Signed a new auto lease today

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otter
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Signed a new auto lease today

Postby otter » Mon Sep 15, 2014 9:12 pm

I have been planning on buying a new car for a while since my 2004 Dodge Stratus has become increasingly worse with every passing winter (which isn't a good thing since I've moved to North Dakota). Got a lease for a 2014 Chevy Sonic. I know a lease isn't the most economical way to go, but in the long run it works out for me because I expect my income to go up dramatically in the next few years so I'll take the lower payments now and maybe buy (or sell at a profit) once the lease is up.

Since it was a good day all around (I also had to get a ND driver's license today and I was in and out of the DMV in less than 30 minutes), I decided to apply for the GM card which is 5% up to $5000 yearly applied to a GM vehicle. Yeah it's issued by Crap One, but I was approved for $5000 so I'll take it. This makes 13 cards and my personal limit is 12, so someone has to go... I think the Oregon Duck is on the endangered list right now...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450


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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Sep 15, 2014 11:01 pm

As far as leasing, I sort of take the opposing view. I bought my last car just as it had come off a 3-year lease.

I don't expect to buy a car for a few years, but I have thought about financing like $5k of it just for credit diversity in preparation for a mortgage. Can you finance small amounts?

I have to admit I've thought about the BuyPower card. I'd maybe put tiny charges on it, with no intention of ever making use of the rewards. I could then have a no-AF WEMC. I'd still have to babysit it, though, and have a 5th issuer to keep track of.

If you want a new GM vehicle, though, it looks pretty good.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

MemberSince99
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Postby MemberSince99 » Tue Sep 16, 2014 6:39 am

That Duck card was just a debacle. They came off looking completely like clueless buffoons over that whole thing. I don't regret at all closing mine down and never looking back. I just regret the wasted inquiry.


Congrats to you. I've never leased always bought but I had a 2002 Dodge Stratus I put 225,000 miles on that was still running good when I sold it. I kind of regret letting it go.

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otter
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Postby otter » Tue Sep 16, 2014 8:14 pm

MemberSince99 wrote:That Duck card was just a debacle. They came off looking completely like clueless buffoons over that whole thing. I don't regret at all closing mine down and never looking back. I just regret the wasted inquiry.


Congrats to you. I've never leased always bought but I had a 2002 Dodge Stratus I put 225,000 miles on that was still running good when I sold it. I kind of regret letting it go.


I have decided to keep the Duck alive for now until I get another 10k card. I have a bunch close to the 5 digit range... My Wells Fargo Amex and Arrival are both 7k, Sallie Mae and my Comenity Card are both at 8k so it's only a matter of time and then I kill the Duck. I did close the useless Citi Dividend card which means I'll miss the upcoming 5% rewards @ "Flugelbinders Я Us".

My Stratus was one of the best cars I ever had... I bought it in '07 and never paid more than $300 on any repair. But it was approaching 100k miles and it was only a matter of time before I started spending a lot of money on repairs.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Location: WI

Postby MemberSince99 » Wed Sep 17, 2014 8:33 am

Not necessarily. I got to 225k miles without any major repairs. Of course I replaced the tires, brakes, that sort of thing, but otherwise the only things that went were a cam position sensor, something on the transmissiont hat caused a fluid leak (minor repair), and a bezel in the instrument panel that wasn't lighting as well as some 50 dollar part that controls the fan speed. That was it. I also replaced the shocks and struts at about 140k miles of course but again that is totally normal.


Never had a single major repair on it. Not one. And it still ran great when I sold it. For all I know it's still running around.



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