Buying my lease

Jaychevy81 · December 23, 2018

Yikes. This is how people get underwater in debt. Have you added up all of these payments to see how much you are actually paying for the truck at the end? I'm going to bet you didn't negotiate your lease purchase price or money factor either.

Yikes find anything in this world that don’t add up debt. You buy a house is that debt? You finance a truck is that debt kids college or should we just do nothing in this world because its Debt. Do yourself a favor don’t count another guys money it’s not your place.

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Nitrousbird · December 23, 2018

Just now, Jaychevy81 said:

Yikes find anything in this world that don’t add up debt. You buy a house is that debt? You finance a truck is that debt kids college or should we just do nothing in this world because its Debt. Do yourself a favor don’t count another guys money it’s not your place

There is good debt and bad debt. Buying based on payments is a dealer's dream and BAD DEBT. Doesn't matter how much money is (and I'm guessing in your case, isn't) in the bank account. That's just poor financial planning.

Jaychevy81 · December 23, 2018

There is good debt and bad debt. Buying based on payments is a dealer's dream and BAD DEBT. Doesn't matter how much money is (and I'm guessing in your case, isn't) in the bank account. That's just poor financial planning.

You can guess all you want last I check my boat is still afloat. Good debt and bad debt yea lol didn’t see that on the pie chart on any credit check huh huh. Hey I’m looking for good debt debt is debt. See your missing the whole point. You can take a lease for 3 years let’s say. Turn around and take a 0% APR on a finance for how ever long you decide to. Again like I said what do you care what other people do. Are you the debt police [emoji1986] are you the good debt or the bad debt officer. Take a 0% loan what does it matter if you pay it off in a year 2 3 4 5 6 7 8. You take what you wanna take. Last I checked there is more then one payment term. You buy a house let me guess your a I paid cash or 15 year term only kinda guy right. So if a couple wants a house and takes the 30 yr should they have stayed in an apartment. Your paying the man one way or another.

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Nitrousbird · December 23, 2018

27 minutes ago, Jaychevy81 said:

You can guess all you want last I check my boat is still afloat. Good debt and bad debt yea lol didn’t see that on the pie chart on any credit check huh huh. Hey I’m looking for good debt debt is debt. See your missing the whole point. You can take a lease for 3 years let’s say. Turn around and take a 0% APR on a finance for how ever long you decide to. Again like I said what do you care what other people do. Are you the debt police are you the good debt or the bad debt officer. Take a 0% loan what does it matter if you pay it off in a year 2 3 4 5 6 7 8. You take what you wanna take. Last I checked there is more then one payment term. You buy a house let me guess your a I paid cash or 15 year term only kinda guy right. So if a couple wants a house and takes the 30 yr should they have stayed in an apartment. Your paying the man one way or another.

What does a credit check have to do with good vs. bad debt. Bad debt is one in which you can't get out from under because you owe more than the item is worth.

Paying more than you should for something is bad debt, which is exactly what you are doing. Whether you can afford to or not. Not hard concepts. People who buy based on payment typically either can't really afford something OR are too lazy to use a calculator.

Just because there are multiple payment terms doesn't mean they should be used. Remember the housing crisis a few years ago (where you probably lost your home). Yeah, talk to those folks about multiple terms. I took advantage of that and bought a bank-owned home for half of what it would have sold for a couple years earlier. Values bounced back and have a couple hundred thousand in equity not including what we have paid down. Our only regret is not taking advantage FURTHER of those low prices because of the mistakes others made.

Do you buy all your electronics at rent-to-own places as well? Great monthly rate!

Jaychevy81 · December 23, 2018

Didn’t lose my house so not sure what your talking about unless you know something I dont haha. And to be honest no one cares what you think is right or wrong that’s the best part. Dead end convo here tootles.

KARNUT · December 23, 2018

This is a funny argument. Buying any vehicle anyway can be considered a bad debt. The only way you get your moneys worth is driving it till it goes no more, usually ten years. Not many do that. That really goes with any thing you buy. It’s a bad debt till it isn’t.

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seamus2154 · December 23, 2018

Brand new 2018 CC all star editions are selling here in south Florida for 27-28K. I would not be putting money down on a lease, I'd be putting it down on a purchase at 28K new!

dieselfan1 · December 23, 2018

How many years do you want payments on the same truck?

To me it sounds like a bad deal. Yuck

TXGREEK · December 23, 2018

In a way I get what OP is saying, neither one of us knows his financial situation. Being that, I wish OP to be happy with his or her decision and hopefully it was a good one.

Years back I leased my very first vehicle, not knowing much about it, thinking if I didn’t like it I’d just give it back after a few years, the Toyota Landcruiser, I started building it out with over $20K improvements which even included lift kit, paint work etc. three years later I had the option to keep it or give it back, I kept it cause I knew my truck and large investment poured into it.

Merry Christmas, Happy New Year and lots of Good Health! God Bless!

Beer Belly · December 23, 2018

The way I see it, I'll be debt free in 5 years, no more payments, I finally found a truck I like....a lot. I've been making payments for over 12 years on Leases, it was nice while it lasted, making low payments, and compared to buying off the lot used, it still lower than what they ask in my area.....either way, one happy man here....it's mine, no more worries about mileage and now I can mod it a bit.

Beer Belly · December 23, 2018

7 hours ago, Nitrousbird said:

I don't know all of your exact options, but the following truck looks very similar and I can get it for $28.425 out the door before tax. That's on a brand new truck. Don't forget all the '16 updates as well...

https://www.laurabuickgmc.com/VehicleDetails/new-2018-GMC-Sierra_1500-Double_Cab_Standard_Box_4_Wheel_Drive-Collinsville-IL/3172633863

That is close, but not the same options, my dealer only '19's on the lot, and at the time I bought mine out, the deals were not there.

Nitrousbird · December 23, 2018

2 minutes ago, Beer Belly said:

That is close, but not the same options, my dealer only '19's on the lot, and at the time I bought mine out, the deals were not there.

Then travel for the right deal. I took a $149 flight and drove back over 6 hours. As a result I saved over 4k from the next best deal I could find and got exactly what I wanted. I have a ton of local dealers - their selection and prices sucked.

heymrdjCW · December 24, 2018

I leased my 17 for a couple of reasons, none of which have anything to do with debt.

1. New trucks have gotten shittier in quality, I want an extended test drive so that I can drop the keys on the counter when the dealer inevitability to fix it to my liking.
2. No port injection means valve maintenance is when, not if. Not sure if I want to keep dealing with a vehicle hat didn’t have that engineered in.
3. I needed a heavier tow vehicle ASAP but I was not sure that a K2 GM was going to be very good, but wanted to give GM a try.

I was pretty sold on buyout until recently. I have to engage the dealer on several issues now to try to get a resolution. Chuggle has, in the last two months, gotten ridiculous. Slamming up and down gears while at interstate speed has the wife unnerved. Service Stabilitrak came up, whole screen went black. Shut off and restart, still black. 150 miles from home. After a few more miles it all suddenly came back. So overall right now, glad I’ll just be able to drop it off at the dealer and walk away. Won’t be one of the poor bastards just bitching about how they are stuck with a shit truck.

duquephart · December 24, 2018

4 hours ago, Beer Belly said:

The way I see it, I'll be debt free in 5 years, no more payments, I finally found a truck I like....a lot. I've been making payments for over 12 years on Leases, it was nice while it lasted, making low payments, and compared to buying off the lot used, it still lower than what they ask in my area.....either way, one happy man here....it's mine, no more worries about mileage and now I can mod it a bit.

Gee ------ and after only twelve years!