Lone Mountain New Trucks

So the numerous members here who have used LM and successfully made it through their leases were foolish and their management skills highly questionable?

 

You gave the scenario that he had a big nest egg and didn't want to use that on purchasing a truck. In that case, yes he would be foolish to pay the extra finance charges and his money management skills are highly questionable IMO.
In the other cases money management skills are questionable. Thus the reason for the high interest rates. Now there are two ways that question can be answered. Either way, by the end of the lease, it should no longer be questionable.
Just because something is questionable doesn't make it an absolute.

 

Yes we do. He said he has bad credit. Not less then perfect. Bad!!!! Secondly if he has a nest egg why wouldn't he use that money to repair his BAD CREDIT first before taking anymore risk. If he even just has enough for a down payment he could still repair his credit first and save more in the mean time. Thirdly if he only has enough to cover a down payment he has no back up if something goes wrong. This sounds like someone that needs to learn how to manage their money.
Personally I don't care, they can do what they like. Then come on here and ##### about the lease company screwing them

 

you didnt do a good math, unless you want to pay it off in a first year. On a 5 year loan on $130489 with 12% you will have to pay 46.000$ of Interest. which come to total price of around $176.500. I don see any savings here. You can use any auto loan calculator to check this. I used this one http://www.thecalculatorsite.com/finance/calculators/carloancalculator.php.

 

Lone Mountain penalize you if you try to pay them off early?

 

He can make more money as an OO. Sooner he has the truck, the more he can make and then fix the credit. It's just an idea.