Used car interest rates

[Magicfloat]

My 07 Chevy truck lease is up next week.Since residual values are way down,I can buy it pretty cheap. My local bank buddy quoted 6% to finance it. Is that about right?

 

[Blue Oval]

Yes thats a good rate.

 

[Sea-Dated]

I got 5.49 from my CU last week on an '05 Land Rover.

That was $0 down and 60 months.

 

[Audiofn]

Sounds very good to me not knowing what your scores are. Local banks tend to be a little higher lately it seems.

 

[Magicfloat]

Looks like I will just walk away from the lease,they wanted way too much for me to buy it.My dealer can sell me a brand new identical 08 for less than GM wants for my 07 with 22K miles,so that's a no brainer. Think I will just turn it in and drive Karen's Sequioia for a while.

 

[Sydwayz]

You can make them an offer for probably half of the residual value, and I bet they will take it.

 

[Magicfloat]

That's a thought.original residual value was $28880 (that's crazy) today they said $25770(also crazy) A buddy who is a car wholesaler thought 15K or less would buy it.I will try that tomorrow.Thanks for the advice.

 

[Expensive Date]

Robert when you turn it in to the dealer tell him you would like to buy it have him look on gms auction the next day.If you will pay 15k let him know also offer him like 16k so he makes a quick grand.Might work but you do have to turn them in sounds crazy but thats the way it is

 

[Magicfloat]

Looks like the last day to turn it in without penalty is 1-5-09,but I have already made my final lease payment. Should I turn it in now,or wait?

 

[t500hps]

I just checked my Credit Union rates.....4.75 on late model USED vehicles. No banks I know of are close to that.

 

[Davidmnc]

Looks like the last day to turn it in without penalty is 1-5-09,but I have already made my final lease payment. Should I turn it in now,or wait?

As long as you are not in milage trouble you should keep it as long as you can.

 

[Magicfloat]

Allowed 24000 miles,currently at 20530,guess I will wait. Thanks. I am in uncharted territory here,never leased a car before.

 

[Audiofn]

I agree keep it tell the last day if you can. My wife wanted to buy her BMW after the lease ran out. She was going to move back from CALI prior to that happening. BMW did not want to dance at all. So we had to pay the balance of the lease and then leave the car at the dealer. Some one I am sure got to drive the car around for 3 months. They also told me that if you want to bargain on the price you have to turn the car in and take the risk of not getting it back. In her case she only had put 13,000 miles on it over the three years as she only had to drive 5 miles to work each day. I probably put most of the miles on it going down to all the Scope guys places.

 

[MarylandMark]

USAA is at 6.74 on used

 

[Dreamer]

they take out insurance on the residuals... i think thats why they cant deal... must got to open market

also why leasing is the only way

 

[TOMTBONE]

Allowed 24000 miles,currently at 20530,guess I will wait. Thanks. I am in uncharted territory here,never leased a car before.

Make sure you don't get retaxed when you buy it. Each state is different, in todays market I would turn it back in and purchase a new one with the deep discounts being offered.

 

[TOMTBONE]

they take out insurance on the residuals... i think thats why they cant deal... must got to open market

also why leasing is the only way

They can deal, rather they want to is different.

 

[TOMTBONE]

I got 5.49 from my CU last week on an '05 Land Rover.

That was $0 down and 60 months.

What 05 Land Rover did you get?????

 

[Sea-Dated]

What 05 Land Rover did you get?????

Black/Tan LR3 SE.

31K miles, lease return.

Had it 2 weeks now and love it.

 

[kr1276]

I was quoted 5.99 with USAA last week on a used vehicle, no money down and 60 months.