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Senior Contributor
youngandcreditwrthy
Posts: 6,227
Registered: ‎08-16-2012
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Re: score and process to qualify for a lease? help please...

Congrats!!! I have a question: so when you lease a car.. Is it brand new? I'm just curious about the mileage... Like how many miles does a car have on it when you lease it typically?
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WhiteCollar
Posts: 309
Registered: ‎04-07-2012
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Re: score and process to qualify for a lease? help please...

Yes, they are typically for new vehicles. Unless you go the CPO route. You can choose from various mileage options, 10,500 miles, 12,000 miles and 15,000 miles. The amount of miles you select will increase the payment.

Senior Contributor
youngandcreditwrthy
Posts: 6,227
Registered: ‎08-16-2012
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Re: score and process to qualify for a lease? help please...

Thanks for the info!
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Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012
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Re: score and process to qualify for a lease? help please...

 


WhiteCollar wrote:

Yes, they are typically for new vehicles. Unless you go the CPO route. You can choose from various mileage options, 10,500 miles, 12,000 miles and 15,000 miles. The amount of miles you select will increase the payment.


well, I was thinking about leasing until I read this.  I put at least 20,000 a yr on my vehicles.lol....  What is the mileage penalty?

 

 

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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: score and process to qualify for a lease? help please...

Is there an advantage to leasing over owning?? Never leased before and it seems to be the way to go if you like driving new vehicles.



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creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: score and process to qualify for a lease? help please...

leasing vs buying. 

 

http://bit.ly/P4U3iU

 

the jist of it is this. 

 

you get a new car usually ever three years. 

usually a incentive maitnence package is included. 

but you never own the car unless you choose to buy it afterwards. 

there are fees at the end if you dont take care of the car or if you go over on the mile. 

depending on the company its usually .25 cents for every mile you go over. 

but there is the loop hole that if you trade in for another lease or even a sale before your lease is up the dealership pays off the residual value of the car. 

the only down side is you still have to pay taxes to the state for the car at its value. 

usually 500 dollars the first 2 years and then it drops to about 300. 

 

what im doing and it takes the pressure off of a larger car payment. 

payment is xxx amount of dollars 

every week im saving 100 dollars and putting into a seperate savings account. at the end of the 3 year lease ill have about 12k saved if plans go accoridngly i can ethier buy out my car for the 15k and finance the rest or trade in plus cash down payment for a new car (around 45 for the acura tl i really wanted) 

 

if you put 20k miles a year though i would not suggest it unless you plan on buying out the car. 

 

you def do not want a finance on a car with negative equity ethier. 

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Frequent Contributor
WhiteCollar
Posts: 309
Registered: ‎04-07-2012
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Re: score and process to qualify for a lease? help please...

Leasing terms including mileage are determined by you the lessee and the lessor (dealer). For example, I agreed to 10.5k miles per year although I has the option of getting more. I was offered 12k and 15k miles. The more mileage you want, the more money you will have to pay. Exceeding the agreed upon mileage can result in a .15, ,.20 or .25 per mile depending on the terms of the contract yoagreed to. All leases are different! It's best to speak with the dealer about the terms and qualifications.


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