LS1GTO Forums banner

1 - 18 of 18 Posts

·
Registered
Joined
·
10 Posts
Discussion Starter #1
Ok, I really really would love to be able to pamper a GTO in my driveway, but being 19 I have a very limited credit history that won't allow me to buy the car. Even though I showed I could easily make monthly payments, they said I would have to have like a 6g downpayment on top of my trade in... So, my question is, is it eaesier to lease the car? If it is easier to lease, what things do I need to do when I sign a leasing agreement, and what am I entitled to as far as when the car needs work done to it?

Thanx for the help in advance!!

Zack
 

·
Registered
Joined
·
56 Posts
zpanacek said:
Ok, I really really would love to be able to pamper a GTO in my driveway, but being 19 I have a very limited credit history that won't allow me to buy the car. Even though I showed I could easily make monthly payments, they said I would have to have like a 6g downpayment on top of my trade in... So, my question is, is it eaesier to lease the car? If it is easier to lease, what things do I need to do when I sign a leasing agreement, and what am I entitled to as far as when the car needs work done to it?

Thanx for the help in advance!!

Zack
Usually more difficult to qualify for a lease. What you need to do is buy one but at your age you will probably need a co-signer. Leasing would be a bad deal for you, limited mileage, really not a good idea to mod a leased car because you have to return car to stock before turn in etc.
 

·
Registered
Joined
·
10 Posts
Discussion Starter #3
GTOLarry said:
Usually more difficult to qualify for a lease. What you need to do is buy one but at your age you will probably need a co-signer. Leasing would be a bad deal for you, limited mileage, really not a good idea to mod a leased car because you have to return car to stock before turn in etc.
Well, limited milage is not an issue. I have plenty of work trucks I can use whenever I need to save miles on my car. I am not much into modding, my stock GTP can vouch for that. Most modding I do is to the stereo and I like having bright lights, other than that I don't throw money into the car... Why is it harder to achieve a lease than buying outright?
 

·
WRX Sack Rider
Joined
·
6 Posts
I've been exploring leases for GTO's as well (only way I'll buy one) and I can honestly say I've never met more clueless people in my life than I have by visiting Pontiac dealerships the past few weeks. If I didn't think so highly of the car I would have thrown in the towel earlier this week.

That fact aside, the GTO would not be my primary car so mileage would not be a problem and I don't mod my cars in any way. I think it's worth exploring and if it works for you then it's worth considering.
 

·
Baaaaa!
Joined
·
80 Posts
Any October numbers for Leases

Anyone share experiences and/or numbers leasing a 2004 GTO this month?
 

·
Registered
Joined
·
32 Posts
cavu said:
Anyone share experiences and/or numbers leasing a 2004 GTO this month?

this isnt this month, actually last month tho...398 a month, 36 months, 15K miles,780 Out of pocket(first month tag title and all that ****) extended warranty, freeoil changes for life
 

·
CAUTION!!!!
Joined
·
9,883 Posts
simple answer.... do you want to seriously mod this car.... if yes then buy, if no then lease.... based on the fact that you can swing the lease....
 

·
2004 Torrid Red GTO
Joined
·
1,119 Posts
dont lease unless you own your own business and can write it off...that's my rule of thumb. I don't own my own business, hence I buy all my cars.
 

·
Registered
Joined
·
10 Posts
Discussion Starter #9
Pray tell, WHY only if I own my own business? I am curious! I have never heard that from anyone before.
 

·
Registered
Joined
·
881 Posts
zpanacek said:
Pray tell, WHY only if I own my own business? I am curious! I have never heard that from anyone before.
Because everything is totally deductable. :cool:My CPA told me that
leasing as a totally deductable business vehicle still is not as good as
an outright purchase (cash or cheap finance), and total depreciation
over at least 5 years.
 

·
Premium Member
Joined
·
6,768 Posts
Two words: tax deduction.

I wouldn't go that far, but, I've seen this too many times: people lease a car to get more car than they can afford to pay. Then, something in their life changes (new job, significant other, go to a different school), and they end up driving much more than they used to. Comes to lease turn-in time and whoops, they're tens of thousands of miles over... plus, the other half of the concept of leasing is to "save" the difference between the lease payment and a regular car payment, and use that for your next vehicle. Most people aren't that disciplined, so that presents a problem.

I looked at SmartBuy (kinda like a lease - the last payment is a balloon, like the residual at the end of the lease), but the total cost was much higher than taking a slightly longer-term loan. I'm too cheap to do that, but, I understand, in your situation, you need all the help you can get. If you can't get someone to co-sign, leasing is an option for you, however, make sure that you don't go overmileage, that you set aside a little money for your next car, or if you buy your car at the end of the lease, and that you do take care of the car (maintenance, washes, et. al.). Whatever you do, don't do like one of my co-workers who, at the end of his 3-year lease on his IS300, he leased it again for 2 more years (he would have owned the car if he'd made comparable payments for five years... of course, this same person would go to the Lexus dealer every time his windshield wipers needed to be changed, until I took him to AutoZone and showed him how to buy them/change them himself :)

--Robert
 

·
2004 Torrid Red GTO
Joined
·
1,119 Posts
if you can muster a lot of money down (I put $16K down), there shouldn't be a problem qualifying for the loan. Don't lease! There are a million reasons why not to. The most obvious of which is the fact that you owe a "signing" fee (kinda like a down payment) plus you pay monthly, then at the end of the leas they offer to sell you the car AGAIN. It's like buying your car TWICE! Or, if you prefer, its like RENTING the car from your dealership (who retains the title) and then they offer to SELL it to you AGAIN after your term!
 

·
Registered
Joined
·
600 Posts
RedThunder said:
the fact that you owe a "signing" fee (kinda like a down payment)

you pay monthly,

at the end of the leas they offer to sell you the car AGAIN.

from your dealership (who retains the title)
Due at signing is Sales Tax (if any), Title Fee, and Registration Fee. No different then if you buy. Also due at signing is the first monthly payment. Leases are paid first, driven second. Purchase financing you drive and pay at the end of the month.

You do not have to pay monthly unless you want/need to. You can prepay all the payments and received a discount.

At the end of the lease you have the option to buy the part of the car you haven't already paid for.

The lease company receives the title when your state issues it. Not much different then the leinholder getting title when you finance.
 

·
Registered
Joined
·
131 Posts
Tax deduction is a myth!!! Read Suze's article, she knows her stuff. Since you can't afford the car then save up and wait until the spring and BUY a used 04. It will still have factory warranty and you'll have the permanent grin!

http://biz.yahoo.com/pfg/e16buylease/art011.html
 

·
Kettering University
Joined
·
51 Posts
On Sept 28 I leased an '04 GTO for $280 a month, 24 months, 15K miles/year, $580/down...I love it...If I was purchasing it the payments would be much higher..Plus with the lease pull ahead program, I can turn it in after about 14-18 months and get a newer one...
 

·
Kettering University
Joined
·
51 Posts
Miss-our-GTO said:
If GM/GMAC offers a Lease Pull Ahead Program in the future.
Yep, you're quite right..They may very well end the program at any time...Well, 24 months isn't that long, especially when the car is a GTO..
 

·
Registered
Joined
·
600 Posts
Prodigalson said:
Yep, you're quite right..They may very well end the program at any time...Well, 24 months isn't that long, especially when the car is a GTO..
With so many potential GTO buyers around recently, best to keep them fully informed.
 
1 - 18 of 18 Posts
Top