Valued Contributor
creditnocash
Posts: 2,185
Registered: ‎07-23-2012
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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