Anyone leased a car? I need advice.

posted 1 year ago in The Lounge
Post # 16
Member
2473 posts
Buzzing bee
  • Wedding: May 2017

How is it so low? What are they telling you? And in my little bit of researching I looked at down payments for lease v finance and this is extremely high especially for a Cruze. Maybe that’s why it’s only $59? In which case it isn’t worth your money in the long run because you’re literally paying for more than 24 months in your down payment alone plus an additional monthly payment.  Why not finance? This seems really off to me. Maybe some others bees have some more info. 

Post # 17
Member
534 posts
Busy bee
  • Wedding: May 2020 - Clarksville, VA

Anonymous1063 :  Are you sure it’s $59 a month? I looked at Chevy dealers near me and they list a lease as being a minimum of $315 a month with a little less than $3000 down. I know you’d be putting down more, but $59 seems way too good to be true.

Post # 18
Member
62 posts
Worker bee
  • Wedding: September 2018

Anonymous1063 :  I have leased one car. I definitely haggled the price down some. There were certain costs that were dictated by the manufacturer that could not be negotiated. My best advice would be to get a copy of the lease and look it over very carefully. There are a ton of extra fees, like a disposition fee that is owed when you return the car, that can be added that will end up making the lease cost more. 

Post # 19
Member
243 posts
Helper bee
  • Wedding: November 2017

Anonymous1063 :  Normally, there is a cap on the number of miles you can put on a leased vehicle. There is a penalty for going over which is how many people end up owing money at the end of their lease. Especially since sometimes the dealers don’t make it explicitly clear what your max will be. Please read the fine prints as $59 a month on a lease sounds too low. 

Post # 22
Member
882 posts
Busy bee
  • Wedding: September 2015

i would only put 5000 if i was going to keep it.  if you turn it in that 5000 down the drain including all you paid over the lease term

Post # 23
Member
661 posts
Busy bee
  • Wedding: February 2019

Sassy411’s advice has been spot on in my experience. I have bought 3 vehicles and have gone with siblings for their leases. There was little haggling on the leases and it was mostly just a clear explanation of terms.

I have seen lease prices like yours with large amounts down & I personally would feel more comfortable eventually owning a vehicle with that size of a down payment. I’m the kind of person who likes the security of “owning” my things, though. My sister & brother prefer the getting something new every 2-3 years so a lease works well for them.

Post # 24
Member
1336 posts
Bumble bee

Anonymous1063 :  I prefer to lease cars, and I’m on my 5th consecutive lease now which happens to be a chevy cruz.  

What you might find is that the $59 deal has very limited inventory, and you’ll have to take a color you don’t like in order to get into that deal.  This is a way that the dealer might try to leverage you into an upgraded version with a higher monthly payment.

If I remember correctly, I went in for a $119/month, zero down lease.  I did not like the color options with that deal, and it was missing a few basic options like remote start and heated seats.  I left with the color and options I wanted and a $159 payment.

If you are flexible on color and options there are some very inexpensive leases.  If you’re not then you’ll likely not end up with the deal you went in to explore.  Your deal is a lot to put down, but if your cc rewards wash out a lot of it and you’re comfortable with that then it isn’t an issue.  Make sure you’re doing the math right on those points value though.  I sometimes hear people incorrectly refer to points as equivalent to dollars when they are not, but it sounds like you already sorted that out.  Also make sure you can stay under the mileage cap because the penalty for miles over is huge.   

Post # 25
Member
1743 posts
Bumble bee

I just leased my second car. A 2019 BMW. I haggled $3,000 off the MRSP, $1,000 off downpayment and $100 off monthly payment. It can be done.

Post # 26
Member
10865 posts
Sugar Beekeeper
  • Wedding: City, State

I actually once bought a car with a $37 per month payment.  Of course, it was in the 1970s.

And for $37 a month, you got this.

 

Post # 27
Member
661 posts
Busy bee
  • Wedding: February 2019

kristin36890 :  Between my BMW, FHs Audi, and my brother’s leased Lexus, I’ve found luxury car dealers are SO MUCH EASIER to work with. There seems to be way more wiggle room and just a much nicer experience overall. BMW has me totally sold for life with their customer service. I’ve bought two Chevy trucks over the last few years (and my sister leased from Ford) and they were impossible and made me want to rip my hair out.

Post # 28
Member
1743 posts
Bumble bee

misty2007

I have noticed this too with luxury cars. Both times were such easy experiences. I wouldn’t even call it haggling. I just asked for everything to be lower and they just did it. They didn’t give me any trouble or any “we can’t go any lower” bs. My friend just bought a new Honda and went to multiple dealerships who all gave her the run a round with typical sleazy car salesmen tactics.

 

Post # 30
Member
58 posts
Worker bee

Hi, Bee! I’ve leased 2 cars now and my husband has leased vehicles his entire life because he learned that through his parents (who also lease, not buy). I highly recommend for you to find yourself a lease broker. The first time I leased, I only put down $500, but that was mainly to help the dealer cover the initial expenses of the car (e.g. DMV fees). The 2nd time I leased, however, I told the broker I wanted to put $0 down, so I basically just signed the papers and got keys to a brand new BMW without putting down a single penny. Go on Yelp and find yourself a good broker 😉 

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