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Questions About Financing New Vehicles



  • kyfdxkyfdx Posts: 64,665

    @mc731 said:


    Hoping for some help...

    I'm looking into leasing a new JGC...this one in particular: w/ a price quote via email of $35995. I live in Massachusetts.

    I have never leased a car so this is all pretty new to me. I did the Chrysler credit app and was approved for "up to" $49,900 in financing. Figured I would see what I was eligible for before dealing with a dealer. The credit score they pulled was 698 from Experian. What tier is that?

    Would I have a decent shot at leasing this vehicle? Looking to lease for 36/mo 10k miles. I have a trade w/ some equity some of which can be used to cover relevant fees. Want to cash out some equity if that is even a possibility. Looking to keep my payments at or less than $400 which may be unrealistic.

    Any advice and insight would be much appreciated. Would like to have some concrete knowledge before visiting a dealer.

    A lot of it will depend on that score. If that's your FICO score, then you'll have no trouble qualifying for top tier lease rates. Some dealers use an "auto score" that is on a different scale (up to 900). If that's your "auto score", then yhou may be in a lower tier.

    You should cash out any equity on your trade-in, rather than put it down on a lease. But, I don't think you'll get under $400/mo. on a JGC.


    Prices Paid, Lease Questions, SUVs

  • steverstever Posts: 52,572
    If you bought a new car instead of used because low rates and/or longer-terms loans kept the monthly payments more affordable, please email by 9/11/15 to connect with a reporter.
  • Am I doing something wrong negotiating a Lease?

    This is my first time trying to lease a truck

    I've read in articles and forums that is best to negotiate the car as if you want to buy or finance it and never mention you want to lease until you get the best price then after you think you got a good deal you say I want to lease it.

    well..... I followed this advise and the results were not what I expected.

    I talked to 3 different dealers and after I got a good price I mention I wanted to lease, they said that if I want to lease most of the rebates will not apply. is this true?
    This are couple of examples:

    Ford F150 XLT SuperCrew2WD 5-1/2 box
    MSRP $37,510
    Dealer Discount -$3,506
    Truck Bonus Customer Cash -$4,000
    Final Price $30,004

    I taught it was a good price, but once I mention I wanted to lease the sales guy said the $4000 won't apply unless I finance the truck

    Ford F150 XL SuperCrew 2WD 5-1/2 box
    MSRP $35,935
    Dealer Discount $2,921
    Factory Rebates $3,000
    Finance w/ford $750
    Final Price $29,264

    Again, once I said I wanted to lease they told me that the $3000 rebate is only if I finance/purchase the truck.

    I'd greatly appreciate any help/feedback you can provide.

  • steverstever Posts: 52,572
    edited September 2015
    Incentives usually have fine print and often a cash incentive can't be used if you finance or lease. Usually you'll see something like a $2,000 incentive or 1.9% financing and you get one or the other, but not both. But it depends, and sometimes you'll see a cash incentive that applies to a retail purchase or a lease.

    Lots of advice articles recommend that you do your deal before disclosing that you have a trade-in. I don't recall any that recommend you hide that you are interested in leasing up front. But maybe the confusion is that you still need to negotiate the purchase price when you lease just as you do if you were buying. Don't pay MSRP on a lease in other words.

    If you think you might want to lease, the better practice may be to ask the dealer to work the deal both ways so you can play with the numbers.

    You can check the fine print at our Incentives page, but we don't have some of the regional incentives listed. I didn't look at every F-150 model, but I didn't see any $3,000 or $4,000 incentives listed.
  • steverstever Posts: 52,572
    Oh, it's getting harder to find out, but sometimes there's a "dealer cash incentive". That's one from the manufacturer to the dealer and it's up to the dealer to decide whether to pass it on to the consumer.

    That could be the source of the mystery incentives that we aren't showing..
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