Originally Posted By: HBCALI
Originally Posted By: grampi
Originally Posted By: grampi
HBCALI said:
What should I know before I sign any lease papers?
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Originally Posted By: rshunter
This where the lesson about the difference between a "want" and a "need" is important. You'd both be better off with her buying a CPO car. She'll still get a warranty (perhaps an even better one) and it will be looked upon as a purchase.
The reason you don't want to lease a leftover 2010 model is the effect on the residual value. The difference between a 2010MY and 2011MY at the lease end date is likely to be greater than the discount given at signing. That means you'll pay more for the older car, and how does that make any sense?
What is a "CPO" car? And yes, that does make sense about buying a 2010 model. I didn't think of it that way.
This where the lesson about the difference between a "want" and a "need" is important. You'd both be better off with her buying a CPO car. She'll still get a warranty (perhaps an even better one) and it will be looked upon as a purchase.
The reason you don't want to lease a leftover 2010 model is the effect on the residual value. The difference between a 2010MY and 2011MY at the lease end date is likely to be greater than the discount given at signing. That means you'll pay more for the older car, and how does that make any sense?
What is a "CPO" car? And yes, that does make sense about buying a 2010 model. I didn't think of it that way.
"Certified Pre Owned"
Originally Posted By: IndyIan
I can't say I've leased a car, but if I did, the main number I'm interested in is the total cost to me.
All the fees, taxes, down payment, sum of the monthly payments, and any exit costs.
I'd shop for a lease that way, if the sales guy can't work that way then walk away and find one that can.
Given equal total costs I'd favor a small downpayment and larger monthly payments, put the downpayment in the bank or pay down high interest debt.
In any case, I suspect you'll find that total cost for leasing is pretty expensive compared to outright ownership of a 3 year old used car and a loan from your bank.
Yes, total cost is the main concern, but I also want my daughter to be able to re-establish her credit, so if a lease isn't going to do that, then we need to go a different route...
I can't say I've leased a car, but if I did, the main number I'm interested in is the total cost to me.
All the fees, taxes, down payment, sum of the monthly payments, and any exit costs.
I'd shop for a lease that way, if the sales guy can't work that way then walk away and find one that can.
Given equal total costs I'd favor a small downpayment and larger monthly payments, put the downpayment in the bank or pay down high interest debt.
In any case, I suspect you'll find that total cost for leasing is pretty expensive compared to outright ownership of a 3 year old used car and a loan from your bank.
Yes, total cost is the main concern, but I also want my daughter to be able to re-establish her credit, so if a lease isn't going to do that, then we need to go a different route...
OK I'll play the role of the guy Jeepster_nut was complaining about.
So she's got no job, no money and no credit, and you actually want to help her get into the habit of expecting a new car every 2-3 years? I'm going to have to side with the others who are suggesting she scale back her expectations and go with something she can afford - or better yet, keep the old one.
There are other ways to build credit.
So she's got no job, no money and no credit, and you actually want to help her get into the habit of expecting a new car every 2-3 years? I'm going to have to side with the others who are suggesting she scale back her expectations and go with something she can afford - or better yet, keep the old one.
There are other ways to build credit.
"Certified Pre Owned" (CPO). You could easily find your daughter a nice, fairly new Civic or Corolla for under $10,000. Try the 2004-2006 model year. CPO vehicles are always priced higher but generally come with a limited warranty. Just ask for the maintence records and request a CARFAX to ensure it was well cared for. Even wealthy people buy used cars. Don't be too sterotypical about "needing new".
Originally Posted By: grampi
Originally Posted By: LS2JSTS
"Certified Pre Owned"
I wonder how difficult it's going to be to find CPO Nissan Cubes? That's what she wants...
Again, "Want" vs "Need". Dad needs to share some wisdom with daughter...
Nissan likes to use Wells Fargo Auto Finance. Either as a lender or underwriter. WF is pretty mild with regard to lease end requirements. Still, don't lease! Stay clear of Mazda. Absolute hands-down worse lease contract.
Originally Posted By: LS2JSTS
"Certified Pre Owned"
I wonder how difficult it's going to be to find CPO Nissan Cubes? That's what she wants...
Again, "Want" vs "Need". Dad needs to share some wisdom with daughter...
Nissan likes to use Wells Fargo Auto Finance. Either as a lender or underwriter. WF is pretty mild with regard to lease end requirements. Still, don't lease! Stay clear of Mazda. Absolute hands-down worse lease contract.
Originally Posted By: css9450
OK I'll play the role of the guy Jeepster_nut was complaining about.
So she's got no job, no money and no credit, and you actually want to help her get into the habit of expecting a new car every 2-3 years? I'm going to have to side with the others who are suggesting she scale back her expectations and go with something she can afford - or better yet, keep the old one.
There are other ways to build credit.
Okay, now this is the type of reply I don't need. Where did I say my daughter doesn't have a job? She does, and she can afford a car payment, and she is a responsible person, so I am going to help her by co-signing. Also, like I said, her current vehicle is old and falling apart. Keeping it isn't an option...if you can't reply constructively, don't reply...
OK I'll play the role of the guy Jeepster_nut was complaining about.
So she's got no job, no money and no credit, and you actually want to help her get into the habit of expecting a new car every 2-3 years? I'm going to have to side with the others who are suggesting she scale back her expectations and go with something she can afford - or better yet, keep the old one.
There are other ways to build credit.
Okay, now this is the type of reply I don't need. Where did I say my daughter doesn't have a job? She does, and she can afford a car payment, and she is a responsible person, so I am going to help her by co-signing. Also, like I said, her current vehicle is old and falling apart. Keeping it isn't an option...if you can't reply constructively, don't reply...
Grampi,
Are you a credit union member?
My advice, would be to purchase a 2-3 year old CPO car through your credit union. You as the primary and your daughter as the co-signer. I know it sounds backwards, but they can do it that way to build her credit, at least they can in Michigan on a purchase, not sure about a lease though.
Shouldn't be too hard to find the CPO's, in fact a lot of them are returned lease vehicles that have undergone inspection.
Using Columbus zip code...
http://www.nissanusa.com/apps/cpo/search...p;features=null
Are you a credit union member?
My advice, would be to purchase a 2-3 year old CPO car through your credit union. You as the primary and your daughter as the co-signer. I know it sounds backwards, but they can do it that way to build her credit, at least they can in Michigan on a purchase, not sure about a lease though.
Shouldn't be too hard to find the CPO's, in fact a lot of them are returned lease vehicles that have undergone inspection.
Using Columbus zip code...
http://www.nissanusa.com/apps/cpo/search...p;features=null
Originally Posted By: HBCALI
Originally Posted By: grampi
Originally Posted By: LS2JSTS
"Certified Pre Owned"
I wonder how difficult it's going to be to find CPO Nissan Cubes? That's what she wants...
Again, "Want" vs "Need". Dad needs to share some wisdom with daughter...
Nissan likes to use Wells Fargo Auto Finance. Either as a lender or underwriter. WF is pretty mild with regard to lease end requirements. Still, don't lease! Stay clear of Mazda. Absolute hands-down worse lease contract.
We had her previous car loan through USAA. Great company, with great interest rates, and I trust them completely. I've had my auto insurance with them for years. I'm going to check with them about getting another loan.
Originally Posted By: grampi
Originally Posted By: LS2JSTS
"Certified Pre Owned"
I wonder how difficult it's going to be to find CPO Nissan Cubes? That's what she wants...
Again, "Want" vs "Need". Dad needs to share some wisdom with daughter...
Nissan likes to use Wells Fargo Auto Finance. Either as a lender or underwriter. WF is pretty mild with regard to lease end requirements. Still, don't lease! Stay clear of Mazda. Absolute hands-down worse lease contract.
We had her previous car loan through USAA. Great company, with great interest rates, and I trust them completely. I've had my auto insurance with them for years. I'm going to check with them about getting another loan.
Originally Posted By: grampi
Okay, now this is the type of reply I don't need. Where did I say my daughter doesn't have a job?
Well, you did, right here:
Originally Posted By: grampi
However, she lost her job
I may have been too harsh; if she's found a new job that's a step in the right direction.
Okay, now this is the type of reply I don't need. Where did I say my daughter doesn't have a job?
Well, you did, right here:
Originally Posted By: grampi
However, she lost her job
I may have been too harsh; if she's found a new job that's a step in the right direction.
WOW! Thirty-four Nissan Cube CPO cars available in Ohio, with mileages starting at less than 5.5K and prices at $12,900! Grampi, I think you've just found the solution for both you and your daughter...
We really are a bunch of jerks, huh?
We really are a bunch of jerks, huh?
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I just called USAA and they said borrowing $16K (I just used that as a starting point) on an '09 or '10 Cube, financing for 72 months the payment would be $254 a month (best case scenario) and $317 a month (worst case scenario), depending on the interest rate her loan is approved at. That sounds like a much better way to go to me. The only drawback I see is less of a vehicle selection, and looking at the used ones that are available, I don't even think that is going to be an issue.
I wouldn't finance the car for any longer than the warranty period is...jmo.
Originally Posted By: LS2JSTS
I wouldn't finance the car for any longer than the warranty period is...jmo.
Where'd you come up with that? I don't think I've EVER financed a vehicle for that short of a time. That would also mean you could never take out a loan on a used vehicle if it had no warranty. I'm afraid that would make the monthly payments too high anyway...
I wouldn't finance the car for any longer than the warranty period is...jmo.
Where'd you come up with that? I don't think I've EVER financed a vehicle for that short of a time. That would also mean you could never take out a loan on a used vehicle if it had no warranty. I'm afraid that would make the monthly payments too high anyway...
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I wouldn't worry about the warranty coverage. Take a look at what the Nissan CPO program provides...
Originally Posted By: Nissan USA
Only Nissans that meet our high standards qualify for Certified Pre-Owned status. They must be less than five years old, with less than 60,000 miles on the odometer. Plus, they must have a clean, non-branded title and, most important, pass a Comprehensive Quality Assurance Inspection.Benefits of buying a Certified Pre-Owned Nissan include:
84-month/100,000-mile limited warranty [*]
Vehicle title history report
Vehicle title insurance policy
24-hour Roadside Assistance [*]
Trip-interruption coverage
Comprehensive inspection
Car Rental Reimbursement
Genuine Nissan parts
Factory-trained technicians
Optional Security+Plus® Pre-Owned Preferred “WRAP” Service Contract [*]
Originally Posted By: Nissan USA
Only Nissans that meet our high standards qualify for Certified Pre-Owned status. They must be less than five years old, with less than 60,000 miles on the odometer. Plus, they must have a clean, non-branded title and, most important, pass a Comprehensive Quality Assurance Inspection.Benefits of buying a Certified Pre-Owned Nissan include:
84-month/100,000-mile limited warranty [*]
Vehicle title history report
Vehicle title insurance policy
24-hour Roadside Assistance [*]
Trip-interruption coverage
Comprehensive inspection
Car Rental Reimbursement
Genuine Nissan parts
Factory-trained technicians
Optional Security+Plus® Pre-Owned Preferred “WRAP” Service Contract [*]
Originally Posted By: grampi
Originally Posted By: LS2JSTS
I wouldn't finance the car for any longer than the warranty period is...jmo.
Where'd you come up with that? I don't think I've EVER financed a vehicle for that short of a time. That would also mean you could never take out a loan on a used vehicle if it had no warranty. I'm afraid that would make the monthly payments too high anyway...
As pointed out, most of them will come with what is remaining on the 72/84, 100,000 mile warranty.
I just hate to see people get into 6 year loans on 2-3 year old cars. 60 months would be max imo, if she cant afford the difference between a 60 month loan and a 72 month loan, then she should be looking at $10,000 cars and not $15,000 cars. No offense intended...honestly.
Originally Posted By: LS2JSTS
I wouldn't finance the car for any longer than the warranty period is...jmo.
Where'd you come up with that? I don't think I've EVER financed a vehicle for that short of a time. That would also mean you could never take out a loan on a used vehicle if it had no warranty. I'm afraid that would make the monthly payments too high anyway...
As pointed out, most of them will come with what is remaining on the 72/84, 100,000 mile warranty.
I just hate to see people get into 6 year loans on 2-3 year old cars. 60 months would be max imo, if she cant afford the difference between a 60 month loan and a 72 month loan, then she should be looking at $10,000 cars and not $15,000 cars. No offense intended...honestly.
Originally Posted By: rshunter
I wouldn't worry about the warranty coverage. Take a look at what the Nissan CPO program provides...
Originally Posted By: Nissan USA
Only Nissans that meet our high standards qualify for Certified Pre-Owned status. They must be less than five years old, with less than 60,000 miles on the odometer. Plus, they must have a clean, non-branded title and, most important, pass a Comprehensive Quality Assurance Inspection.Benefits of buying a Certified Pre-Owned Nissan include:
84-month/100,000-mile limited warranty [*]
Vehicle title history report
Vehicle title insurance policy
24-hour Roadside Assistance [*]
Trip-interruption coverage
Comprehensive inspection
Car Rental Reimbursement
Genuine Nissan parts
Factory-trained technicians
Optional Security+Plus® Pre-Owned Preferred “WRAP” Service Contract [*]
Unfortunatley, there's currently only one CPO Cube in our area...
I wouldn't worry about the warranty coverage. Take a look at what the Nissan CPO program provides...
Originally Posted By: Nissan USA
Only Nissans that meet our high standards qualify for Certified Pre-Owned status. They must be less than five years old, with less than 60,000 miles on the odometer. Plus, they must have a clean, non-branded title and, most important, pass a Comprehensive Quality Assurance Inspection.Benefits of buying a Certified Pre-Owned Nissan include:
84-month/100,000-mile limited warranty [*]
Vehicle title history report
Vehicle title insurance policy
24-hour Roadside Assistance [*]
Trip-interruption coverage
Comprehensive inspection
Car Rental Reimbursement
Genuine Nissan parts
Factory-trained technicians
Optional Security+Plus® Pre-Owned Preferred “WRAP” Service Contract [*]
Unfortunatley, there's currently only one CPO Cube in our area...
Originally Posted By: LS2JSTS
Originally Posted By: grampi
Originally Posted By: LS2JSTS
I wouldn't finance the car for any longer than the warranty period is...jmo.
Where'd you come up with that? I don't think I've EVER financed a vehicle for that short of a time. That would also mean you could never take out a loan on a used vehicle if it had no warranty. I'm afraid that would make the monthly payments too high anyway...
As pointed out, most of them will come with what is remaining on the 72/84, 100,000 mile warranty.
I just hate to see people get into 6 year loans on 2-3 year old cars. 60 months would be max imo, if she cant afford the difference between a 60 month loan and a 72 month loan, then she should be looking at $10,000 cars and not $15,000 cars. No offense intended...honestly.
I shouldn't have to worry about it then since the first model year of the Cube was '09...
Originally Posted By: grampi
Originally Posted By: LS2JSTS
I wouldn't finance the car for any longer than the warranty period is...jmo.
Where'd you come up with that? I don't think I've EVER financed a vehicle for that short of a time. That would also mean you could never take out a loan on a used vehicle if it had no warranty. I'm afraid that would make the monthly payments too high anyway...
As pointed out, most of them will come with what is remaining on the 72/84, 100,000 mile warranty.
I just hate to see people get into 6 year loans on 2-3 year old cars. 60 months would be max imo, if she cant afford the difference between a 60 month loan and a 72 month loan, then she should be looking at $10,000 cars and not $15,000 cars. No offense intended...honestly.
I shouldn't have to worry about it then since the first model year of the Cube was '09...
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