Who Purchased Their Leased Car? - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

United_727 · 10-22-2015, 09:53 AM

Quote:

Originally Posted by Demon War Horse

Who maintains the title? You or the Bank? Whoever has the title has ownership legally I think. Much like Mortgages, we buy them, but the bank owns the paper on them until paid off. Once paid off you get the title in a car transaction. So the bank technically owns it until you pay it off IMO.

When I leased a car,I never had any kind of title for that vehicle.

xrivera91 · 10-22-2015, 10:01 AM

Quote:

Originally Posted by United_727

When I leased a car,I never had any kind of title for that vehicle.

Exactly. When you've finished the lease and decided to buy you won't receive the title (at least here in NJ) until balance is paid which means you do not own the vehicle.

xrivera91 · 10-22-2015, 10:05 AM

No matter how you slice it or dice it if you are making payments to a financial institution for your vehicle you do not own it. But again that's my opinion folks. Even with a mortgage people say "I own my home" and I'll say not until them 30 years is up you don't.

Demon War Horse · 10-22-2015, 10:44 AM

Quote:

Originally Posted by United_727

When I leased a car,I never had any kind of title for that vehicle.

Right. I was talking about the loan vs. lease. In a lease the dealership still owns it, in a loan the bank does (based on state by state case by who holds the title) until it is paid off.

jcampos · 10-22-2015, 10:59 AM

Im so cornfused lol. Ill just finance its easiest imo... Nothing against leased vehicles its just that im scared to do it.

xrivera91 · 10-22-2015, 11:16 AM

Quote:

Originally Posted by jcampos

Im so cornfused lol. Ill just finance its easiest imo... Nothing against leased vehicles its just that im scared to do it.

It's really not bad. It has a lot to do with what you are looking for personally.

CurtiSSWatson · 10-22-2015, 11:28 AM

Quote:

Originally Posted by BlueN20Camaro

I leased my 1LE for 380 the lease is just shy of 4 years. Brand new I put every mile on it. Once my lease is up the car has to be financed for a pre agreed price of 25K doesn't matter if the car is worth more or less that's the price you pay. So for me as a part time worker since school this made sense when I'm leasing I pay 380$ when I buy after the lease pay 380$ as well just it takes 8 years to pay off but makes the car affordable to people like myself with good credit. ONLY WORKS IN YOUR FAVOR IF you are with a good credit score, but since the nation average is nearly at 630 I doubt many on this page do and gets 1LS for300$ a month. It makes the car obtainable if you aren't full time just you have payments for an extended period. Not that hard to understand.

So if I am reading this right, you are paying $380 a month for 3 years, interest free which equals a total of $36,480, and at the end of that 8 years you pay $25,000 to buy the car outright? So you are paying $61,480 for a Camaro 1LE in the long run????

xrivera91 · 10-22-2015, 11:39 AM

Where did you get that number from 380 for 36 months is a little under 14k

CurtiSSWatson · 10-22-2015, 11:42 AM

Quote:

Originally Posted by xrivera91

Where did you get that number from 380 for 36 months is a little under 14k

" So for me as a part time worker since school this made sense when I'm leasing I pay 380$ when I buy after the lease pay 380$ as well just it takes 8 years to pay off but makes the car affordable to people like myself with good credit."

xrivera91 · 10-22-2015, 11:51 AM

380 for 36 months is $13,680. And 380 for another 5 years would be 22,800 totalling 36,480

Irace16 · 10-22-2015, 12:01 PM

If you pay 380 for 36 months on a lease its $13,680, if you pay that same amount on a loan you pay $13,680, the differance is when the lease is done you turn your car in you have NOTHING , with a loan you can sell your car even if it was worth $5 it's still getting you more than the $0 you get from a lease . Plus most residual values are a lot higher than what the car is worth so you most likely will have to pay the differance when it comes time to finance the car after the lease is up.

BlueN20Camaro · 10-22-2015, 12:15 PM

Quote:

Originally Posted by CurtiSSWatson

" So for me as a part time worker since school this made sense when I'm leasing I pay 380$ when I buy after the lease pay 380$ as well just it takes 8 years to pay off but makes the car affordable to people like myself with good credit."

Lmao can you give me lessons for my college alegrbra class ? I can tell by your math skills you'd help me get an A for sure

camaroguy236 · 10-22-2015, 12:23 PM

Leases are great when you want a new car every few years. Buying after a lease is a terrible option that my father just went through a year ago. He had a CTS-V he was leasing at close to 1,000 a month. To buy the car after the lease he had to pay close to 35,000. Adding the purchase price to the 3 years of lease payments he wound up paying close to 100,000 dollars for a 80,000 dollar car. Was a HUGE mistake.

CurtiSSWatson · 10-22-2015, 12:39 PM

Quote:

Originally Posted by BlueN20Camaro

Lmao can you give me lessons for my college alegrbra class ? I can tell by your math skills you'd help me get an A for sure

If you refer to my original post, I clearly stated "if I am reading this correctly"

So, heres the question again, Is it saying pay $380 a month for 3 years, then $380 for another 5 total the 8 years that you stated, AND(?) the agreed upon buyout of $25,000 at the end of that? The wording used in the statement was poor, that's why I am asking questions. If I misunderstood what you wrote, please correct me on what the total cost will be.

10-22-2015, 12:01 PM	#39
Irace16 Drives: 2010 1SS RS M6 Join Date: Jan 2015 Location: Appleton, Wisconsin Posts: 521	If you pay 380 for 36 months on a lease its $13,680, if you pay that same amount on a loan you pay $13,680, the differance is when the lease is done you turn your car in you have NOTHING , with a loan you can sell your car even if it was worth $5 it's still getting you more than the $0 you get from a lease . Plus most residual values are a lot higher than what the car is worth so you most likely will have to pay the differance when it comes time to finance the car after the lease is up. __________________ Vararam intake, gmpp exhaust, borla stainless long tubes, cat less, jannetty tune, bmr lowering springs, heritage grill , smoked lenses

10-22-2015, 10:05 AM	#31
xrivera91 Drives: 2015 Camaro 2ss Join Date: Apr 2015 Location: 07002 Posts: 1,165 View My Garage	No matter how you slice it or dice it if you are making payments to a financial institution for your vehicle you do not own it. But again that's my opinion folks. Even with a mortgage people say "I own my home" and I'll say not until them 30 years is up you don't.

10-22-2015, 10:59 AM	#33
jcampos Drives: 2014 Chevy Camaro SS Join Date: Dec 2014 Location: San Antonio Posts: 821	Im so cornfused lol. Ill just finance its easiest imo... Nothing against leased vehicles its just that im scared to do it.

10-22-2015, 11:39 AM	#36
xrivera91 Drives: 2015 Camaro 2ss Join Date: Apr 2015 Location: 07002 Posts: 1,165 View My Garage	Where did you get that number from 380 for 36 months is a little under 14k

10-22-2015, 11:51 AM	#38
xrivera91 Drives: 2015 Camaro 2ss Join Date: Apr 2015 Location: 07002 Posts: 1,165 View My Garage	380 for 36 months is $13,680. And 380 for another 5 years would be 22,800 totalling 36,480

10-22-2015, 12:23 PM	#41
camaroguy236 Drives: 2017 Yellow 2SS Join Date: Feb 2015 Location: New Jersey Posts: 48	Leases are great when you want a new car every few years. Buying after a lease is a terrible option that my father just went through a year ago. He had a CTS-V he was leasing at close to 1,000 a month. To buy the car after the lease he had to pay close to 35,000. Adding the purchase price to the 3 years of lease payments he wound up paying close to 100,000 dollars for a 80,000 dollar car. Was a HUGE mistake.