Lease buyout tips/tricks?

Mine is higher. Now that we have those internet fictions out of the way.

Just remember that when you buy things on credit, you are incurring debt.

 

You sound like a lobotomized version of Ramsey. Same idiotic views on credit card use, but at least he knows what debt is.

 

Based on your finical views I predict you have a negative net worth and a very low credit score.

 

He said 3% for a credit car. Perhaps he was thinking of a balance transfer offer.

My AMEX card through USAA has about a 8% apr for carried debt, and most useful, for cash advances too -- without a cash advance fee. Periodically I wrongly estimate my monthly expenses and move too much of my checking account balance into investments. This card saves my bacon for the couple of days I need to sort things out. I usually end up with finance charges of around 10 cents, which USAA just cancels. Awesome bank

 

Don't have any "finical" views but do know that if you buy on credit you are incurring debt. Everyone knows that.

 

I bet he does not know who Dave Ramsey is. I do not agree with Dave that you should never have a credit card but I like most of what he says. He is 100% against leasing. So is Clark Howard. Most finical advocates are against leasing.

 

Financial Views

 

Can certainly see that credit card debt is credit card debt.

 

Everyone ? Everyone who has bothered to respond to you says your understand of debt is at best silly.

I am waiting for an answer to this question: is paying for a purchase with a personal check using credit ? Is that person continually accruing debt as they write more checks ? Assume all purchases have adequate balance in the checking account to cover the amounts.

 

Dave Ramsey assumes his audience has negative net worth, debt on high APR credit cards, and the self discipline of a snow flake. For that group he gives very smart advice that boils down to this: live on cash.

Since he cannot admit that his advice is meant for the above group he pretends that all people should follow a cash only existence and thereby appears foolish to people not in his target audience. It does not help that he wraps his quest for legitimacy of his advice for snow flakes as the christian savior. To outsiders anyway. The snow flakes lap it up.

 

Correct. Borrowing money from credit card company to buy things defines debt. It is what Judgeless said he does every month so that he gets a good "credit" score from the credit industry.

 

Still waiting ...

is paying for a purchase with a personal check using credit ? Is that person continually accruing debt as they write more checks ? Assume all purchases have adequate balance in the checking account to cover the amounts.

 

The lease residual is not negotiable. You can either but directly from TFS or go back to your dealer and see if he has better rates, but that is all that you can do. Historically TFS sets the residuals below NADA retail, so it might be a good buy to buy out your lease. As far as everybody else, all the OP asked for was whether he the residual was negotiable, which it is not. Back in the day, before 9/11 almost every bank had a leasing department and sometimes they would be able to reduce the residual to the lessee at the end because the over-residualized the car at the beginning and knew they would get crushed at the auction for what they would get versus the residual.

 

I do pay interest on some debt, 0.22% to be specific, the libor 30 day rate. I realize this is exceptional and not available to most, regardless of any credit industry "credit score".

My point, and that of ProximalSuns I believe, is that financing a vehicle is a tool in a financial tool box. If you don't believe in using a financial tool, that is ok, but that is a personal choice, much like a religious choice.

When you get on a soapbox and preach that no one else should use the financial tools, it is similar to a preacher getting on a soapbox and preaching abstinence at the newborn waiting room in a hospital.

 

Judgeless, where do you get this figure? Do you have anything to support this claim?
"Most people (99.999%) take the car back with the view that they can get a shiny new one for the same monthly payment that they have been paying and they do it."

Someone on these boards uses a quote in their signature with words to the effect of:
"You're entitled to your own opinions, but not to your own facts."

Read more: http://priuschat.com/threads/lease-buyout-tips-tricks.116192/page-4#ixzz28q2lfl4J

 

"Unless your house is paid for and you have zero debt it is foolish at many levels."
Your words, Judgeless. Then later you claim you paid off your house 8 years ago and have zero debt. Sounds like you should be leasing!
Read more: http://priuschat.com/threads/lease-buyout-tips-tricks.116192/#ixzz28qAABeII

 

Here is what I said.

Yes my house is paid for. No I am not one of those people that like a new car every three years. I never claimed that if your house is paid for you should be leasing. It is odd how you put that together.

 

That's a direct quote, pal. See your post #4 in this thread.

 

Sorry...out on the boat...using your credit car is still incurring debt.

 

I hope that is a rented boat. As my best friend regularily chants ... " If it Flys, F$%^s, or Floats ... rent it."