Lease VS Purchase

[CostantinoA]

I am looking at a 2015 Escalade or Tahoe.  I want to keep the payment under 700 a month.  The dealer told me to lease it for 36 months and then purchase it.  He said this will keep the payment where I want it.  What does everyone think?

[StartingOver10]

I am not a fan of leasing at all. What are the terms of this proposed lease? What is the milage allowance?

Are you sure that in 3 years you would want to buy a 2015 vehicle? If this is your dream car, then you will spend 3 years "renting" it and then five plus years buying it....not a sound financial decision.

[Anonymous]

As we told you in another thread, don't think about payments. Think about the total terms. Just thinking payments is what gets you horribly underwater on loans because dealerships can work a lot of magic to get cars sold. 

Also, leasing is generally a suckers game for anyone that doesn't have excellent credit, and don't mind losing some money because they have extra to waste on a new car every couple of years. As you have told us this is not your situation. 

[CostantinoA]

I thought to obtain a lease, you have to have good credit?

[Anonymous]

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@CostantinoA wrote:

I thought to obtain a lease, you have to have good credit?

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Not to get one, to get one with favorable terms where you aren't wasting money. Same with a regular car loan. Sure, you can finance a 20K car at 25% interest in most states with lousy credit, that doesn't make it a good idea. 

[Anonymous]

I agree with some of the points above. If a lower payment is your incentive for leasing its not the wisest choice unless you know you will want this particular car in the long run and have credit that allows you to get the best terms.
My monthly is $165 with $1000 drive off and first two payments made by Mazda so total out of pocket cost came down to about $650 which I was comfortable with. Scores above 680 qualified for the best terms with this dealer so its something to keep in mind.
Renting this car for a couple years is cool with me, I like that itll always be under warranty and my annual mileage is well under 12,000 so it works. Everyones different. Good luck

[dabrian]

I'm confused by your multiple threads. Have you not already purchased this vehicle?

[CostantinoA]

I purchased a two 2015 cars this month.  I am looking to get an Escalade soon.

[Anonymous]

I would not recommend leasing, and you're really persistent getting that car even though your credit was already underwater. Build your credit first if you want under $700 and put a good down. Don't let yourself be buried by your debts.

[CostantinoA]

My credit isn't good because of medical bills.  My auto history and credit cards is perfect.  I have a bunch of inquires because of the 3 autos I have purchased in the last 11 months.  I make almost 100k take home a year now.  I know I am losing a bunch of money with buying new cars all the time.  I know I will have at least one of the  auto loans paid off in 6 months.  My wife and my goal is 2016 Cadillac Escalade for me and 2016 Cadillac ATS for her.  Since one of my loans on these Chevy cars is from GM Financial, I am sure I can get some nice terms after 6-12 months of payments.