Lifestyle and E-Finance (their inhouse finance option) is not bad with that lease... (the figures I have are specific to the Grand Vitara, fully loaded for 270K TTD). you pay the standard monthly fee (not exorbitant at all of around 3.5K/month for 72 months...for comparison the X-Trail had a monthly fee of well over 4K) and it is as you say for the rest. When I calculated it the total payments over 6 years came up to about 277K (inclusive of a 25K down-payment) , which over the course of 6 years with the time value of money is not that bad. There is also the balloon option where the monthly payments are about 500 dollars lower and you will have to pay a balloon payment of around 42K at the end of the 6 years. The thing is that the trade in value of the vehicle around then should be about 100K or thereabouts, so your balloon fee is covered and you can then use some of the remainder of the money for a down-payment on a new vehicle and restart the process all over again with a brand new car. Doing it this way will however basically lock you into Lifestyle Motors and their offerings kinda, so be warned. Hope this helps someone cuz the info in this video is hard to find and put together.. Thanks for your work.
You forgot credit unions. Their rates are competitive to bank interest rates and loans are based on reducing balance. Also, bank rates are not fixed for the duration of the loan. Usually it's 3 years fixed and then variable for the balance of years which means if interest rates fluctuate, and you can end up paying more. Credit union loan interest rates are usually fixed but as with all agreements you will need to read the fine print.
Lifestyle and E-Finance (their inhouse finance option) is not bad with that lease... (the figures I have are specific to the Grand Vitara, fully loaded for 270K TTD). you pay the standard monthly fee (not exorbitant at all of around 3.5K/month for 72 months...for comparison the X-Trail had a monthly fee of well over 4K) and it is as you say for the rest. When I calculated it the total payments over 6 years came up to about 277K (inclusive of a 25K down-payment) , which over the course of 6 years with the time value of money is not that bad. There is also the balloon option where the monthly payments are about 500 dollars lower and you will have to pay a balloon payment of around 42K at the end of the 6 years. The thing is that the trade in value of the vehicle around then should be about 100K or thereabouts, so your balloon fee is covered and you can then use some of the remainder of the money for a down-payment on a new vehicle and restart the process all over again with a brand new car. Doing it this way will however basically lock you into Lifestyle Motors and their offerings kinda, so be warned. Hope this helps someone cuz the info in this video is hard to find and put together.. Thanks for your work.
You forgot credit unions. Their rates are competitive to bank interest rates and loans are based on reducing balance. Also, bank rates are not fixed for the duration of the loan. Usually it's 3 years fixed and then variable for the balance of years which means if interest rates fluctuate, and you can end up paying more. Credit union loan interest rates are usually fixed but as with all agreements you will need to read the fine print.
I would like your take on the used car market pros and cons
This was very informative.
Thank you.
Very informative thank you
Nice vide