Friday, October 1, 2010

Leasing

Thinking about something fairly expensive? Like to upgrade all the time? Stop wasting fucking money and lease! This depends on a few things and is not applicable to all vehicles. For example, at Ford, our std leasing rate is 11.00%; so if it doesn't have leasing incentives just forget it.

Let's go over my leasing checklist shall we?!

  1. Figure out the price (same as financing) before getting into payments.
  2. Double check the fee's after you find your lease number.
  3. If you currently lease, check if there is a loyalty offer.
  4. Make sure you verify:
    1. How many KM's/Miles per year? (I often put people into 20k/year leases because it lowers the payment)
    2. What are the overage fee's (EG, $0.12/KM)?
    3. What is my residual rate (Determines what the vehicle is worth at the end of the lease)?
    4. What is my buyout (The price you'd pay at the end of your lease to own the vehicle**Is ALWAYS + Taxes)?
    5. What is my leasing rate?
    6. What is the term?
  5. Make sure you check what your options are for early opt out. In almost all leasing cases you are required to pay the balance of the payments in order to be released from the lease.
  6. Is it an in-house lease or through the manufacturer?
  7. Can you add extra KM's after you take delivery?
Remember, leasing isn't right for everyone but it is great for some people!

26 comments:

  1. Ive heard leasing could be a mistake.

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  2. you continue giving good tips. thanks!

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  3. Leasing, when renting is too little and buying is too much :D - Michael Bolton

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  4. meh, a lease can be a trap if something unexpected happens...

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  5. yeah some of us HAVE to rent... we don't have any other options... I work full time and go to uni, so yeah.

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  6. I just like to buy my cars outright but you are providing some amazing info for my brain.

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  7. thanks for the useful info mate !

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  8. some very good tips :) But I am not going to buy car on leasing..never

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  9. thanks for the info. i've always considered leasing--I bought a honda civic and the monthly payment is roughly the same as leasing a mercedes c-class! lol

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  10. I don't like the idea of leasing a car because I prefer to avoid the interest. But I suppose if one likes to upgrade often and finds benefit in the loyalty offer, this could be for them.

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  11. I prefer to buy. My friends that are all stressed about mileage and cleaning the car do it for someone else. I drive my cars till the wheels fall off.

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  13. Nice tips. I just sold a limited edition pontiac bonneville SSEI. Gonna miss that thing.


    ________________
    purpma.blogspot.com/

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  14. Appreciate the tips. Don't plan on buying a new car for a long long time haha.

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  15. I always thought leasing would be more in the end

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  16. Do not lease. It is a waste of money. Even after 5 years, you will still not own any percent of the car.

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  17. i'm too much of a mod hound to do this XD

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