[TheSmoothOne]

Hi Everyone!

I'm 24 just graduated college, landed a pretty good job, and looking to lease a 2016 Camaro either the 2LT or 1SS model. I am building credit right now, so I have a good credit score around 710+. However, my dad who's in great standing will more than likely cosign for me at the dealer. What will my monthly payment look like after bargaining? Also, any tips, advice, or hints from you experienced guys would be great!

[Sintmk]

The best advice I could give you is to play with the various financial calculators available on the web, either on the manu's websites or standalones. You can vary the factors at will, and get an idea of the ballpark you'll be in. Try to time the move with promotional deals on rates to maximize your investment.

Weigh your driving characteristics against the decision to lease or buy. I'm a big "don't stress" guy, so I'd pay more for mileage buffer, but you may not have to. Factor in the costs of things like brakes and tires against like sized models, and what you think your average per year costs for fuel might be.

As I've found out the hard way, more than a few time, affording at the desk doesn't always equate to affording on the road haha.

And have fun. I love new car day, if you go into the experienced as informed as possible, it's a blast.

[TheSmoothOne]

Originally Posted by Sintmk

The best advice I could give you is to play with the various financial calculators available on the web, either on the manu's websites or standalones. You can vary the factors at will, and get an idea of the ballpark you'll be in. Try to time the move with promotional deals on rates to maximize your investment.

Weigh your driving characteristics against the decision to lease or buy. I'm a big "don't stress" guy, so I'd pay more for mileage buffer, but you may not have to. Factor in the costs of things like brakes and tires against like sized models, and what you think your average per year costs for fuel might be.

As I've found out the hard way, more than a few time, affording at the desk doesn't always equate to affording on the road haha.

And have fun. I love new car day, if you go into the experienced as informed as possible, it's a blast.

Thanks man, I will definitely get on some financial calculators and mess around with them all day at work!

[raptor5244]

It may be difficult to lease a new 2016 if all the banks do not have their residuals and money factors available yet. The key to a good lease if a high residual value, low money factor (interest), and a good discount off of MSRP. It will probably be more challenging to get a discount on a brand new model. So keep these factors in mind when you compare leasing vs. buying.

[Thebeezwax]

Residual - % of sales price that you will be owed once term is over
(the higher the residual the lower your payments will be during the term)

FWIW.... Camaro's lease very bad... residuals are low... sometimes as low as just 42%

I personally wouldn't lease unless the residual is at least at 55% if not even higher.

[MrImSoFly]

It's best to finance in this case. If you do then you should look to financing from your personal bank or a credit union. The APR rates are better than going through a dealership. Dealers aren't inclined to give you the lowest. They can mark up the APR rate to make a few extra bucks and you won't even know it. A bank could tell the dealer they will finance you for 4%, but the dealer will come back and say the best they could do is 6%

[CamaroBody]

40k for the car after taxes

5k down, 72 months, 5% interest is $560 a month
insurance for a young kid in Atlanta in a new car $200 month
gas $200 month
wear and tear (oil, brakes, tires) $100 month

[ZBunny]

At your age, your insurance rate will be a lot higher, you could be looking at least $200 per month. So call your insurance agent, too, and add that into the mix. I just read Camaro Body's reply. Guess we all know from experience about the over $200 for insurance. lol.

[Gen_Nick3.8]

Originally Posted by Thebeezwax

Residual - % of sales price that you will be owed once term is over
(the higher the residual the lower your payments will be during the term)

FWIW.... Camaro's lease very bad... residuals are low... sometimes as low as just 42%

I personally wouldn't lease unless the residual is at least at 55% if not even higher.

HUH? Camaro leases are awesome! We have great residual value.

[Gen_Nick3.8]

Im Paying $465 for my 1LE with 2k down ($46,000)

[SuperSound]

Originally Posted by Thebeezwax

Residual - % of sales price that you will be owed once term is over
(the higher the residual the lower your payments will be during the term)

FWIW.... Camaro's lease very bad... residuals are low... sometimes as low as just 42%

I personally wouldn't lease unless the residual is at least at 55% if not even higher.

'14 1SS shows 61% for 24mon and 53% for 36mon, those are both better than my BMW 328i which is considered to have good residual values. I did see 42% for 48mon for the 1SS, but you should never lease a car over 3 years since anyone with good financing will save considerably at that point.

[xinfamousxi]

I would recommend getting with a good credit Union before the 2016 comes out and establish a relationship.

NFCU is a great bank and when I got my Gen 5 I had a 710 credit score and they gave me a loan at 1.89% for 72 months. They send you a check with the amount you were approved for and you walk into the dealer and just set your teerms.

I didnt get a 1ss but my brother did with the same rate and he is paying

$33,000 out the door
0 down
6 years
payment is $480



Mine was 1LT /Rs package
20,000 (MSRP on car was $33,000)
2.0%
6 years $295.00 a month


Also with NFCU you get like a $750 discount when you buy the car. Insurance is going to vary by location , age, discounts etc


I'm hoping to get into a 2016 1SS with NPP and MCR for $33,000 (after $5,000 equity from current camaro ($14,000 owed) AND HAVE MY BROTHERS PAYMENT

[xinfamousxi]

Originally Posted by Gen_Nick3.8

Im Paying $465 for my 1LE with 2k down ($46,000)

Im not saying you are a liar but how is that possible? $46,000/72 no interest is $638?

[xinfamousxi]

Originally Posted by CamaroBody

40k for the car after taxes

5k down, 72 months, 5% interest is $560 a month
insurance for a young kid in Atlanta in a new car $200 month
gas $200 month
wear and tear (oil, brakes, tires) $100 month

Can I get more explenation on this? LOL Im about to get a 1SS and did not factor this in. I was expecting this! Thanks