24k Gen Coupe for 38k in 4 years: Would you do it? - Page 5 - Genesis Forum: GenCoupe Hyundai Genesis Forums

l2iceman · 03-12-2012, 10:29 AM

lol don't listen to him about using this car loan to build your credit...just pay your current debts on time and you'll build your credit...if you take this loan, it'll likely lower your credit score as you would be in MORE debt...credit score is supposed to reflect credit worhiness, too much debt will decrease your score and application power

shad0w06 · 03-12-2012, 10:40 AM

Just remember you want the car but you don't need it. That's the bottom line. Maybe in the future you'll be better off financially and get a car you want but right now you don't need a new car.

Genesisnoobie · 03-12-2012, 10:48 AM

Quote:

Originally Posted by l2iceman

lol don't listen to him about using this car loan to build your credit...just pay your current debts on time and you'll build your credit...if you take this loan, it'll likely lower your credit score as you would be in MORE debt...credit score is supposed to reflect credit worhiness, too much debt will decrease your score and application power

Thats what I told him, when you lease, they dont report to the Credit bureau with your payments. So how does this speed up rebuilding my credit when the leaser doesnt even report it?

Boogra · 03-12-2012, 11:19 AM

Quote:

Originally Posted by Genesisnoobie

Thats what I told him, when you lease, they dont report to the Credit bureau with your payments. So how does this speed up rebuilding my credit when the leaser doesnt even report it?

He's going to say anything to you to get the deal done. Just tell him not to call you any more and walk away from the deal. You'll be thankful later on. Do the right thing here, man.

Genesisnoobie · 03-12-2012, 12:14 PM

Quote:

Originally Posted by Boogra

He's going to say anything to you to get the deal done. Just tell him not to call you any more and walk away from the deal. You'll be thankful later on. Do the right thing here, man.

I laughed when he said he will wash it up for me and give me a full tank of gas lol. Wow too generous.

I think the car is gonna be sitting in their lot for many many months at a 23.888 firm price.

e30kawi · 03-12-2012, 01:42 PM

I wouldn't feel bad for the salesman, I know they have to eat, but that doesn't mean you need to be the one paying for his food.

Genesisnoobie · 03-13-2012, 05:54 AM

Quote:

Originally Posted by e30kawi

I wouldn't feel bad for the salesman, I know they have to eat, but that doesn't mean you need to be the one paying for his food.

The guy called me back again this morning, he told me to come in after work today. I said what for, i said i cant afford it. He said we got a deal you wont be able to turn down, come see me after work.

e30kawi · 03-13-2012, 06:10 AM

Dont do it! Stick to your decision no matter how good you think the deal may be.

Genesisnoobie · 03-13-2012, 10:39 AM

^ I told him no, especially at his 23,888 firm price, no one is going to pay that for a 2yr old model, 4k km or not. 4k km is still used technically.

SenseNesis · 03-13-2012, 11:33 PM

-______- wtf thats hella. I payed 22k for my 3.8 grand touring at 9k miles during 2010. when it was even newer and on its first year. shake my head ..

Genesisnoobie · 03-14-2012, 06:21 AM

Quote:

Originally Posted by SenseNesis

-______- wtf thats hella. I payed 22k for my 3.8 grand touring at 9k miles during 2010. when it was even newer and on its first year. shake my head ..

Ya man like i said no one is going to pay $23,888 for 2011 base model GC. Even with It only having 4560km. Only have $1200 markup hahahaha ya right. Theres no way they gave the owner $22,688 on its trade in. I hate liars and being lied to at dealerships

infinity · 03-14-2012, 06:25 AM

don't ever lease.
the only reason to lease is to claim it on the business etc

lease is theft in short
also, financing from the car dealership = theft

ask cash price, and ask for financed price, do the math, you lose money by financing with them

just saying
also, used cars = win
as soon as you walk out of a dealership, your car has lost 10-15% of its value

get a used car

doesnt need to have 100K+ km on it, something reasonable, and you still win.

GCP · 03-14-2012, 06:26 AM

Quote:

Originally Posted by Genesisnoobie

I just want to see if anyone here would actually do it. Been talking to lots of friends and none said they would do it.

Exact numbers

2011 Gen Coupe 2.0T with 4500 km, $23,988, $25,187 including tax.
3.8% int over 4yrs but the cost of the lease over 4yrs is the full price of the car

Which I think if a total scam. Since when can you charge the full price of the car over a lease?
$3325 up front (includes first and last months payments)
$553 / month for 46 months
$9000 MANDATORY buyout, with tax comes to $9450.

Because of the mandatory buyout, you technically own it from day one.

Break down year by year:
Year 1: $9408
Year 2: $6636
Year 3: $6636
Year 4: $15,553

Exact grand total at the end of 4yrs including tax and all fees - $38,213.

Insurance is $105/month.

Jesus... not just no, but HELL NO....

Why would you do that?

Just buy the damn thing... 25k car loan, at 4.5%, for 4 years is $557 a month, for a total of all payments: $26,773.87....

Hell if you can afford $550 a month, go buy a new 2013....

jzamorski113 · 03-14-2012, 06:30 AM

Can this thread just be locked. If this guy actually buys this car...oh god. No wonder the global economy is in the shitter. Everyone WANTS things that they can't actually afford.

Also that deal is terrible. Call a different dealer and ask for a quote on leasing the same car. This place you are at now is trying to rip you off because they know you WANT the car so bad.

GCP · 03-14-2012, 06:34 AM

Quote:

Originally Posted by strivEEE

don't ever lease.
the only reason to lease is to claim it on the business etc

lease is theft in short
also, financing from the car dealership = theft

ask cash price, and ask for financed price, do the math, you lose money by financing with them

just saying
also, used cars = win
as soon as you walk out of a dealership, your car has lost 10-15% of its value

get a used car

doesnt need to have 100K+ km on it, something reasonable, and you still win.

Whoa......

Not sure what dealerships you are going to, but if you are at a dealership that has a different price for cash, vs financed you need to go to a different dealership.

Leasing CAN be a good thing, if you know what you are doing.

You need to ensure that you do not lease the car at (or above) MSRP. Talk the price down as a purchase, then tell them you want lease numbers, and ensure that they do no raise the purchase price of the car. Do not let them confuse you with a "money factor".. convert it if you need to, and ensure that the buy out at the end of the lease is realistic.

Genesisnoobie · 03-14-2012, 06:46 AM

I did call up another dealer and the guy said lease isnt chsrged over the full price of the car. He says they should taken a certain portion of that price and charge thst to you. Its mostly the deppreicition vslue of the car.

So say 24k car, you lease for 4 years. Car will be worth approx 11k in 4 yrs, so they take the 13k and charge that to you over the 4 years lease. THIS IS HOW I EXPECTED IT TO BE, THATS WHY I RAN THE APP IN THE FIRST PLACE WITH THESE GUYS! I was literally shocked when i got the numbers back and the lease was charged as the full price of the car. If i knew they were gonna pull this i wouldnt have bothered applying!

Ive looked it up too, lease should not be charged over the full price of the car no matter how long it is.

jzamorski113 · 03-14-2012, 06:49 AM

Just out of curiosity, when your 4 year lease is up, what will you do?

Genesisnoobie · 03-14-2012, 06:57 AM

proof right here im being lied to

Quote:

You will make monthly payments on your leased vehicle just like when you purchase a car. The way they are figured is as follows. The residual value or guaranteed future value in the case of a personal contract purchase is subtracted from the sale price of the car. For example, if the car sells for $25,000 and is guaranteed to be worth $15,000 after 3 years, $10,000 is what you must pay. If, however, you put 20% or $5,000 down, that is subtracted from the $10,000, leaving $5,000 worth of payments. Add to this amount any finance charge and the money factor which is nearly identical to an interest rate, and your monthly payments will be determined.

GCP · 03-14-2012, 07:01 AM

go find a credit union in your area, and join it. Then go talk to a loan officer.

They will tell you what the best financing you can get, if you can't afford it, or you need to work on your credit, then pay off some debt, and work on your credit, but don't enter into a bad car deal..... for any reason.

jzamorski113 · 03-14-2012, 07:02 AM

The problem is they are putting the mandatory buyout into your monthly payments, which skyrockets them. You should be paying closer to 300 a month to lease that. What they are doing is basically making you buy the car, but on their "financing" terms, which is just royally screwing you over. Essentially you are buying the car, but they are calling it a lease because you told them that you want to lease a car. But its a used car, which is probably why they are doing this. There aren't many leasing companies that will take on a lease of a used car.

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