[rn4emp]

Was wondering if the lease for 425 is a weekly or monthly thing? If it's a weekly thing that's the same as renting

 

[FuberNYC]

Was wondering if the lease for 425 is a weekly or monthly thing? If it's a weekly thing that's the same as renting

It's weekly

 

[Silviaspeck]

I mean if you are planning to rent for a long term... just LTO it is what I say.... you can still save up money in the meanwhile and purchase your own vehicle in the future.

I forget to mention that another reason why I LTO was because Camrys for some reason are extremely harsh on my back. I am 6'1 and 200lbs and Camry and Altimas for some reason the seats were horrible and the sitting position. I never had this issue when I was driving Yellow however which is weird.

I wanted a bigger car for my personal space and not necessary because I wanted the XL jobs.... although sometimes the XL jobs do work out pretty well as I have noticed some passengers order an Uber XL by accident lol.

 

[Silviaspeck]

Good stuff but I would add the 10k (that the car is worth after the lease) back because your car will be worth the same 10k whether you finance or do LTO. You're not gaining 10k

You are absolutely correct. I don't know how this slipped my mind.

That's not correct since they give you full coverage. It cost around $680 a month for full coverage insurance

So with this in mind, I guess the math should be:

$77350 - $32371 - $28560 (for full coverage insurance) = $16419 and then take away the TLC fees and cost of about $3000 = $13419 for 3.5 years that I am overpaying. Which comes out to about $3834 a year or $319.5 per month or $79.87 per week or $15.98 per day I am paying extra lol...

 

[Chrissypoooh]

Just ask yourself how commit you are to this crap. Are you willing to be stuck with a car for 5 years with payment? Simple as that.

 

[Silviaspeck]

Just ask yourself how commit you are to this crap. Are you willing to be stuck with a car for 5 years with payment? Simple as that.

The LTO is for 3.5 years. Also, like I mentioned on the original post, if I decide I do not want to do this any longer, I can simply return the car and have no penalty besides the fact that I just cannot rent or LTO from them in the future... which when that time comes, I guess would not be an issue for me. There are also other dealers that I can rent from IF anything changes and I decide to go back to Ubering.

Also, if I decide to not do this after being close to the pay off time, I can also rent it out to someone else on marketplace while the car is still being paid off on.

 

[marcusguber]

Look at my LTO thread there was useful info, it's a terrible idea.

 

[marcusguber]

https://uberpeople.net/threads/lease-rent-to-own-verses-standard-rental.105481/#post-1530541

 

[Joe Hurwitz]

I'm doing lease to own right now on a 2015 highlander...

Paying $425 and the term was for 182 weeks which equals to $77350 which is ALOT!

But, to buy a 2015 highlander used is anywhere from $25-$27k from a dealer plus interest. Let's say for a used car, interest is about 10% with a so-so credit and you are financing it for 3.5 years (182 weeks). With tax off of let's say $26k and plus interest, it comes out to about $32371 after 3.5 years.

$77350 - $32371 = $44979 difference that I am paying extra for this LTO program. But, after 3.5 years, the car would still be worth at minimum 10k so the difference shrinks down to let's say $34979. Let's also calculate insurance for the car. Let's say its about $400 a month for 3.5 years. It's $16800. Now the difference is $18179. Let's not forget what the tlc process cost is including plates, diamond, and all others minus the NYS inspection (as that is the only thing I need to pay for during the LTO program) that comes up to about $2k? $3k? for 3.5 years? This part I am not sure what the actual cost would be. But let's just OVER estimate and say it's 3k for the 3.5 year duration.

The real difference is $15179 for 3.5 years that I am overpaying for choosing to go with LTO. It comes out to be about $4336 extra I am paying each year, or $361 a month, or $90 a week.

I don't know, maybe for me, since I messed up my credit few years ago and I am rebuilding it, this was a decent option for me compare to renting.

I have a feeling my math if flawed and I am missing another factor but regardless how I see it, it is better than renting as if I choose to return this LTO car, the only penalty I will face is that I will not be able to rent from this dealer in the future again. No $$$ penalty or affect your credit in any way.

You got a bad deal theirs a company called TLC Financing you can rent a car that cost 22k for $280 a week and lease to own it for 2 years no balloon payment at the end.
So 280 x 104 = 29,120.

You went with the wrong company

 

[rn4emp]

Is that the exact name of the car company? Or do you have it. I want to get out of the 425 payments I'm making to this damn company

 

[Toadster]

' a car' for 280 a week, what is 'a car'? What do you get for 425? I hope it's new, it should be for that money.

 

[rn4emp]

I'm renting a new Altima for 425 2016