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I'm a few months away from paying off a car loan $86k, 36 month, APR was negligible at %1.2. The term sheet easily could have been extended to 70 months, howeve
by GaryNumanVevo 6y ago
I'm a few months away from paying off a car loan $86k, 36 month, APR was negligible at %1.2. The term sheet easily could have been extended to 70 months, however, I wanted the option to resell the car before any long term (and expensive) issues popped up.
Sure the monthly would have been MUCH cheaper, but the hidden cost of additional out-of-warranty maintenance / hassle of trying to transfer an auto loan is a PITA. Honestly, if I had to do it again, I would just lease hack a nice BMW just so I can hand it back to the dealer no questions asked.
- ponker 6y agoGary Numan on HN? Now I’ve seen everything.
- gedy 6y agoI'm assuming it's not really him, or is it??
- GaryNumanVevo 6y agosorry to disappoint, just a fan of his
- gedy 6y agoSame here!
- bsder 6y ago> I would just lease hack a nice BMW just so I can hand it back to the dealer no questions asked. At least in the US, the lease terms seem to be uniformly terrible. Mileage allowances are absymal. And you're completely hosed if you get an accident that totals the car out. If the car doesn't come back at the value expected in the lease, you're on the hook for the difference. Given that kind of risk, you might as well buy the car and keep the residual value for yourself. I haven't seen a car lease with terms that didn't suck in years.
- GaryNumanVevo 6y agoHighly recommend you check out "LEASEHACKR", I've seen some very very affordable and decent mileage allowances on nice cars. Unfortunately lease hacking has a pretty steep learning curve. [https://leasehackr.com/ https://leasehackr.com/]
- ponker 6y agoGary Numan is an expert on lease hacking... now I've REALLY seen everything.
- BMFX 6y agoAgreed. Used Leasehackr 3 years ago to get a Chevy Cruze for under $80* a month with $0 down...
- rdtwo 6y agoLooks like it’s dead and hasn’t been updated since april
- GaryNumanVevo 6y agomy bad, the forum is definitely the place to go: https://forum.leasehackr.com/ https://forum.leasehackr.com/
- tehwebguy 6y agoThe front page is rarely touched but the forum is often popping
- sethjgore 6y agoThere's a cheap insurance you can buy at the beginning of any lease contract called "gap insurance". It will pay for any difference between the expected value and the actual value (by any means, totaled or not).