Car Leasing Explained & Automotive Vehicle Leasing Frequently Asked Questions
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- Опубліковано 13 вер 2024
- In this episode of Proctor Car Tips, Will answers some of the most common vehicle leasing questions. Some of the questions are; What happens if you drive more than average miles? What happens at the end of your lease? Can I accessorize my vehicle? What happens if I get into an accident with the leased vehicle? When is it not advantageous to lease a car? Can I trade my lease before my lease term is up?
If you drive more than the average miles per year, the lease can be tailored to the amount of driving you do. At the end of the lease you have 3 options: You can turn your vehicle back in, buy your lease or use your lease as a trade in. You can certainly accessorize your vehicle with factory manufactured accessories but aftermarket accessories are not allowed. If you are in an accident that totals your vehicle, the lease automatically ends and you can walk away to lease another car. Leasing a car is not great for people that are looking for a used car, heavily accessing the car, or someone paying with cash. Yes you can trade your lease by going to the leasing institution, getting your car appraised, and then using that amount as a trade in towards your new vehicle.
Leave any more financing questions for Will in the comments below!
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Common Vehicle Leasing Questions
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I have excellent credit but I made the mistake and bought a 60k suv 3 years ago. I owe about 39k on the loan and kbb says trade in value is around 28k. Is there any way to roll that much negative equity onto a 3 year lease and then just walk away after that 3 years? I can put 5k down if need be, but I don't want to put the whole 10k down just to get out of the negative. The car I'm looking at msrp is 40k, but after rebates is listed for 34K that's why I figure it might be a good idea just to put the 5k down and the other 5k would just get added to the sales price of the car so it would be like I was leasing the car at the msrp value and not the value after all rebates and discounts. ????
great video i have one question you had said in the video that leasing probably is not for you if you are a first time car driver, i am curious as to why you said that? i plan on leasing my first ever car very soon the monthly payments are lower then if i financed and i can always buy the car after the lease is up. this way i can get a reliable car that i know will be in good working order and not have to blow my savings on a used car just to find out in a year that something seriously has gone wrong and then not have the money to pay for it. thoughts?
How can you tell if GAP insurance Coverage is "added into" the lease? They say it is in there BUT it doesn't say ANYTHING about it in the lease agreement and I don't trust that it is..
The one guy told me , that's what the acquisition fee was...help?
dang it. i traded in my leased mazda 6 and they only offered to pay off my remaining balance for that car. didn't discuss anything about the residual value of the car.
So I have a question, I am currently leasing a 14 model Passat TSI originally for 23k, got it for 19,200...
can I install tinted windows? and my other question is. do i have worry about mileage if i plan on buying the car a month or two before the lease expires? its 12k a year, im already at 20k (but the dealers said its not an issue since i plan on buying it ) It was my first time buying a "german" car and i wasn't sure if I really wanted it. but I love it! no issues or complaints..... its a 3-4ish year i think (have to double check) and the residual will be about 10-11k ...
was this a good deal in the end? I have gone to carmax, their estimate for my car was 13k.. (which is bogus) because they had the same model, same mileage passat selling for 18-19k
Great video can you tint the windows of a leased car ?
Thank you for the question, Shawn. Yes, you can tint the windows of a leased car. To be sure, remember to check the fine print of the leasing contract or contact your leasing advisor or whoever sold you the car. Hope that helps!
I want to trade my leased ‘16 maxima platinum for an Audi or another car I decide on. I am using less mileage than I agreed to on my lease and I would owe around $6,600 left until maturity date of Oct 2019. Should I buy or trade in? The residual value is $21,023.75. Hoping to hear back
I have made 16 payments on a 36 month lease of a 2016 Rogue SL. I already am at the 36k mileage. Would it be prudent to try a pull ahead and get into a new lease now since I'm probably looking at $6k in mileage cost at 36 months? Thx.
mydoghannah may i ask, do you travel for work? Deciding to lease for the first time
no I do not. drive for pleasure.
Thank you for the video. I have a good job now ,but my credit is not that good,becuase of my student loans, can I take someone lease over if I have a bad credit
Ali, It is very difficult to take over someone's lease. Most companies will not allow a lease to be assumed by someone else. And you also must have just as good a credit file to take over a lease as it takes to initiate one --Will
would i be able to return the leased car before the lease is up? can't afford the car anymore an the lease is not up yet could i return the car 2 years earlier? i know i need to read the agreement. hope to here back.
Believers777,
Here is the message from our financial director:
"If you return the car, it would count as a voluntary repossession. However, you do have some options. You can get the vehicle appraised and see if you have any equity or negative equity in it. i.e. if the car appraises for $25K and you owe $26K, you can pay the $1K and sell it to the dealer. Also, if you can't afford the payment, you can try to trade the leased vehicle for a less expensive vehicle. But, usually being only 1 year into the lease, you are going to have some negative equity, unless you put a decent amount down."
Hope this helps.
thank you for your help!