Found great deal on used Viper....but want to lease--Dealer help please!

[AHMAD]

I found a helluva deal on a Viper locally with 1700 miles on it. I wondered if since i am buying it so cheap, if it would be a better idea to lease it since the residuals are pretty high on Vipers for 24 months and I can buy it so cheap and it has really low miles. I am looking for a bank that does leases on used cars.

Any help?

Thanks in advance.

E-mail is uwanarunit@aol.com

Ahmad

[Franko]

Theres quite a few banks that will lease on used cars. I think it's smart to do that and let the original buyer get hit with the most depreciation. I purchased my viper "used" with 300 miles on it and saved tons of $.

Try:

Credit Union Services, Inc.
8131 LBJ Freeway
Suite 400
Dallas, TX 75251
972-664-1088

You have to have good credit i believe.

[vincent_esq]

leasecompare.com. I went with them. Found my own car, call them up, based on the year and type of car and the price, they will email you back with the monthly and residual values and such. The process went so so smooth, I would not hesitate to go with again.

[ViperBite]

Couple of questions. Assuming you plan to keep the car, why lease it? I am considering a Viper as well (used) and had not thought about this option. I figured I would put 50% down and finance the rest at 5%.

Why or would a lease option work better here?

I can understand this if you don't plan on keeping it or plan to turn it.

[AHMAD]

That is it exactly. I don't keep cars very long and I also know that on a lease, you pay the depreciation...since the original owner took a big hit, and I can buy it dirt cheap ,tghe difference intg he remaining residual and what I am paying, is minimal...therefore making the monthly payment considerably lower than purchasing.


Franko and Vincent...thanks a ton. I will contact both tomorrow morning and see what they say.

Thanks again and more opinions, options are welcome.

Ahmad

[slaughterj]

How do you not keep a car long if you are locked into a lease payment - isn't 2-3 years still "long"?

[Franko]

Your not locked in to leases as most people think. If you sell you just have to pay off the balance just as if you were financing it. I leased my Vette and sold it before my lease was up and i just had to make sure i paid the bank off and anything extra i kept.

[Bill Pemberton]

You may not be totally locked into leases, but you pay all the interest for the period stated , regardless if you pay it off. You also, with many companies will have a termination fee, which can be huge, and you can't just turn it in. If someone is going to buy and replace fairly soon,it would make more sense , financially , in my opinion to just buy the vehicle.

[Nader]

You also pay taxes on the purchase, both yourself when purchasing from the leasing company and the person you sell the car too.

The only way around that is to do the purchase and sale through a delaership since they dont pay tax when they purchase a car out of a lease.

You are right by saying you dont take the initial hit in depreciation since it is used. However, the depriation in years 2-4 make up for that. In most cases I have seen, it was better off leasing new then used.

[AHMAD]

Yeah it is usually 99% of the time better to lease new than used....but the only reason I considered it now is because the residual on Vipers is so high and I can buy it so cheap.

...Also, you only pay taxes once....no matter who you buy it from...you cannot be taxed twice ont he same vehicle....thats why when you trade, you save on taxes on the trade-in, because you already paid them once.

I knwo I can save on taxes by trading the vette.... but since I am buying it so cheap....I can still lease it outright and have a considerably lower payment for 24 months.

Leases are not a good idea however if you plan on getting out of it before the lease is up...they are designed to give you a lower note...because of the way they are structured and because beforehand you tell them how long you want to lease it,etc....but because of all the acquisition fees, early termination, etc.... as opposed to the minimal fees on a purchase, your payoff is quite a bit higher if you try to sell it soon after you get it.

I am trying to sell/trade my car and still be able to get this car and lease it but I am still looking and crunching numbers. My C6 took quite a hit.