Get a FREE Stock worth up to $200 when you open a Robinhood account! ► Robinhood Free Stock (Up to $200!): ryanoscribner.com/robinhood Choose Free Stock from 20 Leading Companies!
Putting a down payment on a lease is a bad idea. If you total the car on the way home, or at any time, insurance will cover the car. But the money you put down is gone forever.
My issue is here 8:11 , the difference over a 36 month term would be $396 if you put 0 down...$213 (monthly payment) × 36 is $7,668 + the $4,500 you put down the total comes out to $12,168. 0 down with a $349 (monthly payment) × 36 comes out to $12,565
I leased a 2020 392 Charger, and traded it in at the beginning of last year. Because it was worth more than the buyout amount, I made the dealership use that difference as if I was making a down payment on my new car. I got into a car that was about 8k more expensive than my charger for $50 less a month than I was paying on my charger. It wont always work out like this, but you should always check the value of your current lease when you go to look at new cars, because you may be sitting on money.
I understand how a down payment effects the monthly cost on a lease but it still doesn’t make sense in my head why I would make a down payment on a car I’m not going to own
DO NOT listen this guy - you DON'T put $6,000 down or any amount down on a Lease. If that car gets totaled and finance claims it as a loss, your out ALL of that money. Put the down payment in a high yield savings account and draw monthly from it whatever the difference is on what you want your monthly payment to be.
Allow me to give mr. Scribner a lesson from a guy that sold leases for 20 years. YOU ALWAYS DI A ZERO DRIVE OFF LEASE. If you put down 3 to 7000 your a fool and I made money off of many fools. You take the money and put it in a money market account and let it grow instead of a 200 Dion at a month less payment but that’s not the biggest reason. YOU LOSE THE ENTIRE ANOUNT YOU PUT DOWN IF YOU TOTAL THE VEHICLE. This is how you lease a car. 1. You never discuss payment. You ask how much of a discount to msrp am I getting? Then you tell them period paragraph it has to be a zero drive off lease. Then NO extended warranties. Then if you have good credit like 750 to 800 up you ask what the money factor is. Then you make sure it’s not being marked up because that kill’s people and they have no clue what’s being done to them. Telling people to put down or expect to put down 5 grand or more shows honestly you have no clue sir.
Thank you sir, I’m going to use this but this part “Then NO extended warranties. Then if you have good credit like 750 to 800 up you ask what the money factor is. Then you make sure it's not being marked up”, I wish was a little more specific.
Question? If you drive a lot for work, like more than 15k-20k per year is leasing a good idea if you want to avoid costly repairs, get write offs and update the car every 2-3 years?
Most Dealership if your return your lease with them and get another one from the company or even a different company as long as you are paid with your last month no matter how many mileage you exceeded they will not allow you to pay for that, they will give you a new lease and they might also offer a sign and drive. Well thats if you are 700plus credit score.
I only do 0 down for lease. Maybe I would pay the first month if needed but leasing is better then financing. It's okay to roll down payment +fees into the loan. I prefer to pay an extra $30 up to $100 monthly on original monthly payment that's include a down payment then given the dealership thousands upfront for down payment... Financing is more expensive and doesn't make sense for 3 reasons. Car get old, depreciation more over time which lead to an upside down loan.
8:31 Does it worth to pay a down payment if after the lease term I will return the car or take another lease? The only reason for do the down payment will be reduce monthly payments.
Like the video but disagree as far as luxury vehicle don’t lease well (depends on what someone considers luxury though). Residuals are usually artificially high on luxury vehicle and if they aren’t moving, they throw a lot of lease cash on it. Just leased a $70k suv with nothing due at signing (a true sign and drive) for $451 a month.
Hi! A $70k SUV for $451 a month. Can you share how many months and mileage allowed? Also, what SUV and where did you get a deal like this? I'll travel for that deal!
Leasing and Owning isn't too far off from each other. Let's say I buy a car for 40k. Sure in 3 to 6 years you own it, but in 10 years what will it have cost? That's $4000 a year for 10 years. Let's say you can sell your car after 10 years for $10k. So in 10 years that's $3000 a year and you don't have a car because you sold it. You also have to average in maintenance cost. If you get a sweet lease zero driveway deal for 300 a month (and I've seen people get luxury cars no money down for this amount). In a year that's $3600. In this case you get more with leasing plus a new car every. And trust me you can get the dealership to lower the lease price based on the msrp, the money factor (like apr), and other negotiating tactics.
Why should I put down a down payment? foolish,if car is totaled you lose your money put down payment in bank acct earning interest and draw from it monthly
#1: Leasing is renting the car, why pay tax, registration, doc fees etc? Not my car!? #2: never put down payment on lease. Puff! gone! well, my opinion. I never leased and never will, I like to own things. It's fine for business and some people that like new cars every 3 yrs...(most of my family) lol
Dang it's really depressing that I don't qualify for the EV tax credit. I'm a mechanical engineering student who is passionate about the EV industry. I'm even interning at BMW right now working with their EVs. I've saved up some money and I really want to lease a new electric car know electric car. But since I'm claimed as a dependent by my parent, I don't qualify
Yikes, it's well known that you should NEVER put money down on a lease to lower your payment. You'd never see any of the 5 - 6k money down that you recommended , in the event your car is stolen or totaled in an accident. It's a gift to the leasing company. You're better off shoving that 4500.00 down payment in a bank and withdrawing the difference on top 😢 the 213.00/month lease payment for the life of the term for the total of the 349.00. 3 months into you lease term your car is declared a loss, you still have a lot of that money you stashed away for the payment🤦🏾♂️
If I want to sell a car (but still own money to the financial institution) and the the dealership goin to pay me 10k but I still own 18k That gap pays it ?
Exactly why put money down when it’s lost money if it gets stolen or totaled take the down payment money n draw from it for the extra money for the monthly payment why didn’t u mentioned that 🙄🙄🙄🙄
No unfortunately it only covers the difference between the amount owed and the Actual Cash Value - that is one risk to be aware of when leasing a vehicle with a down payment, but it comes with the benefit of having the lower monthly lease payment
@@RyanScribner saw someone make an interesting argument in another video in favor of the $0 down lease agreement. He said to just take the money you would’ve put down and instead place it into a high yield savings account - I guess depending on the state of the economy you could in theory earn more in interest with the HY savings account than what you would’ve saved in the monthly payments (did I say that right? 🤔). He claimed that the dealership uses your down payment to cover the gap insurance, when in reality it should be included in the agreement regardless of what you are or aren’t putting down 🤷🏻♂️ thoughts?
Get a FREE Stock worth up to $200 when you open a Robinhood account!
► Robinhood Free Stock (Up to $200!): ryanoscribner.com/robinhood
Choose Free Stock from 20 Leading Companies!
Putting a down payment on a lease is a bad idea. If you total the car on the way home, or at any time, insurance will cover the car. But the money you put down is gone forever.
100%
Exactly!!!
Pay $5k extra then
Put the money you have for the down payment to pay the extra payment per month in an interest-bearing savings account.
Good idea @@thuizar
My issue is here 8:11 , the difference over a 36 month term would be $396 if you put 0 down...$213 (monthly payment) × 36 is $7,668 + the $4,500 you put down the total comes out to $12,168. 0 down with a $349 (monthly payment) × 36 comes out to $12,565
I leased my car then financed it before lease end & bank of my choice gave much better rate than dealer
I leased a 2020 392 Charger, and traded it in at the beginning of last year. Because it was worth more than the buyout amount, I made the dealership use that difference as if I was making a down payment on my new car. I got into a car that was about 8k more expensive than my charger for $50 less a month than I was paying on my charger. It wont always work out like this, but you should always check the value of your current lease when you go to look at new cars, because you may be sitting on money.
Wow, that is awesome! Thanks for sharing this
I understand how a down payment effects the monthly cost on a lease but it still doesn’t make sense in my head why I would make a down payment on a car I’m not going to own
DO NOT listen this guy - you DON'T put $6,000 down or any amount down on a Lease. If that car gets totaled and finance claims it as a loss, your out ALL of that money. Put the down payment in a high yield savings account and draw monthly from it whatever the difference is on what you want your monthly payment to be.
Mind explaining that a little more in detail?
But what do I drive?!
putting 6000$ before lease??? wow, you probably shouldnt be making videos about leasing
That’s what i was thinking 😂😂
Making this decision in the next 30 days. Thank you for this clear video
Allow me to give mr. Scribner a lesson from a guy that sold leases for 20 years. YOU ALWAYS DI A ZERO DRIVE OFF LEASE. If you put down 3 to 7000 your a fool and I made money off of many fools. You take the money and put it in a money market account and let it grow instead of a 200 Dion at a month less payment but that’s not the biggest reason. YOU LOSE THE ENTIRE ANOUNT YOU PUT DOWN IF YOU TOTAL THE VEHICLE. This is how you lease a car. 1. You never discuss payment. You ask how much of a discount to msrp am I getting? Then you tell them period paragraph it has to be a zero drive off lease. Then NO extended warranties. Then if you have good credit like 750 to 800 up you ask what the money factor is. Then you make sure it’s not being marked up because that kill’s people and they have no clue what’s being done to them. Telling people to put down or expect to put down 5 grand or more shows honestly you have no clue sir.
Yep. This is a horrible video on how to lease
Thank you sir, I’m going to use this but this part “Then NO extended warranties. Then if you have good credit like 750 to 800 up you ask what the money factor is. Then you make sure it's not being marked up”, I wish was a little more specific.
Question? If you drive a lot for work, like more than 15k-20k per year is leasing a good idea if you want to avoid costly repairs, get write offs and update the car every 2-3 years?
Thanks for sharing.
If leasing for your own company will they still require a personal credit check?
The best video ever love it simple and clear
Most Dealership if your return your lease with them and get another one from the company or even a different company as long as you are paid with your last month no matter how many mileage you exceeded they will not allow you to pay for that, they will give you a new lease and they might also offer a sign and drive. Well thats if you are 700plus credit score.
I only do 0 down for lease. Maybe I would pay the first month if needed but leasing is better then financing.
It's okay to roll down payment +fees into the loan.
I prefer to pay an extra $30 up to $100 monthly on original monthly payment that's include a down payment then given the dealership thousands upfront for down payment...
Financing is more expensive and doesn't make sense for 3 reasons. Car get old, depreciation more over time which lead to an upside down loan.
Do you need excellent credit to lease a vehicle?
8:31 Does it worth to pay a down payment if after the lease term I will return the car or take another lease? The only reason for do the down payment will be reduce monthly payments.
Like the video but disagree as far as luxury vehicle don’t lease well (depends on what someone considers luxury though). Residuals are usually artificially high on luxury vehicle and if they aren’t moving, they throw a lot of lease cash on it. Just leased a $70k suv with nothing due at signing (a true sign and drive) for $451 a month.
Thanks for the input, I appreciate it! Sounds like you got an awesome deal
That's exactly what I'm hoping to have, how many months are you leasing for?
@@kristopherhoward722736 months.
Hi! A $70k SUV for $451 a month. Can you share how many months and mileage allowed? Also, what SUV and where did you get a deal like this? I'll travel for that deal!
@@TheLocker750 An Electrified Genesis GV70. There was a lot of lease cash that the manufacturer is offering and I think they still are.
What can a senior do if he/she needs a vehicle but does not want a loan in case of death..
This was very helpful, thank you.
Wow! Very well done. Much appreciated.
Thanks for watching, glad this was helpful!
Thank you for the very good information on buying or leasing a vehicle.
Sincerely Eric Williams
1. Can i customize lease mileage for term contract? 2. Can u use car leasing for ridshear?
Leasing and Owning isn't too far off from each other. Let's say I buy a car for 40k. Sure in 3 to 6 years you own it, but in 10 years what will it have cost? That's $4000 a year for 10 years. Let's say you can sell your car after 10 years for $10k. So in 10 years that's $3000 a year and you don't have a car because you sold it. You also have to average in maintenance cost. If you get a sweet lease zero driveway deal for 300 a month (and I've seen people get luxury cars no money down for this amount). In a year that's $3600. In this case you get more with leasing plus a new car every. And trust me you can get the dealership to lower the lease price based on the msrp, the money factor (like apr), and other negotiating tactics.
Never put a down payment on a lease. You drive off the lot and get in an accident that money is gone.
6000 down for a lease? You might as well just buy it. It doesn't make sense to invest in that much money on a lease
Thanks I learned something
Glad to hear it
Thanks for your advice. Do you provide personal advice?
Appreciate the info! I still think a certified preowned is the way to go, unless you have a business, then a lease might make sense.
I would totally agree! Certified Pre-Owned for the win
Do you have to have good credit?
100% or you’ll have stupid high payments
What happens when you put 5k down on a lease and something happens and loose all that money?
Then You'll lose your down payment
He seems to only answer comments that don't ask ques...
Thanks for the info...I will surely look into it. Where can I get more information?
This is a great site for more information about leasing and the best lease deals: leasehackr.com/
Why should I put down a down payment? foolish,if car is totaled you lose your money put down payment in bank acct earning interest and draw from it monthly
Thank you sooo much!!
Yeah right, put $6K to 7.5K down !!! Are you kidding me ! You'll never get that back if you total the car. Work on the MSRP to get that discounted.
#1: Leasing is renting the car, why pay tax, registration, doc fees etc? Not my car!? #2: never put down payment on lease. Puff! gone! well, my opinion. I never leased and never will, I like to own things. It's fine for business and some people that like new cars every 3 yrs...(most of my family) lol
Can I rent using my business? And take out off on my taxes expenses ?
It would depend on what % of the time you use it for business vs personal
Yes you can.
Dang it's really depressing that I don't qualify for the EV tax credit. I'm a mechanical engineering student who is passionate about the EV industry. I'm even interning at BMW right now working with their EVs. I've saved up some money and I really want to lease a new electric car know electric car. But since I'm claimed as a dependent by my parent, I don't qualify
If your drive off the lot and total the car , the insurance won’t cover the $5k cap reduction
Can you lease a 3 or 4 year old vehicle with a lower payment and still not come out of pocket for maintenance expenses?
It is possible to lease a used car, probably at most 2 years old - but it's definitely less common
yes. you also have the option to get free maintenance throughout the whole lease term
Yikes, it's well known that you should NEVER put money down on a lease to lower your payment. You'd never see any of the 5 - 6k money down that you recommended , in the event your car is stolen or totaled in an accident. It's a gift to the leasing company. You're better off shoving that 4500.00 down payment in a bank and withdrawing the difference on top 😢 the 213.00/month lease payment for the life of the term for the total of the 349.00.
3 months into you lease term your car is declared a loss, you still have a lot of that money you stashed away for the payment🤦🏾♂️
But I can get new car every now and then
Thanks
If I want to sell a car (but still own money to the financial institution) and the the dealership goin to pay me 10k but I still own 18k
That gap pays it ?
Gap Insurance only comes into the equation if the vehicle is totaled or stolen
So stupid to put that much down on a lease at the end of the lease ur giving the car back the money is not going towards the car
Save the down payment and just pay the additional $136 for a payment of $213. If you total the car, you lose that down payment!
Doesn't make any sense putting down payment on a lease, if anything happens to the car you completely loose that money, awkward suggestion
Exactly why put money down when it’s lost money if it gets stolen or totaled take the down payment money n draw from it for the extra money for the monthly payment why didn’t u mentioned that 🙄🙄🙄🙄
This video said nothing about how to lease a car
Read all the comments before you leave this video.
I thought the samething
If the vehicle gets totaled, will the gap insurance cover the Loss of the Down Payment?
No unfortunately it only covers the difference between the amount owed and the Actual Cash Value - that is one risk to be aware of when leasing a vehicle with a down payment, but it comes with the benefit of having the lower monthly lease payment
@@RyanScribner saw someone make an interesting argument in another video in favor of the $0 down lease agreement.
He said to just take the money you would’ve put down and instead place it into a high yield savings account - I guess depending on the state of the economy you could in theory earn more in interest with the HY savings account than what you would’ve saved in the monthly payments (did I say that right? 🤔).
He claimed that the dealership uses your down payment to cover the gap insurance, when in reality it should be included in the agreement regardless of what you are or aren’t putting down 🤷🏻♂️ thoughts?
Never put a down on a lease
Hi
Yeah you lost me when you said put 7K down for a lease lmao
Waste of time video, chatgpt could do all this
This video is so irresponsible and lazy.
Do not listen to this guy
Why?
Very informative 👏