MackyNaija:

This is new..
Mind to give a little more explanation?

I have wondered how $250 per month helps an American buy a car after 5years... The math doesnt add up.

When they lease, it's only for about 2years. First, there is a down payment of about 10%. Subsequently they pay the monthly fixed amount for the two years. Then the car is returned to the financier.

Here is the maths;
Car of 25k
Down payment is 2500
Total after 2 years at 300 monthly is 7200
So in two years the customer spends 10k
The car is sold as used for say 17k after the lease by financier who had the title.
How much do you think a 2016 used Camry would cost as at today?

That is about 27k in their pocket for a car they probably got for 20k from the manufacturer. Now tell me which business would give up to 35% ROI in two years.

Back to your question.
If you want full ownership after 5 years for a car of 25k and you put down 5k. You are financing 20k for the 5 years.
So, at 4% interest rate you will pay $360 monthly for the duration (principle and interest ) which is 5 years

Observing this thread with my special 3D glasses

FrankNetter:
Observing this thread with my special 3D glasses

Lol. All of una dey yankee. At least options dey

sonnie10:


When they lease, it's only for about 2years. First, there is a down payment of about 10%. Subsequently they pay the monthly fixed amount for the two years. Then the car is returned to the financier.

Here is the maths;
Car of 25k
Down payment is 2500
Total after 2 years at 300 monthly is 7200
So in two years the customer spends 10k
The car is sold as used for say 17k after the lease by financier who had the title.

That is about 27k in their pocket for a car they probably got for 20k from the manufacturer. Now tell me which business would give up to 35% ROI in two years.

Back to your question.
If you want full ownership after 5 years for a car of 25k and you put down 5k. You are financing 20k for the 5 years.
So, at 4% interest rate you will pay $360 monthly for the duration (principle and interest ) which is 5 years

Hey God..

See system that works ...

Please y'all should answer me in my thread na, I want to leave immediately after graduating

https://www.nairaland.com/4721184/usa-please-me-make-informed

sonnie10:


When they lease, it's only for about 2years. First, there is a down payment of about 10%. Subsequently they pay the monthly fixed amount for the two years. Then the car is returned to the financier.

Here is the maths;
Car of 25k
Down payment is 2500
Total after 2 years at 300 monthly is 7200
So in two years the customer spends 10k
The car is sold as used for say 17k after the lease by financier who had the title.
How much do you think a 2016 used Camry would cost as at today?

That is about 27k in their pocket for a car they probably got for 20k from the manufacturer. Now tell me which business would give up to 35% ROI in two years.

Back to your question.
If you want full ownership after 5 years for a car of 25k and you put down 5k. You are financing 20k for the 5 years.
So, at 4% interest rate you will pay $360 monthly for the duration (principle and interest ) which is 5 years

But one has also factor in car insurance (car payments require full coverage) and maintenance fees. Insurance rates will depend on use of car, location, driving history and credit history. Young drivers tend to be charged more especially males. Thats because they are more prone to risky driving and accidents.

Finally... Lovely thread.... Keep it up bro.

KingLinglee:


Please explain Sir,

Like after paying $250 a month, $3000 a year and $15000 in five years, the car is still not yours and you have to pay another $16000 again before the car is yours ..

I using your earlier stated example

More or less. If you want to keep the car, you pay the balance or rearrange the finance.

sonnie10:

When they lease, it's only for about 2years. First, there is a down payment of about 10%. Subsequently they pay the monthly fixed amount for the two years. Then the car is returned to the financier.

sonnie10:

If you want full ownership after 5 years for a car of 25k and you put down 5k. You are financing 20k for the 5 years.
So, at 4% interest rate you will pay $360 monthly for the duration (principle and interest ) which is 5 years.

dustydee:

More or less. If you want to keep the car, you pay the balance or rearrange the finance.

Too much sense in these posts! Never knew there was a lease option.
Thanks for the explanations.

MackyNaija:





Too much sense in these posts! Never knew there was a lease option.
Thanks for the explanations.

There are more lease than full ownership on those newer cars you see.
Something funny! The other day, I saw an older car with a sticker at the back that read "proud of my rusty bucket, it's fully paid for." Kinda consolation for driving an old car. But does he really owe anyone any excuse?

FrankNetter:
Observing this thread with my special 3D glasses

e make sense die

MackyNaija:

If you have a good credit score and proof of monthly income, you can drive something similar or even better. Monthly payment no pass $300 - $10 an hour job * 40hrs a week = car payment.

I am yet to understand how a monthly payment of below $300 enables them pay off a car loan in like 6 years.... *Thinking***


It's as simple as this!

wow...I learnt something new. thanks for the response

Bishopp007:




You can have 2019 car if you want sef. Just make sure you pay your bills every month.

Cool. when I wan comot for here

Picture crew...
Manage this one, freshly cooked - Okro + beef + shrimp.
The food sweet die!

FrankNetter:
Observing this thread with my special 3D glasses

Na so me take dey follow am as i take dey follow your own,info matters alot

FrankNetter:
Observing this thread with my special 3D glasses

Na so me take dey follow am as i take dey follow your own,info matters alot

MackyNaija:
Picture crew...
Manage this one, freshly cooked - Okro + beef + shrimp.
The food sweet die!

MackyNaija:
Picture crew...
Manage this one, freshly cooked - Okro + beef + shrimp.
The food sweet die!

Any news on the loans? We on this end are awaiting updates

Adhheir:
Any news on the loans? We on this end are awaiting updates

When there's an update I'll inform the house.

The status has been on "Sent to school for confirmation of enrollment and fees".

Takes 2 to 4 weeks.

sonnie10:


When they lease, it's only for about 2years. First, there is a down payment of about 10%. Subsequently they pay the monthly fixed amount for the two years. Then the car is returned to the financier.

Here is the maths;
Car of 25k
Down payment is 2500
Total after 2 years at 300 monthly is 7200
So in two years the customer spends 10k
The car is sold as used for say 17k after the lease by financier who had the title.
How much do you think a 2016 used Camry would cost as at today?

That is about 27k in their pocket for a car they probably got for 20k from the manufacturer. Now tell me which business would give up to 35% ROI in two years.

Back to your question.
If you want full ownership after 5 years for a car of 25k and you put down 5k. You are financing 20k for the 5 years.
So, at 4% interest rate you will pay $360 monthly for the duration (principle and interest ) which is 5 years

I like your narration, i also tell people to go for certified cars instead of new ones. Cars with 10k miles will be a lot cheaper than new cars. How much you can afford monthly with comfort will determine the kind of car you will buy.
I have friends here who prefer new car on lease just for 2years. It all depends on your choice and monthly income.

@MackyNaija i will like to know if you were able to land an internship for summer because i need ur opinion in that regards. it seem to me that to land an internship here in america is not easy.

FrankNetter:
Observing this thread with my special 3D glasses

hey obi u dey here sef! i dey follow ur own thread sef pumper to pumper, bless up bro

Bishopp007:


I like your narration, i also tell people to go for certified cars instead of new ones. Cars with 10k miles will be a lot cheaper than new cars. How much you can afford monthly with comfort will determine the kind of car you will buy.
I have friends here who prefer new car on lease just for 2years. It all depends on your choice and monthly income.

I disagree, SOMETIMES new cars is better. Some of the car prices I have seen on used car versus new car, it would just make sense to buy the new one. Unfortunately, when it comes to car buy buying, people tend to buy out of their price range because their credit allows them to get something more expensive.

Babyvet:


I disagree, SOMETIMES new cars is better. Some of the car prices I have seen on used car versus new car, it would just make sense to buy the new one. Unfortunately, when it comes to car buy buying, people tend to buy out of their price range because their credit allows them to get something more expensive.

The moment the new car leaves dealer store, the price will drop at lease $4k. I have been into Auto finance and insurance for awhile now, trust me new car doesn't worth it from my own experience unless u wanna lease the car.

Bishopp007:


The moment the new car leaves dealer store, the price will drop at lease $4k. I have been into Auto finance and insurance for awhile now, trust me new car doesn't worth it from my own experience unless u wanna lease the car.

I highly disagree, what matter is the cost of the car in the long run. Some of theses used cars are death traps and money traps ,I'm not saying all new cars are good either. Personal preference but I disagree that new cars are money wasters. In today times, please list reasons why people get rid of their vehicles.

MackyNaija Thnks so much i been reading this thread for the 3 days now i have even forgotten that my DSTV sub has expired.. you re doing very good Job and i know for sure that everything there will work out for you and you will receive favour in all aspects.

I want to ask some questions.

I m graduate of architecture t the University of Jos with 2:2 i have seen some courses that re inline with my course and have future.
My question is do i need other exam like TOEFL or GRE to be able to apply for the graduate program and the Statement of account, Does it have to be my own or someone else.

sonnie10: you doing good job sir

Babyvet:


I disagree, SOMETIMES new cars is better. Some of the car prices I have seen on used car versus new car, it would just make sense to buy the new one. Unfortunately, when it comes to car buy buying, people tend to buy out of their price range because their credit allows them to get something more expensive.

Do you know there is a huge difference between used and certified cars?

For example, at Toyota, they are committed to putting the highest quality certified vehicles on the road. Each certified used vehicle is subject to an intensive 160 - 175 point Quality Assurance Inspection, which includes mechanical, detailing, and appearance standards. The Inspection requires that factory-trained technicians complete any necessary repairs and reconditioning before we call the vehicle certified. I am talking about cars with less than 20k miles, some are even with 4k miles. 98% of there cars are from lease, they never previously owned by anyone. The major difference between certified and new cars is the miles. I can even call it new car for you and you will agree if you don't know more about vehicles.

Bishopp007:


Do you know there is a huge difference between used and certified cars?

For example, at Toyota, they are committed to putting the highest quality certified vehicles on the road. Each certified used vehicle is subject to an intensive 160 - 175 point Quality Assurance Inspection, which includes mechanical, detailing, and appearance standards. The Inspection requires that factory-trained technicians complete any necessary repairs and reconditioning before we call the vehicle certified. I am talking about cars with less than 20k miles, some are even with 4k miles. 98% of there cars are from lease, they never previously owned by anyone. The major difference between certified and new cars is the miles. I can even call it new car for you and you will agree if you don't know more about vehicles.

Certified don’t mean crap , look at the recalls that Toyota had. I know what certified cars are. Also Mercedes and bmw also put certified on cars that are loaners. All I’m saying , if you are an individual that can afford it( interest rates tend to be lower in new plus they plan to drive it for a long time then nothing with new cars.

Babyvet:


I disagree, SOMETIMES new cars is better. Some of the car prices I have seen on used car versus new car, it would just make sense to buy the new one. Unfortunately, when it comes to car buy buying, people tend to buy out of their price range because their credit allows them to get something more expensive.

New cars are new cars. Good when you have lots of free money. Anyone hoping to get a good bargain could get a certified car. Nothing wrong with them especially if you are buying from a manufacturer's dealer (e.g buying a used toyota from a toyota dealer. A $50k new car can depreciate as much as $20k or a $40k can sell for $25k within 3 years, all with low mileage!
One man's meat is another's poison i guess.

Babyvet:


Certified don’t mean crap , look at the recalls that Toyota had. I know what certified cars are. Also Mercedes and bmw also put certified on cars that are loaners. All I’m saying , if you are an individual that can afford it( interest rates tend to be lower in new plus they plan to drive it for a long time then nothing with new cars.

It's one of the best feelings ever to buy a new car because i have driven one before but majority of companies out there doesn't offer gap insurance which put you upside down on your loan immediately you purchase new car. This is my day to day activities and i have seen 100+ people who are in debt just because they wanna drive new car.
Even if your car loan is 0%, it's automatic upside down on your loan unless you have gap insurance.

Bishopp007:


It's one of the best feelings ever to buy a new car because i have driven one before but majority of companies out there doesn't offer gap insurance which put you upside down on your loan immediately you purchase new car. This is my day to day activities and i have seen 100+ people who are in debt just because they wanna drive new car.
Even if your car loan is 0%, it's automatic upside down on your loan unless you have gap insurance.

Well it would depend on the price range, like I said it’s not for everybody. There are many upside their loan on used or on certified cars. Rule of thumb , buy what you can afford. Only the individual buying the car can really determine what they can afford. Car salesmen don’t have the best rep out here because of their shady and sneaky practices. Once again not including leases, why do people get of their used vehicles?

Tunmise100:
@MackyNaija i will like to know if you were able to land an internship for summer because i need ur opinion in that regards. it seem to me that to land an internship here in america is not easy.

I didn't get an internship. Since the buy American, hire American campaign started things have gotten tighter.

smokey12345:
MackyNaija Thnks so much i been reading this thread for the 3 days now i have even forgotten that my DSTV sub has expired.. you re doing very good Job and i know for sure that everything there will work out for you and you will receive favour in all aspects.

I want to ask some questions.

I m graduate of architecture t the University of Jos with 2:2 i have seen some courses that re inline with my course and have future.
My question is do i need other exam like TOEFL or GRE to be able to apply for the graduate program and the Statement of account, Does it have to be my own or someone else.

sonnie10: you doing good job sir

You are welcome to the thread Sir.
Check the program requirements for each school you are interested in and see if they require these exams.

Also, follow the Student visa thread. It is very informative.

Picture 1 _ instagram.

Picture 2 _ I gave it a try.


I deh come, make I go chop the food before e cold.

MackyNaija:
Picture 1 _ instagram.

Picture 2 _ I gave it a try.


I deh come, make I go chop the food before e cold.

enjoyment back to back