Any remorse with the Big 3

[gophermn]

Hello, so next month I have to drop off my Toyota 4 Runner because of the lease expiring. I vowed to keep and make payments on the truck. Do you think Toyota will have any remorse in finding me a loan to purchase the truck?

In today's market I assume I am better off finding a loan for suitable transportation then two or three years ago.

Thoughts?

[RedLight]

Are you saying that you have a better chance of finding a lender willing to loan you money now than 2-3 years ago? Not a chance. The credit market is completly dried up right now. Want a lease, even with perfect credit, they are almost non-existent. Want a loan, you better have a credit score of 780. That is just the truth of what happens in a recession.

You are right in thinking this is a buyers market in terms of prices, but that is because you cannot get financed. It is a lose lose situation.

[coloradomrg]

THIS IS NOT TRUE.

While the market is tough, there are plenty of lenders taking on used cars that are priced right. New cars are tougher because now banks take into account the 20-25% depreciation that occurs just taking the car home. You have to find the right price, and have something down.

Sure, the days of rolling negative equity into a new purchase are gone. But did it really help the customer to roll money into a car and owe WAY more on the car than it will ever be worth??

Local CU's are even offering 4% rates to people who just dischared in Feb. 08, and that is on a used car!

It is a great time to buy if you have cash to put down, and don't want more car than you can really afford.

[Never_Again]

A down payment (wow, what a concept!) and you should be in with a car loan. There is money out there available.

[gophermn]

Yea, redlight has valid points but I question the whole idea of having credit scores of 780 (which is very very few-and-far between). If I have $$ to put down which I do, I would think I would be looked at more serious then someone who doesnt have money - and oh by the way can still file bankruptcy. Whereas they know I am locked out of BK filings for 7 years.

Anyway, all I am saying is this. Its supply and demand - simple economics. Lots in the south and west are getting backed up with autos and dealers need to move and move now. Legally I can give them my lease and be done with it. But thats not helping the economy. What helps is keeping money moving. I give the lease and purchase something different. Leases are available and more attractive then before.

But until the rubber meets the road and I actually walk into a dealership (maybe two) I will let you all know how it goes.