mich800 wrote:
Thats_Ok wrote:
Got my truck new in 2005.
Stickered at $44450.00.
I ended up leasing to own from the criminals at the dealer.
The lease payment's were $663.00 for 72 months.
2 months before the lease end I ended up buying the lease out with PenFeds help.
The buy-off was $16999.00 low book on the truck was $24875.00 at the time I bought out.
We ended up paying off the truck 4 months later.
Yikes. Are you stating you "leased" a vehicle for six years and then purchased it at almost term.
Yes,
It's a long story.
I actually came out on top.
On long leases a bank just wants to get rid of the vehicle.
It's cheaper for them to just let a willing lessee keep it.
The closed end pay off was stated much higher so I offered 10K.
Bank of the West came back with $16999.00.
That amount was 1k under what the total amount for 6 years would have been with an amortized loan.
I wanted to keep this truck anyhow so I had always intended to buy it out at lease end.
I just got a temp loan from PenFed @ 1.99% to get rid of the lease.
Then paid that off with part of my retirement buyout money I'd been holding onto.
