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In Reply to: is this a good lease deal? posted by mike on February 21, 2002 at 08:53:29:
Mike:
I pondered for weeks on a lease, balloon payment loan, or regular loan. On the lease, its up to you whether you put a substantial amount down to get the payments lowered. The higher the down, the lower the payments, but the residual is higher. The less you put down, the higher the payments and the residual. I chose a lower interest rate (5.5%) with my credit union for a 3 year loan with a balloon payment. I can then re-finance the balance with Jaguar at an even lower interest rate (currently 3.9%). This was the better pkg. for me. Just add your down payment to the total payments over the lease period together with the residual at the end and you have a number to compare with. Of course, then you have to finance the residual over time. I came up with the best pkg with a mix of a down payment, lowest loan rate and lowest residual. Hope I didn't confuse you. Ed M.
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