you could be liable for significant penalties.
Ending a lease early could cost as much as paying out the contract. Early termination fees on leases run notoriously high.I can pay off my loan at any time either by paying it off, selling the car, or trading it in
If you’re hard on your vehicle, you’ll pay penalties. A car lease will hold you financially liable if you exceed normal wear and tear on the leased vehicle. No penalties for car abuse other than you're getting screwed when you go to trade it in but you would have that with any loan
You need a good credit score in order to lease. While it’s generally easier to get a lease than it is a new car loan, you’ll still be required to have a strong credit score. Without one, you might have to buy a used car instead. This is the only thing with the loan I get you have to have a strong score to qualify for this loan
You won’t be able to customize your car. I can paint mine purple and put 28 inch rims on it if I choose, not that I would.... Because a lease requires that you return the vehicle in relatively comparable condition as when you leased it, you won’t be allowed to customize or modify the car. That means no custom stereo installations, paint jobs, or anything that can’t be reversed or removed before you return the car.

I hope that clears it up, this isnt a lease but what it is is a smart way to buy a car and have nice low payments. I hope that this helps someone who has the ability to comprehend a good thing when they see it and take the time to look into it and not jump to conclusions, not pointing fingers at anyone in particular......