First time leasee

[pr3dict]

A few questions regarding orders. I want to order a '14 2SS 1LE and if dealers are accepting orders without pricing do they still run credit and what not? I'm 22, likely going to lease but its my first car leasing alone. (I financed a expedition years ago with a co-signer) I have a great credit score but am still a little nervous because it will be my first time getting a car on my own but how does it work considering they don't know pricing yet?

1. Do we have to put a deposit and then deal with the rest later?
2. What if after pricing comes in the dealer wants to be an *** and charge $$$ over MSRP ect. ect?
3. Lastly, I have a 2006 charger (Fully paid off) I would either want to trade in or sell and then put a down payment on the car. Are the dealers usually good with trade-ins?

FYI: I've been scouring these forums for a few weeks now since I have been looking for a new car and I really like what I've read and can't believe how active this community is. My hat is off to you all for making an active tight-knit community.

[mlee]

Originally Posted by pr3dict

A few questions regarding orders. I want to order a '14 2SS 1LE and if dealers are accepting orders without pricing do they still run credit and what not? I'm 22, likely going to lease but its my first car leasing alone. (I financed a expedition years ago with a co-signer) I have a great credit score but am still a little nervous because it will be my first time getting a car on my own but how does it work considering they don't know pricing yet?

1. Do we have to put a deposit and then deal with the rest later?
2. What if after pricing comes in the dealer wants to be an *** and charge $$$ over MSRP ect. ect?
3. Lastly, I have a 2006 charger (Fully paid off) I would either want to trade in or sell and then put a down payment on the car. Are the dealers usually good with trade-ins?

FYI: I've been scouring these forums for a few weeks now since I have been looking for a new car and I really like what I've read and can't believe how active this community is. My hat is off to you all for making an active tight-knit community.

First off Welcome.

They don't have to do any credit check unless you want financing through them. For a lease then they will check your credit.

1. It's all up to your dealer. Sometimes they want anywhere from 500 to 1,500 deposit. Get it in writing that its refundable in case you have to back out.

2. Ask them now if it's MSRP and get that in writing if possible, but that shouldn't be a problem unless you want something like a Z

3. For a 2006 I would list it on AutoTrader and sell it yourself. It's a little work on your part but you will net more cash for sure.

Good Luck.

[pr3dict]

Originally Posted by mlee

First off Welcome.

Thank you

Originally Posted by mlee

They don't have to do any credit check unless you want financing through them. For a lease then they will check your credit.

1. It's all up to your dealer. Sometimes they want anywhere from 500 to 1,500 deposit. Get it in writing that its refundable in case you have to back out.

Cool ok, just wanted some idea of what I would be walking into.

Originally Posted by mlee

2. Ask them now if it's MSRP and get that in writing if possible, but that shouldn't be a problem unless you want something like a Z

I've been reading so many things on here about buying at invoice. Is this something that will not happen with the new '14's for awhile? I would be inclined to wait then spending $2000 more then I should have if I did wait.

Originally Posted by mlee

3. For a 2006 I would list it on AutoTrader and sell it yourself. It's a little work on your part but you will net more cash for sure.

I've posted it on craigslist and cars.com... Autotrader I just looked at cost a pretty penny to sell, is it worth it? Is it really better then the other sites?

Originally Posted by mlee

Good Luck.

Thanks

[DuskSS]

Originally Posted by pr3dict

A few questions regarding orders. I want to order a '14 2SS 1LE and if dealers are accepting orders without pricing do they still run credit and what not? I'm 22, likely going to lease but its my first car leasing alone. (I financed a expedition years ago with a co-signer) I have a great credit score but am still a little nervous because it will be my first time getting a car on my own but how does it work considering they don't know pricing yet?

1. Do we have to put a deposit and then deal with the rest later?
2. What if after pricing comes in the dealer wants to be an *** and charge $$$ over MSRP ect. ect?
3. Lastly, I have a 2006 charger (Fully paid off) I would either want to trade in or sell and then put a down payment on the car. Are the dealers usually good with trade-ins?

FYI: I've been scouring these forums for a few weeks now since I have been looking for a new car and I really like what I've read and can't believe how active this community is. My hat is off to you all for making an active tight-knit community.

Make sure you know what you want before you go.. and your long term goals.

I thought I wanted a new daily driver that was going to stay stock minus a few easily removed appearance items.
So lease seemed like the perfect thing.

Well less than 1 month in I realized that I had made a mistake and wished I had bought my car outright.
So now I'm going to be paying the lease + the payoff since I decided I want to keep this car being as rare as it is on top of heavily modding it and am already well above the mileage curve as well.

So just friendly advice since going from a lease to a buy is nearly impossible till the end of the term without MAJOR penalties and then you will end up either refinancing the balance or doing a lump sum.

This was my first time being talked into a lease and I severely regret it as I will end up paying 2x as long to own it.

and I suspect with a 1LE you will fall into the same pitfall I did..
you will want mods and then it will get to the point it is impractical to return it to stock.. or you will want to drive it past the small amount of mileage given.

Just make sure you know what you want.

[pr3dict]

Originally Posted by DuskSS

Make sure you know what you want before you go.. and your long term goals.

I thought I wanted a new daily driver that was going to stay stock minus a few easily removed appearance items.
So lease seemed like the perfect thing.

Well less than 1 month in I realized that I had made a mistake and wished I had bought my car outright.
So now I'm going to be paying the lease + the payoff since I decided I want to keep this car being as rare as it is on top of heavily modding it and am already well above the mileage curve as well.

So just friendly advice since going from a lease to a buy is nearly impossible till the end of the term without MAJOR penalties and then you will end up either refinancing the balance or doing a lump sum.

This was my first time being talked into a lease and I severely regret it as I will end up paying 2x as long to own it.

and I suspect with a 1LE you will fall into the same pitfall I did..
you will want mods and then it will get to the point it is impractical to return it to stock.. or you will want to drive it past the small amount of mileage given.

Just make sure you know what you want.

Ah I have thought long and hard about this here is my rationale.

I have owned 4 vehicles in my life.

1. 1997 mitsu eclipse gst
2. 2010 ford expedition (Financed) - Had to sell for insurance reasons long story could not have collision or comp on any future cars for awhile
3. 2005 hyundai tiburon se
4. 2006 dodge charger r/t police package

As I've kept every vehicle except the charger for only 1 year (Charger 2 years now) I've realized that I get sick of cars very quickly. I always want the new thing and yes my past cars haven't been something anyone would want to keep I do realize I will probably want a newer camaro at some point as well. And something about having a warranty makes me a happy camper. Also, my real stretch car that I wanted was a c7 but with affordability in mind I have to make a decision of BAREBONE Base c7 or a fully decked out camaro and for my age and exactly what you said above that I will probably want to keep the car I fall in love with I don't want to lease a c7 and I absolutely can't afford it if I financed and I would want all the bells and whistles that I couldn't afford now even if I leased. Soooooooo I will probably stick with leasing and in 2-3 years depending on how the residuals turn out I will hopefully be in a good spot to do that...

In the mean time I will enjoy the large step up to a better driving experience then I am in now.

[mlee]

Originally Posted by pr3dict

I've been reading so many things on here about buying at invoice. Is this something that will not happen with the new '14's for awhile? I would be inclined to wait then spending $2000 more then I should have if I did wait.

I've posted it on craigslist and cars.com... Autotrader I just looked at cost a pretty penny to sell, is it worth it? Is it really better then the other sites?

Going to be tough on a 14 right off, but it won't be long and you can deal a bit.

...and yeah Autotrader is a bit pricey. But even with the lower price options if you don't sell your car there in a month, it's priced too high. Most dealers have their inventories on Autotrader so instead of going to lots and dealing w/ salesmen lots of folks are inclined to shop there. Cars.com is pretty good too.

Also, good advice by DuskSS. These cars are hard not to mod.

[pr3dict]

Originally Posted by mlee

Going to be tough on a 14 right off, but it won't be long and you can deal a bit.

ehh that sucks but I will deff be trying. I want a new car ASAP but I'll wait if I have to for a good deal. Hopefully that is soon.

Originally Posted by mlee

...and yeah Autotrader is a bit pricey. But even with the lower price options if you don't sell your car there in a month, it's priced too high.

I just lowered my price on craigslist so hopefully it sells now.

Now lets think I would get more money from a private seller but if I was trading in my vehicle do you think the dealer would be more inclined to make a better offer on the new car? in turn balancing things out.

[mlee]

Well you obviously know what the car is worth since you are in the sale process. Consider in the tax savings on the new car if you trade in and then sell for anything above Trade-in + tax savings. Anything over that is money on your pocket for down payment.

[pr3dict]

ohh true... Trade-in might not be that bad of an idea. I didn't even think about tax savings.

[Bumblebee2012]

If your trade is worth $10K trade value and you buy a $40k car, you pay taxes on the $30k difference. So, like here we have a 6% sales tax. That $10k also took away $600 in sales tax from the car you buy.

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[Bumblebee2012]

So if I were to sell my car privately, I need to get $10,600 to break even with the trade, and anything over that is sweetening the deal.

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[pr3dict]

Originally Posted by Bumblebee2012

If your trade is worth $10K trade value and you buy a $40k car, you pay taxes on the $30k difference. So, like here we have a 6% sales tax. That $10k also took away $600 in sales tax from the car you buy.

Sent from my SCH-I605 using Tapatalk 4 Beta

True.... but on a lease it would be 40k car - the residual value so lets hypothetically say 62% so

$40k msrp
$15,200 total lease cost
tax would be 8.8% of that which = $1,337.60

where as if I trade

$40k msrp
$15,200 total lease cost
-$10,000 trade in
$5,200 net
tax would be 8.8% of that which = $457.60

net tax savings = $880

save $880 and lower your payments Orrr sell privately and get $10,800 + whatever else you can. Well, I'll see where the world takes my car haha