Hey guys , what do you think about this deal.
I can attain a 2004 Gallaro, Black on Black , E Gear , NO NAVI
The car has 29k miles.

I am being offered the car for $880 a month with $2995 down, the term is 72% but there is a balloon payment at the end of it aswell.

 

Sounds like a financial disaster postponed for 72 months or less.

When it comes to toys, particularly toys well out of warranty, my experience is that cash works best. Do debt, nor worries.

 

here is the listing http://cgi.ebay.com/ebaymotors/Can-y...item3a5c485a63

 

I would stay far away from crazy terms like that.

 

Those payments do not include taxes and fees!! What is the ballon payment at the end of the term?? Just curious on what the final purchase price would be!!

 

car looks like it's got a crappy interior. i would not buy the car regardless what the payment terms are.

america is so screwed up because of these types of financing which allows people that can't afford houses and toys to get themselves into trouble. if you don't have the money, dont buy it. the only loan people should have is on houses and education. IMO.

 

Thank you.

I think most financing is stupid, but if you really want something early, and you can't afford the full purchase price but know you have a steady stream of income and know you can handle a small term finance, go for it.

But if this kind of financing is the only way you can manage a car like that. Run fast and run far. Because you can't afford a car like that.

 

So 3K down. Call it 950$ a month with tax a 72 months ~69K.

So 72K over the life of the car, which you don't own at the end, balloon payment at the end is around 20K then 92K out of pocket.

Leases on exotics make sense in California as you can defer a bit of the sales tax but this unless they are giving you a great money factor is just silly.

 

To purchase the vehicle is 80K, i can purchase the vehicle and own it outright with no lien. But i rather have my 80k in my bank and just payout the 900 a month and have my 80k sit there or use it for something else.

 

Then buy it outright or just don't buy it at all. Car looks pretty from the outside, and a bit worn on the inside, but the deal is a POS

 

I understand your thought. I am a business man i rather have then money in my acc. But we are talking of a car with high mileage here be care full. These ballon pmt companies are shady

 

buy a house for 80K - 100k, then get a home equity line of credit and finance the car that way

 

Then put 20K down, keep 60k in the bank and have your payment. No balloon payment, and no lease.

 

What would he difference be if he did it this way through an equity line?

Just curious, I honestly don't have a clue. Non-home owner

 

The terms would be less ridiculous.