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Re: Leasing a Vehicle
[Re: capehorn24]
#2373677
01/16/18 04:17 AM
01/16/18 04:17 AM
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Joined: Jun 2017
Posts: 6,324
Alabama
Jakethesnake
The Flippin’ Idiot That Could Care Less
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The Flippin’ Idiot That Could Care Less
Joined: Jun 2017
Posts: 6,324
Alabama
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While I agree with the majority that a lease is a bad idea, how many of you that have spoken against leasing have actually done a lease and it was a bad experience?
I haven't so, can't say if it's a good/bad option. Im not trying to be mean or harsh but that sounds crazy. Its black and white on the contract. You know what the deal is. Thats like, well i cant say cause i never committed murder so i gotta go kill someone to be able to comment. You have to research before you act. Not act on a idea just to find out if its worth it. If i dont think its a good idea from my research then i dont need to do it. It dont take a genius to figure out the best deal. First, why would the dealer let a man take a car for a few years and only be able to drive it for so many miles then have to return it? When the dealers goal is to sell cars. Cause they are gonna make a killing. I dont know why they call it leasing. It should be called renting. The only way i could see leasing is if you wanted a brand new car every year or so and didnt want to keep buying and selling the old one. And losing a lot of cash would be no issue. Im confused on the equity. Your saying you bought a car and used it then sold it back for more money in other words? Beating a dealer at his own game? I know what equity is but i think they are just setting you up to take a chance on you being a customer for a purchase. If you drove the car then sold it and got your equity out of it and didnt lose then the dealer would be losing. I know u sold it at another location. Why? Cause you had to do leg work just to hopefully get lucky and u did. They are not set up to lose. They are set up to make money AND to trick the customer into thinking the customer got over on them. When in reality they are making a killing.
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Re: Leasing a Vehicle
[Re: BPI]
#2373708
01/16/18 04:38 AM
01/16/18 04:38 AM
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Joined: Dec 2001
Posts: 13,903
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,903
AL
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I leased a 2017 Civic hatchback for my kid in college. List price was 22,500 ( the hatchbacks are a little higher).
I paid 4k down on the lease with the option to buy in 3 years.
My kid works part time while going to school and his car payment is 125 bucks a month. So he will pay a total of 4500 dollars at the end of the lease.
At the end of the 3 year lease we will buy the car for 14,000.
22500 minus the 4k I paid down is 18,500.
18,500 minus the 4500 in payment he paid brings the total to 14,000
We basically got zero interest and everything paid in is straight equity.
It can work out if you do a little research. The issues I can think of off the top of my head with that whole thing.... 1. You will pay list price for a brand new car. Who does that nowadays? 2. Most anyone with decent credit can get zero % financing on a new car purchase these days. 3. When you buy the car for $14K at the end of the lease, do you get 0% financing? I would guess no, but I suppose I could be wrong. 4. $14K financed over the remaining 2 years of a "standard" 5 year car payment plan even at 0% would be $583/month. If you don't get 0% on what is not a "used" car, the payment goes up from there.
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Leasing a Vehicle
[Re: JDR4Bama]
#2373718
01/16/18 04:44 AM
01/16/18 04:44 AM
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Joined: Oct 2009
Posts: 5,688
Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,688
Henry county
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You're basically given the terms of the purchase when you get the lease.
Not always but often youre total dollars in payments can be cheaper with a "lease then purchase" than just a purchase. Cheaper payments over a longer period of time.
"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
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Re: Leasing a Vehicle
[Re: joshm28]
#2373724
01/16/18 04:47 AM
01/16/18 04:47 AM
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Joined: Dec 2001
Posts: 13,903
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,903
AL
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I've never heard someone that did one, say that a lease was a good idea. We are on our fifth leased vehicle. It works great for us and we have equity ($6k) in the one she is currently in. I've NEVER paid any money down either. How do you have equity? Are you saying if you turned the car in, they would cut you check for $6k? I'd like to hear more on this concept as well. I can't think of a way you'd have equity in something you do not own, but maybe there's a way. I can see how the car company would, but not the lessee. So a lease is where you pay the difference between residual value at the end of the term and the negotiated sales price. So let's say I lease a car that cost $50k and at the end of the 3 year term the car will be worth $35k. With that I would pay the $15k over 3 years or 36 months. The residual value (35k) is the "payoff" at the end of the term. You could actually buy the car for that price. In most cases that value is based upon mileage on the vehicle (say 36k miles). So at the end of the 3 years that vehicle with 36k miles is worth $35k. In our case my wife only puts 6-8k miles/year so at the end of the term let's say we have 20k miles instead of 36k and the actual trade value on the car is $37k. In that instance you have $2k in equity as it's worth more than what is owed. So I take that vehicle to another dealership, instead of turning it in at the original dealership. We negotiate the new vehicle sales price and the trade in price on the old lease and they ask me do I want a check for the difference in trade value or do I want to apply to the new lease. I apply it to the new lease and do it all over again 3 years later. I've done this 5 times now and the equity keeps building. I started with ZERO down and back last December when we leased the last one I had right at $6k showed as a down payment. They were not hiding anything because I negotiated the sales price of the new one and the trade in value on the old one. It works for my application but may not for everyone. Like in the example above...you're working off brand new MSRP list price, not a negotiated actual sales price. You're simply choosing to take a discount on the back end. You've done this several times and have $6K in equity. If you'd bought, and negotiated a MODEST 10% discount off the new sales price on each vehicle purchased, where would you be?
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Leasing a Vehicle
[Re: hunterbuck]
#2373775
01/16/18 05:19 AM
01/16/18 05:19 AM
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Joined: Dec 2009
Posts: 9,375
Jasper, AL
joshm28
14 point
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14 point
Joined: Dec 2009
Posts: 9,375
Jasper, AL
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I've never heard someone that did one, say that a lease was a good idea. We are on our fifth leased vehicle. It works great for us and we have equity ($6k) in the one she is currently in. I've NEVER paid any money down either. How do you have equity? Are you saying if you turned the car in, they would cut you check for $6k? I'd like to hear more on this concept as well. I can't think of a way you'd have equity in something you do not own, but maybe there's a way. I can see how the car company would, but not the lessee. So a lease is where you pay the difference between residual value at the end of the term and the negotiated sales price. So let's say I lease a car that cost $50k and at the end of the 3 year term the car will be worth $35k. With that I would pay the $15k over 3 years or 36 months. The residual value (35k) is the "payoff" at the end of the term. You could actually buy the car for that price. In most cases that value is based upon mileage on the vehicle (say 36k miles). So at the end of the 3 years that vehicle with 36k miles is worth $35k. In our case my wife only puts 6-8k miles/year so at the end of the term let's say we have 20k miles instead of 36k and the actual trade value on the car is $37k. In that instance you have $2k in equity as it's worth more than what is owed. So I take that vehicle to another dealership, instead of turning it in at the original dealership. We negotiate the new vehicle sales price and the trade in price on the old lease and they ask me do I want a check for the difference in trade value or do I want to apply to the new lease. I apply it to the new lease and do it all over again 3 years later. I've done this 5 times now and the equity keeps building. I started with ZERO down and back last December when we leased the last one I had right at $6k showed as a down payment. They were not hiding anything because I negotiated the sales price of the new one and the trade in value on the old one. It works for my application but may not for everyone. Like in the example above...you're working off brand new MSRP list price, not a negotiated actual sales price. You're simply choosing to take a discount on the back end. You've done this several times and have $6K in equity. If you'd bought, and negotiated a MODEST 10% discount off the new sales price on each vehicle purchased, where would you be? Read my post again. I never pay list
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