New to Leasing. Info please

[Anonymous]

I was wondering if anyone with leasing experience can explain how they work to me. I dont really want to go to a dealership and have smoke blown up me about it.
In 2 weeks we will have 2 paid off vehicles and one car loan.
1992 GMC truck
2011 Cadillac Escalade (paying off in April)
2018 Camaro SS 1LE ( will bring down to $35k/$54k and refinance from $800 to $500 monthly payment)

We will have a family car, my husbands daily driver, and his toy. I would like to find a car I can drive daily without all the gas the Escalade uses. I dont keep cars more than 2-3 years so I think a lease will suite me well. I just dont understand how they work. Do you pay sales tax and property tax on them? Can you lease without money up front?
My scores sit now around 730-740 but will pay off all CC debt and the Escalade payment next month ($50k total). Im assuming my scores will shoot higher than that, so Im not worried about all that. I should be able to get top tier.
What do Mercedes, BMW, or Genisis leases run? I dont know if Dodge does one on a Charger SRT or Chevy on their SS.
I would like to lease for $400 or less if possible. I don't know if that is possible on these cars.
Thanks so much for any info.

[Repo-ed]

Just picked up my 2nd lease:

http://ficoforums.myfico.com/t5/Auto-Loans/Sign-and-drive/td-p/5202451

Now that I've leased, I have no desire to own again.  The payments for me are SO MUCH cheaper than repair costs as both of my leases have 10/yr 100k warranties and my new hybrid has lifetime battery warranty.

So long as you have the leverage of a high credit score and the ability to walk away from a dealer, because at the end of the day you don't NEED a new car, you can get a fair deal.

I had all of my local dealerships compete for my business. All that emailed me competitive offers I ran credit with so they could see I was serious, and they weren't going to have to play numbers games with somebody who was in desperate need of a car.

My ONLY concern with leasing is: Make sure whomever you go with carries the GAP policy on the car (or you will WANT to make sure you do). My 1st lease was a 3 yr 36k mi lease (the car was 2.5 years old and only had 13m miles on it...so I was paying for the use of a vehicle in available annual mileage, that I wasn't using..thus my payment could have been lower), so make sure you get the mileage you KNOW/forecast to drive right, and this will help you get even lower payments. Disposition fee (what it will cost you at a MINIMUM to return the vehicle at the end of the lease + excessive wear/tear, tires, etc (The fee + tires, etc are almost always waived IF you get another vehicle from them...BUT, if you just want to walk away at the end of your lease, then you're going to want to make sure you set aside money and/or BABY the front paint of your car from rock chips and the side paint from door dings, because you will likely be on the hook for those repairs, if they find them to be "Excessive". So for me, THIS part has been the most stressful part of lease ownership. Making sure nobody parks near me, that I don't curb the rims (some dealerships will offer plans that will cover wheel and tire damage as well as interior and exterior damage so long as there is no paint loss (ie you get hit with hail and there is no pain loss, they will repair the hail damage. BUT you get a small rock chip that goes down to the metal, then you're on the hook for that repair).

TL;DR leasing is great, make sure the car stays in near perfect condiiton and you'll have a great experience.

[Repo-ed]

Forgot to mention. YES! You can lease with no money down. I did on both. If they need to move units off their lot and you have a strong credit score, then you hold the leverage.

NEVER put money down on a lease. 

[Anonymous]

Thanks for all the info! I appreciate it. Hopefully me not Needing it will help. Im in no hurry and can walk. Im just tired of driving a huge suv when I dont have 3 kids with me, and the Camaro is only a seasonal car in Missouri. Only other question is about the sales tax and property tax. Do I pay those on a lease? As for Gap, I always get that. Scary knowing you can be on the hook for $10k if it is brand new and wrecked.

[Repo-ed]

Great question on the tax front. I'm unsure entirely on both.

My assumption is I'm always on the hook for sales-tax at PoS, but not sure/how/why property tax would play into a lease purchase.

Hopefully somebody else can help clarify this for us.

As for GAP coverage, I know Hyundai carries the GAP policy on their lease vehicles in case the customer fails to. It's my understanding that most (possibly all) do the same...again, specifically for their leased vehicles.

[Anonymous]

I just didnt know if I would need to add it to the property tax sheet our county sends out, where you add or subtract vehicles you own Jan. 1st. You dont "own" a lease so I didnt want to make a mistake. I assumed you pay sales tax on a lease, just wasn't sure. I guess I can call the dmv to find out. Thank you!