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I haven't done financing yet, cause they haven't invoiced yet, but Did anyone lease? I'm not putting alot down like most of you, so I guess I was just wondering if anyone leased, and put down about $1500, what did you lease out at? My FICO is 785, so I'm not concerned about rates, but I know gmac isn't the best rates, so if anyone wants to respond on months for your term and payments, I would appreciate it very much, and by the way, It was very nice to meet everyone yesterday, I didn't get a picture with all you guys, darn it, but next time ok? Marla
 

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If my car has reached 4150 - Dealer Invoice, can we do the paperwork and get it over with before the car arrives? I have to travel 6 hours to pick the car up once it's in...so I'd be happy to get the paperwork part of the ordeal done in advance.

Oh, and I am looking into leasing. But I suppose that will depend on the rates.
 

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I'm getting it all setup so I just can go pick up my car and have it all done.
 

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I'm planning on buying. A dealer talked me into leasing once. Every time I got into the vehicle to go any where I felt like I was borrowing someone else's truck. I went out and re-financed it before I even made the first lease payment. It cost me quite a few dollars to do that. That was my first and last lease. I know people that lease all the time. Just wasn't for me. :)
 

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I am sure you are probably already aware of different leasing arrangements. I might just mention two things to watch out for in your lease:
1- make sure you have the right to purchase or not purchase the car at the end of the lease, at an agreed purchase price (the residual value). On a hot car some leasing companies may try to deny you the right to purchase at lease end.
2- it will probably be a closed end lease that you are offered. If the residual value is set high you will have a lower lease payment and a larger residual value at the end. If you decide not to purchase or are denied purchase rights you are responsible for the difference in value between the residual and the book value at termination.
All states are different.
 

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mogo: If you like, PM me with lease terms and purchase terms and I can analyze them for you to determine which is better.

I purchased my car, financed $26620.00 @ 5.24% for 72 months at $431.68 per month. That was MSRP + $3000 + TTL less down of $1912.59.

I'll bet no lease could ever come close to touching that.

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talbotflyer said:
I am sure you are probably already aware of different leasing arrangements. I might just mention two things to watch out for in your lease:
1- make sure you have the right to purchase or not purchase the car at the end of the lease, at an agreed purchase price (the residual value). On a hot car some leasing companies may try to deny you the right to purchase at lease end.
2- it will probably be a closed end lease that you are offered. If the residual value is set high you will have a lower lease payment and a larger residual value at the end. If you decide not to purchase or are denied purchase rights you are responsible for the difference in value between the residual and the book value at termination.
All states are different.
I have never leased and I think different companies do things differently, so I am not disagreeing with talbotflyer, but I thought one good thing about a lease is that if the residual was high and the car was not worth it at the end of the lease you could simply turn it in. If the car was worth a lot more than the residual, you could buy it for the residual and then turn around and sell it and make a buck. I guess that is in the fine print and you would want to know what you're stepping into, but that's how it worked when I sold new Nissans, but that was 14 yrs ago.

I think guidelines are out there, but if you see yourself in the car less than 4 yrs, leasing is probably the best especially since a sports car should have a pretty high residual which will lower your payments (cautions about above).

Lease Pros: Sales tax only on each payment, not 6%*$25,000=$1,500 right off the top just in sales tax.
Cons: Mileage limits, Insurance is higher (make sure you have "GAP" insurance)

That being said, I hope to keep the car for a long time, so I plan to buy. I think a car like this will be a good buy car because they typically hold their value. Compare the worth of a 74 MGB vs a 74 Dodge Polara :) . Typically Sport cars and pickups make pretty descent purchases.
 

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As I mentioned earlier, anyone who wants advice in deciding between lease and purchase, PM me with the precise terms that you are offered and I will respond immediately (or as soon as I get back on the computer, which many of you know is more constant than on and off). But wait until you actually have specific terms.

In general, leasing only makes sense, if it ever makes sense, for a business (tax reasons). There is the convenience of not having to sell the car yourself at the end of the lease term, but you pay for that convenience. As KYSol said above, you pay sales tax as you go. But if you are financing, the sales tax is usually financed too, so it just depends on the terms in your particular case. These terms are negotiable.

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Contemplating car stuff

I hope nobody thinks I'm being snobby :cool: , but I'm going to the bank today and withdrawing $26,000 in cash for when my car arrives maybe this week. I just don't believe in paying interest on something when I have the money in the bank.

Half the reason I want to pay in cash is to actually SEE how much I'm spending on this Solstice. The other reason, is that I'm too cheap to pay $10 for a cashiers check. :lol:

I'm certainly not rich; this wipes out most of my savings and is actually a rather stupid purchase since I have a perfectly fine Mercedes SLK230 to drive as well. Half the reason I'm getting the Solstice is because I'm working in the US, my SLK is Canadian, and I want to avoid the whole issue of having to import my SLK into the US while I'm here. I'm actually considering cancelling the Solstice purchase and getting a slightly used 2003 Mercedes SL500 for $65,000 instead that I found in Atlanta. I said to myself a long time ago that I should never buy an SL unless I had the money in the bank but I would need a loan for half of it if I cancelled the Solstice purchase but the SL I found is a rare color that I want. I don't think anybody should buy a car that expensive unless they really have the money for it upfront.

Any opinions on what I should do?
 

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Good point, Greg. I should have mentioned that THAT is the best way of all to purchase a Solstice! :)

Greg, I would call the dealer first to be sure they will accept the cold hard cash. They might have a problem with that. I know, cash is legal tender and they must accept cash by law. Well, there STILL might be a problem, so better safe than sorry.

Get the SOL, it's better than any stinkin' ol' Mercedes!

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PoorGreg said:
I hope nobody thinks I'm being snobby :cool: , but I'm going to the bank today and withdrawing $26,000 in cash for when my car arrives maybe this week. I just don't believe in paying interest on something when I have the money in the bank.

Half the reason I want to pay in cash is to actually SEE how much I'm spending on this Solstice. The other reason, is that I'm too cheap to pay $10 for a cashiers check. :lol:

I'm certainly not rich; this wipes out most of my savings and is actually a rather stupid purchase since I have a perfectly fine Mercedes SLK230 to drive as well. Half the reason I'm getting the Solstice is because I'm working in the US, my SLK is Canadian, and I want to avoid the whole issue of having to import my SLK into the US while I'm here. I'm actually considering cancelling the Solstice purchase and getting a slightly used 2003 Mercedes SL500 for $65,000 instead that I found in Atlanta. I said to myself a long time ago that I should never buy an SL unless I had the money in the bank but I would need a loan for half of it if I cancelled the Solstice purchase but the SL I found is a rare color that I want. I don't think anybody should buy a car that expensive unless they really have the money for it upfront.

Any opinions on what I should do?
you arent even comparing the same class car....come on....I would never pay a good house downpayment for any car.....adn the SL500 is a gas hog....but hey....go with what you want....me...waiting patiently on my solstice....and will keep my Malibu Maxx

now if someone could get my car built!!!!!...3000 since 9/21...with no progress...sigh
 

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I'm going to lease the Solstice because I can write it off as a business expense. I can write up to 1/2 the car payment off up to $1500 monthly along with my gas, maintenance costs and even insurance. Got to love the Canadian government.
 

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CndnSol said:
I'm going to lease the Solstice because I can write it off as a business expense. I can write up to 1/2 the car payment off up to $1500 monthly along with my gas, maintenance costs and even insurance. Got to love the Canadian government.
I think you can write off lease payments in the U.S. as well if you buy it through your business. That is the only instance where it might be more cost effective to lease rather than buy. Sure, at the end of the lease you can turn in your upside down car and owe nothing, but, uh, you then have no car. But if you want a car that you can't really afford to buy, then leasing allows you to rent one for a few years and then give it back.
 

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PoorGreg said:
I hope nobody thinks I'm being snobby :cool: , but I'm going to the bank today and withdrawing $26,000 in cash for when my car arrives maybe this week. I just don't believe in paying interest on something when I have the money in the bank.

Half the reason I want to pay in cash is to actually SEE how much I'm spending on this Solstice. The other reason, is that I'm too cheap to pay $10 for a cashiers check. :lol:

I'm certainly not rich; this wipes out most of my savings and is actually a rather stupid purchase since I have a perfectly fine Mercedes SLK230 to drive as well. Half the reason I'm getting the Solstice is because I'm working in the US, my SLK is Canadian, and I want to avoid the whole issue of having to import my SLK into the US while I'm here. I'm actually considering cancelling the Solstice purchase and getting a slightly used 2003 Mercedes SL500 for $65,000 instead that I found in Atlanta. I said to myself a long time ago that I should never buy an SL unless I had the money in the bank but I would need a loan for half of it if I cancelled the Solstice purchase but the SL I found is a rare color that I want. I don't think anybody should buy a car that expensive unless they really have the money for it upfront.

Any opinions on what I should do?
Hey Greg,

Cash is king. I like the SL500 - super fine auto. Never actually thought of getting one because of the money. I have a hard time justifying $25,000 on a car... any car, but I like the Solstice and the resale down the road should be pretty good. IMHO, $65,000 is way too much money to spend on an automobile unless it cuts the grass, cleans the house and picks up the kids automatically. I think you'll get more looks in the Solstice too.

Once, I had a 92 Toyota Landcruiser. I bought it used for less than the cost of a new 94 explorer, but sometime I felt funny about driving a car that cost so much (new). Especially when visiting friend who didn't have as much money.

For me, Paid off Solstice or used SL500 and $30K in debt? No brainer - Solstice.

My dilema: Paid off 01 Miata with 100,000 or new Solstice and $18K debt.
 

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KYSol said: "$65,000 is way too much money to spend on an automobile unless it cuts the grass, cleans the house and picks up the kids automatically."

Hey, I had one of those. Cost me a lot more than $65,000, though, and wouldn't cut the grass.

Oops, sorry, didn't see the word "automobile" in your post, KYSol, sorry. :)

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gizmo2004 said:
KYSol said: "$65,000 is way too much money to spend on an automobile unless it cuts the grass, cleans the house and picks up the kids automatically."

Hey, I had one of those. Cost me a lot more than $65,000, though, and wouldn't cut the grass.

Oops, sorry, didn't see the word "automobile" in your post, KYSol, sorry. :)

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:lol: $65,000 is way to much money to spend on one of those too! :yesnod:
But - That too sounds like another thread on a different forum.

Seriously - regardless of how good the car is, for me there is certainly deminishing returns. (Edit's got me all worried about spelling now ;)
If you plan on competing, that's one thing, but for driving to and from work, that's another.
 

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Are you sure that you can even lease the car? I would recommend going through GMAC, and when I picked up my car that was not even an available option. Hence the reason that we bought our car!
 
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