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If you’ve ever found yourself buying someone a $10,000 handbag or worrying that not enough of your clothing is made from cashmere or silk, you’ll want to know that Cadillac will let you “subscribe” to its cars for a tidy monthly sum of $1,500.
“Book” by Cadillac is a $500 app that lets you select the most premium offerings from the brand and have it delivered to your door. However, you’re not leasing or purchasing a vehicle from General Motors’ flagship brand — you’re just borrowing one. Cadillac is touting this as some sort of transformative, fancy-free way to own a car. Still, it doesn’t actually alleviate most of the problems associated with car ownership, especially not in the urban markets it plans to test the service in. Read More >
Want to feel a real connection to something? Pay cash for it.
Research shows the act of handing over real, honest-to-God paper money and coins for a product has a profound impact on the value a person places in that product. Suddenly, it turns into a possession. Read More >
A record 31 percent of all new vehicles sold this year in the U.S. are leased. I spent a good part of my career studying why some people refuse to lease. Much of their resistance stems from bad buzz. Some say it’s because of the stories they heard about ’80s-era open-end leases where owners were responsible for paying the car’s residual value at lease end. (These are the same customers who will not buy a Hyundai today because they produced crappy cars in the ’80s.) Others oppose leasing because they heard about a guy whose cousin’s neighbor had to pay $5,000 in wear and tear or excess mileage charges at lease end. And there are those of you who will brag comment below about how you always pay cash for your cars and don’t understand why other people won’t follow your lead.
This article is not designed to convert such non-believers to leasing. This advice, drawn from my years in the auto finance business, is for buyers who know the basics and benefits of leasing, want some timely tips on how to get the lowest possible payments, and want to pay less money on lease-end charges.
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Have you been considering a new BMW but only have enough coin to buy one of Bavaria’s finest? At least one BMW dealer in the U.S. might have a solution.
If you don’t mind buying a new BMW that’s been languishing on the lot for a year, Century West BMW will throw in a lease on a BMW i3 on the house.
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Light vehicle sales haven’t peaked in the U.S., but the way they’re being sold is putting automakers in some financial peril.
That warning was delivered by Thomas King, vice-president of the Power Information Network, ahead of this weekend’s National Automobile Dealers Association, Wards Auto reports.
Speaking at the J.D. Power Automotive Summit, King said retail sales of cars and light trucks will rise this year and next, even after a very healthy 2015. Last year saw 14.2 million units reach customers, with volume projected to hit 14.7 million in 2017.
Despite moving more vehicles and rising MRSPs, automakers risk forgoing the financial benefits due to incentives and a growing trend towards leasing.
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If you live in California and your demographics are right, your electric car dream is within reach. Yes, even you, baristas and struggling actors!
The website Leasehackr stumbled upon a killer deal for lower-income Californians (assuming they live near charging stations), and spelled out how leftover 2015 Ford Focus Electrics can be leased for essentially nothing.
If your personal life aligns with Ford’s customer incentives and California’s revamped EV rebate program, it can be done.
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The lowly Cimarron might be be a distant, nightmare-fuel memory, but Cadillac’s current sales strategy is still being impacted by a history of not measuring up to European rivals.
The luxury automaker’s newest offerings — the CT6 sedan and XT5 crossover — have been saddled with so-so resale values by residual forecaster ALG, according to Automotive News, making it more difficult for Cadillac to offer competitive lease rates.
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A wave of older vehicles is poised to flood Toyota dealer lots, but the automaker is confident it has just the plan to deal with it — pre-owned leasing.
Toyota is certain that adding a leasing option to its certified pre-owned inventory would boost CPO sales and clear lots in the face of a growing compliment of three-year-old product, Automotive News reports.
The plan has already been quietly rolled out in the U.S. Northeast, but a national strategy should be in place by the end of April, dependent on training in each dealer region. The option would allow a reduced commitment for buyers who don’t want to finance the full cost of a pre-owned vehicle. Read More >
Good times have clearly arrived, because Americans are flinging money at cars like it’s going out of style.
Leasing has never been more popular for American car buyers, reports the Detroit Free Press, and the size of their auto loans have also reached record territory.
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Leasehackr has a screaming deal on a 2016 Chevrolet Cruze Limited (the old body style) 1LT Automatic if:
1) You can sell it for more than $13,000 after two years;
2) You’re were a Costco Auto member before Sept. 30;
3) You can get $1,800 off of MSRP, or thereabouts;
4) Max incentives;
5) You’re a current lessee of another automaker;
6) You don’t mind driving a Chevrolet Cruze Limited 1LT Automatic for two years.
If you ticked every one of those boxes, congratulations! You can lease a 2016 Chevrolet Cruze for $40 or less*** per month for 24 months.
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In news that will shock precisely no one, the current car blitz is partially fueled by longer loan rates, higher monthly payments and an increasing prevalence to finance our new cars from the automaker themselves — when we’re not renting it from them in the first place.
Experian released Wednesday its data on third-quarter sales and financing and found, on average, that borrowers’ credit scores were at the lowest level since before 2008. According to the credit agency, car buyers had an average credit score of 710 when they financed their car — which happens in 86.6 percent of car transactions, an all-time high.
Buyers opted for longer loans too. According to the data, new car loans longer than six years increased to 27.5 percent for the third quarter, up 17.1 percent from the same period last year. Loans between five and six years accounted for 44 percent of new vehicle financing. Read More >
Credit-reporting agency Equifax says that as of June 2015 more than $1 trillion has been loaned or leased in the United States. The total dollar amount is 10.5 percent higher than last year.
The average loan amount is $20,800, which is a 3.65 percent increase over last year, and the average sub-prime loan is $18,200. Sub-prime loans comprised 23.5 percent of newly originated auto loans.
More than 9 million new loans were made up to April 2015, which is a 5.8-percent increase over last year. Overall, more than 73.7 million cars are financed through loans in the U.S. Read More >