I buy and lease vehicles and for leases, I never put anything down, except for 1st month payment and 1st year registration/license. I'd rather have a high monthly payment. If anything happens to the vehicle, insurance will not cover what you put down.
The other reason not to put money down on a lease is that you won't get it back if the car is totaled. If you put down money and get into an accident on the way home from the dealership you get none of your down payment back.
It seems like what he was saying was that if you put money down the first time you leased to lower your payment on your first lease, and then you came back to trade for a new lease but you put nothing down on the second lease, your payment will be higher on the second lease compared to the first lease because you put money down the first time to lower your payment but you didn't put money down the second time.
You should never put money down on a lease. You do not own the vehicle. If you total the vehicle the insurance company pays the cash to the leasing company not you. If you owe less on the lease than the amount the insurance company pays you do not receive the difference. With a lease you should put no money down and make sure the lease includes GAP coverage. Many do. If the lease does not, check your insurance company as many offer GAP at a far lower cost than any dealer will try to steal from you.
I buy and lease vehicles and for leases, I never put anything down, except for 1st month payment and 1st year registration/license. I'd rather have a high monthly payment. If anything happens to the vehicle, insurance will not cover what you put down.
Great advice
The other reason not to put money down on a lease is that you won't get it back if the car is totaled. If you put down money and get into an accident on the way home from the dealership you get none of your down payment back.
Very informative and tight! Will definitely be using this advice?
great advice
Why would your payment be higher on your next lease if you put money down?
It seems like what he was saying was that if you put money down the first time you leased to lower your payment on your first lease, and then you came back to trade for a new lease but you put nothing down on the second lease, your payment will be higher on the second lease compared to the first lease because you put money down the first time to lower your payment but you didn't put money down the second time.
Chris White So pretty much, what you put down the first time, doesn't roll over or have effect on another lease.
Exactly!
Only problem with leasing a car is that you constantly have a car payment. I hate f****** car payment
I have the money to put down, because I want a small monthly payment.
You should never put money down on a lease.
You do not own the vehicle. If you total the vehicle the insurance company pays the cash to the leasing company not you. If you owe less on the lease than the amount the insurance company pays you do not receive the difference.
With a lease you should put no money down and make sure the lease includes GAP coverage. Many do. If the lease does not, check your insurance company as many offer GAP at a far lower cost than any dealer will try to steal from you.
William Vann what if the lease says you have to put money down?
Leasing a car is the most expensive way to have a car. It has NOTHING to do with the monthly payment
Most expensive a couple yrs ago. Right now, depends. If you plan on buying out at the end. Used car prices are insane right now.
smh. this how they get u. fleasing cars