[JUSGTO]

I AM ABOUT TO SMART BUY MY GTO WITHIN THE NEXT 2 MONTHS AND WANTED SOMEONES OPINION ON WHAT THEY DID IF THEY DID IN FACT SMART BUY THERE GTO, AND HOW IS IT WORKING OUT FOR THEM...

:willy: :willy: :confused :confused :confused :confused

 

[Tom]

Smartbuy is the same as a lease with a few exceptions.

You pay the sales tax on the residual up front with smartbuy, and the title is in your name.

If you plan on giving back the car, check the differences in residual and interest rate. it may be cheaper to lease if GM leases in your state.

What do you mean how is it working out? I pay them every month, and they don't repo the car.

 

[MY05GTO]

I researched Normal Financing vs Smart Buy vs Lease before I went to the dealer. I had decided on Smart Buy because I do not intend to turn in the vehicle in 3 years.

The weird thing is that the dealer never heard of Smart Buy!! What the he//? :confused

I had to show him the print outs I made from Pontiac's own website. :rofl: Anyway, long story short, the payment worked out being even lower with a lease by about 15 bucks and the residual value was exactly the same after 3 years so I went with the lease after all. I put a huge chunk of change down to get a low payment though, so I still intend to buy when the lease is up.

 

[Tom]

MY05,
When you decide to buy/pay the balloon at the end of three years you will have to pay the sales tax on the residual.

the good news is you didnt pay interest on the sales tax, which I am doing with a smartbuy.

there is a 500 lease fee and a 250 smartbuy disposition fee.

what is your sales tax rate? it is 8.75% by me so sales tax on the residual was/is about $1600 or $45 a month plus interest.

 

[MY05GTO]

Tom,

I wasn't aware of a $500 lease fee, but I must admit I was in a hurry on the day I was at the dealer filling out the paperwork so it may be there in the "fine print". I'll have to check over my paperwork again. Not sure on the tax rate here either. I think it's around the same as you. I just moved here from Michigan about a year ago. I do know that the smartbuy was 5.5% and the lease was 4.5%. I remember that at least, which was one reason I went with the lease. That was the reason for the slightly lower monthly payment I assume. Also I stated earlier that it was 3 years. My bad, it's 4. I put a lot down though so I almost prepaid the lease for the 4 years, then when it's up I'll switch to conventional financing, tax and all.

 

[JUSGTO]

I AM FROM NY AND WE ARE A NO LEASE STATE UNFORTUNEATELY SO I WAS THINKING ABOUT PUTTING DOWN 8GS AND THEN FROM TALKIN TO THREE DIFFERENT DEALERS ABOUT SMART BUY I WOULD HAVE NO PROBLEM KEEPING MY PAYMENTS BETWEEN 300-350 DOLLARS WHICH REALLY FITS MY BUDGET. ONE DEALER TOLD ME I CAN DO ANYTHING I WANT TO THE CAR AND AFTER MY SMART BUY PROGRAM IS UP AND IF I DO NOT WANT THE CAR ANYMORE I CAN GIVE THEM BACK THE CAR WITH ALL THE STUFF I PLAN TO PUT IN IT :confused :confused :confused :confused

 

[Tom]

Where in NY? I bought mine at Arnold in Babylon/Bayshore. Very pleased with the transaction. Just sent my uncle there, he bought a ranier yesterday from the same salesman - Bill. Highly recommend them - no games.

I am in NY too. Dont put money down, keep it in your bank account and pay a higher monthly. You have gap insurance which means if the car is stolen or totalled insurance pays what is owed. If you owe a lot more than it is worth, you walk away with your money in the bank. if you put all that money down, and insurance determines it is worth $100 more than owed, you walk away with $100 to buy another car.

also, towards the end of the term they will offer you a dealt to turn the car in early. all the money you put down you dont get back.

 

[JUSGTO]

Thank you for that advice but the only way i can afford it is if i put a substantle amount down off the top and hope that i maintain my head on the rd especially when i pull up next to 05 mustangs, and vettes. I live in westchester, but let me know if your man is good i do not have a problem going out to long island if the price is right, and the deal is good :cheers :cheers :cheers

 

[Tom]

Thank you for that advice but the only way i can afford it is if i put a substantle amount down off the top and hope that i maintain my head on the rd especially when i pull up next to 05 mustangs, and vettes. I live in westchester, but let me know if your man is good i do not have a problem going out to long island if the price is right, and the deal is good :cheers :cheers :cheers

Your logic in math has no basis in reality. what is the difference between putting say 10,000 down and having say a 300 a month payment, or keeping the 10000 in the bank and having say a 500 a month payment?

Give Arnold a call. I dealt with Bill, he is the sales manager, was very up front, no games etc. I went to Morrissey in rockville centre and got a yanking by a kid that told me nobody was giving 8k off sticker (this was october). i was going to pull the ad from texas out of my pocket, but decided not to when he said it was impossible, and should go to texas if i think i can get that deal. I went to sun in wantagh, they were good, but only had autos. i asked the salesman to call me when the price dropped a bit (this was haloween). still waiting for the call.

Bill said he would crunch the numbers and call me back in ten minutes. he did. that night I signed the papers.