what am I getting into?

Lone Mountain can get you into a much better truck for that down payment. Every thing is pretty straight forward with them. I got my truck there. None of those weird fees ect. It's a lease, but you get the title at the end. Don't need stellar credit either. GPS fee? Really? You are already paying them a ton of interest. Seriously, at least look into Lone Mountain. They treated me well.

 

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

Few companies will let you lease on without a qualcomm unit and some trucks need to be made "Qualcomm Ready" and the $400 is about right assuming the truck IS NOT Qualcomm ready, but I'd look into making sure the truck is not already Qualcomm ready and they're (somebody) is just trying to extract extra money from you.

Giving you the "monthly payment number" is old school shady new car dealer tactics. They assume you will be able to survive with $1,000 dollar monthly bank note, so they could effectively take a $10,000 truck and find any number of ways to make the payment $1,000, none of which is fair.

Make them show you the loan amount, the interest rate, and the term. Anything above 10% and longer then 48 months, you're getting screwed or screwing yourself. But a wore out used truck, you should consider a 24, or 36 month term at most.

 

There are so many things wrong with this whole deal, not the least of which is the "lender" trying to literally screw you out of your money. The numbers your showing for a 6 year old truck are absurd to say the least. You said your going to have your bank call the lender, why is your bank not financing for you with a $20k down payment. Better yet why are you not buying a $20k truck paying cash for it and not having to worry about the $1200 a month note??

Your plan to "pay it off in 6 months" is ambitious but if you have a way figured out to pay off that amount is 6 months then buy the aforementioned $20k truck for cash and in a year walk in and pay cash for a brand new truck.

And a final thought, you said you have bad knees and your wanting to do flatbed?? I am in flatbed/specialized and I am in excellent physical shape yet at the end of a tough day unloading/loading my knees, back, arms are shot. Just an opinion but I think you need to look at a different line than flatbed, the amount of climbing, dragging, lifting can be pretty intense.

 

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