Anyone know the residual on a loaded cabriolet?

[smartyPantz]

Originally Posted by SharonRB

Without knowing my financial situation, you really can't judge what I can and cannot afford.

point well taken!

[iwantmysmart]

ordered a blue/black cabrio with all options except fog lamps...amount financing $17000, 6.9% for 60 mo was told payments would be around $300/mo

[Smarteq]

Originally Posted by iwantmysmart

ordered a blue/black cabrio with all options except fog lamps...amount financing $17000, 6.9% for 60 mo was told payments would be around $300/mo

$335.82/month

[smartcenterSeattle]

Originally Posted by SharonRB

If I knew for sure I'd be able to sell it in three and get enough for it to pay off the rest of my loan with a little left over, I wouldn't worry about it. Not knowing how easy they'll be to sell then, though, I'm a little hesitant to take the chance. I don't want to get stuck with it ...

I'm sure the banks are thinking the same thing.

Don’t get me wrong, I have leased plenty of cars and it has worked out in my favor most of the time. But it is because:
A. I got a huge discount off of MSRP [residual is based off of MSRP so the remaining balance is reduced]
B. The car was not going to be worth more than what the residual was at the end [so I turned it in and they take the loss]
C. There was a special lease factor [not going to happen for a while on smarts]

I hope they offer one soon that makes sense for customers.

[2009Aveo5]

Originally Posted by iwantmysmart

ordered a blue/black cabrio with all options except fog lamps...amount financing $17000, 6.9% for 60 mo was told payments would be around $300/mo

Does anybody know what the finance rates are on the smart car or does it vary from region to region? 6.9% is fair. I had looked into buying a Tahoe Hybrid back in December and I was approved for their best finance rates, but my credit score is at an all time low right now. Transunion has me at 679, which I need to do a few things to bring it back up to the 700s. I guess I don't want to put money down on a Smart and then find out after the fact that they want to give me a high interest rate. I have a lot of equity in my house, so I went to the bank to look into a home equity line of credit to consolidate some debts and either use the money to buy a smart and pay of debts or wait for my score to go up as a result of paying off the debts. Along with a bunch of other things I can do to increase my credit. I was told by one bank manager to pay my property taxes myself rather than using escrow to cut my mortgage payment down a third thus making it look like a smaller obligation on my credit report. I think my credit is good enough to buy a car (or so it seems). I have good credit history in terms of everything being paid off, never late...and ideally I'd like to see a lower interest rate than 6.9% and I certainly don't want to pay more than that...I could live with 6.9%. Although I did that with another vehicle I bought and then refinanced with my bank at 3.5% over 3 years, so I guess I just want to know my options and I'm tired of the Smart centers not being able to tell me what their finance rates are...it's really not a big question, or at least I don't think it is. Every car dealership other than Smart generally can tell you right on the spot. Why is Smart different?

[StevenM1TX]

Originally Posted by 2009Aveo5

Why is Smart different?

Most likely due to various credit scores and having multiple choices on who they take your loan through. Talk to your bank or credit union and find out what they would charge before going into the dealer. See if they will be able to beat it. If so, go for it.

[SharonRB]

Originally Posted by StevenM1TX

Most likely due to various credit scores and having multiple choices on who they take your loan through. Talk to your bank or credit union and find out what they would charge before going into the dealer. See if they will be able to beat it. If so, go for it.

That makes sense. I might check with the credit union my husband belongs to, as well as our bank, to find out their rates before I actually go into the dealer.

[2009Aveo5]

Originally Posted by StevenM1TX

Most likely due to various credit scores and having multiple choices on who they take your loan through. Talk to your bank or credit union and find out what they would charge before going into the dealer. See if they will be able to beat it. If so, go for it.

I did. I spoke to my loan officer, and I'm applying for a home equity line of credit (30 year loan at 5.5% but I think that's variable...hmmm). I'm going back there with all my paperwork on Tuesday. We'll see. I'm suppose to hear back from Smart on Monday about speaking to The Great Oz for Smart financing.

[4two4me]

Originally Posted by 2009Aveo5

I did. I spoke to my loan officer, and I'm applying for a home equity line of credit (30 year loan at 5.5% but I think that's variable...hmmm). I'm going back there with all my paperwork on Tuesday. We'll see. I'm suppose to hear back from Smart on Monday about speaking to The Great Oz for Smart financing.

Why would you take out a 30 year car loan that risks losing your house if you can't make the payments for some reason?

[Oliver in Seattle]

Originally Posted by 4two4me

Why would you take out a 30 year car loan that risks losing your house if you can't make the payments for some reason?

For one thing the rate is usually better. For another, despite what the OP stated, a HELOC is not a 30 year mortgage; you pay back when you can. Finally, and most importantly, the interest is tax deductable.

O