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General Dakota Board
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Cecil
Dodge Dakota
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7/15/2002
18:09:51
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 Subject: Did you lease or Buy,Need help!!
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O.K. i leased mine and was told i would have credit at the end of my lease(low miles, good shape,clean,no damage,ect)but now i'm told that i don't! I was told that it would be apresed(sp?)BEER IS SETTING IN!,and it could lower my end lease sale(When i buy it out)i'm keeping the truck and no-body is taking it away from me unless they rip it from my cold dead hands!!!
What i'm try'n to say is did anybody get bullsh!ted into a lease thinking if they baby'd the d@mn thing they would get a brake?
I know now what i have to pay at the end of the lease ($7000) but i was not told that, it was whited out on the contract(the guy who sold me the truck at the dealer went to prison, Fraud(sp?)
have to go
need help
98 sport 3.9l
many mods
MINE!!!!!
Cecil
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Larry LaMarsh
Dodge Dakota
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7/15/2002
18:23:57
|  RE: Did you lease or Buy,Need help!!
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OK. Another person found out the hard way. There is no magic pill and nothing is free. How the guy could suggest that the end of lease (residual value) got whited out is beyond me. Maybe that's why he is in jail.
Seriously, a lease is a fine tool if you plan on saving the difference between your monthly payment that you would have made if you bought it and the lease payment, putting that money away in a CD or Fannie Mae or something and then using that savings to take possession of the vehicle at lease end or walk away from it if it's a turkey. Most people do not.
Larry
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rtdkota
Dodge Dakota
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7/16/2002
10:25:34
|  RE: Did you lease or Buy,Need help!!
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The $7000 is to purchase the truck at the end, not some sort of end of lease payment and walk away.
The $7000 is the residual value that they determined when you leased the vehicle. You'll have to pay sales tax on top of that $7000 (unless your state doesn't have sales tax). My wife's Dakota is leased, and will have a 11500 residual after a 5 year lease-- It's worth about 14000 due to mileage/condition, so my brother is going to purchase out of the lease 3 months prior to the end-- Saves him a little money.
You can always buy out of a lease, or sell the vehicle prior to the end of the lease.
Sam
www.socaldakota.com
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5pnt9ltrluv
R/T
7/16/2002
10:48:41
| RE: Did you lease or Buy,Need help!!
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Umm, with a lease, you are not supposed to add any modifiactions. The vehicle has to be in almost the same condition as when you bought it, or the projected value of the truck will be decreased, affecting the disposal fee or final trade in value. A lease is ok, if you plan on driving just the specified mileage and keep it unmodded. But IMHO, I would rather purchase a vehicle, customize it to my wants and needs, then drive the $hit outta it. hehe
Kris
Powerdyne w/ 9#, True dual Flowmaster 40's, MSD 6A w/ Blaster SS coil, Taylor 8mm, Flowmetrics 50mm t- body, JBA headers, Autolite 3923's, 180 degree T-stat, , Ported 1.92 R/T heads, 4bbl M1, 24# injectors, Crower 1.7 Roller Rockers, Hotchkis 2/3 w/ Nitro shocks, GTS hood
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S. Allen
Dodge Dakota
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7/16/2002
11:33:04
|  A lease on ANY automobile is NO DEAL!
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Read the fine print and do the math, a lease from ANY of the biggie car makers is NEVER a good deal.
The appeal..the thing that sucks most "payment buyers" into the things is the idea that you can pay less per month and drive something nicer. In the beginning, you still have to put money down (you'll never see that money again) and in the end, if you want to keep the vehicle, you will have to refinance the remaining balance and pay interest on that as well, or walk away from it with nearly nothing at all. You could even wind up owing them money, if you go over the mileage allowance or if they deem the vehicle "devalued" because of a couple of door dings, etc.
Add up your down payment, all the monthly payments and the amount you'll spend paying off the remaining balance to own the truck, including the interest. You could very well pay nearly 30K dollars for a 19K dollar vehicle! (maybe more)
An auto lease is the biggest Ponzi scheme next to the "Social Security Surplus"...you don't believe in that either...do you?
It amazes me how some people can see the benefits of owning your onw home, yet see no benefits to owning their cars. Granted, a car is NOT a good investment, like home ownership, but why pay anymore for a vehicle than you HAVE to?
Sit down with a calculator and do the numbers on leasing vs. buying....I could NEVER get the leasing thingy to add up to any sort of "good deal."
My solution: buy the vehicle new, get the extended warranty and take VERY good care of the vehicle and drive it well past the pay-off date.
My 91 truck cost me 12k dollars new and was paid off in 1995 and I have not made a payment on it since 1995. I guarantee that the repairs made after the 100k mile warranty went out are NO WHERE NEAR what the cost of a lease note or new car payment would be. Next month, I will sell the 91 truck for 2500 or so and use this as a down payment on another 18-20K dolalr truck and start all over again.
...just some advice from an old guy that has been there (and works in the financial industry).
-SA
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YAAAABUDDY03
Dodge Dakota
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7/16/2002
12:24:48
| RE: Did you lease or Buy,Need help!!
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Hey all,... I have a 1998 Dakota, it kinda sucks cause it has a I4,.. ya don't laugh I got it for free. My brother did the lease thing on it so he could have low payments and a good relyable truck through college, well he went pussy and bought a car, and he had the truck also. So at about the same time, I was turning 16, and I needed something that would be relyable. So I bought the truck from him for how much the residual payment was. ($9,000.00) My dad refinanced that for another 3 years, so the payments are like nothing, and I get a good truck besides the waste of time engine. Don't worry guys,.. I plan on getting a 4.7, 5-speed the next time around, cause there's no way I'm goin to a car. Peace out,.. I hope this helps people that are thinking about doing it. It has helped us out cause of a college driver,.. and then now a high school driver.
"The 5-speed Man"
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YAAAABUDDY03
Dodge Dakota
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7/16/2002
12:31:14
| RE: Did you lease or Buy,Need help!!
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Sorry for being off topic,... but at www.ansonusa.com they have diecast dakotas for sale,... just thought I'd throw that out there, because I had never seen one. I'm thinking about getting one, but for some reason they only have one color(red) and I want black... cause it looks best. Later yall
"The 5-speed Man"
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handi2
GenIII
7/16/2002
22:05:38
| RE: Did you lease or Buy,Need help!!
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Paid cash for mine in November. I'll sell it in 3 years.
http://photos.yahoo.com/handi254310
2002 Quad Cab SLT Plus 4.7 Every Available Option
Access Tonnoue Cover/Bedrug/360 Air Intakez/Jet Stage 2
180 Robertshaw/Roadmaster Active Suspension
Street Scene Grill Inserts
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graphiteRT
R/T
7/16/2002
22:54:29
| RE: Did you lease or Buy,Need help!!
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SA, you haven't done your homework on the leasing deal.
First off probably the biggest advantage of leasing is the tax advantages. Mine is leased through my company. Nice, fat writeoff, including fuel and maintenance. If you're a Financial guy, how could you overlook that one?
My truck will end up costing me $29,800 after I buy it out at the end of the 36 mos. That's total of drive off costs, 36 monthly payments and the residual. Not bad for a Dakota CC R/T that stickered at nearly $28k if you ask me and the truck will be worth far more than the residual, so why in the world would you simply walk away from it?
Granted this won't work for all models as the residual and resale varies greatly, but negotiate your best price, lean on the effective interest rate(even though it's not called that) and talk to your accountant about what makes the most sense. It doesn't work for all, but there are some situations where leasing has some real benefits.
Bob
'01 Graphite CC R/T, MP headers, Magnaflow muffler into 'Cuda style exhaust, M1 2bbl, ported 2.02 R/T heads, custom grind cam, Crower SS rockers, ATI Procharger at 5 psi, Boyd's 20s w/Dunlop SP9000s
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S. Allen
Dodge Dakota
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7/17/2002
08:44:45
| Ok...uhhh...
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Not everyone can lease a vehicle through their company (I am one of those people). If you cannot lease a vehicle through your employer or write it off as some sort of self employment business write-off, the a lease is still NO DEAL for the average joe.
Also...like you wrote...resale varies greatly. Dodge vehicles are notoriously LOW on the resale scale. The minute you drive a new Dodge vehicle off the lot, you can immdeiately flush 20% of its value down the drain, wait another 2 years and you'll be doing good if its worth half of what you paid for it.
See...I did do my homework. For me, in my employment situation, the lease idea did not make sense at all.
Also, I live in Houston, Texas, the 4th largest city in the US. Here, we spend lots of time in traffic and a lot of us people that aren't made of money and can't afford a 400K dollar home in the inner city, live way out in the "burbs" where you have a 50 mile round-trip commute everyday.
Do the math, it won't take me long to go well over the mileage allowance on ANY lease...then I will be screwed on paying a mileage adjustment.
Yes, if you have some sort of arrangement with your employer, the lease may e a good deal, but for most of us that have no vehicle allowance or arrangements with our employer, it is no deal at all to lease a car (unless you dig paying a note all of the time to drive something that is not that old).
-SA
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Pistolero
Dodge Dakota
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7/17/2002
11:04:21
| RE: Did you lease or Buy,Need help!!
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SA is right...for him, a lease wouldn't be a good deal. I've leased 3 of my last new vehicles, though, and it worked for me. I walked out with my last new vehicle (other than the Dak), with $0 down and a $125 lower monthly payment than what it would've been to purchase the same vehicle over the same amount of time. No, I didn't put the money into a CD or the stock market, but saving that $125 a month meant that I didn't have to worry about making my house payment or being able to take a weekend jaunt now and then. I only put about 1000 miles a month on a vehicle, and I take good care of my vehicles whether I lease or buy them, so those leasing restrictions don't bother me. I've got a Mazda B2500 pickup that goes back in in about 3 weeks, and I'm trying to sell it so that I can take the buyout deal they've offered me, and then pay them off and make a couple hundred bucks. Personally, I get tired of a vehicle in 3 or 4 years and want something else. I have no interest in keeping a vehicle 7 or 8 years. So, when a vehicle gets to be 3 or 4 years old and starts to need regular maintenance and parts replacement, it's time for me to get rid of it and get a new car with a new warranty. Leasing allows me to do this and keep my payments down. I figure I'm always going to be paying on something, so why not have a fresh new vehicle and enjoy it? Any new vehicle is a negative investment...you have to keep it a long time to come out ahead on it. Even if you sell it after 3 years, like SA noted, you're still going to lose your shorts on it. If you trade it in, you've got the remaining balance to add to the new loan. It doesn't make sense to me to put $5K down on a new vehicle and then get rid of it 3 years later. I'd rather do $0 or a minimal amount down, pay a lower lease payment, and enjoy driving a better car than I could've afforded to buy outright. Leasing works for me, but even so, I bought my new Dak because I wanted to have the freedom to do with it as I saw fit. Everyone has to evaluate what works best for them, but just don't make a blanket statement that either leasing or purchasing is a bum deal.
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billybob
Dodge Dakota
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7/20/2002
11:06:32
| RE: Did you lease or Buy,Need help!!
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S.Allen a ponzi scheme is also known as a pyramid scheme and since when you lease a vehicle you are not asked to lease it to 2 or more people no pyramid exists. you have no idea of what you speak.
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JMII
Dodge Dakota
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7/20/2002
16:44:08
|  RE: Did you lease or Buy,Need help!!
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http://www.carbuyingtips.com/lease.htm
Lease = bad!
I leased an Eclipse... what a rip, sure you get a nicer vehicle for less $ at first, but just wait till you want to get rid of it. I had the "Diamond Advantage Plan" which according the dealer was a great deal... yeah great for them NOT for me. I will never lease a vehicle again. Your better off saving your $ and making a bigger down payment in order to lower your monthy payments, because the vehicle is NEVER worth what you paid it for (or payoff value in the lease). Thus the ONLY way to keep from getting upside down (owing more than it's worth) is to get ahead of the curve with a large down payment. I put $4K down on my $26K Dak, so when I drove off the lot I owed $22K which is what it was worth as a "used" vehicle... even with only 5 miles on it!
- John
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Bill
GenIII
7/20/2002
17:17:14
| RE: Did you lease or Buy,Need help!!
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I have learned from talking to many people that a lease will probably never be for me. One of the big things that I have a problem with is the mileage limit. My Dakota just turned a year old and I have already put over 23,000 miles on it! If I had a lease, I can't even imagine the over-mileage penalty. I like to drive my truck when I want and for as far as I want without having to worry about mileage. I guess a better route for me if I couldn't pay cash (which is what I did) would be to get a loan from a bank and finance the thing and just pay the bank and not worry about mileage. I was lucky to have stocks that were doing very well before the recent turn around and was able to pay for my truck all at once, but I do understand that isn't an option for everybody and may not be an option for me the next time I purchase a car.
As others have said, READ EVERYTHING!!!! That applies to anything you have to sign. DC has lots of lawyers making big bucks to squeeze every penny they can out of you. So be sure you know what you are getting into before you sign on the dotted line.
Bill
Bill's Truck Page
ARE Tonneau Cover
Wet Okole Seat Covers
Homebrew Intake and Other Mods Coming Soon!!
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TEAMFAST
Dodge Dakota
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7/21/2002
14:26:54
| RE: Did you lease or Buy,Need help!!
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I am leasing an 01
It has been lowered, cut up, modded, tinted,
covered, stickered, and tuned.
I can sell this vehicle at any time provided I
give DC what I owe.
I put alot of money down, however finacing
payments were still high, sure you pay a little
more to lease but if you decide to mod it or get
alot of miles racked up, you must buy it out.
Oh and another thing, if the thing ends up
being a total lemon, i can easily put the thing
back the way it was and turn it in. No fuss, No
muss.
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