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Hip Hoptimus Prime posted:I pay $69/month currently through GEICO with no violations on my driving record and no accidents in over 5 years. I just got a speeding ticket a couple weeks ago, but I got an attorney who will get the charge reduced to a no-points violation so that insurance doesn't get wind of it. That said, my 25th birthday is in January and my policy renews in February. Typically, how much can I expect to see my rate go down by? I hear 25 is the magic number for a huge rate decrease... My insurance didn't drop at all overall when I turned 25 because I lost discounts that I had that "expire" when you turn 25. There was a Steer Clear and some other discount for having good grades. So if you have expiring discounts it won't change much. I have state farm and they could care less about speed tickets unless you get your license suspended or do something really dumb like 100 in a 55. Maybe Geico is different, but I got a ticket a couple of years ago and they didn't even know about it (nor did they care when I mentioned it).
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Nov 14, 2009 00:22
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I browsed through some of the thread and didn't see anything regarding this: What are people's thoughts on taking over someone's lease? I only drive ~8000 miles a year so it seems to me that I could get a decent deal on a nearly new car by taking over someone's lease and thus avoid a down payment, taxes, secuity deposit, etc. What happens to the security deposit (if there was one)? I assume it would go to me since I took over the lease or does it go back to the original lease owner since they paid for it? Basically does the original leaser get anything back at the end of the lease (security or down payment) or is the only benefit of them transferring it to simply get out of the monthly payments? Depending on the residual at the end of the lease I could either trade it in or buy it outright. What are the downsides beyond excessive wear and tear that I would have to pay for? Running out of miles is not an issue for me as I don't put that many miles on. I know there is a ~$500 fee, but many lease owners will pay it or offer some other incentive as well. I am looking specifically at BMWs - the 335 and M3. Thanks
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Sep 7, 2010 17:43
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LorneReams posted:I had someone offer me a chance to buy out his lease..he had only put like 5K miles on it and it was worth 20K while his buyout was like 13K. I wish I had taken him up on it...I wonder if that sort of this is common? If the car was worth $20K he should have just sold it himself and paid off the leasing company. The sort of lease takeover I was looking at tend to be situations where someone leased a car and now can't afford the lease or needs a different car (like for a family). The buyout for the car is almost always more than what it is actually worth or else people would just lease cars and flip them. By "buying out" I was referring to taking over the lease and making monthly payments until the lease it up, not the buy out at the end of the lease.
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Sep 8, 2010 22:01
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Saltin posted:You can't sell a car you don't own. When you lease, the car belongs to the financing company/manufacturer/whoever. Not you. Depending upon the terms of your lease you may be able to sell the car during the lease. The leasing company will give you a buyout amount. You payoff the buyout amount, get the title, transfer it to the new owner. Most people don't do this (assuming their lease allows it) because the buyout is usually higher than the car is worth, so they look at trading the lease instead - this way they don't have to write a check to the leasing company to cover any difference. There are leases that do not allow you to "sell" the car during your lease, but that is not the case with ALL leases.
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Sep 9, 2010 23:36
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Obviously buying a used car will always be cheaper, but when I was considering leasing vs buying a new car it seemed to me that it all came down to how much value you placed on having a new vehicle every three years or so. This "value" is not quantifiable because it means something different to everyone. Someone who constantly leases cars will be spending more than the buy and keep forever crowd, but that extra money means you constantly have a new car with the newest technology. That difference has value, but it's not something you can put a number on. For some cars (like BMWs) leasing means you have the free maintenance/service/etc whereas if you keep the car eventually the warranty and maintenance will be gone. Owning some modern cars out of warranty is a VERY expensive proposition and is why a $100K M5 is now worth in the 30s after four years. I know most people can't afford to lease a $100K BMW, but the general idea of in warranty vs out of warranty also has value that can't easily be defined. There is the sell/rebuy every three years option as well, but I think that is very uncommon. This method is not without its faults as well as you could have the market go under (like SUVs bought in 06), get into an accident that kills the cars value (not an issue when leasing), etc. You're continually eating the highest part of the depreciation curve with no guarantee of value at the end of the three years. Realjones fucked around with this message at 19:16 on Feb 4, 2012 |
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Feb 4, 2012 19:08
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Isn't balloon financing a reasonable option compared to conv financing when the rate is low? I'm looking at penfed super saver (2.24%) vs conventional finance (1.99%). You pay a little bit more in interest with the super saver since the balloon is always there. The trade off is that you don't have that money sitting in a depreciating asset and are hopefully smart enough to put it in something earning >2.25%. This is assuming that you could afford to pay the car off conventionally in 4-5 years, but are just choosing to invest the difference - not buying a car you can't afford and hoping you aren't upside down come balloon due time. I understand why people get in trouble with balloons, but if you know what you are doing they don't seem that bad as long as the rate on them is low (like <3%). When the rate gets too high they aren't worth it since you always have to pay interest on the balloon amount.
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Feb 17, 2012 04:49
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erobadapazzi posted:Thanks to those of you who mentioned Carmax. What's a good way to go about figuring out how much I could get for the car in a private sale? Ebay motors "completed listings" has actual hard data instead of just estimates.
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Mar 16, 2012 16:15
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ArgaWarga posted:I don't want to start the debate up again, but IF I decide to go for a lease on my next car, what's the best way to negotiate terms? Put down as little money as possible - ideally a $0 down payment + whatever taxes/fees you have to pay. Obviously you want to negotiate down the price of the car as much as possible as usual, and also ask about doing multiple security deposits which are money that you put into the car (not a down payment), that lowers your monthly payment by lowering the money factor, and is refunded to you at the end of the lease. Google "BMW MSD" for more information. You might also considering doing a lease takeover via swapalease, leasetrader, etc. Some people offer incentives to take over their lease.
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Apr 21, 2012 21:59
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Here's a dumb question I can't seem to find a google answer to: People say that the best time to buy a car is the end of the month/year. What does that actually mean though...that I can walk in on the 31st and put a deposit down then come back a couple days later once financing is finalized (assuming financing is through an outside credit union), or do I literally have to drive the car off the lot and have everything done by the 31st?
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Nov 14, 2012 03:16
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