Car Buying Advice--What do I do?

cluelessgirlll

I went to Lexus about 10 days ago to look into leasing a 2017 Lexus NX F sport. Market Price is around 41K. Well my credit isn't that great but I have a co signer and their credit is great. They agreed to take my car for 5k it's a 2004 Lexus RX and now they're asking for another 3K on top so that's 8K down to lease a car. I don't think that's a fair deal at all. I feel like they are toying with me. What do you think? The lady brought out the keys and everything and had me bring my car in to trade and then out of the blue she told me that some things were missing and now the bank is asking for another 3K. And then I agreed but then it's been 5 days since she's gotten back to me and she says the financial department is giving her a hard time and she's still waiting for the approval. Like what's going on? Anyways, with the time I had to think I think agreeing to put 8k down on a car is absolutely ridiculous.

ChaseBellows

Hi @cluelessgirlll Thanks for reaching out to Edmunds! I'd love to help you with your lease question. Leases, even with one of the co buyers having less than stellar credit can be quite the challenge. I absolutely agree as well as every article on Edmunds, $8,000 is way too much for a down payment. The payment better be super low if that's the case!

I was hoping to get some more details on this deal so I can properly evaluate it. Can you tell me your FICO as well as your buyers? In addition to that, can you tell me the MSRP, Cap cost, and the payment? I can try to fill in the blanks. If you're going to put some money down, I'd suggest "Multiple Security Deposits" to buy down the money factor rate.

https://www.edmunds.com/car-leasing/5-car-lease-strategies-you-didnt-know-about.html

https://www.lexusfinancial.com/pub/w/planning_center/financing_options/lease/lfs_lease

Till I can get the details, I'm happy to recommend reading these articles, as they can aid in negotiation. Let me know if you have any questions! Have a great day