steve g
Member
someone PM'd me challenging me on my anti leasing position, although this was my response to his PM on second thought I thought it was valuable enough information to share with the whole group here, if I can help a guy and keep him from wasting thousands It will have made my day or possibly even week!! here is why leaseing sucks!!! I will get a little personal and show you my example flat out, I bought a dodge 3/4 ton cummins back in '02 decided to do a 48 month lease with a buyout of 16k, payments on this lease was 600 a month, then when everything was agreed to I found out I also had to pay sales tax on each payment totaling nearly another $40 a month, I payed a total of $30528 in lease payments of which $1728 was sales tax, then when I did the buyout, even though I transfered the title in less than 3 days, I got hosed for another $1059 in sales tax by having to pay sales tax on the buyout. just to get the title, which made the actual buyout $17059.
now if I would have bought the truck for the 31,300 that the lease was based on and what I could have bought the truck for as a buy with tax that would have been 33,178 total out the door fineato, next finance this for 4 years, total of those payments would have been 37,987.68 with a payment of $791.41 a month. but here is the kicker I own the truck!!!! no buyout no f---ing sales tax on buyouts, don't you see I got charged sales tax on over 47,0000!!!!!!! anyway you slice it I got hose for about 1k in extra sales tax. its the law,but I call it confiscation. instead of paying a total of $37987 to own the truck, I payed $47587 to own the truck, talk about bending over and taking it without vaseoline, I got it. I also tried to negotiate my buyout down, I even lied to them and told them I was turning the truck in, Louisiana, the lowest book price for the truck across the country. they said no would not budge, I tried offering them 14k to buy the truck still NO. to put it bluntly I got screwed over for thousands of dollars, sorry to be somewhat emotional I think until I to finally sit down and run the exact numbers and how bad it really was makes me even madder. to see how much you are getting f---ed on a lease go to bankrate.com and use the loan calculators work the numbers as a buy see what you pay in total payments and what is or isn't left to buy the truck after a certain period of time, then run the numbers as a lease total those payments then what is left over to buy the vehicle after a certain period of time. numbers don't lie, smoke and mirrors can't confuse.
now if I would have bought the truck for the 31,300 that the lease was based on and what I could have bought the truck for as a buy with tax that would have been 33,178 total out the door fineato, next finance this for 4 years, total of those payments would have been 37,987.68 with a payment of $791.41 a month. but here is the kicker I own the truck!!!! no buyout no f---ing sales tax on buyouts, don't you see I got charged sales tax on over 47,0000!!!!!!! anyway you slice it I got hose for about 1k in extra sales tax. its the law,but I call it confiscation. instead of paying a total of $37987 to own the truck, I payed $47587 to own the truck, talk about bending over and taking it without vaseoline, I got it. I also tried to negotiate my buyout down, I even lied to them and told them I was turning the truck in, Louisiana, the lowest book price for the truck across the country. they said no would not budge, I tried offering them 14k to buy the truck still NO. to put it bluntly I got screwed over for thousands of dollars, sorry to be somewhat emotional I think until I to finally sit down and run the exact numbers and how bad it really was makes me even madder. to see how much you are getting f---ed on a lease go to bankrate.com and use the loan calculators work the numbers as a buy see what you pay in total payments and what is or isn't left to buy the truck after a certain period of time, then run the numbers as a lease total those payments then what is left over to buy the vehicle after a certain period of time. numbers don't lie, smoke and mirrors can't confuse.