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Question 1: need answer pls
Old 06-23-2020, 11:45 AM
  #1

I'm looking for a car. How is it that some people put nothing down and still get a decent monthly lease rate. For ex yesterday I spoke to someone who just bought a 2020 Toyota Rav 4 (which is a car I'm considering) She told me she put 0 down and is paying 309 mo. I always get stuck putting down like 3000 dollars and end up having an even higher lease. How do people put 0 down????


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Old 06-23-2020, 11:48 AM
  #2

How is your credit score? Could they be getting a lower interest rate? Also, sometimes if you go on a car dealer's website there are different options for leasing. I've only ever purchased a vehicle, and so I'm not entirely sure how leasing works.
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car loan
Old 06-23-2020, 11:49 AM
  #3

maybe they had a trade-in along with the down payment?
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Good question...
Old 06-23-2020, 11:50 AM
  #4

I don't know about leases, because I buy my cars and keep them as long as possible.

But, one reason I've never leased is because I drive too many miles. Perhaps their lease is very limited in miles and higher in cost if you turn it in with mileage overages.

And one assumes that the end of lease buyout option prices in the two leases would be way different as well.

If you're interested in the same exact car, ask that someone where she got her lease from, and go see that dealer.
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Leasing
Old 06-23-2020, 12:38 PM
  #5

I've seen a number of deals. A good credit score helps a lot. Buying from the same manufacturer of your previous model can get you a customer loyalty break. I even got a discount for being a member of BJ's (I literally joined on the spot at the dealership - it cost $50 and took a lot more off the price of the car). Sometimes even being a teacher can help. Choosing less mileage for each year reduces the monthly payment - for example, so 10,000 miles a year rather than 12,000 miles.
Good luck to you!


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Old 06-23-2020, 12:39 PM
  #6

I'm guessing trade-in. I never put money down for a car, but my trade-in counts as the down payment. Also, I finance through a credit union and they are really good at going through the options for monthly payments.

I guess I'm a little skeptical of your friend though. She really bought a new car for only $300 a month? With no money down? How long is the duration of her loan?
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Old 06-23-2020, 04:23 PM
  #7

Duration of loan, credit score, and trade-in/money down would be the bigger things I think of. But, of course, expert negotiating skills may also impact the final deal.
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Old 06-23-2020, 04:38 PM
  #8

Quote:
Duration of loan, credit score, and trade-in/money down would be the bigger things I think of. But, of course, expert negotiating skills may also impact the final deal.
I was going to say what GK said.

Also never just look at the monthly cost. Look at the overall cost. Car dealers are expert at getting you to think you're getting a deal when all they've done is a shell game with the numbers.

Google "four square worksheet car dealer."

Just realized you said "lease." Same thing, they're still going to shell game the real costs, but it might look slightly different.
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Old 06-23-2020, 06:16 PM
  #9

My car payment (not a lease or used) is under $300 a month for 60 months. I had a trade in but my credit score and using the credit union for financing are what really helped me the most.

(I overpay each month so itíll be paid off sooner. The length of the loan is longer than I wanted but my required money payment is lower than I wanted. Even though I pay more, I donít have to if some months I canít)
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Old 06-23-2020, 06:30 PM
  #10

Car dealers really want to sell right now. I saw a commercial from Volkswagen for 0% for 72 months if your credit is really good. Check the dealers for deals. A local dealer is advertising 0% for 84 months.

A friend bought a car through AAA. She got a really good deal on it.

Good luck with your search.


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Old 06-23-2020, 06:39 PM
  #11

84 months is four years longer than the longest term loan every money expert I've ever followed has recommended.

Even at 0%, long term car loans are bad ideas because of depreciation. When you're going into highly volatile economic times, it's an even worse idea. And most experts say at that if you can't afford a car with a 3 year loan, you really can't afford the car. (Some say car loans are a bad idea, full stop.)
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Old 06-23-2020, 09:19 PM
  #12

DSS is leasing his Camry. He is young and doesnít have the best credit. DH co-signed for him. He didnít have a down payment, did have a trade in, and his payment is maybe around the $300 range.

We bought my Highlander. We also chose no down payment, did have an older trade in (2006 Sienna), and are paying $586 a month. We went with the longer time with plans to throw extra money at the payment along the way.

I hadnít had a car payment since 1999, so I was shocked at prices. Iíve been driving since 1986, and Iím on my fourth vehicle.
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Old 06-23-2020, 10:23 PM
  #13

Another thing that I did last time I bought a car was pit dealers against each other. I knew exactly what I wanted, so I looked at all of the dealerships around me and then emailed them to see what they would offer (total price, not monthly rate or anything). I then kept emailing with the new offers until I found the lowest one. Only then did I go in and negotiate the monthly payments and money down.
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