fiend busa
Senior Member
- Joined
- Apr 22, 2017
- Threads
- 54
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- 1,380
- Reaction score
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- Location
- Canada
- Vehicle(s)
- 2018 Civic Type R
36 month lease at $794 a month ($604 USD)
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No trade in. Like I said in my previous post, it's a balloon loan with a residual payment at the end. As long as you are on the positive side of the depreciation curve (or if you're like me and don't plan on owning the car until the end of the note term), you can pay similar interest to a normal loan, but your monthly payments are much lower.Wait I mean you'd have to put something down for that kind of monthly payment, did you trade in?
I work with mortgages for a living and I wasn't even aware you could get a balloon payment with a car loan. Did you specifically ask for it?No trade in. Like I said in my previous post, it's a balloon loan with a residual payment at the end. As long as you are on the positive side of the depreciation curve (or if you're like me and don't plan on owning the car until the end of the note term), you can pay similar interest to a normal loan, but your monthly payments are much lower.
So I put zero down, paid $36,620 (no dealer fees/accessories) from the loan proceeds, and my monthly payment is $429. It works well.
It's not me making the piss poor decisions and some of the numbers in this thread are comical making it quite easy to judge.Easy to judge others from afar.
Just be happy they chose a fun sporty car over a kitchen appliance like a mustang gt.
I have a used car dealership and we sold several of these loans, either via PenFed or via CULA. Basically used car leases on new-ish (past 3-4 model year) cars.I work with mortgages for a living and I wasn't even aware you could get a balloon payment with a car loan. Did you specifically ask for it?
Agree with lots of poor financial decisions in here. However the GT is an absolute LOSS in terms of resale. The R will hold value and that's a fact. However obviously that still requires getting a good deal and not a ridiculous one. I read about balloon financing on a car. I literally laughed out loud.It's not me making the piss poor decisions and some of the numbers in this thread are comical making it quite easy to judge.
Sorry - I'm not going to congratulate poor financial decisions...
The Mustang GT is actually a very very good car running with M4s on the track making it a bargain for performance. I love the R but I'm not going to be a fan boi disregarding reality. This is even not taking into consideration in daily, real world circumstances the GT rapes the shit out of the R on the street.
The problem with a "monthly payment" thread is it doesn't include a lot of other financial info required to really assess who is and is not making poor financial decisions.Agree with lots of poor financial decisions in here. However the GT is an absolute LOSS in terms of resale. The R will hold value and that's a fact. However obviously that still requires getting a good deal and not a ridiculous one. I read about balloon financing on a car. I literally laughed out loud.
True shit, stop worrying about mine and keep tabs on yours.too many people care about how others are spending their own money.
Mustang GT will lose 50% of it's value once it's driven off the lot.The Mustang GT is actually a very very good car running with M4s on the track making it a bargain for performance. I love the R but I'm not going to be a fan boi disregarding reality. This is even not taking into consideration in daily, real world circumstances the GT rapes the shit out of the R on the street.
I never mentioned resale value, that wasn’t the scope of the conversation.Mustang GT will lose 50% of it's value once it's driven off the lot.
The Type R retains 84% of it within several years, according to motor trend. Whether it hangs with a M4 or not has no bearing on financial decisions,.
But I do not disagree with you.
I mean if you're not taking that into consideration when purchasing you're making a mistake. Unless of course you just like throwing away money. Which you have every right to. It's yours after all. However when giving advice to someone you should always want to give the best advice.I never mentioned resale value, that wasn’t the scope of the conversation.
If I cared about getting my money back when buying a car I wouldn’t buy the car I’d invest the money.