Who Purchased Their Leased Car?

[Drumminxx]

Something else and I don't remember when I did it but don't you pay tax when you lease it and then pay tax again when you buy it?

[Moto-Mojo]

Originally Posted by xrivera91

After everything was said and done the day I went in for my 2SS rs the final price was 43k my lease payments will total $19,755. When the lease is over, written on my contract it says I can buyout the vehicle at the end of the lease for like 22k and some change not sure the exact dollar amount. I will finance that at a 1.9% interest rate like I currently have on my wife's Malibu. So what i am getting at is that i am not going to pay a ton more like some folks here suggest. You have to remember every car is different. So every deal will also be different.

If that $22K buyout figure is correct, that's a sweet deal. I suspect part of the additional 5 G's for me is living in CA. We get hosed in every way. And still stay.

[Moto-Mojo]

Originally Posted by Drumminxx

Something else and I don't remember when I did it but don't you pay tax when you lease it and then pay tax again when you buy it?

Pretty sure there's tax in the lease. Not sure about the residual. But in gonna find out.

[Rahjeir]

Originally Posted by Moto-Mojo

Pretty sure there's tax in the lease. Not sure about the residual. But in gonna find out.

Depends on the state you live in. My state of New Jersey, you pay taxes on the sum of the payments less finance charges. If you choose to buy the car at the end, you also pay tax the buyout amount.

Illinois taxes the full purchase price of the lease as though you purchased the car. The full amount of the tax is due at signing.

Check the state you live in.

[PalmerGA]

Originally Posted by Drumminxx

ok I'll play since I have leased and then purchased and I will never do it again. I wanted a new Cadillac for the lowest payment I could get so here is my story...

I leased a new 07 CTS, GMS price (Dad worked at Chevy) and $4000 down for 36 months at $299 a month. The contracted purchase price at the end of the lease was set at around $26,000

Once the lease was up, I went ahead and bought the car for $26,000. 60 months at around $450 a month. I think it was around a 2% interest rate and I have good credit.

Plain and simple that is how it works. Now, I could have bought the car at the beginning and paid over $600 a month for 60 months but instead I did the above and would have paid those amounts for 96 months and about $5000 more for the car total than if I just bought it at the beginning.

I said "would have" because a deer committed suicide and the caddy was totaled so now I have a 1LE that I bought.

so yea, leasing and then buying will save you money per month but in the end you are paying a lot more for the car.

Man... making car payments for EIGHT YEARS is insane!

Lucky for you, the deer was having a bad day.

[Drumminxx]

Originally Posted by PalmerGA

Man... making car payments for EIGHT YEARS is insane!

Lucky for you, the deer was having a bad day.

Yea it was probably a blessing in disguise and a crazy night.

It was a big buck that came out of nowhere, rolled up over the hood, the windshield and the roof. I thought he was going come through the windshield so I ducked, funny how we react naturally. So I stopped. Turned on the hazards and got out looked everything over and the car wasn't all that bad just some front end damage. It would start but it wouldn't stay running. I was away from the car waiting the police and then all of sudden BAM! A drunk hits the car knocking it down into a ditch so that was the icing on the cake. Car is now totaled but hey, now I got my camaro and out of that payment plan.

[Moto-Mojo]

"Car is now totaled but hey, now I got my camaro and out of that payment plan." It was meant to be!

If I decide to keep my "new" SS, I'll probably put some down on the residual and end up with payments for seven years. Just the price of Camaro poker if ya can't go all in up front I guess.

[1Coopgt]

Originally Posted by BlueN20Camaro

but since the nation average is nearly at 630 I doubt many on this page do .

Bit of an asshole thing to say don't ya think ? I have good credit and didn't want the payments of an SS.