How to get out of car lease?
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I got into a car lease 4 months ago. Fell blind into that new car look and new car smell. When I got home and my senses came back to me I realized the horrible position I put myself into( read the contract in detail). I checked the value the other day because I wanted to sell it and the damn value dropped to half. The car only has 2000 miles. Never again will I ever commit this mistake. I can comfortably pay the payments but I don't like the fact that I'm paying so much for something that won't be mine.
Good life lesson
I fell for the same thing a few weeks ago. Then i found dave ramsey going to pay close attention to everyrhing i do now. I made a stupid mistake and nkw im upside down at least 6-10k depending on if its dealer or private sell. Talking to a lawyer to figure out my best options. Going to drive beaters for ever now
My family basically tricked me into a car lease. Now I'm destitute for the next three years. Super cool.
I wish I saw this video before I get into this horrible car lease. Do not do leasing, you are better off walking
mohafaraar1 Or taking the bus, bumming rides from good friends, or joining Zipcar.
Really? But, I want to impress with a different Mercedes every two years(^_*)
Stupid
I was about to finance a new car after listening to this video i changed my mind.Thank you for saving me.
fojeba did you end up financing the car 1 year later from this comment?
No , i purchased a 4 years old Hyunday Turcson.
fojeba well done. Never ever finance or lease a vehicle. Pay cash for the car and be done with it. Nice job! #cashisking
samething happend to me. I was ready to put 7k down to pay 628 for 72 months and they offer me a Lease. I decide to get more info on a Lease a find this video. Thanks Dave
fojeba you’re so lucky wish I would’ve seen this a year ago rip to my finances
I made the mistake of leasing a car once. What a life lesson!
Facts
I leased my 2017 Subaru Impreza in march. I put 4k down and my monthly payment $221.63. And Im planning to keep the car after my lease os over. After my lease is over the car will cost 10,675. So I have a 3 year old car under 40k miles with the warranty for couple more years. Lease can be good if you plan to keep a car afterwards.
Just got out of my Tacoma lease! What a happy day.. cost me 3g to do it but I can afford that. The simple fact that I don't owe anyone anything now does wonders for my mental health.
rich people rent(lease) things that depreciate and buy things that appreciate. leasing has to be right for YOU! not being able to afford it is another issue..
No ultra rich sometimes lease expensive car. They usually buy outright. Ultra poor lease which is rent
2 major problems with this:1)People dont go on Craigslist to pay the kbb value on anything specially cars. They go there looking for something for almost nothing. Believe me. I used to sell cars on there. Only was I was able to do it was to buy cheaper and still sell cheap.
2)Most people on Craigslist do not have 15k sitting around to buy a car.
And even if they did. Most wont buy a car without the title in hand. I certainly wouldn't hand over 15k to someone and the wait 3 weeks for a title to come in the mail...
God, I wish I had seen this video before I leased my car. I’m stuck in a mess right now because I stupidly signed a low mileage lease agreement because I mostly use the car on weekends and now that I have to move to a different state for a new job where I have to drive more they won’t help me in any way. Really sucks. Love the name you call them. Is that Fleecing or Fleasing? 😂
Exactly.
My family talked me into agreeing with a lease. Blindly trusting people is such a stupid thing to do, even when it comes to family. Easily one of the worst mistakes I've ever made.
I've been perfectly happy leasing my cars for years. Life is full of perpetual payments cars mortgages cell phones utilities etc. I can swap out to a new car every few years,never have to worry about maitenance,and have lower payments and less down than traditional financing whatever works for you is fine but I have. No issues with leasing
well its all depends, some people want to drive the latest model and technology to enjoy thier life once in a while, like now you can lease an Ford Fusion SE with tech package for $160 out of the door (if you know how to deal with dealer), I mean I pay $200 for a cellphone plan and a $100 for internet, for me I think its just a monthly bill to drive the latest car that I like with warranty on it without a headache, instead of driving a crappy car and save money for 3 years to buy the car I want, and I know my self , I change my car every couple of years, so maybe this way works out for you and maybe not, its your call folks, listen to the points of this video and think whats best for you and whats keep you happy, fucking life is too short, but never lease if you have no income tho, some people do it and regreat it, I lease and buy sometimes depends on the mood and the plan of that couple of years.
Leasing without an income....Ouchies
I enjoy leasing a new car every 3 years. I don't do it to impress other people because I could care less about them. I lease a new car so that I know it's pretty much bulletproof and I won't have to worry about breaking down as much as if I had a used car. I've owned plenty of used cars and in day and I cannot stand them. I have a specific budget mainly for the car lease payment. I know a few wealthy people and they lease their cars also because they want to switch it up and get something different every couple of years. He also makes it seem like everybody can get a loan or has thousands of dollars tucked away to purchase a used car. He talks about buying a used car for the amount of $4000. Where the heck are you going to get a reliable car for that amount of money? Eventually I will lease a vehicle and if I really like it and want to keep it,then I will buy it after the lease is up but until then I will continue to lease. Its your money, do as you will.
My parents have always leased their vehicles. I think they like getting a new reliable SUV every few years, and they can afford the payments. They bought me a 2008 sedan around 7 years ago which is now paid off. It just hit 100k miles and is still reliable, runs great, etc. Even though I'd like to get a newer car, I really like not having a car payment even more. By the time I save enough money to buy my dream car, I know I'll appreciate it more.
I wish I knew all this before going into my car lease I absolutely hate it but I was only 18 and had no idea what I was getting into but it definitely built up my credit and I've only got a couple years left then I can go get what I really want
The national average car payment is $486 over 82 months. Let's not forget that at the end of that term, your "new" car will have last 90% of its value.
Now do you see why people lease? They want the car while it's good and within warranty. Don't act like that's not a huge benefit.
Kris Vladimirov very true, my bro paid $44k for his Audi Q5 back in 2012, now that he’s done paying it off, it’s only worth about $9-$12k, but he just spent about $3k in repairing the turbo and fuel pump. So car isn’t worth much now, plus he’s putting money into it. Makes it seem like it’s not worth it to me.
@@STILLNIGHTPEARL Unless your bro is extremely wealthy, buying a brand new Audi is just blatantly stupid. They're basically rebranded Volkswagons, not that nice of cars to begin with, and the unit economics, depreciation curves, and repair costs aren't the same as a consumer car. Therefore leasing would make more sense. With that said, either way they're endless money pits and not good financial decisions overall. If your friend wanted to flex he should have at least bought an AMG Mercedes. A new Camry SE or Corolla are cheaper, 100x more reliable than any luxury or exotic.
Michael Colloca yeah man, he ended up buying a fully loaded 2019 Acura RDX a spec back in late 2018. Vehicle is night and day more reliable than the Audi, maintenance is way cheaper also.
I love how dave always says "you get to get a personal loan" as if its thats easy for someone in debt
you have to remember this is a man with multiple bankruptcies who makes money off TH-cam and appearances giving speeches based on the bible and his financial advice from 1980
leasing is not always a bad idea. Every scenario is not the same.
Some people I know always advising me to get a lease and I keep saying that I'm already paying for a car and I plan on keeping it for as long as I can. It does the job so why get a newer one? Gosh! People are annoying.
This isn’t accurate. Every lease has a payoff, just like a car you would finance. You can log onto most websites for your lease company and find the Buyout. The residual is stated in your contract you initially signed when you lease. Find your buyout price and then go to carmax, they will buy a lease just like any other car.
Interesting information,have you done this before?
This is what I will do
Carmax doesn’t buy leases!
They have to disclose the Lease Rate Factor, if asked. Multiply it by 2,400 and that’s the APR. So it is available, but not required disclosure.
Leasing a car takes away the headache of fixing it, maintenance and finding a buyer after 3 years.
Car lease is no difference to renting a property.
You can't tell a tennant, don't rent, either buy or live on the street.
Come on ... It's about understanding about renting a car and being smart.
You make no sense lol.
Rich people do lease cars, but the leases tend to be used in their businesses....or they're already financially secure so they can afford a lease.
I work with rich people. They DO lease their cars.
jillian mcallister Me too. End of the day it’s not about how much you can save it’s about how much u make.
you havent seen many of Dave's shows. it's funny how no matter the income the problems and worry is the same. some call in with 300k plus on debt making 300k a year but they're panicking because they have been wasteful just like the 30k a year so car mom.
high income does conceal a lot of bad financial decisions. it's why so many doctors are broke too.
matthew williams Have you watched the episodes where someone calls making below a living wage? Lol
They wont be rich long doing that
The same is happening at mobile phone service retail stores...
not really lol
im 19 and stuck in a lease. its a horrible idea. never do it.
"And I'm a 4 year old emotionally and I cant tell myself no."
Thanks for the tip Dave.
Thank you !!
Thank u Dave for your no B.S. honesty
After hearing this, I worked up the numbers from my current Toyota Tacoma lease. They are charging me 13.5% on the $ which applies to the total $ minus the residual value!!!! My credit score is over 800, so this was a complete ripoff! I was flabbergasted. I have 8 months to go, and at this point, only $40 a month is going towards the "interest." Given that a large fee will be charged (the paperwork mentions this but does not tell me how much) if I turn it in early, I will keep it. The good news, if there can be any, is that due to having leased a high retention value truck, given the current trade-in calculated off KBB, I am above water. I believe that my best bet is to buy the truck at the end. I love the truck. I'll then have "bought" a 3 year old truck with low miles, which when I work it out as if I did a 3 year loan, given it's true value, my actual interest rate over that 3 years, followed by a balloon payment, comes out to only 0.1%. This can only happen with a HIGH value retention vehicle, so be warned. They will RIP YOU OFF!!! And they will smile while they do it.
+Ann Diederich I personally have no problem buying new car. The only car I've ever bought in my life is a new car. I'm also still driving it 11 years later and I paid for it in cash. I don't view car as investment, nor something with residual value. I treat it as expense and move forth with that in mind. My car isn't pretty anymore, but it still gets the job done fine.
+Ann Diederich...WOW...that's crazy....hope you will never ever lease another car again.....its basically just renting a car.
How do you find out the interest rate?
It depends on everyone's scenario. Bought a used corolla cash. And if ur maintaining cost is $3000/year it make sense to lease. And lease interest rates are really low. It's just the bogus fees that dealerships ask that's unfair.other than that when u lease u don't have to worry much about big repair costs because u will be driving a new car every 4-5 years. If I'm a millionaire ofcos I'll settle for a car I love with cash
He’s so right!
I leased an 2017 Audi A6. I owe 16,000 but the trade in value is listed at 33k for fair condition. Can I keep the difference?
I think part of the pressure is the fact most of us don't have a job if we can't get there by driving. When people are at the bottom of the income scale a $1000 repair would mean the car sits and they lose the job. So low down payment and a car your not responsible for repairing thats reliable is not a crazy idea. Stop typing... Don't even get started about you should take a bus and the state of rapid transit in the usa.
Unless you're making atleast 60,000 a year with no other dept don't lease a car more than 20k unless you don't mind being broke for 3 years or more life happens emergencys rent etc just don't do it most people regret it
This may vary by state, but in NY people don't like to buy leased cars from individuals because the seller doesn't have the title.
I am going thru a issue right now with a car dealership. They didn't have my original contract in there system and then forge another contract to make the numbers right because it didn't match up. The 100% forge my signature on the new one they made.
How many people can keep driving an old car without paying to have costly repairs for 5 years
+donald cook Lots can, when you are not dropping $400+ per month you have cash for repairs. Plus you eventually know what is and is not going bad on the car. This is why mechanics drive old cars.
+donald cook ....just stick to Honda, Toyota Volkswagen and maybe Nissan;they are made to last and make sure you get a Carfax report on any car you consider buying.... many years back I owned a 1986 Honda Civic that I ended up driving for over 424 000 miles and it still passed the smoke with that old engine, and this whole time it only cost me very little in repair,.... after that I owned other Hondas and Volkswagen and had very little trouble with them also,.....the important thing is that you take very good care of your car.
+donald cook
The key is to find a mechanic you trust and get your vehicle serviced regularly. Staying on top of general maintenance will go a long way to eliminate or at the very least significantly extend the time in between the more costly repairs. Many are penny wise and pound foolish when it comes to their vehicle's maintenance. Those that forgo the less costly recommended but not necessary at the time repairs are generally those that end up paying more in the long run.
+White Kitta Exactly, people just don't do their homework on used cars and just simply buy into the myths associated with used cars. Such as they will always break down on you, they are unreliable, they are unsafe if you are in an accident, and all this is simply not true. As you stated the reviews on older Toyotas, And Hondas have really good reviews with many people getting 200 and like you up to 400 thousand miles as long as you change the oil regularly and do the maintenance the owners manual tells you. Which by the way is way cheaper than paying 500$ a month which is the average car note nowadays.
I bought a 2008 Mazda 3 for 12,000 that had 78,000 miles on it at the time. I have had basic maintenance cost on the car and It's about to turn over 200k miles. I have had no payment for 3 years. I'll take the risk of maintenance costs over a lease any day. Even if I put 2k in car repairs into the car every year it's cheaper than leasing in the long run. And 2k in repairs is excessive.
The cars that they build now are not ment to last for hundreds of thousands of miles/for years, FYI. Good luck with them after the factory warranty is gone specially if you buy the upper trims.
imho you are very wrong and trying to convince yourself....I do think It's not always bad... but what you are saying I don't agree with...
My 2008 INFINITI lasted more than 350k miles
I don’t know in US but if what worries you is reliability you can get warranty extensions with almost any insurance company for 400/600 usd a year
Before you lease or buy a car, be sure you know the cost to insure it. Had I known the high cost,I would have not purchased the car. The insurance is outrageously high now, everywhere, regardless of your excellent credit score and clean driving record.
Buy a reliable used Car Brand (Toyota, Honda,) and they will last. Don’t lease.
Foolishness I normally agree with Dave. But this is the thing. If you’re a commuter, why would I inherit someone else car problem? Why would I get a car someone has already driven and prob not maintained etc. trust me I have literally done it all,Owned, lease , finance. The one thing that doesn’t change was my need for a car. A reliable one. I want the luxury of driving my car to dealer and having what I need fixed and back on the road without losing my mental health worrying about fixing things. Cars are meant to break. They’re the worst assets ever. No matter what you do you’ll throw away money. Check out UCC law. No such this a money anyways. We are given back notes. Use your bank notes for comfort. If you fall on bad times learn how to properly discharge debt. That’s what rich people actually do. They buy things and if they don’t pay lawyers help them with discharging debt. Never pay off debt. Got people out here pay 300k in debt. That’s bank notes you could use on another investment property etc. things to make you more money. Have an expensive car find ways to make money off it. Toro etc. be creative in thought.
No one teaches you how to negotiate to buy a car, you just go in with a monthly payment mindset....that why you end up with a lease
“Fleeced” 🐑 😂😂
Might as well keep it until the end of the lease and then return it. Costs more to buy out early.
1988 dodge pick up....2000 mercades 300 sel paid for both run great
yes but a person isn't going to buy a car privately without the title deed which you can't get until after you have paid the dealer....
Absolutely right
Got a friend looking to get out of a lease on a 2018 Honda Pilot. Almost 600 miles on it, payments are over $470 per month. Lease is 3 year / 36k
Any suggestions?
I haven't had a new car since 1982. I buy used, with cash, drive it until it becomes inconvenient. Ie. Breaks down too often or I need something different. I usually just give them away or get a junk yard to come and pick it up.
I don't know where people lease from where they can't get out of it. My lease can be over ANY time I want to trade, with NO pay-off of the remainder of the contract, and I pay 0% of interest. Leasing USED to be a bad deal, but they have come forth by leaps and bounds today. Best bet is to asked all the questions you might need the answer for BEFORE you make a deal. Leasing is very good if you do it smartly.
Rich people buy what they need.
Poor people buy what they want.
Is it a smart choice to early payout a leased car for $36000, sell it for $31000 and pay the difference of ~$5000 to the dealer? Or wait until someone take over my lease? It's a 2016 Honda CR-V. Thanks.
OR GO to Carmax and see what they'll pay for the car and take that or take the CarMax letter and aggressively shop local buyers that are like CarMax.
I am just about to pick up my new car on a lease. It has worked out an lot lot lot cheaper for me to buy it on a lease than a loan as is 0% interest. Also BMW give you a discount of a few grand when doing a lease. and you earn BMW equity that you can put to your next car and that was worth about 4-6 grand.
+James Lewis that is in the UK by the way
+James Lewis I can also claim all the tax back if i was self employed/ freelance as its a monthly outgoing and not a debt.
Luckily I leased my Nissan Rogue, what a horrible car, it vibrates so much, and dealers say it’s normal, so good it won’t be mine, I’ll be happy to return it, next time I’ll get a leased Toyota and test to if it’s worth buying it at the end. So lease is also great to test before you buy.
"It vibrates so much". I dont know why this made me laugh 🤣.
best lease rant ever!!!
I’m stuck in a lease. Dang…
Actually a very high percent of the population lease today, Toyota, Lexus, and even the top luxury brands. Why???? Well because the fact that once you pay 30K for a brand new car. And let's say you paid the whole amount in full. Then about 5-7k of your money just went to trash the minute you drive off the lot due to depreciation. There's tons of benefits for leasing and this guy is against all those benefits for whatever reason.
Jiujitsu Dan ppl are leasing cars because they want to drive a car they can't afford.
How about buying a certified car that has already depreciated quite a bit. Then you don't have to worry as much and you still have a warranty. Put a big down payment and drive off on a car you can actually afford.
Jiujitsu Dan you're not very smart are you Dan? Ever heard of equity?
Jiujitsu Dan yes the guy is an idiot .... He is talking about saving but not producing money . You know... a used car or new car or lease car is a expensive .. if you buy a used car later you need to fix . If you really want to save money, buy white shirts and eat rice with eggs everyday and use a bike .
Not true at all.
If I have a new lease, but could have bought it for cash. Is it better to buy it out early and keep it? Does that save me any money?
I've been leasing for 2 decades. It boils down to if you want purely want a A to B transport, or if you really enjoy driving a car around. Then the price is actually considered a luxury almost, some people like fine wines, others like new cars and don't mind taking the expensive route to do so.
I know some of you have your feathers ruffled over Dave's comments about leasing. For the majority of people that are the working poor in our country, that go into a car dealership and blindly agree and sign everything put before, any type of financing whether it be traditional or lease is a bad idea for them. There are times when leasing makes sense, and you can actually make a profit on the right deal. However, if you are broke, you have no business driving a new car period. Leasing a car for a profitable business makes good sense. Not Uber, Uber financing is a scam. If you make a six figure income, and utilize your vehicle for work, not pizza or newspaper delivery, it is possible to make a profit on the right lease deal. Most people don't know that leases can be negotiated. The problem is, people that are freaking broke think they're entitled to a new car that most people would not be able to afford. Leasing is only a good deal for a few of us that can write off the entire transaction on our income tax. Or even part, depending on your situation. But if you're leasing just so you can boost your status, your stupid.
Can you make a payment on your residual value after your lease? Or does it have to be paid cash?
Did you receive a response?
My husband begged me to get a lease. I didn't go for it, but he did convince me to get a BMW. I wanted a toyota. 🤤 Very expensive. 😞😢
Ha ha, best advice ever. Why didn’t I think of that, I should just have enough money to buy a two-year-old car with cash… All this time I was leasing a car because I don’t have that kind of money. What was I thinking! No, of course that would be a better option. That’s where the term the rich get richer came from. When you have the money, you get the financial breaks. I think it’s close minded to assume that everyone who buys a nicer car is emotionally four years old. I’m in an industry where I need to be perceived as doing better than I am. I have a lease that may be a more ultimately expensive option, but it’s something I can afford. In the meantime, it helps me get work. There are many people who make similar moves. Robert Kiyosaki says, only put capital towards credit if the money is working for you. I’d say buying a nicer car than you can afford with cash, in order to make more money is not a childish decision.
Leasing is not always bad . If you have money and are into sports cars and expensive cars , leasing can be smart for cars like that . I think Dave is just super against it because it's bad for the average person that can't afford the car in the first place .. and if he says it's good in any circumstance than people will justify it in their situation..
dave had callers that make millions in a year still said just buy the car why have the needless waste.
how to get out..... turn it in while the account s current. it goes to auction. you owe payments less finance charge less fees, less auction amount. or JUST go online to CARVANA and see what they will pay, take that amount to a dealer.
Anyone know if you can transfer a car lease to a spouse?
The only time to get a loan for a car is for a 2000 car to get to work, if you cant walk, bike, carpool, or get a ride.
It's extremely difficult in most cases to get an auto loan for under $5000, although I suppose a personal loan will do.
Crash the car
Make sure you carry GAP insurance if you're upside down.
Better yet hire someone over Craigslist to steal it.
It's a trap 🐸
HELP!
sidharth chand I’ve always leased my cars...and I’m doing well financially.
Got a car lease ad on this vid.
you act like all people that lease a car do it to be fancy
+tvw2010
Not necessarily. I know plenty of people that lease practical non luxury family vehicles. However, leasing even for a practical entry to mid level vehicle is still a luxury because you are paying for the convenience of being able to drive a shiny new car every 2-3 years. Unfortunately for most people I have come across it is a convenience they can't really afford. Many are cutting corners on their retirement savings, general emergency savings, and living paycheck-to-paycheck to be able to scrape enough money each month to afford their lease.
Well I leased a car because my previous one was totalled due to a collision and I went from no car note with a safe, well working car, to nothing, just a couple weeks after losing one of our incomes. My next car, which I bought used, was completely unreliable and was constantly in the shop and eventually broke down all together so I needed a car I could afford monthly and I needed it fast because I had gotten a new (less paying) job and needed a safe and reliable car to get there everyday and it seemed like a good deal to lease considering my circumstances. So for someone to say that people who lease have the emotional maturity of a toddler is a bit harsh if you don't know the person's situation. Actually that statement itself was quite emotionally immature in my opinion.
And fyi I pay $198 a month for my leased car.
What make/model car are you leasing for $198/month?
+Andrew Sellitti Chevy Cruze
look up the money factors and pick a car with low one
Exactly, you can look up the money factor.... I love Dave but he is wrong on the leasing point... Has he factored in maintenance costs???????? Depreciation????? What a joke
What he needs to factor in is how much the person drives, and how much that person's time is worth. This determines the reliability level needed, and therefore whether a newer or older vehicle would be appropriate. It's also important to consider future expected income. If income is expected to rise, it makes sense to finance. If income is expected to fall, it makes sense to pay cash.
+Nick Garvey leases are a rip
Only a scam if u go over miles. If u drive less then 10k miles per year its great. Get bored of car 3 years get new one. Good luck selling 3 yr old car with low miles to someone on craigslist and having them pay cash for it. Or get screwed from dealer with trade in price
I made about $3400 on my Toyota Tundra in the end of my lease
did the same mistake. now working butt off.
I really do, i really do regret why i didn't come across your show before a year
+Yoosuf Muhammad same af ! 1 more year to go
Wish I had seen this sooner
Leasing been around since the 70s.
Dave was selling Christmas trees back then
I agree if people would just stop loaning money like Banks then prices would go down for savers!
I do have to personally disagree… Of course there are times when leasing is bad but sometimes it could benefit. For instants even rich people are leasing expensive cars because there is so much to maintain so why pay all these maintenance fees and depreciation on top of that when you can just leased a new Mercedes or whatever every three years…I got a really good deal for my lease and the only reason I did that is because I was not sure if I wanted to buy the car at the end of it I’m still undecided. But I got a great deal my 2018 Honda accord touring is at an MSRP of 36,000. I price matched another local Honda which was doing the same top of the line trim level at 27,000… I just looked at Carfax for my cars value and I have 11,000 miles on it and it’s worth 28.5 thousand which is more than what I originally leased it out for!Anyways I’m not an expert at all but I do think there are sometimes upsides to leasing and if you are undecided? It’s really up to you and at least for a car lease you can turn in the car in three years time if you know and or figure out that the cars value is down or is going down then you don’t have to be stuck with trying to sell it but I could be totally and completely wrong
You can also just payoff your lease up front.
One time I bought a Subaru for $3000 and I paid more money in the mechanic than a lease for a new car . Dave you are giving terrible tips . I think you are poor . People if you are going to buy a car lease and later buy .. I prefer have money to invest on my business than give all my money to a car .
Ponnalagu Sankaiah you do realize it’s a subaru lol
Never buy a Subaru!
Let's talk trucks payments
$700 come in talk to me ..
Ford sells 750,000 of them
7 more months and hopefully I’m done with this curse forever
Yeah!!
And now phone companies figured they could do this to you too. Keep you paying for a phone for the rest of your life
Wisdom
i know evey thing around a car lease in my country . its like trap any body can tell me about procedures in your country
What is a car lease? Is it like a long term rental agreement?
I lease cars cause i wanna drive new car every 2 years.. and i dont wanna keep the car. Plus i dont want old car thats gonna break down on me later and mechanic gonna charge shit load money to fix .
Cool story bro. Hope you're a millionaire.
@@kylethurgood probably not. Or wont b for long if he is
I actually know only one millionaire and all his (their) cars are used. Maserati, Range Rover, Porsche cayenne, BMW 3series convertible.
in a lease you can give back the keys any time. you put money down and then monthly note. i have never leased but 45 years in the business i know better
Daniel Kennedy hey i have a 2016 accord that i leased for 36month 12kmiles/year. I am 1year and 4months into the car and already have 31k miles. I really want to turn it back in and use my bike again. Will i have to pay fees for the miles since i already drove worth over 2years on it?
Cejas G Buy it out or stop driving the car until lease is up. Normally it's 36k miles max before they charge you for the miles. However, turning it in early is a big no. The will make you pay an arm and leg to get out of a lease. It will mess up your credit too if you can't pay it all.
In these strange times I actually made $10000 on my lease!
I will NEVER lease a car,.....its all just a rip off, you are basically renting the same car for years and then after all that money disappeared into the car dealers bank account you end up with NOTHING..
You end up with nothing anyway. Vehicles depreciate.
You end up saving the monthly diference between leasing and buying which it is huge + no maintnance, repair cost, and cheaper on gas.
A big factor to consider is that there is a risk when buying a used car. Part of the culture is that some people lower the miles on their car before trading/returning it, and you can't find that on car fax report.
I'm not saying leasing or financing are the best option. They both have their pros and cons. You always going to pay for transportation no matter what
dave your stuck in any car payment.
leases are stupid stupid stupid. i have a 2000 grand prix GTP and a 1991 cavalier convertible. both are paid for with CASH and no one tells me how many miles i can drive before i get heavily penalized 10K miles per year, lol. i drive 70 miles per day just back and forth to work. $500 per month for 84 months, lol. that's just plain stupid
i igree !
Not sure where Dave got his "expert" financial degree but he clearly doesn't understand car leasing. He doesn't understand the difference between an "early payoff" and an "early buyout" -- two very different things. He keeps describing a buyout when what people actually want to get out of a lease is an early payoff -- much less expensive. He also never mentions a lease transfer -- even cheaper. I wish people like Dave and Suze would stick to topics they actually know something about.
It's logical and obvious when you analyze it that fleecing is more expensive
Exactly.
LeaseGuide.com LOL, coming from "LeaseGuide.com" Doesn't matter what you just said, throwing money away on a car you will never own is NEVER a good idea
+MrJimmy3459 Depends on the situation. Leasing a car is essentially a long-term car rental, paying only a fraction of what you would normally pay per month from a rental agency. Moreover, you get a brand new car which means avoiding maintenance costs for something whose market value depreciates rapidly after 50K miles. It all matters on the kind of deal you get. I can lock in on a new Honda Civic that gets almost 40/mpg fuel economy for about $210/month (with $0 down payment) because I need a reliable, fuel-efficient mode of transportation to get to and from my commuting jobs.
***** WTF are you talking about "you get a brand new car which means avoiding maintenance costs" Huh? even brand new cars you still have to pay out of pocket for oil changes, tires, batteries etc. " value depreciates rapidly after 50K miles" again WTF are you talking about! The second the front tire of ANY brand new cars hits the street after you bought it the value of it goes down a few thousand dollars. Go ahead and throw your money away on that Civic, I dont care what gas milage you get cuz in the end you always save money if you buy a used car cash. Period!