No, the developer isn't just being nice giving you a free Toyota Camry. You'll just end up taking out a bigger mortgage and paying off your car for 25 years (or more).
Here is what the Toyota looks like in the first year of amortization.
And this is what it will look like once it's paid off.
Reclaimed by nature.**Correction: The offer is for a 3-year lease. The same concept applies - the cost is added to the mortgage and you end up paying for 25+ years to lease a car for 3.
5 comments:
Another strange offer:
$20,000 RRSP Promotion on Pointe of View Developments
I think the only benefit is reducing your CMHC costs???
I wonder about how these gimmicks impact the mortgage terms.
If the developer gives you $20,000 (or a car) does CMHC count that as part of the down payment? Is the sale history recorded at with or without the promotion? Seems like these things may distort sales histories and CMHCs balance sheet.
FWIW.......this is a 3 year "prepaid" lease.......you don't get the car for free......you still have to pay the lease buyout after the builder has made the 36 payments for you.....if you want to keep it.
CC
Thats pretty lame. So you are taking out a mortgage to lease a car for 3 years.
Post a Comment