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Comments
The residual on a 39-month lease is .57 and the money factor is .00235.
What I will pay: $800 over invoice.
-
zarin
PS: I live in Boston area, where 10 VW dealers compete against each other. Also, I had pretty good negotiation.;-)
What I will pay: $800 over invoice.
-
zarin
PS: I live in Boston area, where 10 VW dealers compete against each other. Also, I had pretty good negotiation.;-)
clsclfm-About the student loans...debt is debt. It is sometimes a neccessary evil in life but should not be treated differently thean any other debt. I paid for college as I went, but my current job requires that I drive a nice car. Should my car not count as debt because it is needed for me to make a good living?
Yes it does. What hurts your score is either:
1) Enormous amountsof debt.
2) MAXED out credit cards. I.E. I have 2 credit cards that probably have balances on them at the moment. One is a Texaco Card which I doubt has more than $500 as a limit. I know I must have over $400 on it at the moment, because of some recent trips, its' maxed out or very nearly. The other is a Platinum VISA with a terrifyingly huge limit which I will never evenget close to, like $50,000 or something absurd like that. I have $4K or so on it.
The Texaco Card looks worse on my bureau than the VISA because the Texaco card is basically hammered out (Which looks bad) and the Visa is at probably 8% of available.
Its' like saying its' better to owe $50,000 on a 2001 Bentley than $5,000 on a 1990 Maxima.
No, I don't think its' logical either.....
Bill
Again, what I really meant was that owing some money on his credit cards would not keep the guy from having 700+ credit. Obviously owing A TON of money or having maxed out credit cards that you missed payments on would. I guess I am too conservative with my finances to have seen the down side of my cards.
What I really hope that XWEB takes from my message is that he should not finance his girlfriends car.
About delivery, Boston said it comes in two weeks (they sounded confident) and Brookline just said it's before Sept 1 (which can be two weeks too).
Good luck with your order.
If you have questions, email me at zaringobi@yahoo.com:)
zarin
My father probably has 10K floating on his credit cards as we speak and his beacon is a 790 (I pulled it for him quite recently). Its' a lot more than just that of course
But I've seen beacon scores hovering around 600 (Tier 4/Subprime territory) where you see nothing but perfect payment history, never a single late..etc... But you see $30-40K+ (And I've seen over $150K.. talk about terrifying) in revolving balances.
Although a lot of lenders are getting away from beacon scores. I've seen people with 640s with a recent repo that no "Bank" would touch, and I've gotten people with 625s into Jaguar Leases (Guy had an open lease on his car, wife's car, daughter's car, aircraft loan, Boat loan, and also had an antique car financed for $60K whch was a Concours XK150. Also mortgage for his house in NJ, shore house in NJ and Condo in FL) Jaguar credit used to have one tier: 1, so that took some work. Well, he also made $175K a month plus bonuses
And then there was the 20yr old Girl with a Macy's card, $500 limit VISA and I think a JC Penny card. 725 Beacon.
Take the guy with the 640 and the guy with the 625... Who would YOU loan money to?
And no, XWEB should certainly NOT co-sign for his girlfriend in my opinion either. Frankly, it won't help him that much. Banks take coXs a lot more seriously when its' a family member, and they're a lot more useful when you have no credit versus weak credit.
Bill
Thanks--
How many miles? 10, 12, 15K...Terms & Conditions of any Lease are predicated
upon these factors...
The one thing that seems to really turn lenders off are student loans in default....
Seems to be a pet peeve of theirs...
Bill
GLS 1.8t Wagon, manual transmission, lux, leather and monsoon for 23,600 + 550 destination + additional 150ish for inspection, tags, handling. Oh, plus the behemoth NYS sales tax...
I seem to recall other posts mentioning them--indifferent to good, I think--but I can't find them now. In any event, being in NYC--the land of $25 Rolexes--I'm a little suspicious...
If you do not own your home than I would suggest you make this a priority over a Passat or other medium range car purchase.
BTW, does anyone have a problem with the GLX MSRP being dang near $30K? I'm thinking 325i or Acura TL, or saving about $5K (maybe for student loans? hehe) and getting a loaded V^ Accord.
Of the cars you mentioned:
The accord is b-o-r-i-n-g! My wife has a new one and while i'm sure that it safe, reliable, and comfortable to drive, it does not feel like a drivers car. Not to mention seeing yourself coming and going every stoplight.
The Acura TL is much to the same(literally). Acura does not pack the "premium brand" punch to justify the cost difference either. But a nice car none the less.
The BMW 325 is sweet! If you want a small car than there is none finer in my opinion. Keep in mind that the back seat and trunk are tiny in that car not to mention that options can run that car to the sub forty range real quick.
Are student loans tax deductible to the full extent of interest on a home mortgage?
Also, wouldn't having paid off his student loans result in his credit score being raised? I know the ratios don't change but the debt will have gone from "unsecured" to "secured" debt.
I don't normally go for "rob peter to pay paul" approach either but I do know that our society favors estate based debt.
The key to making student loan interest (or any other kind of home equity-based loan) tax-deductible is that the collateral has to be your house. So if you default on those loans now, they come after your home, not just you.
I really don't know about raising your credit score by doing that, though. I'm a CPA, not a loan officer. Another thing to think about before you pay off student loans with home equity is if you want to do anything to your house, you may have already used up your equity on the loans, so you'll have to find another way to pay for the new basement or kitchen you want. Not only that, but if you're thinking of moving soon, you might use up the down payment for your next house, too.
Anyways, nothing to do with the cars, but I would rather see a potential borrower with a home equity loan, than student loans. But mmcbride1 makes an excellent point, be carefull loading up your home with debt if you have to sell, or want to sell or need a source of cash for emergencies, you want to keep it open.
I have a 2001.5 passat and love it. Almost 1,800 miles on it and no problems. (had to make a car comment!)
Not to mention that if you're really worried about it, just find an appraiser who will give you the number you want on an appraisal, and "Voila!", your house is 'worth' the 125%.
I am not impressed with the local dealership. Dealership name and location withheld for the sake of being nice. This local dealership seems to be fixed on marking up the price of VW's with pin stripping, undercoating, acid rain protection, special floor mats and additional mark-up for limited availability. Recently they had 16 cars on the lot and were adding mark-up for limited availability.
Any recommendations are appreciated.
kcram
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You're right about the IRS, I doubt that anyone would check that unless audited. Just not something I would do. I play it by the book. (Cant imagine taking a loan on my home in excess of the value either!!)
Also, what should my residual value and money factor be for a 36 month lease?
Thanks so much.
Brian
$23,686 + $425(cd)= $24,111(doesn't include tax, title, and license)
We have had the car a week and couldn't be happier with it.
PS. Off topic -- but Teddy Roosevelt National Park in ND is incredible! Drive your Passat up there next summer :--)
On a lark, I tried using the car buying service offered through my credit union, Autoland. Within an hour they located the car--for 26,100!!! Nearly 500 below invoice. Don't know how they did it, but I'm not complaining.
So, if you're credit union (or insurance provider, or whoever) offers a similar service, give them a shot. Autoland did wonders for me.
Love the car, BTW
I am very pleased w/ my price, plus they got me the lowest rate. I definitely recommend going through a broker of some sort to avoid the hassle of haggling w/ the salesmen/dealers.
2001 Passat2010 G37S Sedan2013 G37xS Sedan2014 QX602015 Q402016 QX602016 E350 Sedan2017 QX602019 E450 Wagon2021 Sienna XSE AWD2022 Lexus RX3502022 Chrysler Pacifica Hybrid Limited
2023 Nissan Pathfinder Platinum 4WD
Also.. will this be the kind of car that will go run happily for 150,000 miles? 200,000? more?
I fell in love with the interior.. but long-term reliability and low maintenance are key.
all about this program at www.vw.com and these cars price out at Kelley Blue
Book Retail due to the fact that they carry a 2Year/24,000Mile Bumper to Bumper
and 2Years of 24/7/365 Roadside Assistance.