Lease option purchase suckered me out of alot of money...
In September I went to Modesto Mistubishi to trade in my 1999 eclipse spyder for a new 2002 Eclipse GT. My spyuder was already paid off so it was used as a down payment of $10,500. The sticker price on the car was $31000 but I talked them down to $24000. Out the door minus my down. When I sat down to do the paperwork I told the salesman I couldn't afford anymore than $250/mo. Since I was a student. After five attempts by the manager of trying to get me to pay anywhere from $479-320 a mo.
I finally got them down to $280. With 5% apr since my credit was good. They told me to do the "lease option" so i could have the chance to trade it in at the end of five years at the value of $10800. As long as the car ran. He said it wasn't like a regular lease, that my payments were towards the car, not to rent it. They didn't tell me anything about having to pay a huge amount of money after the five years of payments. I called the finance co.in june to see how much i owed on it (i figured $8000) and they told me if i want to pay it off i had to pay $15600. I should of been making payments the last two years on a total of $13000.
But now I still have to pay $15600. To own it. They made things sound very different when i signed the papers. And i also found out that i didn't really get 5%apr, i'm paying a tax rate of 7.83%. I just spent $280./mo and $250./mo in insurance for two years for nothing! Not to mention their service department consists of a bunch of retarded monkeys with their heads up their ass! They took this girl for a financial rollercoaster!
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