Car lease strategy (very high interest)
I'm getting a BMW X7 which has a very high interest rate (5.99% for lease and 4.99% for finance). I considered going balloon finance but dealer says it requires a $10K collateral to prevent from exporting the vehicle.
My ultimate intention is to keep the vehicle but I can't justify the high interest cost by getting into a 4~5 year finance arrangement.
So, I'm considering getting into a 2-year lease with a high downpayment ($30K~ $40K), and just take over the vehicle at the end with enough savings I will have by then.
Ideally I would just buy outright with this kind of interest rate but unfortunately I don't have enough disposable cash at hand.
What do you think of this strategy? Is it too crazy / unorthodox?