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lpsolevag
05-27-2010, 11:21 PM
I got the following offer on a in Houston. Brand new car, luxury package.

MSRP: $57000
Buy Price: $49150
Down payment up front: $5000
30 months
---
Monthly: $1032 for 15k miles, and $997 for $10k miles

They didn't give me residual price or money factor, but based on the specs I've calculated the residual to be $27930 (~49%) and moneyfactor 0.00625 (~14-15%)

So they are obviously screwing me on the interest rate, which is no surprise as I recently moved to the US and have no credit history (rated Tier 5)

I just want your opinion on how bad this obvious bad deal is. The residual price and rebate seems to make up for some of it... but..?

Gabriel
06-02-2010, 11:38 AM
I'd say it's a gift that they got you bought on a lease. A tier 5 rating is almost unbuyable at Jaguar or Mercedes (BMW is easier). The money down helps but you must have other positives or Jag credit wouldn't even be dealing with you.

Take the rating to a tier 0 or 1 and the payment would be much less, but the selling price of the car the same. The dealerships are at the mercy of the banks, they are blowing the car out to you. The bank is the one getting rich because they are taking a chance on you (A big $57k chance that you will pay on time and not steal the car).

Just take your lumps and enjoy the best car by far in (and above in some cases)class for years to come. The next time you get one (you'll be hooked) you're be gold with Jaguar and get the best rate. You're buying cheaper credit for the future with this deal.


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