How to figure out payments on new car

sharon620May 7, 2010

Hello,

I would like to lease a new car. GMC is going to buy my Honda from Honda Finance. The price on the the new GMC is around 29,000 and my payoff on my honda is 19,000. Can any one tell me how to figure this out?

Thanks

Sharon

Even if I were to lease a new car with nothing down ( example) 30,000 with 6 percent sales tax.

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gary__

I don't think you can with the info provided since you're leasing. Bottom line is going to be your going to get scr*wed big time from a financial standpoint doing this. Seems like you're one who changes cars all the time anyway so your concern should be with the monthly payment and are you comfortable with that. The dealer will tell you what that is going to be. You are in effect renting the car, not buying it. Costs a lot for the privilage of driving a new car all the time. jmo

    Bookmark   May 7, 2010 at 7:55PM
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sharon620

I'm sorry if my driving a new car all the time offended you. But don't you worry my dear... I write ALL of my LEASE payments off.

Thanks for your concern though

Happy Spring :)

    Bookmark   May 7, 2010 at 10:26PM
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gary__

I'm not offended. Doing things the way you are doesn't make sense in the least for a vehicle used for personal transportation. If it does as a business owner through reducing taxes, more power to you. Good for the auto industry too.

    Bookmark   May 8, 2010 at 12:57PM
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joe_mn

what did the dealer say they will give for trade in on your honda? you owe 19k. if the dealer gives you 19k for it, than the honda is gone, free and clear. but you seem to imply that there is a shortcoming. is the dealer offering you less for the honda than you owe?

    Bookmark   May 12, 2010 at 10:30AM
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