bringingback a thread but going through these post and your first post doesnt add up. You got a 07 touring z for $31,026? i added up the numbers you gave $548 a month with $4000 down at 8% is 31,000-32,000 OTD that does sound right in the first place. How did you get that deal?

 

From my understanding if you signed a lease with Nissan (NMAC) you can not refinance the car with them into a purchase until the lease term is up. You can however get outside financing to buy over the loan and turn it into a purchase. I am surprised however that you even qualified for a lease with your credit rating. IMO $525 to lease a Z is a bad move.

 

Your right, but reading through the post the dealership said he never signed any bank papers and thats how they were able to raise the interest rate and i believe he got an outside loan. But i didnt think you could do a "lease" through an outside loan. Also he was doing a 14 month lease thats why he is probably able to refinance to buy out the car after the loan. But then again i never heard of a dealership doing this becuase they arnt gaining anything on such a short term lease. A lot does not add up here, sounds really suspicious to me...

 

NMAC and most banks will not finance a 14 month lease. If so the payments would not be 525 at his APR (Plus leases are not calculated based on APR). There are independent leasing companies that will get you the car you want but if that is the route he went then Nissan would be completely out of the picture. You are right, either this kid doesn't know what happened to him or he's leaving a lot of important info out.

 

It doesnt sound like he can even afford the car anyway. He said he was waiting to get a check from the dealer so he could pay for insurance. That right there tells me that he probably cant afford the car. Hmmm, some people never learn. He already has bad credit and now he is getting in over his head with a new problem. This will be a never ending story for this kid. I feel for him. Some people just cant control there emotions. Start using some common sense and logic. If you need a co signer, you are not ready for this purchase. The responsible thing to do would have been to take that down payment and buy a 4k car and have no payments. Go get a secured credit card and build your credit the right way!!!!!!!!!!!!!!!!!!!!!!!!!

 

And a bit more advice - if you can't really afford the car in the first place, don't make matters worse by spending money on all sorts of mods! Pay off the car first and then worry about mods, if any.

If you mod and then have to sell, you're not going to find it easy.

 

Dang dude I'm sorry to hear that you're having probs obtaining the Z....but know at the end, It'll be well worth it (that is, if you end up with one) maybe try a different dealership? good luck!

 

you can lease the car for a 24-60 month term and buy it out at any point with nissan.

 

12% is crazy. Either lease it, then buy it out later or give it back. I got 4% from credit union and that was 60 months.

 

Well technically you can convert a lease to a financed purchase, but you'll get raped doing the conversion in the middle of the lease term. Think about it. Why would NMAC allow you do covert the lease over to a purchase to your lower APR when they are making more profit off of you on the back end charging you the higher money factor? To be able to convert a lease over to a normal purchase your only options is to convert it over after the term of your lease is up or you refinance it by having a third party institution pay it off and take over the loan. The buy out you are taking about is paying off the remainder of the loan. Hell I can do that the 2nd day I lease the car. That is why every lease has a payoff balance just like a purchase, but that defeats the purpose of even financing either way.

 

Had a dealer try to up my payments a few years ago. I had already put 300 miles on the car and was about to hand them the keys and walk off, they ate the price and gave me the original deal.

 

The only thing the dealer "ate" was less money out of your pocket. Don't ever let a dealer talk you into thinking that they are somehow making out bad on a sale.

Rob

 

Oh I didn't feel bad at all. It was either I throw the keys at them, or I pay the orginal amount.