[Joemama]

That doesn't seem like a good deal IMO And I don't know what the guy above is talking about you have to put down some type of Down payment. He clearly has never leased BMW of benz.

 

[Joemama]

You certainly do not. Hell, you can do a sign and drive with ccap where not only do you not have to put anything down, ccap will pay your first month's payment in exchange for bump to the mf.

Even on bmw or mb leases, you can almost always do just first month's payment due at sale. Dealers just love to push big downpayments as a psychological tool to make the payment look more palatable. People balk a lot more at an extra $100/mo than $4k das.


I will disagree with using if you're planning on keeping it long term as being a reason to put money down on a lease though.

I put the Down payment down to keep the monthly payment low. I will have the car 39 months no longer. If I didn't put anything down you are looking at a 700 a month payment.

 

[Joemama]

Well I'll just give you our exact lease terms because we got ours last week, albeit in Oregon so no sales tax. MSRP $61 ish, Discount $12500 and that included a $7500 gov. rebate. We put just shy of $6k down but that included all DMV fees, first payment etc. 10k miles per year 36 month lease. Monthly payment $398.

Wish we got the State rebate as well SC does not offer anything.

 

[Joemama]

You're essentially trading off the risk of the loss of money for the reduction in rent charge on that down payment value. The effective monthly payment doesn't change all that much. With a higher mf lease, some thought should go into the cost of risk mitigation.

For the most part, you're paying the cost either way... if $700/mo with no money down seems unaffordable but $600/mo with $4000 down seems fine, you're fooling yourself.

I would not lose money as I'd be going to court if someone totaled my vehicle. Family of attorneys and also work at a Huge corp law firm. I never put more than 2k down on a lease. But if I was not at fault I promise you I'd make up the down payment plus some.

 

[Joemama]

And if you were at fault?

Then that would be a problem I would have to live with. Insurance has to make you whole. If I am worried about a few thousands I shouldn't be purchasing a 60k plus car.

 

[Joemama]

You're essentially trading off the risk of the loss of money for the reduction in rent charge on that down payment value. The effective monthly payment doesn't change all that much. With a higher mf lease, some thought should go into the cost of risk mitigation.

For the most part, you're paying the cost either way... if $700/mo with no money down seems unaffordable but $600/mo with $4000 down seems fine, you're fooling yourself.

Also If I financed the car I'd have to fight for diminished value which is extremely hard in this state. I know from experience.

 

[Joemama]

It also varies a lot by lease contract. Many brands have their contracts written such that if there is an insurance overage (that is, market value is higher than the adjusted cost balance of the lease), you agree that the overage goes to the lessor. In that case, it wouldn't matter how high of a value you convince the insurance company to pay, as you agreed that it goes to the bank, not you.

Not if I am hurt or inconvenienced in any way from the wreck. That money goes to me, has zero to do with the car. Everyone's case is different. I would have no Shortage of attorneys mine would also be free.

 

[Joemama]

Your personal injury claim would, but not the insurance payout on the vehicle. If you didn't put a downpayment down, you'd get both.

I get what you are saying in SC they don't have diminished value clause so its extremely hard to get you whole again. If you financed got a minor wreck worth 6k my cars resale value would go down as it would show it was in a wreck. I'd be out that money on the resale if I financed.

 

[Joemama]

We're not talking about financing though.

It's put money down on a lease or don't put money down on a lease.

I'd lose money regardless, so yeah I am using that as an example. So if I put zero down on a financed car I'd lose money if it got in a wreck as that would go on the title. I appreciate your opinion but I am well versed when it comes to insurances and legality.

 

[Joemama]

I've leased those brands and more... And you ABSOLUTELY do NOT have to put money down. People put money down so the they "feel" better about their payment. DON'T do it!

How much is your payment over 1k? Did you lease your 4xe?

 

[Joemama]

Not even close… ZERO down, out the door was first month and dmv. 36 months 10k per year, $650. Been leasing cars since 1992 and have never put money down and have NEVER had a payment even close to $1000. Cars ranged from $40k in 1992 to $80k in 2022.

There is No way you are driving a 80k car with zero down and paying $650 absolutely NO way the number do not add up.

 

[Joemama]

I'm at $388/mo effective(I did a single pay, so thats the equivalent monthly) on my $66k wrangler lease. And my timing wasn't the best it could be.

One could easily hit $650 with $0 das on a gc 4xe with the right timing/right deal/right situation.

For 80k? okay.... I still don't see how you have a 388 month payment. No tax title fees first month payment 595 fee dealership fee here in SC there is no way you are walking out the door with that price. Not where I live.

 

[Joemama]

Plenty of dealers across the country that will offer aggressive discounts. Rarely will it happen by just going in to your local dealer and asking them how much they want you to pay.

I talked with 5 in the state. I do my research. I am also not driving across the country for a car.

 

[Joemama]

Prior to this nonsense the last two years, ALL of my leases worked out to be $8.50-$9.50 per thousand based off the MSRP. I always went to dealers with that number in mind..

Oh before 2020 I was killing it on leases. Reason why I am in a Jeep now I had about at least 4k equity in my lease. Got out of that less than 2 years into the lease.

 

[Joemama]

No...I'm currently driving a 2022 Sahara 4xe at $65k. $650. I'm just finishing up purchasing my 2019(October 2019) GMC Sierra AT4, $64k and was at $477 per month(lease). Out the door was a TOTAL of $2k

NICE truck. When I say I put money down I am talking max 2 or 2,500 If I do. Last lease only put 1k down and that was first month payment taxes and stupid $595 fee they have here in SC when buying a new car.