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Old 08-07-2017, 02:34 PM
 
28 posts, read 33,338 times
Reputation: 19

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Anyone use the TFCU (or other) Lease-like auto loan?

Pay full price from dealer with loan from TFCU, make monthly payments that are low like a lease, then have balloon payment at end of "lease term". That number can be refied with a used car loan.


Anyone have any experience with it?

Thanks!
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Old 08-07-2017, 03:17 PM
 
472 posts, read 470,663 times
Reputation: 927
Quote:
Originally Posted by jonnyBgoode View Post
Anyone use the TFCU (or other) Lease-like auto loan?

Pay full price from dealer with loan from TFCU, make monthly payments that are low like a lease, then have balloon payment at end of "lease term". That number can be refied with a used car loan.


Anyone have any experience with it?

Thanks!
Only a sucker pays full price
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Old 08-07-2017, 03:26 PM
 
Location: Massapequa
430 posts, read 548,455 times
Reputation: 622
I mean this with all due respect, but if you need to consider an option like this, you can't afford the car. Buy something less expensive or a similar model used.
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Old 08-07-2017, 03:54 PM
 
1,402 posts, read 1,523,487 times
Reputation: 2142
That is really the opposite of a lease.

Why not simply lease? You make the payments for xx months. At the end, you can still make the equivalent of a balloon payment (with or without a loan). The difference is that it's your choice. If you don't like the car or the buyout number is more than the value of the car, you get to walk away. Best of both worlds.

If TFCU is actually using "lease like" in their terminology, that is misleading. Unlike a lease, you will be responsible for that balloon payment at the end. The car is a junker in three years? Too bad, pay up. You had unexpected expenses and don't have the money? Too bad, pay up. Something happened and your credit rating went down? That used car loan rate is going to be high.
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Old 08-07-2017, 04:32 PM
 
1,143 posts, read 1,523,676 times
Reputation: 742
BMW is pushing this on their certified pre-owneds. I cannot see how this would ever be in a buyer's interest. Just lease, or if we're taking pre owned, finance at the best rate you can but if you can't afford it, you can't afford the car.
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Old 08-08-2017, 07:30 AM
 
19,585 posts, read 20,412,309 times
Reputation: 16238
It's a balloon loan.
You don't pay full price. You negotiate the deal first, then hit the sales guy with the "btw I'm going for a balloon loan".
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