this sort of goes with my other thread. Im not really to knowledgeable on leasing, how does it really work..you keep miles down and trade it in? Do you have to make that ridiculous 5000 down payment? Can you talk them down in price? How does the loan work?? I have a 712 beacon score. So approval isnt a worry.

 

leasing is the worst thing you can do finationally all financial analyst never recommend it...

 

It is the most expensive way to obtain an automobile with the least amount of benefit.

http://www1.daveramsey.com/radio/dav...tContentID=396

 

plus me personally i would be over the miles in 1 year easy then there is the fact that i love to not keep stuff stock... and with leasing all you are doing is RENTING a car for 2-3 years its basically renting a car from Hertz but cheaper and its Ford instead

 

The only way I see leasing as an acceptable means of obtaining a car is if you are apart of a large buisness that leases it for you.

 

please don't lease a vehicle.......if you seriously are thinking about it, go wipe your *** with 3-5 hundred dollar bills and flush them down the toilet.....<<that is what leasing a car is like.....

 

There are only a few occasions where leasing makes sense. The first being if the automaker has some kid of lease special. This typically will happen when a new vehicle comes out, like the Edge or the Fusion. You may see promotions like $249 a month $0 down $0 frst payment. Deals like this can be good if you are on a tight budget. The other time it is good to lease is if you know you will be going through vehicles every 2 to 3 years. this is really only practical if you have a job that reimberses you for miles driven, or you have a lot of cash to throw around.

 

thanks fellas

 

my truck is a lease... an RCO.... heres the deal me and dad worked out on my truck.

we worked them down to $17,000 with 4,000 in rebates, down from $22,125 < sticker

then, we told them i wanna lease it. From everything I read, a car payment should be no more than 30% of your monthly income. if its more than that you will have trouble paying it. So. I got my truck, with the following deal specs:

36mos/36,0000 miles.
$0 down.
$247.68 a month lease payment/$3,000 a year for 3 years.
I own the tital. i have it in my possesion, however the bank holds a lien against the truck.

heres the deal at the end:

you make 35 payments of $247 (in my case) and the final payment is $11,100 which, at the end of my lease i can decide to either turn the truck back to the dealer, (sell it to the dealer for $11,100, which is a deal for them, or buy it out at $11,100 and keep the truck.

Now, I MUST admit in MOST cases leasing and then buying is a bad idea and not financially reasonable. However in my case, I feel that buying my truck after the lease ends is the way to go. Its not so much that I have added all kinds of stuff to it, its more along the lines of, I know the truck, I have had it since it was new, I know what its been thru. I have also taken EXCEPTIONALLY good care of it. Why throw all that work out hte window? I couldnt replace my truck, for the amt of my buy out. my truck actually is worth more than $11,000 from my research. so why give them a like new vehical for such a low price? So I am buying my truck after lease ends.

What does that mean financially?

Means my payment goes up $20 a month, and I end up paying sticker price for my truck. is that really the way to do it? no. but money is a lil tight, but i can still swing the ranger. and buying something else is a gamble, since u never know what your REALLY buying. atleast with a new vehical u have a warranty, with a used vehical your kinda phucked.

Would I lease again? yes! keeps the payments low. the absolute WORST thing you could do is put down money, or a trade on a lease. cause then your still paying more money your just paying the money up front.

also remember this equation, its not exact, but is REALLY close to reality.

on a lease, $1000 = $30 OFF your monthly payment

on a buy, $1000 = $15 OFF your monthly payment. difference is, by putting money down upfront, your still paying the same amt over the course of the loan, where as on a BUY your actually paying for the vehical and your capital (the overall amt u owe) goes down. if you have more questions, feel free to IM me on aim, or PM.

Also, since this truck is legally mine even tho it is a lease, i can do whatever the ***** i want to it.

 

Leasing is not always a bad option if you can get a good deal. If you trade vehicles alot then its really a good option for you. Plus it lets you get more car for the $.

My wife and I dont currently lease (she doesnt like them either) but i have in the past. In 1998 I leased an isuzu rodeo. I have never been so happy to have leased a vehicle. It was the first year for the new model and in the 3 years I had it, it was at the dealer 37 times. When the time was up, i just gave it back to the lease co. If I had owned it I would have been stuck for probably another 2 years minimum and it would have had very little resale value.

Another thing to think about it that the majority of the time you lease, your vehicle is under warranty. Most leases are 3 year so the whole time youre leasing youre covered under the factory warranty. If you lease again then you stay under a warranty. If you buy and get a 5 year loan, you usually are not covered in years 4-5.

I personally wouldnt lease again anytime soon just because i'm older and not that excited about getting new cars all the time.

 

my GF just BOUGHT her 2007 focus. she got the 5 year 100mile bumper to bumper warrenty for $1 more a month... some special i think... she financed for 5 years... but in reality she should have it paid off in 3.....