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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Please Make Me Feel Better
DH and I bought a new truck for me last night. A Nissan Pathfinder in this color (Avalanche White).
Now, here's the story. My sister royally messed up my credit because stupidly I took a loan out for a car for her a few years ago. She made several late payments on it. She also never paid a cell phone account I opened in my name for her, which I subsequently paid when I found it on my credit report and am waiting for it to update as paid (they said it would come off). So, she took my credit score from 700 to 550 in a month. So, I have bad credit as of right now till all of this is figured out. They got me a lease through Nissan that I can refinance and get lower payments once I establish myself as a good customer with them.
Next, I traded in my old car, which had some body damage. It was appraised at $4k by one dealership and $2-3k by another. I owed $6398 on it. They took the trade and are paying off the loan without rolling the negative equity into my new lease.
Then, the first price they came at me with came out to $493 per month with $3k down. After about 6 hours of negotiating over a couple of days we ended up at $374 per month with $1500 down. They are also throwing running boards on the truck for me, added an extended warranty to cover me the entire 39 months instead of just 36, and they had to go to another dealership to get the truck because I would only take it in this color.
Do you think I made out ok? Because my credit is bad I can't get a super great deal like the ones they advertise for well qualified buyers. I think, considering they paid off my trade, it worked out well. I guess I need some reassurance or a reality check if I'm wrong and it's not a good deal.
Message edited 3/26/2008 11:55:48 AM.
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Posted 3/26/08 11:55 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Please Make Me Feel Better
Posted by Jennifer907
Do you think I made out ok? Because my credit is bad I can't get a super great deal like the ones they advertise for well qualified buyers. I think, considering they paid off my trade, it worked out well. I guess I need some reassurance or a reality check if I'm wrong and it's not a good deal.
Without looking at the numbers there is no way to tell. And there is no way they "paid off your trade". I am sure they took the difference in what you owed and factored that into the lease.
How much did you pay for the car? Then we can tell if you got a good deal or not.
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| Posted 3/26/08 12:10 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Please Make Me Feel Better
whew...complicated.
I agree, they put the rest of your loan on your lease.
How much did you pay for the car?
did you get a written draft of the numbers?
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| Posted 3/26/08 12:28 PM |
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mycrayon1
LIF Toddler
Member since 10/07 438 total posts
Name:
Carolyn
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Re: Please Make Me Feel Better
Because they are paying off your current loan and not knowing too much as far as the rest of the numbers go I would say yes you did well!
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| Posted 3/26/08 1:41 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Please Make Me Feel Better
$374 for a pathfinder sounds decent to me
they gave you alot off the monthly payment
and no ever gets that deal in the paper- that's a teaser
my car was advertised for $519 a month with $3500 down and $900 bank fee
I walked out for $650 a month, no money down, no bank fee and a few more options then the ad- I was pretty happy
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| Posted 3/26/08 1:49 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: Please Make Me Feel Better
i think $374 for a pathfinder with minimal $ down is great, especially with the credit issues
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| Posted 3/26/08 1:59 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Please Make Me Feel Better
that sounds like a good deal to me but i've never leased a car. is it possible to compare your rate to what the interest rate would've been if you bought it? if so and it helps any, MIL has bad credit and her interest rate was 7%.
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| Posted 3/26/08 2:05 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Please Make Me Feel Better
Do you intend to buy it at the end of your contract or turn it back in?
How many miles a year are you getting with this lease? What is the cost per mile for overage?
$374 doesn't sound all that bad but be careful b/c they can nickle and dime you at the time of lease end.
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| Posted 3/26/08 2:11 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Please Make Me Feel Better
we leased our 05 pathfinder for 0 down and 359/mo. The prices of the trucks have stayed pretty consistent, but without knowing the $$ amt it's hard to tell.
Negotiating on monthly payment is just silly. You have to start with a dollar amount to know anything. Then you have to know the residual and the money factor (interest rate)..The higher the residual, the better a lease it is.
Knowing that your credit is not so good, I wonder what interest rate they came up with.
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| Posted 3/26/08 2:24 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Please Make Me Feel Better
Thanks for the responses everyone. I didn't have the actual numbers with me yesterday and last night was crazy. They sold me the truck for $28,044. Gross capitalized cost is $30,550. Adjusted capitalized cost is $29,031. Residual value is $16,764. My interest rate is either 2.38% or 2.63%, can't remember which. 39 month lease with 12,000 miles per year. They did not add in the negative equity from my trade in.
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| Posted 3/27/08 9:41 AM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Please Make Me Feel Better
Posted by Jennifer907
Thanks for the responses everyone. I didn't have the actual numbers with me yesterday and last night was crazy. They sold me the truck for $28,044. Gross capitalized cost is $30,550. Adjusted capitalized cost is $29,031. Residual value is $16,764. My interest rate is either 2.38% or 2.63%, can't remember which. 39 month lease with 12,000 miles per year. They did not add in the negative equity from my trade in.
I think you got a good deal...Good luck with it...it's so nice!
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| Posted 3/27/08 10:07 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Please Make Me Feel Better
sounds good.
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| Posted 3/27/08 10:09 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Please Make Me Feel Better
Posted by Katie111806
i think $374 for a pathfinder with minimal $ down is great, especially with the credit issues
ITA!
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| Posted 3/27/08 1:11 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Please Make Me Feel Better
Posted by Jennifer907
Thanks for the responses everyone. I didn't have the actual numbers with me yesterday and last night was crazy. They sold me the truck for $28,044. Gross capitalized cost is $30,550. Adjusted capitalized cost is $29,031. Residual value is $16,764. My interest rate is either 2.38% or 2.63%, can't remember which. 39 month lease with 12,000 miles per year. They did not add in the negative equity from my trade in.
If they didn't add any of the negative equity then it's a good deal. That's a pretty low interest rate for a lease, I have never seen interest rates for leases that low. The lowest I have previously seen is 5%.
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| Posted 3/27/08 1:16 PM |
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