mrs.cos Posted May 7, 2014 Report Share Posted May 7, 2014 So i have a girlfriend who is looking to lease a car, but is being given a bit of a run around. She's been to 10 different dealerships and about to yank her hair out. She wants to keep her lease payments around $170 a month, she has a 2K downpayment, and she wants "new" so no used car shopping and she wants a automatic. Every time she finds a deal on the sites, she gets there and they are telling her its for manuals only. She hated her ford fiesta and will not consider Ford, Dodge, or Chevy cars. Im trying to help her find a good car but at this point she's finding only the Kia Forte is in her price range because she wants an automatic.. Who's not going to give her the runaround. She's said she's fallen in love with a couple cars only to be told the price is almost DOUBLED for an automatic lease vs a manual. She has no interest in learning to drive stick. Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted May 7, 2014 Report Share Posted May 7, 2014 I saw a Nissan Altima - $157/mo. but it was for a 2 year lease. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted May 7, 2014 Author Report Share Posted May 7, 2014 I saw a Nissan Altima - $157/mo. but it was for a 2 year lease. Its a manual. Quote Link to comment Share on other sites More sharing options...
Gergwheel1647545492 Posted May 7, 2014 Report Share Posted May 7, 2014 Tell her to find a Toyota dealership. http://toyotalease4less.com/vehicle-lease-specials/2014-toyota-corolla/ Lease a 2014 Toyota Corolla Today! $159 per month for 24 months with $1,999 due at signing* *Due at signing includes $1,840 down, first $159 payment, and no security deposit. TAX, REGISTRATION, INSURANCE, AND DEALER FEES ARE EXTRA. Customer is responsible for excessive wear and excess mileage charges of $.15 per mile in excess of 24,000 miles. Your payment may vary based on final negotiated price. NOT ALL CUSTOMERS WILL QUALIFY. 2014 COROLLA LE 4 CYLINDER AUTOMATIC MODEL 1852, MSRP $19,110. Lease offer is not valid with any other Cash back or APR offer Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 7, 2014 Report Share Posted May 7, 2014 I grew up in the biz. Happy to help explain the process and how leases work if it comes to that. Overall though, keep in mind advertised prices have a lot of fine print and are essentially starting points. Case in point, the new MBZ starts at $29k but for that money it's a MBZ you'd never own. Priced realisitcally with decent equipment it's way more. Leasing rule #1 NEVER put money down. Call me it's easier to explain. Rule #2, never talk payments. Work the deal first. Chat later. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted May 7, 2014 Author Report Share Posted May 7, 2014 Tell her to find a Toyota dealership. http://toyotalease4less.com/vehicle-lease-specials/2014-toyota-corolla/ Exellent. I sent her this link. Also, she said some of the dealerships she's been to, tell her that they dont carry all the same leases listed on dealership websites, is that true as well? (ive never leased a car, i dont understand the whole process) Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted May 7, 2014 Report Share Posted May 7, 2014 ^^^ This is good advice. To expand a little: You never put money down on the lease because almost all leases (if not all) include gap insurance. If you total the car, that down payment is gone. If there's positive equity (there almost is never positive equity in a lease) it goes to the lessor. If there's negative equity it goes to the lessor. Gap insurance covers the negative equity, her down payment would only help the lessor. What she should do is keep that $2k in reserve and draw from that to comp the difference between her desired $170/mo payment, and whatever it ends up being. Additionally, advertised leases never include tax/fees, and almost always include "dealer participation" which means they're assuming the dealer will discount the car to a certain point. On what we call "first pencil" aka first writeup, they hit it at MSRP, which bumps the payment up. Also, residuals and money factors (aka interest) are different on different trim levels/transmissions. To figure out if the money factor is good, take the number (usually something like .0004) and multiply it by 2400, that's your interest rate. If she has good credit, they may be able to do a better money factor. In all likelihood, she won't find anything that is exactly at $170/mo even with $2k down after tax/fees, but it's possible. How many miles/year does she drive? EDIT: Exellent. I sent her this link. Also, she said some of the dealerships she's been to, tell her that they dont carry all the same leases listed on dealership websites, is that true as well? (ive never leased a car, i dont understand the whole process) Leases are national programs, the dealers are lying to her. She sounds like an uninformed buyer, and they can probably tell so they're screwing with her. She needs to learn a bit more (not AOL or Yahoo! autos bullshit like "NEVER BRING YOUR TRADE", but about how leasing works) and she'll find she's having better experiences. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 7, 2014 Report Share Posted May 7, 2014 she's been to, tell her that they dont carry all the same leases listed on dealership websites, is that true as well? (ive never leased a car, i dont understand the whole process) ^^ some programs are national, some are regional. The far west coast and far east coast have tended to have the majority of different programs vs other parts of the country. Quote Link to comment Share on other sites More sharing options...
airwg2189 Posted May 7, 2014 Report Share Posted May 7, 2014 Guys saying no down payment, question for you: Is that referring to lease offers that say "$X down and $Y per month"? Are you saying a potential buyer should go in and tell the dealer to take the down payment off? Or rather, it's smarter to shop around the no down payment deals? I've never leased as I like having equity, just curious. Thanks in advance! Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted May 7, 2014 Author Report Share Posted May 7, 2014 I would also love to give her some links on wat you guys would consider "good shopping advice for a leasee" She's incredibly overwhelmed right now. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted May 8, 2014 Report Share Posted May 8, 2014 Guys saying no down payment, question for you: Is that referring to lease offers that say "$X down and $Y per month"? Are you saying a potential buyer should go in and tell the dealer to take the down payment off? Or rather, it's smarter to shop around the no down payment deals? I've never leased as I like having equity, just curious. Thanks in advance! you always have to put down the first month's payment at least, and there's occasionally a security deposit on top of that, but it doesn't matter either way. down payment on a lease is purely to lower monthly payment. you're not reducing the amount of interest paid, and you're only changing the equity position to benefit the lessor. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 8, 2014 Report Share Posted May 8, 2014 Guys saying no down payment, question for you: Is that referring to lease offers that say "$X down and $Y per month"? Are you saying a potential buyer should go in and tell the dealer to take the down payment off? Or rather, it's smarter to shop around the no down payment deals?I've never leased as I like having equity, just curious. Thanks in advance! Never put money down in the form of a Cap-Cost Reduction. The idea there is simply to lower your monthly by essentially paying a portion of the Captial Expense down up-front. Not a great move. Keep the money in your pocket as the whole idea of a lease is to pay for only what the depreciation you use is. If you trade or sell or exit your lease early, you won't get that cost reduction down payment back. As already noted, most leases require/build in gap insurance thus if you total the car, you lose the cap cost reduction too. Leasing is about options and minimizing risks. If the payments are out of ones range doing it this way, they are looking at a car they can't afford or is out of their budget. Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted May 8, 2014 Report Share Posted May 8, 2014 Its a manual. wow thats cool. what about a rogue? 167/mo and I am pretty sure those are all autos? Quote Link to comment Share on other sites More sharing options...
Slomo Eric Posted May 15, 2014 Report Share Posted May 15, 2014 So i have a girlfriend who is looking to lease a car, but is being given a bit of a run around. She's been to 10 different dealerships and about to yank her hair out. She wants to keep her lease payments around $170 a month, she has a 2K downpayment, and she wants "new" so no used car shopping and she wants a automatic. Every time she finds a deal on the sites, she gets there and they are telling her its for manuals only. She hated her ford fiesta and will not consider Ford, Dodge, or Chevy cars. Im trying to help her find a good car but at this point she's finding only the Kia Forte is in her price range because she wants an automatic.. Who's not going to give her the runaround. She's said she's fallen in love with a couple cars only to be told the price is almost DOUBLED for an automatic lease vs a manual. She has no interest in learning to drive stick. Would she consider a lease on a smart car for $99 month. It's a 36 month lease and there all automatics. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted May 15, 2014 Author Report Share Posted May 15, 2014 Would she consider a lease on a smart car for $99 month. It's a 36 month lease and there all automatics. Interesting- I'm not sure- as photographers we carry around a lot of equipment I don't know how much space is in a smart car Quote Link to comment Share on other sites More sharing options...
Slomo Eric Posted May 22, 2014 Report Share Posted May 22, 2014 I had a set of golf clubs in the back and 6 lunge bags when I took a trip to Colorado in one. Thanks, Eric Quote Link to comment Share on other sites More sharing options...
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