I got my car and have had it for 4 days. The dealer calls today and says that my lease ap has been rejected.. Oops, their fault - they put in the wrong residual value, but I need to come in and sign the new contract which will cost me an additional $18 a month (or $648 over 36 months).

Should I be willing to pay this... Sounds like BS to me..

 

no and that sounds like an insanely high lease to me too.

check out www.carbuyingtips.com and look at the scams.

 

I believe you can now back out of the deal if you wish. You agreed to some other value and payment. If you don't agree with the new terms then don't sign it, but you'll have to give the car back of you can't get financed at the original contracted terms.

 

Sounds like BS to me also. 648 is a lot for a lease, if you don't mind, what is your residual value? Did you put nothing down?

 

$648 for 36 months? Sounds really expensive for a lease

 

$18X36=$648 think thats what he meant

 

Mazdaspeedferas is correct. They wants $18 more per month - for the 36 months, totaling $648.

The part that really sucks is that they owe me $7000 for my paid off trade that I gave them. (Until they can get the title trasferred -- I lost it.)

 

UPDATE..

I called them back and let them know I felt like I was getting scammed. They told me they would eat most of the error.

I feel better now. (Although I am not convinced this is not a scam, I do think I got a pretty good deal.)

thanks all

 

I dunno.. 648 a month and you gave them 7 grand worth of automobile?

Let me do the math here..

RX8, with everything is 33. 33-7=26.
26000/60 months = 433.33 a month before interest to BUY the car for 60 months.

Now... at 5% interest, that's 455 a month to buy the car.

I still think you're getting screwed. You could OWN that vehicle and pay less a month.

 

And what all options did you get anyway?

 

GUYS -- PLEASE READ THE THRED.. IT IS NOT $648 a month..

 

I am paying $450 a month. I took $7k away from the deal in cash. (my trades value) and I put nothing down. So in essence, i walked in with my car, got money for it and bought an 8 with nothing down. I leased it for 36 months with a 15k mile per year lease. It is a MT/GT/Nav& other stuff car.

 

Forget about the $648... That would be my out of pocket over the course of the 36 months if I paid it monthly $18 a month..

 

ohh.. ok.. i did misread.

duh! :b

Then yes, it sounds like a pretty good deal. I would still rather own the car, but that's me.

 

Ajax..

I have bought every car I have ever owned until now. I trade too quickly to bother buying them. I lose my butt every time.. I will actually pay less for this car than my last and I bought it well used.. Leasing is certainly not for everyone.. But there are some places where it totally fits. (took me a long time to admit to that)

 

Wow....i think that's kind of steep, my lease is only 370 a month, and I was in the negative on my trade-in. Guess it just varies though. That's the problem with today car dealerships, with everone wanted to buy and drive off with their car the same day it takes a couple days for the approval. I waited a week before I took possesstion of my car so this very thing wouldn't happen. I hate finding out it is going to be more expensive after you've already driven it off the lot.

I think leasing is a great idea if it's not your everyday car, mine sits in the garage mostly and only comes out on the weekends. I've had it for almost 3 months now and I just now went over 2000 miles, so a lease is perfect for, cause I don't plan on keeping a car for more than a couple years anyhow.

 

Wurnfist,

How long is your lease term and what options do you have? (how many miles?)

 

$450 a month including taxes for 36 months is a good deal, if you put $1500 down to cover tax, tag and title. Wurmfist It sounds like you have a 48 month lease for that payment. all these sound like invoice pricing as well.

 

I have 15,000 miles per year as well.. My pricing was $1500ish under invoice with a 54% residual (15k miles) and a money factor that = about 2.25%.

I don't think I did too badly, but I'd love the feedback.

 

That is a great deal! You could actually purchase at lease end or finance it and end up saving money vrs buying it. You would finance longer than normal, say 6 years but at least you don't have to drop 10 grand on the car for a downpayment. Invest that money on something that appreciates!