Living Below Your Means
Thread Starter
more than meets the eye
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Living Below Your Means
http://cbs5.com/local/auto.loan.defaults.2.645976.html
She can plead with the finance company to release her from the lease or have the car repossessed, losing her good credit and a $30,000 down payment which consisted of her entire retirement savings.
Stupid biatch uses $2,500/mo disability check to lease a $100k BMW M6 for $1300/mo
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gotta love how they portray the general problem as part of a ba economy, but its really just a bunch of idiots trying to get the top end **** so people think they have money....... And then....oh my god they can't afford it because they don't really have that much money 
idiots
There are two steps to buying something
1) have the money
2) buy item
Without both of those you aren't going to have said item. Shocking, I know.
idiotsThere are two steps to buying something
1) have the money
2) buy item
Without both of those you aren't going to have said item. Shocking, I know.
WTF
So you can make 72000 a year and lease a 100K car?
Even if you only lease for 3 years, you're paying you are 15,600 a year in cash, or 21% of your gross income before taxes? After taxes that figure probably rises to 50% or more of your net monthly income...
Honestly, how is that even ethical to let someone get suckered into that?
People are STUPID.
So you can make 72000 a year and lease a 100K car?
Even if you only lease for 3 years, you're paying you are 15,600 a year in cash, or 21% of your gross income before taxes? After taxes that figure probably rises to 50% or more of your net monthly income...
Honestly, how is that even ethical to let someone get suckered into that?
People are STUPID.
250,000-mile Club President
Joined: Nov 2002
Posts: 4,770
From: Bizerkeley
Car Info: MBP 02 WRX wagon
I did a lease once, on a Forester, and my girlfriend at the time bought it out at the end of the lease which was a decent deal as they were holding resale better than most cars, but anything in the High end Luxury/high performance category (well- excepting a couple models from Ferrari) is going to depreciate faster in the first couple of years than most of us can imagine.
Some loser called Suzy Orman last night asking if he should buy a used Bentley for 110,000.
She pretty much laughed at him, despite the MSRP on it new being over 200K, if he pays 110,000 for it now, it should be worth about 60 or less probably in a couple years...
i would point and laugh, she knew if she leased the car she would be paying more than half of her monthly income for the car, not to mention withdrawing from her retirement funds for the down payment, yet she still purchased it.
Chewwwwy
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Nobody is going to pay enough for that car to allow her to pay off her lease, that's the whole deal with leasing, the appreciation drops its value faster than your payments pay into it, until at the end of the term when- if you are lucky and haven't driven beyond the mileage penalties, those two lines are about to meet up and you get to walk away from the car.
I did a lease once, on a Forester, and my girlfriend at the time bought it out at the end of the lease which was a decent deal as they were holding resale better than most cars, but anything in the High end Luxury/high performance category (well- excepting a couple models from Ferrari) is going to depreciate faster in the first couple of years than most of us can imagine.
I did a lease once, on a Forester, and my girlfriend at the time bought it out at the end of the lease which was a decent deal as they were holding resale better than most cars, but anything in the High end Luxury/high performance category (well- excepting a couple models from Ferrari) is going to depreciate faster in the first couple of years than most of us can imagine.
good point. Now i am reminded why i don't lease/buy luxury cars
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Wow, if I considered getting a luxury car, I'll just get one that's two-years old after the major depreciation happens!
I don't understand why people have to get brand new cars with the wonderful 20% depreciation off the lot drop-off.
That lady deserves her predicament especially when she knew she couldn't afford the car but still signed the lease. Hell for the $30k down payment she could have bought a used M3 E46 and be happy with a slightly older car. Even with all the repairs she still wouldn't owe $1300 a month for 3-6 years on most standard leases.
