Is250 Involved So What Do You Think I Should Do?

[sang05]

So I've just moved back to Cali. on the 9th & a few days later my father asked me if I wanted to take over the payments of his 06 "Fully Loaded" IS250 AWD. Being that it would be my first car, I don't really know what I should do. Before that I was planning to get something cheaper to start out with but when you got an IS that could be yours staring at you from the driveway, one forgets about "cheaper" alternatives... If I where to take the offer I would have to pay $700.00 a month for the last two years. The payments end July 2011, so I'm looking at 25 month, $17,500.00 total. I'm going working & starting college soon so I'll be needing a car ASAP.

He told me all I had to do is to pay the $700 a month... thats it!

He'll cover the insurance and everything.

The car will be under he's name until it's payed off and after July 2011, he'll transfer it to me & it'll be all mine! :D

Over all I know that the car has been well cared for and its been accident free and taken in for the regular 5000 mile oil change.

The only thing is that his job needs him to drive back and forth from Los Angeles, Santa Ana, Thousand Oaks, and Simi Valley & because of this the 250 has about 65,000 miles on it. (20k a year!)

Also, he hasn't taken the car in to get the recalls fixed either, but said he'll get them before giving it to me.

but other than that it's in good condition inside and out.

Another option that I was offered, was to get into paying $500 a month and help him pay for a new BENZ. Not sure but he's thinking of getting a CLK 550 or something, and we'll "Share & Switch" between the IS and CLK. (Knowing my dad he'll end up deciding who gets what every day...) both cars will be in his names. don't know when the payments going to end ( It'll be longer than the 2 years the IS go left.) and if he'll give me the title to the IS once its payed for...so IDK.

What do you think I should do?

P.S. thank you in advance for the help!

[smooth1]

700 bucks a month on a 5 year lease for a 250?

[sang05]

700 bucks a month on a 5 year lease for a 250?

think so, yeah... whats your take on the situation?

[smooth1]

I think if you went in there today and leased a brand new one, you'd get one for alot less then that. I'm seeing ads on tv now for 359 a month. I don't remember how many months the lease is for in the ads, but 359 is almost half the monthly payment, so you could drive the car for 48 months and spend the same amount of money. Or spend half a much in the same 24 months. You could save 8500 bucks or so. That's alot of cash.

[Clay Easton]

I think if you went in there today and leased a brand new one, you'd get one for alot less then that. I'm seeing ads on tv now for 359 a month. I don't remember how many months the lease is for in the ads, but 359 is almost half the monthly payment, so you could drive the car for 48 months and spend the same amount of money. Or spend half a much in the same 24 months. You could save 8500 bucks or so. That's alot of cash.

He isn't LEASING the car, he is buying it. 25 payments of $700 and he will own the car outright. Not a bad deal, especially since his dad is going to pay for insurance.

[sang05]

He isn't LEASING the car, he is buying it. 25 payments of $700 and he will own the car outright. Not a bad deal, especially since his dad is going to pay for insurance.

Yeah, BUY NOT LEASING...lol sorry didn't really get the Q's but yeah i'll be making payments to own!!

So you think I should take it?!

Or is their a better alternative?

[bartkat]

Take the deal. You know the car. I doubt you could buy a 06 for that kind of money less interest.

[tex2670]

700 bucks a month on a 5 year lease for a 250?

can't be a lease.

$17k for an '06 IS250? Do it.

[smooth1]

Oh, much different. (I did ask if it was a 5 year lease first.) I'm still not sure I would take the deal as it stands. How do you feel about a $700 car payment every month? I don't know what your income is, and what financial obligations you have. But $17k for an 06 IS is a good deal. Can you buy it from him and get your own loan on the car?

[sang05]

Oh, much different. (I did ask if it was a 5 year lease first.) I'm still not sure I would take the deal as it stands. How do you feel about a $700 car payment every month? I don't know what your income is, and what financial obligations you have. But $17k for an 06 IS is a good deal. Can you buy it from him and get your own loan on the car?

Well as it stands:

I'm working 5 days a week, going to start school in the fall but think I could be a full time student with the 2 days right?!

But anyways getting $400 a week, roughly have around $1,600 by the end of the month so if I subtract the payments I'm left with $900, and just to be safe I'm going to take $100 out to for gas (thinking thats the minimum considering gas is about to go over $3 a gal. here in SO Cal.) and another $100 for maintenance & care. So I'll be left with $700 for me... I think I'm going to be having to pay rent in a few months so thats something that will play a big role on my decision...

Plus in order for me to actually have the deal go throw my dad wants me to give him $2000 for the down payment for his benz so thats something thats making me think twice! If i don't take it then he'll just trade it in when he gets the benz...

So total for the is250 will be 17,500+2000= $19,500

PROS:

Will have Insurance payed for until the cars payed off.

Will have my dad help me out if cant make the payment for that month.

Will completely own the car after July 2011!

Its a IS250!!!!! :D

Cons:

The $2000 that he wants me to pay so he could add it to the down pament.

Got the 65000 Miles on it.

Dont really know how my $$$ school and just personal purchases are going to take in the coming months. (New College student & Just move back to Cali.)

Still need to go to the dealership and get all 3 of the recalls done.

What do you mean by "buy it from him and get your own loan on the car?"

Thoughts and comments Plz?!

lol

[smooth1]

Oh, much different. (I did ask if it was a 5 year lease first.) I'm still not sure I would take the deal as it stands. How do you feel about a $700 car payment every month? I don't know what your income is, and what financial obligations you have. But $17k for an 06 IS is a good deal. Can you buy it from him and get your own loan on the car?

Well as it stands:

I'm working 5 days a week, going to start school in the fall but think I could be a full time student with the 2 days right?!

But anyways getting $400 a week, roughly have around $1,600 by the end of the month so if I subtract the payments I'm left with $900, and just to be safe I'm going to take $100 out to for gas (thinking thats the minimum considering gas is about to go over $3 a gal. here in SO Cal.) and another $100 for maintenance & care. So I'll be left with $700 for me... I think I'm going to be having to pay rent in a few months so thats something that will play a big role on my decision...

Plus in order for me to actually have the deal go throw my dad wants me to give him $2000 for the down payment for his benz so thats something thats making me think twice! If i don't take it then he'll just trade it in when he gets the benz...

So total for the is250 will be 17,500+2000= $19,500

PROS:

Will have Insurance payed for until the cars payed off.

Will have my dad help me out if cant make the payment for that month.

Will completely own the car after July 2011!

*BLEEP*.... Its a IS250!!!!! :D

Cons:

The $2000 that he wants me to pay so he could add it to the down pament.

Got the 65000 Miles on it.

Dont really know how my $$$ school and just personal purchases are going to take in the coming months. (New College student & Just move back to Cali.)

Still need to go to the dealership and get all 3 of the recalls done.

Thoughts and comments Plz?!

lol

I'm a business owner and I have a family. In these times such as they are, I would say to you to consider 75-80% of your income as the total of you income. In your case 1600 should really be $1,200-$1,300 counted as "spendable income".The other 20-25%, that's the amount gas, groceries, rent and the general cost of living is going to go up. So, you might as well get used to it now, and save that money along the way. It kind of sounds to me as though your dad is thinking a bit more about getting a new car then he is thinking about his (son/daughter)'s financial beginnings and start up responsibilities. $700 a month for a car is alot of money to commit to in your situation. I would think your buying or not buying the car wouldn't have anything to with him helping out on a payment and with the insurance.

So if I were in your situation, my answer would be " While the IS250 for $19.5 is a great deal, it's still too much money to commit to while your still "setting" up your life and have so many unanswered questions. And then look for a nice car around $10k.

[sang05]

Oh, much different. (I did ask if it was a 5 year lease first.) I'm still not sure I would take the deal as it stands. How do you feel about a $700 car payment every month? I don't know what your income is, and what financial obligations you have. But $17k for an 06 IS is a good deal. Can you buy it from him and get your own loan on the car?

Well as it stands:

I'm working 5 days a week, going to start school in the fall but think I could be a full time student with the 2 days right?!

But anyways getting $400 a week, roughly have around $1,600 by the end of the month so if I subtract the payments I'm left with $900, and just to be safe I'm going to take $100 out to for gas (thinking thats the minimum considering gas is about to go over $3 a gal. here in SO Cal.) and another $100 for maintenance & care. So I'll be left with $700 for me... I think I'm going to be having to pay rent in a few months so thats something that will play a big role on my decision...

Plus in order for me to actually have the deal go throw my dad wants me to give him $2000 for the down payment for his benz so thats something thats making me think twice! If i don't take it then he'll just trade it in when he gets the benz...

So total for the is250 will be 17,500+2000= $19,500

PROS:

Will have Insurance payed for until the cars payed off.

Will have my dad help me out if cant make the payment for that month.

Will completely own the car after July 2011!

*BLEEP*.... Its a IS250!!!!! :D

Cons:

The $2000 that he wants me to pay so he could add it to the down pament.

Got the 65000 Miles on it.

Dont really know how my $$$ school and just personal purchases are going to take in the coming months. (New College student & Just move back to Cali.)

Still need to go to the dealership and get all 3 of the recalls done.

Thoughts and comments Plz?!

lol

I'm a business owner and I have a family. In these times such as they are, I would say to you to consider 75-80% of your income as the total of you income. In your case 1600 should really be $1,200-$1,300 counted as "spendable income".The other 20-25%, that's the amount gas, groceries, rent and the general cost of living is going to go up. So, you might as well get used to it now, and save that money along the way. It kind of sounds to me as though your dad is thinking a bit more about getting a new car then he is thinking about his (son/daughter)'s financial beginnings and start up responsibilities. $700 a month for a car is alot of money to commit to in your situation. I would think your buying or not buying the car wouldn't have anything to with him helping out on a payment and with the insurance.

So if I were in your situation, my answer would be " While the IS250 for $19.5 is a great deal, it's still too much money to commit to while your still "setting" up your life and have so many unanswered questions. And then look for a nice car around $10k.

Thanks smooth1, truly appreciate your input on my situation, I really do feel that that was what his true intentions were to begin with but hearing it from someone else really puts thing in perspective... I really do love the IS250, but when your right your right, and smooth1 "Your Right!"

(Really wanted to have a 250 as my 1st car tho.... his going to trade it in if I dont take it :( )

so I guess those "cheaper" alternatives are back on the menu for me... so what do you think they might be?

[LEXIRX330]

Agree with Smooth. Not saying that you can't "make" the payments but you can't afford the car. Wait until you are finished with school and then get what you want. Sorry but I think that unless your dad is prepared to pay the payments this is not smart for him to even suggest. Do you want to work to make payments on a car? Just wondering what do you think brakes or tires cost on that Lexus? Is it under warranty?

[LEXIRX330]

U posted the same time as me. Look for a nice Toyota or Honda maybe. Good luck.

[foxwiz]

So I've just moved back to Cali. on the 9th & a few days later my father asked me if I wanted to take over the payments of his 06 "Fully Loaded" IS250 AWD. Being that it would be my first car, I don't really know what I should do. Before that I was planning to get something cheaper to start out with but when you got an IS that could be yours staring at you from the driveway, one forgets about "cheaper" alternatives... If I where to take the offer I would have to pay $700.00 a month for the last two years. The payments end July 2011, so I'm looking at 25 month, $17,500.00 total. I'm going working & starting college soon so I'll be needing a car ASAP.

He told me all I had to do is to pay the $700 a month... thats it!

He'll cover the insurance and everything.

The car will be under he's name until it's payed off and after July 2011, he'll transfer it to me & it'll be all mine! :D

Over all I know that the car has been well cared for and its been accident free and taken in for the regular 5000 mile oil change.

The only thing is that his job needs him to drive back and forth from Los Angeles, Santa Ana, Thousand Oaks, and Simi Valley & because of this the 250 has about 65,000 miles on it. (20k a year!)

Also, he hasn't taken the car in to get the recalls fixed either, but said he'll get them before giving it to me.

but other than that it's in good condition inside and out.

Another option that I was offered, was to get into paying $500 a month and help him pay for a new BENZ. Not sure but he's thinking of getting a CLK 550 or something, and we'll "Share & Switch" between the IS and CLK. (Knowing my dad he'll end up deciding who gets what every day...) both cars will be in his names. don't know when the payments going to end ( It'll be longer than the 2 years the IS go left.) and if he'll give me the title to the IS once its payed for...so IDK.

What do you think I should do?

P.S. thank you in advance for the help!

What you could do if the payments are to high, you could get a five year loan for the same amount $16,800 at 6% and your payment will be $338.32. Pay off your dad right away and you will be able to afford the car and have more money in your pocket. The beauty of this is if you want, you can make extra principal payments to help lower the balance if you have the money and pay it off sooner. If you become strapped for cash, revert back to the $338.32 a month.

[smooth1]

Oh, much different. (I did ask if it was a 5 year lease first.) I'm still not sure I would take the deal as it stands. How do you feel about a $700 car payment every month? I don't know what your income is, and what financial obligations you have. But $17k for an 06 IS is a good deal. Can you buy it from him and get your own loan on the car?

Well as it stands:

I'm working 5 days a week, going to start school in the fall but think I could be a full time student with the 2 days right?!

But anyways getting $400 a week, roughly have around $1,600 by the end of the month so if I subtract the payments I'm left with $900, and just to be safe I'm going to take $100 out to for gas (thinking thats the minimum considering gas is about to go over $3 a gal. here in SO Cal.) and another $100 for maintenance & care. So I'll be left with $700 for me... I think I'm going to be having to pay rent in a few months so thats something that will play a big role on my decision...

Plus in order for me to actually have the deal go throw my dad wants me to give him $2000 for the down payment for his benz so thats something thats making me think twice! If i don't take it then he'll just trade it in when he gets the benz...

So total for the is250 will be 17,500+2000= $19,500

PROS:

Will have Insurance payed for until the cars payed off.

Will have my dad help me out if cant make the payment for that month.

Will completely own the car after July 2011!

*BLEEP*.... Its a IS250!!!!! :D

Cons:

The $2000 that he wants me to pay so he could add it to the down pament.

Got the 65000 Miles on it.

Dont really know how my $$$ school and just personal purchases are going to take in the coming months. (New College student & Just move back to Cali.)

Still need to go to the dealership and get all 3 of the recalls done.

Thoughts and comments Plz?!

lol

I'm a business owner and I have a family. In these times such as they are, I would say to you to consider 75-80% of your income as the total of you income. In your case 1600 should really be $1,200-$1,300 counted as "spendable income".The other 20-25%, that's the amount gas, groceries, rent and the general cost of living is going to go up. So, you might as well get used to it now, and save that money along the way. It kind of sounds to me as though your dad is thinking a bit more about getting a new car then he is thinking about his (son/daughter)'s financial beginnings and start up responsibilities. $700 a month for a car is alot of money to commit to in your situation. I would think your buying or not buying the car wouldn't have anything to with him helping out on a payment and with the insurance.

So if I were in your situation, my answer would be " While the IS250 for $19.5 is a great deal, it's still too much money to commit to while your still "setting" up your life and have so many unanswered questions. And then look for a nice car around $10k.

Thanks smooth1, truly appreciate your input on my situation, I really do feel that that was what his true intentions were to begin with but hearing it from someone else really puts thing in perspective... I really do love the IS250, but when your right your right, and smooth1 "Your Right!"

(Really wanted to have a 250 as my 1st car tho.... his going to trade it in if I dont take it :( )

so I guess those "cheaper" alternatives are back on the menu for me... so what do you think they might be?

Oh, your in luck. I just so happen to know of this: great used car for 10K. Click on that.

But heck I've found 02/04 Honda Accords, 04/05 Mazda 3's and 6's. An 06 Nissan Sentra. $10K pretty much opens the gates to a good used car that's only a few years old. You stick to this price range, and you'll not only have a nice car, but plenty of cash to cover all the things that come up in life. And trust me, they always do. And if you do choose to go this route, then your car payment and insurance should still only be about half of what you are looking at spending now. And then you won't need your dad to cover you.

[SW03ES]

More real life advice.

You can't afford a $700 car payment. Quite honestly at a montly income of $1600...you can just afford rent of $700 a month. If you use a rubric that your housing costs should be 35% of your gross monthly income, 35% of $1600 is $560. $700 is 44%.

You absolutely cannot afford a car payment of that amount IMHO...and you will be much happier and have an easier life without that big obligation around your neck every month. One thing you'll learn about life...EVERYTHING winds up costing more than you think it will.

Plenty of time left to drive a Lexus ;)

Quite honestly...I don't know what your dad's deal is...He wants you, his new-to-adult-life son to take over $700 a month payments and give him $2,000 (which I'm sure is a lot of money to you right now) for him to put down on a new Mercedes? And this benefits you how?