5th & 6th Generation (2002-2006 & 2007-2011)Toyota Camry Discussion for years: 2002-2006 & 2007-2011
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I heard people at work talking about how it is smart to refinace your lease. I asked the guy how? and this is what you said.
If you have a lease go back to the dealership after about a year and talk to someone in the finace department about terminating your current lease and swiching over to a finace. that way you can have a low APR since your cerdit has gone up b/c of the lease payments you have been making for the past year. I was thinking about financing the after the 36months, but if its cheaper to do it now.... i might as well
I currently have a 2008 camry SE that i bought back in December of 07.
At the time I did a 36 month lease with $2000 down and the extended warrenty for 5 years/60,000miles for and $413/month
Is this something that you guys know about? or was the guy at work feeding me BS?? i also know that Toyota is offering 0% APR, could i go to the dealership now and take advantage of this offer? my current buy out is $23,403 and the sticker price is $25,342. Im pritty sure i got a bad deal.
I heard people at work talking about how it is smart to refinace your lease. I asked the guy how? and this is what you said.
If you have a lease go back to the dealership after about a year and talk to someone in the finace department about terminating your current lease and swiching over to a finace. that way you can have a low APR since your cerdit has gone up b/c of the lease payments you have been making for the past year. I was thinking about financing the after the 36months, but if its cheaper to do it now.... i might as well
I currently have a 2008 Camry SE that i bought back in December of 07.
At the time I did a 36 month lease with $2000 down and the extended warrenty for 5 years/60,000miles for and $413/month
Is this something that you guys know about? or was the guy at work feeding me BS?? i also know that Toyota is offering 0% APR, could i go to the dealership now and take advantage of this offer? my current buy out is $23,403 and the sticker price is $25,342. I'm pritty sure i got a bad deal.
Please advise.
you got taken for a joke, the salesmen probably had a good laugh at that deal when you walked out. No offense, I'm just telling you the truth. Last December of 2007, same time as you i got my 2008 LE V6 with premium wheels and tires with a sticker price just over 25,500. Its a 36 month 15k miles per year lease. I put 2000 down, with 0%APR, and 289 a month with taxes and GAP included. And my buyout is around 11K if i decide to buy it out. And why would you get a 5 year warranty if you only have a 36 month lease?
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Last edited by BlackCamSe; 10-16-2008 at 10:44 PM.
you got taken for a joke, the salesmen probably had a good laugh at that deal when you walked out. No offense, I'm just telling you the truth. Last December of 2007, same time as you i got my 2008 LE V6 with premium wheels and tires with a sticker price just over 25,500. Its a 36 month 15k miles per year lease. I put 2000 down, with 0%APR, and 289 a month with taxes and GAP included. And my buyout is around 11K if i decide to buy it out. And why would you get a 5 year warranty if you only have a 36 month lease?
ok so is it to late to do anything? should i terminate lease now and just get a different car?
I got my '08 LE for 190/month, 3000 down, first time buyer, credit score not so good, and after 3 yrs it'll be around $12,000. I might finance it at the end of my lease, after so much stuff I put in it...
I got my '08 LE for 190/month, 3000 down, first time buyer, credit score not so good, and after 3 yrs it'll be around $12,000. I might finance it at the end of my lease, after so much stuff I put in it...
Buying car in USA is cheap. 3 year lease + down + buy out = $21,840
In Canada, 2008 Camry LE base model is $25,900 + 12% taxes (CASH), not to mention lease fee & interest.
I heard people at work talking about how it is smart to refinace your lease. I asked the guy how? and this is what you said.
If you have a lease go back to the dealership after about a year and talk to someone in the finace department about terminating your current lease and swiching over to a finace. that way you can have a low APR since your cerdit has gone up b/c of the lease payments you have been making for the past year. I was thinking about financing the after the 36months, but if its cheaper to do it now.... i might as well
I currently have a 2008 camry SE that i bought back in December of 07.
At the time I did a 36 month lease with $2000 down and the extended warrenty for 5 years/60,000miles for and $413/month
Is this something that you guys know about? or was the guy at work feeding me BS?? i also know that Toyota is offering 0% APR, could i go to the dealership now and take advantage of this offer? my current buy out is $23,403 and the sticker price is $25,342. Im pritty sure i got a bad deal.
Please advise.
You paid your lease for 10 months, $4130.00 + down $2000.00 + buy out now $23,403.00 = $29,533.00, ie., you lose $4191.00
I'ver never understood why anyone would lease a car if it couldn't be written off as a business expense. You are just renting it for a long day to day just as if you went to the airport and rented a car for a few days.
Read the fine print. You have rented the car for 36 months and in that period they are allowing x miles to be driven. The monthly rental fee is based on the miles driven and what they think the car will be worth at the end of the lease. There will be penalties for getting out early because it costs them to handle it again. There will be penalties if you drive the car too far in the given time period. Find out what is will cost to get out of the lease, what it will cost to get out of the lease and then buy the car back if you like it that much, and then see what it will cost to BUY a new car. Make your best deals and then make your best choice.
If you are not able to afford a new car, BUY a used car. Can't afford a used Camry? BUY a well used Kia and drive it until it drops, but never never never never lease a car that can't be expensed out. You are just another sucker.
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2007 V6 Camry LE, Built TMMK 27 September 06
"People who think they know it all are particularly irritating to those of us who do."
Never put money down on a lease. If you drive off the lot and the car gets totalled, your insurance will only pay off the lease...you lose the whole down payment. Keep that money and let it draw interest.
I'ver never understood why anyone would lease a car if it couldn't be written off as a business expense. You are just renting it for a long day to day just as if you went to the airport and rented a car for a few days.
Yes you can, my friends lease their cars as business expenses. Well, here in Cali, maybe other states have different policies?
Quote:
Originally Posted by RICO8458
here in new york city you can get a lease for $150.00 per month.
150 for a Camry? 0 Down?
Quote:
Originally Posted by Mlang2000
Never put money down on a lease. If you drive off the lot and the car gets totalled, your insurance will only pay off the lease...you lose the whole down payment. Keep that money and let it draw interest.
Well, if you don't put money down, your monthly is gonna be sky high.
I'ver never understood why anyone would lease a car if it couldn't be written off as a business expense. You are just renting it for a long day to day just as if you went to the airport and rented a car for a few days.
Read the fine print. You have rented the car for 36 months and in that period they are allowing x miles to be driven. The monthly rental fee is based on the miles driven and what they think the car will be worth at the end of the lease. There will be penalties for getting out early because it costs them to handle it again. There will be penalties if you drive the car too far in the given time period. Find out what is will cost to get out of the lease, what it will cost to get out of the lease and then buy the car back if you like it that much, and then see what it will cost to BUY a new car. Make your best deals and then make your best choice.
If you are not able to afford a new car, BUY a used car. Can't afford a used Camry? BUY a well used Kia and drive it until it drops, but never never never never lease a car that can't be expensed out. You are just another sucker.
I dont get it either. At the end of your lease contract, the money you spent "renting" the car, you could of bought yourself a new car.
I was going to buy my car flat out in cash full but decided to finance to build up credit. Put down $10,500 and financed $20,000. In 2 weeks of owning the car, I put down another $7,000. Only have $13,000 left. My next payment isnt due until August 2009 at a whooping $681! Than again, mine is 36 months with 2.9%
BUY a well used Kia and drive it until it drops, but never never never never lease a car that can't be expensed out. You are just another sucker.
Why? Sounds like you have no clue what you are talking about. Quite a few people like the convenience of having a new vehicle and not having to worry about it breaking down and looking like crap. Most people do not run their vehicles into the ground. Personally I'd rather spend a few bucks and ride in something that at least looks good.
Generally speaking if you were to purchase a vehicle and finance the entire amount for six years you will not break even (actual worth vs payoff) until about 36 months anyways. So if that vehicle gets totalled or you just decided to sell it outright, you have nothing to show for it except for paying higher payments to begin with. Then an extended warranty needs to be (or should be) purchased.
Cancelling your Toyota Extra Care Platinum plan (extended warranty vehicle service agreement): Should you decide that you want your money back on your warranty (decided it was not a good deal, or you are selling your car to a dealer), you have the right to cancel your warranty for a refund. Within the first 30 days following the Agreement Application date, if no benefits have been paid, you will be refunded the Agreement Purchase Price, minus a $25 processing/cancellation fee. (For those who bought a warranty for far over MSRP, then find this document and get a really good deal on a replacement warranty, the $25 processing fee may be worth it, if your dealer will not refund you entirely.) In all other cancellation cases (less than 30 days but there has been a claim, or over 30 days with no claim), you will be given a pro-rata refund based on the elapsed time or mileage (whichever means less $) from the in-service date/mileage of your vehicle (NOT the date/mileage you purchased the agreement), minus a $25 processing/cancellation fee. So, for an example (numbers made up):
You buy a 6/100,000 policy for a 1-year, 11-month old Prius for $1000. In 30 days, you wish to cancel the policy. You have had no claims on it, since you are still under the factory warranty. You are still within the grace period, so you are refunded $975 ($1000 - $25 processing fee). In comparison, at 31 days, you wish to cancel the policy. You have had no claims on it, since you are still under the factory warranty. The car is now 2 years old, with only 4 years remaining on the 6 year policy. 4/6 = 66% of the policy is remaining. 66% of the original purchase price of $1000 is $660. Subtract the $25 processing fee, and you get back $635. (Assuming that time had the smaller refund compared to mileage, computed simarily.)
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