I feel a bit robbed by the dealer I purchased from, as they threw out the original agreement on my lease (agreed upon in November 2010) for a 2K downpayment and $385/mo. Part of that, I think, is because the dealer changed name which I believe was due to a change in ownership (Performance Nissan to Magic Nissan). I think the other part was the Titan I traded in was upside-down in payoff due to me taking out money against it in 2010. Either way, after a 2.5 hour struggle, we ended up free of the Titan and $3k of our money and at $428/month. I know, I know, you don't have to tell me, I didn't get a very good deal. I'd say it was a pretty poor deal.
On a happier note, I'm a month into my Leaf ownership and am pretty happy with it. Just now making the first payment, and along comes a letter from my credit union, says I qualify for a 1.99% loan. Called for my payoff, $27,322 (will be slightly less next week after first payment goes through). So, running the numbers, we are talking 84 months, $348/month. That's a significant monthly payment savings (80 bucks!). What blows me away is that the interest paid over the course of 7 years for 27k is less than $2k. I ran the numbers for a 72 month payment, $398/month, but it only saves me about $200 in interest.
Now, with such a raw deal on the Leaf lease, some may wonder why I went that route? I have three kids and a mortgage, so I wasn't really going to find anywhere near $7500 in taxes to save when I file next year. So leasing made sense, sort of. And seeing that NMAC gets that $7500, reduces my payoff, now I can convert to a loan with an incredible rate and save money.
Now, am I missing something, or does this sound like the best thing to do?
On a happier note, I'm a month into my Leaf ownership and am pretty happy with it. Just now making the first payment, and along comes a letter from my credit union, says I qualify for a 1.99% loan. Called for my payoff, $27,322 (will be slightly less next week after first payment goes through). So, running the numbers, we are talking 84 months, $348/month. That's a significant monthly payment savings (80 bucks!). What blows me away is that the interest paid over the course of 7 years for 27k is less than $2k. I ran the numbers for a 72 month payment, $398/month, but it only saves me about $200 in interest.
Now, with such a raw deal on the Leaf lease, some may wonder why I went that route? I have three kids and a mortgage, so I wasn't really going to find anywhere near $7500 in taxes to save when I file next year. So leasing made sense, sort of. And seeing that NMAC gets that $7500, reduces my payoff, now I can convert to a loan with an incredible rate and save money.
Now, am I missing something, or does this sound like the best thing to do?