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[newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

[newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Old Jul 24th 2006, 6:19 pm
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Default [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Hi

I spent a while trawling the interweb for details on financing/leasing a car here in Chicago, and actually stumbled across this forum.

I moved out to the US (Chicago) in October of last year, and I have been happy without a car (and associated expense), however I am now ready to get some independent transport and that means a car!

Everyone I have spoken to takes a sharp intake of breath when I describe my situation, recently a Landrover dealership recommended a co-signature for finance as they had concerns about requesting finance given my situation ...

So, multiple questions. Finance or Lease? and in both cases, options given my limited credit status here in the USA.

I am looking to spend <$500/month on car ownership, so leasing a new VW (for example) at $300/month really appeals!

Any help appreciated,

Thanks

Jon
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Old Jul 24th 2006, 6:22 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by chicago_jon
Hi

I spent a while trawling the interweb for details on financing/leasing a car here in Chicago, and actually stumbled across this forum.

I moved out to the US (Chicago) in October of last year, and I have been happy without a car (and associated expense), however I am now ready to get some independent transport and that means a car!

Everyone I have spoken to takes a sharp intake of breath when I describe my situation, recently a Landrover dealership recommended a co-signature for finance as they had concerns about requesting finance given my situation ...

So, multiple questions. Finance or Lease? and in both cases, options given my limited credit status here in the USA.

I am looking to spend <$500/month on car ownership, so leasing a new VW (for example) at $300/month really appeals!

Any help appreciated,

Thanks

Jon
Are you married to an American? If so, you could piggyback on your spouse's credit if she has at least good credit.

If not, could you afford to buy a secondhand vehicle with cash instead?
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Old Jul 24th 2006, 6:24 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

What about scheme's like this one:

Car Sharing

Originally Posted by chicago_jon
Hi

I spent a while trawling the interweb for details on financing/leasing a car here in Chicago, and actually stumbled across this forum.

I moved out to the US (Chicago) in October of last year, and I have been happy without a car (and associated expense), however I am now ready to get some independent transport and that means a car!

Everyone I have spoken to takes a sharp intake of breath when I describe my situation, recently a Landrover dealership recommended a co-signature for finance as they had concerns about requesting finance given my situation ...

So, multiple questions. Finance or Lease? and in both cases, options given my limited credit status here in the USA.

I am looking to spend <$500/month on car ownership, so leasing a new VW (for example) at $300/month really appeals!

Any help appreciated,

Thanks

Jon
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Old Jul 24th 2006, 6:27 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by Celsius
Are you married to an American? If so, you could piggyback on your spouse's credit if she has at least good credit.

If not, could you afford to buy a secondhand vehicle with cash instead?
I'm actually out here with my newly attached (british) wife, so we're in the same boat unfortunately, and since the recent wedding and associated travel, cash is not my preferred option, I am much happier spreading the load!

Thanks for the quick reply though!

Jon
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Old Jul 24th 2006, 6:28 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by Texas_Dave
What about scheme's like this one:

Car Sharing
Yes, I looked at the I-Go website over the weekend, it may well end up being my 'plan c' if having a vehicle directly at my disposal doesn't work out.

Thanks

Jon
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Old Jul 24th 2006, 6:34 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by chicago_jon
Yes, I looked at the I-Go website over the weekend, it may well end up being my 'plan c' if having a vehicle directly at my disposal doesn't work out.

Thanks

Jon
In my experience:

Leasing: nice as you can get a new car every 2-3 years. Watch the fine print for the mileage limit and the buyout price. For example, you can purchase the car at the end of the lease, but it's not worth it if they give you a ridiculously high price. We had one lease and negotiated a lower buyout, bought the car at the end of the lease and sold it 2 years later (for profit).

Buying: with the rates and deals out there now it's hard to beat...we had planned to buy a used car (with cash) but the rates were so good that we bought, as used cars weren't that much cheaper than new.

It will all depend on your credit though. Have you run a credit score for yourself? Or, are you taking the necessary steps to build yours up? See the other info here on that...
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Old Jul 24th 2006, 6:34 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by chicago_jon
Yes, I looked at the I-Go website over the weekend, it may well end up being my 'plan c' if having a vehicle directly at my disposal doesn't work out.

Thanks

Jon

I just had to send you some karma for the 'newbie alert' tag in the thread title...evidently you have seen some newbies eaten up by some senior members. Kinda like watchin' baby guppies or gerbils...
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Old Jul 24th 2006, 6:51 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by jen_andreson
In my experience:

It will all depend on your credit though. Have you run a credit score for yourself? Or, are you taking the necessary steps to build yours up? See the other info here on that...
I am in the process of trying to find out, but I need to apply by mail apparently as none of the online services will process my details

Thanks

Jon
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Old Jul 24th 2006, 6:53 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by ironporer
I just had to send you some karma for the 'newbie alert' tag in the thread title...evidently you have seen some newbies eaten up by some senior members. Kinda like watchin' baby guppies or gerbils...
Well, I had made every effort to see if this had been covered in a previous topic, and couldn't find anything, read the FAQ, and though maybe it was best to warn of newbie status!

Its things like this that I find frustrating, at home I would have walked into a dealership, sat down, negotiated a deal on a car signed up and possibly even driven off the same day!

Thanks

Jon
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Old Jul 24th 2006, 6:54 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by jen_andreson
It will all depend on your credit though.
Indeed. Also, be aware that buying or leasing a new car here is all about negotiation of the price and payment...be prepared to spend a looooong time in the dealership if you do go this route.
Have been amused by this show recently which seems to reflect some of the experiences I've had when in dealerships. It's kind of fun, in a weird way...
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Old Jul 24th 2006, 7:07 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by dinosaur
Indeed. Also, be aware that buying or leasing a new car here is all about negotiation of the price and payment...be prepared to spend a looooong time in the dealership if you do go this route.
Have been amused by this show recently which seems to reflect some of the experiences I've had when in dealerships. It's kind of fun, in a weird way...
Indeed! You'll want to read up on US car buying tips before you face the dealers. It's quite an experience. Figure out what you want and what you want to pay before you go in...read up and ask a mate to help you. We had my brother in law gives us step-by-step instructions so that we didn't get screwed.
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Old Jul 24th 2006, 7:12 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by chicago_jon
I'm actually out here with my newly attached (british) wife, so we're in the same boat unfortunately, and since the recent wedding and associated travel, cash is not my preferred option, I am much happier spreading the load!

Thanks for the quick reply though!

Jon

You said that you can afford $500 a month. For the time being why don't you get a second hand car for around $1,000 or so, that shouldn't mess with your budget too much. It may not be gorgeous and brand new but it would do the job until you have built up enough credit to get what you want (it would also help towards establishing credit!).
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Old Jul 24th 2006, 7:12 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by jen_andreson
Indeed! You'll want to read up on US car buying tips before you face the dealers. It's quite an experience. Figure out what you want and what you want to pay before you go in...read up and ask a mate to help you. We had my brother in law gives us step-by-step instructions so that we didn't get screwed.
Are there any agencies or companies that are geared for this? A colleague of mine who moved to our NY office found a leasing agent (while he was still in the UK) who got him a good deal, I contacted the same agent - but he was only able to help if I hadn't yet moved ... odd, but true!

I may only be here for another 2-3 years, so I'm only after getting a car for 2-3 years, then handing it back or selling it on - handing it back being an attractive option (selling my car in the UK was a royal pain before I left).

Thanks for all the replies - one thing is obvious; I need to get my credit report, and it also sounds like I need to get some tips on dealing with car salesmen.

Jon
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Old Jul 24th 2006, 7:23 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Bought a new dodge durrango 3 years ago for $25k cash. It is in perfect condition with only 30k miles. I took it in today to see how much trade in they would give me on a new durrango they offered me $6500 needless to say I will be keeping this car until it falls apart. I think the moral is never buy a new car cash it is not worth it.
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Old Jul 24th 2006, 7:34 pm
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Default Re: [newbie alert] Question about financing/leasing cars (as a Brit in Chicago, IL)

Originally Posted by chicago_jon
Hi

I spent a while trawling the interweb for details on financing/leasing a car here in Chicago, and actually stumbled across this forum.

I moved out to the US (Chicago) in October of last year, and I have been happy without a car (and associated expense), however I am now ready to get some independent transport and that means a car!

Everyone I have spoken to takes a sharp intake of breath when I describe my situation, recently a Landrover dealership recommended a co-signature for finance as they had concerns about requesting finance given my situation ...

So, multiple questions. Finance or Lease? and in both cases, options given my limited credit status here in the USA.

I am looking to spend <$500/month on car ownership, so leasing a new VW (for example) at $300/month really appeals!

Any help appreciated,

Thanks

Jon
When I needed a car I visited the CarMax in Schaumburg (I have a hunch you're in Chicago proper, so maybe that's too far); they offer average cars at average prices and they will finance immigrants but the APR is high (around 13/14) but you can obviously re-finance once you've built up a credit history.
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