has anyone tried the 84 month lease from putnam?

Isn't that like a marriage?

I think Putnam has been discussed before on the site - maybe search on that. Not sure the 84-month lease was part of it.

 

I heard it lasts like 7 years

 

Why don't you contact Putnam direct??

Though I can't understand why anyone would want an 84 month lease!!!

 

Nah; are you sure?

 

Yeah, and you were just itching to post that too, weren't you..........?

 

Call one of their brokers for those questions.

 

Duh!!!

 

No really, they will know what kind of payments he needs to make. He'll have to tell them what kind of car and how much it costs first, but he can look those up on the internet.

 

I think they structure the balloon payment to be a little less than 50% of his assets and future income though when he wants out.

That is assuming, of course, that he makes more than $60,000 per year. The balloon payment could be more than half of that.

 

Wait wait wait... do you have a Ferrari 550? Or was that just a lucky number or something?


Maybe you should be Darth777. People might think you own a Boeing then, AND that you're really lucky.

 

Must be something in the air in Vegas tonight.

 

I know, look at post #4!

 

Ask these guys first www.putnamleasing.com

 

Lot of $ & a long time to "rent" a car only to end up with nothing.

IIRC, lease holder is responsible for required maintinace costs along the way as well.

 

Wow. This is almost as bad as the 144-month financing:

http://www.automart.com/vehicledetail/adid-66921333/2004/lamborghini/gallardo/marysville/oh

 

That's only $71K in interest over 12 years which is about $6K a year in interest...

 

144 month financing can be a good idea if you only keep the car 6 months or a year or so. Obviously anyone doing 144 month financing has no intention of keeping the car full term. It's just a trick OWN the car at a low monthly price for a short while.

84 month lease is death cause you're married to it.

 

I agree with the above. If you want to own a car for a short while and get out of it leasing is the way to go. You only pay taxes for the amount of the car you bought. So in 84 months you are not buying much in the first 6 months or so. So you only pay a little tax and then get another car.

 

And what is the penalty for closing the lease early, and who eats the depreciation on the car? And don't forget the down payment on the lease, that's gone too.

It's not as simple or economical as you're implying.

 

As much as I hate to agree here, I must.

First of all, laws on taxes on a lease vary from state to state. Here in Illinois, no matter what the term of the lease, sales taxes are paid on the entire purchase price of the car. Regarding my own experience with Putnam, in 2000 I leased a brand new Aston Martin DB7 Vantage Volante. MSRP + taxes were about 165K. I put down 65K and "financed" 100K with a residual value of 65K at the end of 48 months. I wanted out after 11 months; after making 11 payments of approximately $1200/mo my buyout on the lease was 99K. Live and learn.

 

Leasing is not easy to get out of early. You sign a contract for the length of the lease at the beginning and if you want out early you better hope the resale value is high. If it has dropped, you are responsible for the amount between what is owed on the least and the amount that the leasing company can get out of the car.

In Texas we pay sales tax for the entire sales price up front. And if at the end of the lease, if it is a short term 18 to 24 month lease for instance, you decide you want to keep the car, you will pay sales tax again on the purchase price that you get the car for at the end. Not good idea to keep a car at the end of the lease unless it has dropped like a rock and you were only commited for a short period of time.

84 months will get you a lower monthly installment but will obligate you for a long, long time.

 

Disclosure: Putnam was a client of mine when I sold magazine advertising in a past life... Steve Posner's a good guy, but IMO, 84 months is a loooooong time, and a lot of interest...

From the December 17th Autoweek:

Veyron: $400,000 down, $23,595/month
Reventon: $300,000 down, $14,869/month
599 GTB: $72,000 down, $3,525/month
Aston DBS: $55,000 down, $3,050/month
F430 Spider: $51,000 down, $2,460/month

<grabs calculator>

Veyron: $2,381,980
Reventon: $1,548,996
599 GTB: $368,100
DBS: $311,200
F430 Spider: $257,640

I'm going to guess that these are based on MSRP, as at current prices, the deal on the 599 looks pretty below-market. YMMV.

-Tad

 

^The funny thing is after all those payments (some of them totaling far in excess of the car's MSRP) you have to give it back. What gives?

 

Not only give it back, but maybe even pay a surcharge if it looks the least bit beat-up, has depreciated too much, or went over on the miles. Nothing specific against the lender named, of course, and I don't know their exact terms. However -

I just don't get this - it seems like the sub-prime ARM of expensive car buying to me - ;but, then - I never did get the concept of renting something that you could presumably afford to buy. And if you couldn't afford to buy it, then maybe you shouldn't rent it, either.