Can I complain???????????????????????

I believe I got cheated big time on my car lease. I bought a Civic
2002 when the new 2003's were coming in. Since I was new into the
country I did not have credit at that time. The only option I was
given was $5000 down payment and a monthly lease payment of $ 400
(incl tax) with a buy out at the end of 48 months of $7900 (incl tax).
The buy out is good but I think I got duped bigtime. Pls let me know
if I can get out of the lease somehow or complain against the leasing
company or something. There should be a cap on how much you can cheat.

 

For that kinda money, you could've leased a Mercedes, BMW or a Lexus!

Yeah, you were ripped off, but nothing you can do about it now. The only
options are transfering the lease to someone else (fat chance) or pushing it
off a cliff. You can also terminate the lease early but that'll cost thousands.
Personally, I'd find a nice windy mtn road and "accidentially" put it in
neutral. But make sure your insurance is up to date and that there's GAP
coverage.





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I do not killfile nor use do-not-call lists.

 

Ouch! are we talking US $$$ ???

 

The total cost of the least discribed below works out to about $32,000
which would be the total cost of a high-end Civic. Assuming a top of the
line EX-G or Si-G with Automatic tranny and factoring the price of
borrowing (6.8% intrest payment), the total cost of the car at the end
of the financing would be $31,000. Since your credit is bad, you're
probably paying more then 10% on your intrest payment, which would add
another $1000 to your total payment for the car.

Pars

 

The total cost of the least discribed below works out to about $32,000

Depends on where he lives.




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I do not killfile nor use do-not-call lists.

 

If you paid $19,600 for the car, $550 for delivery, $907 Sales Tax
(does not include tax on residual amount), $392 License and
Registration then your interest rate equivalent is 21.9% (or a money
factor of 0.00913). This is a common rate for an unsecured credit
card if your credit rating is in poor health. Car dealers often claim
there is no "sales price" or "interest rate". That's because they
don't want to tell you what they are. These are typical California
lease numbers, pre triple car tax. Did you get extended warranty,
paint protection, disability insurance and all that good stuff the F&I
guy pushes? The big joke would be if he qualified you for the 2.9%
factory financing and took the split. At least you got an education.
It is very expensive not to "crunch the numbers". There is always
next time.

Bummer dude,
Roadie Roger

 

If you paid $19,600 for the car, $550 for delivery, $907 Sales Tax

Since when do Civics cost over $20K? Unless he's talking about Civic Hybrid
(which I don't think was available til late 2002 or early 2003).


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I do not killfile nor use do-not-call lists.

 

I was just trying to figure out how he got so screwed as well. If
they sense your fear that you won't be able to get a car anywhere,
they really put on the thumbscrews. They must have put some price
down on the contract to make sure it would hold up in court. A 2003
Civic Sedan (should be similar to a 2002) LX Auto with side airbags is
$16,260 MSRP. Let's see if I can guess how the conversation with the
Finance and Insurance guy went.

Well Mr. Fly, since you'll want to take really good care of this car,
you'll be wanting the $995 extended warranty (since the standard
warranty is 36 months/36,000 miles). Because you are financing you'll
need the $995 death and disability policy. No worry, we can roll all
this into your easy monthly payments. Paint protection is only $495.
You'll probably want to keep the car at the end of the lease and if
there is the slightest problem with the paint, ever, we'll factory
repaint the whole car, yadda yadda. We'll throw in the undercoating
for the same price. Our special security key is only $115 and stops
car thieves cold. Our local advertising is $200, but you'll have to
pay that no matter which dealership you go to (I got hit $200-$400
dollars advertising fee at Toyota dealerships). And because we have
such low overhead we only charge $45 for documentation fees.
$16,260 + $995 + $995 + $495 +$495 + $200 + $115 + $45 = $19,600

Note that I didn't even have to start out with a much more expensive
EX, SI or GX. Of course, I wasn't there, so I have no idea what
really happened. As you said, $400 a month is a breathtaking lease
price for a Civic. They made it add up somehow.

Roadie Roger

 

In Canada, a bare bone Civic DX Coupe would cost 19,500 while the top of
the line Automatic equipped Si goes for 27,500. That's a huge difference
for basically the same car and power train. (Power difference between
the Si and DX motor is a joke). Then there's the additional cost of
financing (or leasing) to be considered. (Note: Price include the 15%
GST/PST and delivery expenses)

Given that Honda doesn't usually offer incentives, the Civic has become
a very expensive car. Personally, I've been recommending the Hyundai
Elentra and the Echo Hatch to entry level buyers. But to my
disappointment, these young buyers have their hart set on getting a
Honda. Granted that the Civic reputation is well earned, but at what
cost?... If Honda wants to price themselves out of the entry level
market, it's not a huge lost, since Toyota is able to take-up the slack.

Pars

 

Hey all you guys out there. Thanks for your replies. I guess I did
get cheated but not that much. I forgot to mention that I am talking
Canadian $$$ and not at todays exchange rate. Also, all prices
include 15% tax (THEY'RE PRETTY HIGH IN THIS COUNTRY). But yes I got
an education. Thanks a lot.