- Thread starter
- #1
So I have always leased my cars. I dont think this will lease well, so i will buy.
My income is very much split between lump sum annual bonus/commission, and a base salary. I really like the idea of having low payments through out the year for real-feel cash flow, and it's less sweat to make a big payment once a year.
That said, i really want to keep payments at exactly $500/mo, and will front load a down payment. I was thinking of maxing out Ford 1.9% APR @ 72 months, and then putting whatever down to back into $500/mo. I dont have a trade-in, since all my other cars are leased. After doing the math is looks like around a $20k down payment (inc tax, fees, etc) for my build.
Given the low rates, could i put my down payment money aside and use it towards the bigger bills? sure. But mentally, i just do not want to look at a ~$800 bill every month.
Does that sounds like the right approach? I am a bit weary of tying up all that money in the off chance my model Year 1 car has flaws, or is potentially a lemon....and i have to wait to get my money back, versus just returning the car....Another idea is to put less of a down payment, then wait a year to see if any major problems arise, then I could make a big lump sum payment to get my payments adjusted down to $500/mo. So my question in that situation is - will Ford adjust down my monthly payment, or will they just shorten up the term and keep my payments the same?
My income is very much split between lump sum annual bonus/commission, and a base salary. I really like the idea of having low payments through out the year for real-feel cash flow, and it's less sweat to make a big payment once a year.
That said, i really want to keep payments at exactly $500/mo, and will front load a down payment. I was thinking of maxing out Ford 1.9% APR @ 72 months, and then putting whatever down to back into $500/mo. I dont have a trade-in, since all my other cars are leased. After doing the math is looks like around a $20k down payment (inc tax, fees, etc) for my build.
Given the low rates, could i put my down payment money aside and use it towards the bigger bills? sure. But mentally, i just do not want to look at a ~$800 bill every month.
Does that sounds like the right approach? I am a bit weary of tying up all that money in the off chance my model Year 1 car has flaws, or is potentially a lemon....and i have to wait to get my money back, versus just returning the car....Another idea is to put less of a down payment, then wait a year to see if any major problems arise, then I could make a big lump sum payment to get my payments adjusted down to $500/mo. So my question in that situation is - will Ford adjust down my monthly payment, or will they just shorten up the term and keep my payments the same?
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