Question about leasing in NYS | FerrariChat

Question about leasing in NYS

Discussion in 'New York Tri-State' started by Nabbs, Aug 20, 2007.

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  1. Nabbs

    Nabbs Formula Junior

    Dec 23, 2003
    909
    Manhattan, NY
    Full Name:
    Naveed
    I've had my RDX for nearly 6 months and am thinking of parting with it in favor of either a Jeep SRT8 or an MDX. One question since I own the RDX outright could I trade the car in on a lease? That is to say that the equity of the car essentially washes the lease payments for the balance of the contract? All the leases I am considering are significantly less then the value of the car, so it wouldn't just go towards the downpayment.

    Finally, anybody friendly with a Jeep dealer in the area?

    Thanks,

    -N
     
  2. Parikh1234

    Parikh1234 F1 Rookie
    BANNED

    Apr 9, 2006
    4,726
    Little Ferry, NJ USA
    Full Name:
    Shivam Parikh
    dont know about the lease but why not just sell the car privately, put the money in a high yield savings account and just pay the lease from there?

    Also, the MDX is really nice, i sat in one a couple weeks back. Have you checked out the Q7, i dont like the way it looks from the outside but the inside is sweet.
     
  3. ferrari-2006

    ferrari-2006 Karting

    Dec 5, 2006
    140
    The Q7 is pretty nice, but you cant go wrong with a Jeep SRT-8! Those things are just insane, sound great (and loud) with an exhuast system on them aswell
     
  4. MattF NYMC

    MattF NYMC Formula 3

    Oct 26, 2006
    1,044
    Greenwich, CT
    Full Name:
    Matt Farah
    the srt8 jeeps are awesome, but in my experience the only way to get one and not get completely taken is to pay cash for it, or get a loan somewhere else and get it that way. there are no incentives or deals to be made on that car, and when larry wanted one for a $5,000 down/5 year finance, they wanted $1,100 a month! on a $42,000 car! The lease was even more, i think like $1300 a month. Anyway, if you want to get rid of the RDX, sell it privately, and get a car loan from somewhere, they just buy the jeep outright.
     
  5. msb

    msb Karting

    Oct 12, 2004
    134
    Bergen County, NJ
    Full Name:
    Marcello
    Nabbs,

    The best solution in this case is to use your trade towards a purchase to take advantage of the tax credit. Keep the equity in your new car and finance the remaining balance. There are 5 jeep dealers in a 30 miles radius in Bergen County, so getting a deal shouldn't be hard.

    If your thinking about MDX - go see Tony Francica @ Park Ave Acura or call him @ 201-587-9000. I bought two cars from Tony.

    Q7 S-line is also a hot truck. Shivam has connections at Riverside Audi. Probably can get you a car half off. lol
     
  6. Parikh1234

    Parikh1234 F1 Rookie
    BANNED

    Apr 9, 2006
    4,726
    Little Ferry, NJ USA
    Full Name:
    Shivam Parikh
    for nabbs its only 75% off, i have bills to pay man!
     
  7. Europlayboy

    Europlayboy Karting

    May 10, 2005
    101
    Manhattan
    Get the Jeep!!
     
  8. Nabbs

    Nabbs Formula Junior

    Dec 23, 2003
    909
    Manhattan, NY
    Full Name:
    Naveed
    I would love to drive an SRT8 daily, however it has to be wife and city friendly. It looks like the 08s got some nice upgrades so I would look at a leftover 07.

    Thanks all!
     
  9. Nsx Pilot

    Nsx Pilot Formula Junior

    Apr 19, 2006
    376
    The MDX wont have the power of a SRT8 but I am sure it will never leave you stranded. JMO
     
  10. Nabbs

    Nabbs Formula Junior

    Dec 23, 2003
    909
    Manhattan, NY
    Full Name:
    Naveed
    I'm a big fan of the Acura's safe, comfortable, and just well thought-out. RDX is great, but I am a little bored with it.
     
  11. C6DVL

    C6DVL Formula Junior

    Jul 28, 2005
    964
    Queens, NY
    Full Name:
    Ed K
    New leasing tax law,

    You can trade a car with equity towards a lease and receive tax credit on lease payments, use the equity all or partial towards the lease up-front fees & cap cost reduction.......

    I worked @ Chrysler/Jeep dealership, There are no Gr.Cher SRT8s out there, they are all sold out in the tri-state area, Leasing them is useless, there is no program and NO Rebates!!! as like a $4,500 rebates on regular Gr. Cherokees......

    The SRT8 is a complete gas guzzler, 8 mpg city 12 on the hwy...... getting in and out of it is a pain, (huge grab handle on the A-pillar blocks easy in & out of the vehicle), interior & dashboard is ugly, Re-sale on them is the worse I've ever seen, we were buying them, same yr with 5K miles on them at a Chrysler auction sale for 29,500 (msrp new 44,500+)

    If you are still interested, shop for one USED!!! & save min 10K
     
  12. Greg G

    Greg G F1 Rookie

    Hey Nabbsy... I was also pondering an SRT8 as a daily... I thought better of that idea when I saw its gets 10mpg though. It looks baddass and is very fast, but I doubt its snow worthy with those steamroller tires. Stick with whaty you know... I'll prob get another 4Runner.
     
  13. Nabbs

    Nabbs Formula Junior

    Dec 23, 2003
    909
    Manhattan, NY
    Full Name:
    Naveed
    Well I drove an SRT8 with the wife today. Here are my impressions:

    I love the way it looks from the outside. It has a boxy and muscular stance that just looks mean (especially in black)!

    Driving the car is absolutely no let down. It handles very very well for any car, let alone a truck of this size! Furthermore, it absorbs bumps and potholes fairly well. The steering is light and fairly responsive. The exhaust note is just mean++ Of course, the car is just plain fast! I was doing 90mph in no time at all on the West Side Highway, and the thing felt stable and confident! The biggest complaint about the performance was the transmission and it's inability to downshift in a timely fashion. Furthermore, the car lacks "flappy" paddles and to some unknown reason you can't go from Sport to Normal mode without shifting into neutral first! So I was in Sport in 5th gear and then went to normal driving and the car wouldn't downshift automatically! I had to put the car into neutral and then back into drive -- not to mention I had to come to a complete stop! Absolutely assanine! The verdict on the looks and the performance of the car is that this thing is FAST! I mean headsnapping fast!! I could probablly smoke most Ferraris off the line in it (bring it Shivam!)! Alas, as much as I don't want to admit it, I am NOT looking for another performance car, so is this car good enough as a family-sofisticated-reliable-daily driver?

    The interior on this car looks like something out of a mid-90s GM truck. Covered in plastic, cheap and chintzy looking, the radio bezel seems like it is aftermarket, the trim pieces have that pseudo shiny plastic look, and it lacks the overall look of modernity. Cheapness seemed to be the common theme of this truck, items such as having auto temp AC controls that are NOT digital (why not make it digital then?). Additionally, although it had an entertainment package for the kids in the rear it did not offer any seperate circulation controls for the rear compartment. Finally, the cargo space seems limited, at best even with the seats down. But what really did it for me was the fact that this test car with 45 miles on it already had a check engine light on.

    Man I would love to tool around in that thing, in fact, I could even see myself bringing it to runs and all. But, the interior is just so, well, cheap...I just can't do it! This week I am going to go drive an MDX Sport. As cold as antiseptic the Japanese cars are, they have great interiors. Now if Acura would only offer a V8 in it's SUV!

    Oh and in regards to the original part of this thread: trading in the RDX + cash. Unless I can score a great lease deal on an 07 MDX.
     
  14. Cscat87

    Cscat87 Formula 3

    Oct 23, 2006
    1,220
    Long Island
    Full Name:
    Chris
    MDX is a very nice car, my sister just picked a new one up a couple months ago. Only complaint she has about it is that the nav sucks compared to my garmin, so skip that option and its a very complete suv that's great on gas.
     

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