Leasing Secrets: How I Managed To Get A 1% Car Lease (No Money Down)
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- Опубліковано 16 лип 2024
- Want to know how I managed to lease a car for 1% of it's value? Watch this video now!
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In this video, I will show exactly how I was able to get a 1% car lease with no money down.
I will first discuss whether or not leasing is for you and how there is an advantage to leasing a new car. I will then run some real-life numbers comparing the first 3-year car payments or buying new and leasing.
Next, I will show the 6 factors that go in a lease and how to analyze them.
I will share with you all the research tools I used and show you how to negotiate a car lease.
Lastly, I will go over pro tips to think about before signing the paperwork.
By the end of this video, you will know how to lease a car and not get screwed!
Research Tools:
Edmunds Forums
forums.edmunds.com/discussion...
Honker App (RODO name change)
refer.rodo.com/nam0
If you use this code and lease a car through Rodo, we'll each get a $50 gift card.
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leasehackr.com/
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Tags:
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DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.
Watch the updated video here 👉 ua-cam.com/video/8ii_x7F-rqU/v-deo.html
I was able to negotiate 0.9% lease quote easily.
Dealers need you more then you need them.
Never be afraid to stand up and leave.
Never waste your time going to a dealership until you get written confirmation of the lease and the fact they have the car of your choice.
Never pay a single dollar when leasing.
Only valid payments are
1. First month of a lease.
2. DMV fees ( usually
What about disposition fees and taxes?
There are three parts to a lease. Only one is negotiated, one can be fudged by the dealer and one is fixed by the manufacturer. They are:
Capitalized cost. This is essentially the price. You must negotiate the price on a lease exactly as you would with a purchase. To a dealer a lease is a sale, a sale to the leasing company at the price you negotiate. If you do not negotiate you will pay too much. To negotiate start at invoice less hold back (percentage of MSRP for most brands) less any known incentive. You can find this information on line at sites such as Edmunds or KBB. So if invoice is $25,000, hold back is $600, and there is an incentive of $1,000, your price is $23,400. Negotiate a price from this number.
If you want you can ask the dealer for the invoice. Most will show you the invoice. If the dealer refuses, walk away. There is always another dealer.
The higher the capitalized cost the more the monthly payment. Negotiate the price.
You can add other things into the capitalized cost such as sales tax, registration, or carry over from prior auto loan.
Residual value. This is the value of the vehicle the manufacturer estimates at the end of the lease. This will vary depending on the number of months and number of miles you want.
The higher the residual value the lower the monthly payment. Choose a vehicle and/or lease terms (months and mileage) which results in the best residual value. Usually this is 36 months. The lower the allowed miles the higher the residual value. Make sure you choose the allowed miles you will use.
Money factor. This is essentially the interest rate. It is the interest rate divided by 2,400. So an interest rate of 2.9 percent is a money factor of .001208. The risk here is the F&I guy may try to bump this rate. Always demand, not ask, the F&I manager reveal the actual money factor for which you qualify. As noted in this video, some manufactures allow you to make some refundable deposits to lower the money factor. You will need to do the math to determine if this is a wise move.
The higher the money factor the higher the lease payment.
With these three things, a lease payment is computed as follows (two parts):
First part - (Capitalized cost less residual value) divided by length of lease (often 36 months). For example ($25,000 - $14,000 = $11,000)/36= $305.56
Second part - (Capitalized cost plus residual value) multiplied by the money factor. For example ($25,000 + $14,000 = $39,000)X .001208 = $47.12
Add the two number to get the monthly payment. For example $305.56 = $47.12= $352.68.
There is no 1 percent rule. The correct way to negotiate a lease is to understand how a lease payment is computed. If you know that and if you run the numbers you will not make a bad lease. You will make a lease you want to make.
If I'm looking at a truck that's msrp $37595 and I want to put no more than $2000 down, would I be able to negotiate the price down to about $30000 and get a payment in the $300-$350/month range?
@@kellenb1840 Just do the simple math. Divide $28,000 by the number of months in the loan. This assumes you can negotiate the $37,595 to $30,000 and then apply the $2,000 down payment to arrive at a $28,000 loan amount.
For 60 months the payment will be $467 ($28,000/60 months) plus interest. At 72 months the payment will be $389 plus interest. At 84 months the payment will be $333 plus interest.
So no, you will not likely get a payment of $350 or less. The actual payment depends on your credit score.
With a top credit score you might get a payment of $370 for a loan of $28,000 over 84 months. For 60 months the payment would be around $500.
With OK credit, those payments will be closer to $409 (60 months) and $541 (84 months).
With poor credit figure $465 and $595 or more.
Just GOOGLE auto loan calculator for a tool to figure monthly payments.
@@scottr2706 Sorry, I should've specified I was talking about a lease, not finance.
@@kellenb1840
You need to find out what the residual value of the truck is. And you need to find out the money factor.
I will simply the process:
1) never put money down on lease (other than first month lease payment).
2) Select 3 years, 10k miles year.
3) Email 3-5 dealers within 75 mile radius of your location. Request each give you the "out the door" monthly payment. Update them when you received better offer and give them another chance to counter.
* This eliminates the need to actually knowing the money factor (because lowest monthly payment will be lowest money factor). Once your done negotiating you print out your email with final offer and go to dealer to sign paperwork (that needs to match email offer). That's it.
Very informative! Heaps of good tips! Also your vids are so high quality 😍 Well done!
It's so impressive you put focus on your hands yet the video is still of good quality.
That was a very well done video. I just leased a 2020 Acura MDX and found this info helpful and accurate.
This video is a lifesaver!! I'm subscribing to your channel!
Thanks alot for the info. Never considered leasing until I watched your vedios. Was very knowledgeable and informative.
Great to hear!
Nice cardio n informative too I planning to lease a car thanks for the info.
Your welcome! If you have questions let me know!
Exceptional video. Concise and informative. Thank you!!!
Thanks for the feedback!
Great video! I especially appreciate the app and forum suggestions
Your welcome! That app is a great baseline to compare pricing. And the forum help me out a lot when I was looking for a new lease.
Thank you for the great information.
Excellent! Video was informative .very helpful, easy to understand .it didnt sound like high school calculus class.
Looking to lease car .will keep this video on hand
Glad it was helpful!
Thank you for posting this very helpful video.
great video, good info. Thanks
Excellent video, very informative. Have you heard of conquest bonus if you switched BRANDS? Are these bs, since you might get some form of a loyalty bonus for sticking with a Brand?
Leases work really well for companies or those rich enough to switch vehicles frequently. Too many people either think it’s for them and are wrong or think it is a mistake for anyone. Great video! 👍
Daniel Iles you can lease a $46,000 Lexus IS for around 14,000-18,000 total lease cost. You can buy the car for 46,000 and keep it 10 years plus pay maintenance and out of warranty costs on top of tax and fees and interest. Or lease is 3 years for 15,000$ x 3 times which is a total of 9 years at 45,000 which is less than buying it before tax and fees. And every year you get a new car with new warranty, new tires, new brakes and less out of pocket expenses. So typical leasing is much better nowadays then purchasing a new car. Lexus even allows leasing a certified pre-owned vehicle which is insanely cheap. Easy 200s with MSD
@@Lostpoptart Thanks for your input. This is exactly the analysis I was looking for.
@@Lostpoptart if you were to lease 3 years then wouldn't it be more comparable if you buy the car for 3 years then sell it?
I'm not rich and I lease . If you can afford a used car payment + associated potential maint. you can certainly afford to lease something for 300$ per month . Lease rate is important and make sure you check the paperwork for the residual value . I've leased some honda crv's that have great residual value . For example , 13 , 000 + tax while same year/model is being sold on their lot for 3-4 grand more . Its no wonder my dealership always wants to buy me out of my lease early and put me into new one .
hi: great advice!!! I am curious what do you do for work? You certainly have expertise in the automobile retail industry
Very useful and good information. Presentation is great too.👍🏾 I'm subbing. Thank you Naam.👏🏾👏🏾👏🏾
Thanks! Glad it was helpful.
I watched many videos about leasing and you are the one who explained it the best...I'm getting the 2020 BMW X5 with Sport package. I already check and they have a $750 rebate...let's see how I do.
Thanks man! I glad you liked it! That’s a really nice car! Keep us posted on your deal!
Depending on the type of car you lease and the terms you negotiated at the time of getting the lease you CAN have equity at the end of the lease term.
Leasing is a financial mistake in my opinion. Buy a new car at or under invoice price every ten years I think is the way to buy OR if you're cheap buy a lightly used car (3-5 years old), The reason dealerships and manufacturers LOVE leasing is that they make more money. If you lease it's like renting furniture, you pay every month but never own anything. If you instead buy the furniture you own it and it has some value for trade in or resale at a later date and even if you finance at some point the payments stop. With all that being said, this still is a good info video for people who decide to lease.
Nice info. I know all of the info already . I don’t like to lease because 15,000 miles per year mileage leases will end up close pymt to 5 or 6 year loan . I always look at the bottom line numbers . $0 due at delivery at time of signing docs on both Lease vs finance . At the end . Only $100 difference between 5 year loan vs 3 years lease w 15000 miles per year. At end of 3 years I have no headache on the loan vs the lease . If I lease and buy out later I have to pay sales tax on top and open end rate for later date. I feel safer to buy it upfront and no headache later about excessive wear and tear and mileage penalize if this and that. If pymt issue I get 6 year loan only 50 bucks difference to the lease even w 0.00001 Money factor rate.
The OP said the main reason why people lease... because people want a new car often. People need to shift how they think. If you purchase a quality vehicle and have a reasonable amount of mileage, a car will last beyond the warranty period (3 to 4 years). If you're handy with doing your own maintenance or minor repairs, even longer. There are use cases for leasing a car, eg company vehicle, but by and large it's (spoiled) people that want to drive the latest car they often couldn't "afford" otherwise. And, if you're one of those people that wind up buying a car after a lease term, not only is the overall time longer that your paying for the vehicle, it's often ~$2000 more than if you just financed from the start.
You have to be more than just “handy” to work on cars now - that’s a long outdated trope.
This is your top video. You should change your pinned comment to ask people to subscribe to your channel (add subscribe link). Even mention you are close to 1K subs and would appreciate their help. I did this and it helped, people are nice.
I think I seen that you Navy fed video. I will definitely that then! Thanks for the tip man!
Thank you
Great video! What are your thoughts on trade ins for a lease?
I don’t recommend it, since your basically just putting a down payment into the lease. I the goal is to get the lease payments to 1% of the MRSP with everything financed including drive off fees.
Great credit that's how
It does help. But finding a car that offers multiple discounts to get car closest to the RV is key.
I leased a car Honda Civic 2018 Ex for 160 with 2500$ down. Honker was asking for 3000 and 170$ so I told the dealer can you beat it and they did.
Honker or RODO is usually a good a starting place to get estimates.
I need your help in getting the best deal for leasing a Mazda 2020 suv cx-30. Can you help?
1:38 A lease can be treated as a business "rental", and is 100% deductible as a business expense, when used primarily in connection with business purposes.
The "rental", along with commercial auto coverage, and gas, are also deductible for legitimate business purposes, 100%.
So can you get a lambo for a business deduction
@@vithurshangaming8954 Do you mean to drive to your client appointments?... Why not? ;)
You mentioned here (or in another video) that it's a good idea to see what kind of deals others are getting.....how would I find that info?
I’m still wondering how you got so much off of msrp
Thank's
I personally love using my leasing broker, he has less overhead and gives the best deals. Good content man!
Billionaire By 30 I so close to using one on my last car, but I was able to find a better deal on my own.
What's a lease broker?
@@LisaBrown-kb4nx Someone who does the lease negotiating for you.
@@Sk8tr220 never heard of one before. Thanks
@@Sk8tr220 What does the leasing broker typically charge you? Is it dependent on the cost of the vehicle you are leasing?
I have a question...I am being offered a little over $36K for a brand new Telluride. $3,000 down plus 1st months payment at $475/month for 36 months. I have excellent credit so I am in the tier one money factor. That monthly payment includes tax, title, license, and all other fees. Good deal or should I really try to push for the 1% payment? I am new to leasing and am trying to do as much research as possible before my car comes in. Thank you in advance!
Super informative! Personally I will not lease..
I will negotiate the price and buy a car.Thanks for sharing!
Definitely leasing is not for everyone. Always have to negotiate!
Hold down when you lease you can't sell by the end of the term right? But when I buy after I sell, usually I get a sccnificant amout back. Specially like Toyota and Honda type of cars?
You can sell the car to a third party before the lease terms are up. If you decided to buy, there’s an agreed price to buy on the contract when you sign.
Awesome video!
Glad you liked!
Why leases are always only 3 years? How come is no longer lease? Say, I like the leased car I have now, wouldn't mind to keep it for another 2 or 3 years, but I do enjoy driving the newer cars, not 20 years granny cars. Any suggestions?
First great video very informative. I’ve been to three dealers and they all told me the same thing. Since I owe more in my car than it’s actually worth, $4k over. I can’t use my car as for trade in or I need to put money down. Is that normal? Also what exactly is the average credit score I need to lease a car? Is there a limit or it all just depends?
Thank you.
Since you are under for your current car, your best bet to sell the car private party to get the most back and take care of the debt. To be honest I never heard people financing their current cars into a new lease. So I am not sure if it's possible or not, I wish I can better answer that question. Each financing company has its own requirements. So they have subprime credit programs for credit like 580. So if you have a cosigner your rate will be a lot better. Require credit needed is a better question to ask the financing company.
It depends on the dealership you go to. I owed about 2300 more than what my car was worth and they tried to tell me I had to put 3-5k down. I told them no. We went back and forth twice with them telling me to finance the down payment through a different company that they work with I was approved but still said no
They finally came back and said 0 down , 0% interest and gave me the payment where I wanted it to be. This was a lease deal
Is it true that mfg rebates cannot be applied to a lease only to buy out right ??
All the forums and lease hacker seems to be down where can we get lease numbers now?
What is the rental lease fee on an agreement? Is that bogus or a hopeful dealer add on?
2:43 why is everyone glossing over the fact that he didn't consider that after 3 years you actually own the car?
True you will have some
Ownership but with his calculation you would not own the car after 36months. Most people are financing a car for 60months and leasing for 36 months. And with an Amortized loan you are paying mostly interest for those fist 36 months. Generally speaking most car ownership is upside down if it were sold at 36 months.
@@solidstream13 it’s still an awfully misleading calculation
Great video. Bless you for helping people out. Does anyone know of a good car broker?
Hey,
Should you also consider where you stand in terms of your credit rating?
Like the better credit you have , the better deal you get , or is that a myth?
gabriel rivera since you will be financing the lease through a financial company, then higher the credit score the better the interest rate. But negotiating the sale price of the car plays a large role in leasing that does factor in your credit score.
Tier 1 credit is typically 720 or better.
should i pull my credit report first or let that dealer do it
Should I pay extra each month on a lease? does that have any positive effects at the end of the lease?
I don't recommend payoff leases early, similar to how I don't recommend putting money down for a lease. If your car gets totaled or stolen, then the early payments you put in will most likely be lost. Another example would be if your paid your lease off early, and you plan to lease another car, some companies will other to pay off your lease early a few months early if you lease another car with them.
You can pay down towards it, but end of the lease it’s still the same, unless bringing it down to trade in. Other wise let’s say you pay 6 payments before lease is due. You just have a car with no payments till maternity.
Take your extra $150. that you might have and invest it each month into a Wealthfront or Betterment investing account. You'll be that much ahead at the end of the lease period.
Hi Naam - Great video! Very informative and you presented the facts straight and to the point. Love it! I went about and did the same amount of research learning as much as I could before I just purchased my Subaru Forester on a lease (also in California). I did not come across that Robo site during my search, so saved it for my next lease. One question I have to ask you though, how did you manage to get 20% off MSRP. I searched everything and couldn't get things lower than a 10% off MSRP for a limited model of the Forester. Just curious how you got the dealer down 20%. I even called over dealerships and tried to quote a deal at around 12% and they basically laughed it off saying there is no way they could do that lease deal. So I settled on the 10% price and it got me to a 1.15% of the 1% deal, so figured it was good enough and wasn't getting any other dealer to bite. I'm just doing some post lease deal analysis. Thanks!
Awesome John, I'm glad you found it useful! Subaru's can be pretty difficult to lease. They have a cult-like following and hold their value pretty well. Rodo is a pretty good app to start with, but they don't have all the car makes and models on there. I was able to get 20% off MRSP because someone of the leasehackr forums has a similar deal. I don't remember the exact numbers, but their monthly payment was around $314 for 3 year/36k. That right there was a great price, so that's where I based my negotiations. The 2018 Acura RDX was one of those car's dealers wanted to off their lots since the 2019 models were rolling in. The 2019 model had a total model redesign. I also notice most dealers had these cars on their lots for a while as well. But even trying to copy that deal, dealers were still giving me a hard time and weren't bugging as much as I would like. That's when I found the app, and they had a deal already pre-negotiated. When I picked up the car it was one of the dealerships that quoted me a much higher price. To get a lot off MRSP, it really just depends on the car and timing. I felt I got pretty lucky because of the app.
nice! Thanks for the detailed response...really appreciate the time taken. And yes, I think you definitely got a fantastic deal (and I'm sure that app helped alot). Will have to give it a look in a year and a half when I need to deal with my wife's lease. Thanks again for spending the time to make such a great video and provide this helpful response. Happy new year and best of luck in 2020!
Your welcome!
Hi Naam, I know end-of-year can be a good time to get deals on BUYING a new car...but does end of year also offer good deals on LEASES? Or are December specials only good for buying?
Yes. Get a lease is very similar as buy, as you want to reduce the price from the MRSP as low as possible.
@@NaamWynn Ok but we're talking about END-OF-YEAR (December) discounts for leases vs purchases, right? Just want to make sure we're talking about the same thing?
@@jaxav8r Yea it don't matter. You just want to negotiate the price for leases the same as you were buying new.
do they make an app like Rodo but for used cars? 🤔
Not sure if one exists.
Lease acquisition fee on Honda and Acura is $595 and disposition fee $350 that’s $945 bucks is mandatory fees on lease contract . Ok lease cash makes more attractive wow lower price like more discount on lease but then they may end up charge higher money factor rate.. so at the end., really better deal ? Most likely end up close to finance the car. The 595 on the acquisition fee and 350 disposition fees.. and the buy out price 14000. So if I don’t buy out the car at end of lease .. wow I save the $1085 sales tax ! But then I paid the acq and disposition fee 945 in lease pymt and time of return car. I don’t save the taxes on residual after all . Am I right ? I m not as good in math.
But doesn’t your credit score strongly determine the monthly payment? I can do all my research but then the dealer can change numbers based on my score.
Yes it does. Recommend is 720 or higher to get the best rate
Would you have any tips on leasing a Tesla model 3 performance? I’m 19 and want to build credit that way since I don’t have student loans to boost my credit.
If You are 19 and can afford a tesla lease please do yourself a favor and drive a more sensible vehicle and retire early. A good credit score is over rated. Start listening to dave ramsey and follow his advice for investing. If you want to build your credit score there are better ways of doing so.
Cut and Clean WI I appreciate your response 🙏🏽. I run a photography business so I think I’m investing pretty well for my age! My commutes are insane so I would definitely save money with this car.
@@andyorozco2061 so would a honda civic. Residual values on tesla's and other electric cars are horrible. Leasing them is a very bad idea.
Cut and Clean WI thought about it and I will probably hold off a little longer, and buy the car!
Hey, I’m a 19 year old that lives in NYC. I just recently got my credit card so I have little to no credit. This will be my first time having a car. I live rent free with my parents but they don’t want the burden of having to co-sign me so I’m on my own. I’m also going to school and working 2 jobs. I’m second guessing on buying a used car because I know I’m going to end up wanting to have another car in a few years. I was looking into leasing but I’m getting mixed reviews. Would it make more sense to lease a car or buy a used car (my budget for the used car would be $5,000-$6000) cash up front. Please anyone help!
Buying used will be the cheapest option. If you have little to no credit your terms for a new or buying new will be horrible, or may not qualify. I would buy used, drive it for a few years, build your credit and career, they think about getting a lease later.
Naam Wynn Thank you!
How do I find out what the residual value is for a car?
You can find them on the Edmunds car lease forums. I have the link in my description.
Good advice. You say not to put money down! What do you say if the dealership is requiring 1st and Last months payment plus doc fees ?
Everything is negotiable. I prefer to only pay the first months payment. I never dealt with a dealer that required a last months payment. If your planning to lease for 24-36 months it shouldn’t matter as much. If your still getting a good deal, then it’s just another months payment anyways. Doc fees can easy be rolled in to a lease. The more you put upfront the the lower the payments, but the higher the loss if your car gets totaled or stolen.
Majority of manufacturers banks require first month of a lease due at signing. Similar to renting an apartment where rent is due upfront at the beginning of your lease.
That's great to know. Acura finical services did not require it. Which other manufacturers banks do you know require them?
Naam Wynn - Personal Finance & Investing Right now I’m trying to get the numbers on a 2020 Jeep Rubicon Unlimited 4Dr. Lease and Jeep is requiring it. The Jeep salesman gave me a deal to consider but the numbers are to high, the salesman said if he gave me what I wanted that the deal would be a loser for the dealership, my take away from that email is that it tells me he could do the deal I want and make money still but just not as much if I accepted his first offer. Question: How long before the details of a personal loan will appear on my FICO report? I know the hard inquiry is instant but when will the amount of the loan show up ? Is it 30 days ?
@@rambojohn7118 It really depends when the finance company reports it. So it's hard to say exactly when, but from I understand it can take anywhere from less than 30 days to as long as 60 days.
Tell me about the apps rodo?... should i lease use rodo?
Its the Renamed version on Honkr. It’s legit. If the numbers work, go for it.
Thank you
I leased a Toyota RAV4, the dealer said because I'm leasing, I'm not eligible for a rebate or discount, is it true? After the end of the lease I'm planning to buy it, can I negotiate the buy out price? I enjoyed this video and just subscribed.
Jean Claude Junior Anastil thanks for stopping by and watching! With rebates, if the manufacturer like Toyota is offering $3000 off for all RAV4s, all dealerships are require to give it to you. Toyota is giving this money to dealerships to help boost sales. Sometimes dealers may word things differently to make it seem like they are giving you a discount, but in reality it’s doest effect them at all. A discount on the other hand is the price that you negotiate with the seller, which will effect their bottom line. Hope this helps
If you are a repeat Toyota customer , they owe you a loyalty discount. Or if you are military and or student. Never pay msrp
@@moeanthony9308 it's my first Toyota lease, hope I will be able to negotiate the buy out price!
@@PrinceJunior90 I doubt it. I just tried on a Rav 4. If you were to buy say off the lot it would be alot higher than residual
I am currently have a lease at one dealer, can I trade the car in at another dealer? What's your recommendation?
Hung Ngo yes...shop dealers for the best deal
If you want to trade in your car you can do it anywhere they will offer the best price. Carvana and Carmax usually give some good prices.
I'm surprised that on a channel on personal finance that they are encouraging it.
You can but it's not advisable compared to waiting out the lease,
as the dealer would have to pay the remaining lease balance + early termination fees to get you out of the lease which would directly transfer into your new loan as negative equity
(Unless the new vehicle has enough gross to absorb some of that balance like an expensive luxury vehicle).
In which case you'll pay more interest on the interest contracted to you before.
You do not own the car, It is not your vehicle. Leases are essentially rental agreements based on projected residuals.
In response to the other comment:
Don't shop dealers unless they're uncooperative, dishonest, etc.
It's rude and disrespectful to the individual(s) who're investing the time in you when you reached out to them, and you'll be wasting much more of your own time from back and forth haggling with and between dealers over nickels and dimes.
> Be reasonable
> Don't be greedy
> Do your homework
> And based on your homework generate a REALISTIC offer based on your math that you think is fair and ask a dealer if they'll do it.
> You'll be seen as a respectable customer and person and you won't waste anyone's time including your own with pointless haggling
Your 100% correct, it is rarely advisable to terminate a lease early. If Hung would have asked for recommendations on whether to trade in a lease early or not, it would have been a different answer. Since the question was to trade into the original dealer or not, then the answer can be anywhere the trade-in accepted. The only time I would recommend to end a lease early is when there is positive equity and someone is willing to pay a higher buyout price.
Good video but how did you negotiate down to 29k ?
You need to have leverage on what you know that why research is so important. I knew I could get 29k because I have read others getting a similar deal. And you usually get the best deals on last years model or models right before a body change. Sometimes you just have to shop around and let the dealers fight for your business.
If you like to learn about personal finance and car leasing strategies. Subscribe and be apart of the Wynner's Circle!
ua-cam.com/channels/ifemFZtTGl7Sw7kKDtCkew.html
Hello and just came across you channel and I you really opened my eyes to what to look for and ask when I lease... I am right now buy and making on time payments on a 2018 Hyundai Elantra I got Brand New to rebuild my credit and my next move is to lease? I don’t know if Hyundai (Genesis) have a good leasing program or not??? But I would like to walk in and not put down any money... but I am sure be upside down with my current payments... I currently owe 14k on the car..😩🤦🏽♂️
Hey Can I Reference Your Video On One Of My Blog Post?
Yea sure! Post a link and I’ll check it out!
loyaldetermined.com/buying-vs-leasing-for-your-business/
Hey scroll down the page & you will see your link
how does car insurance work on a lease
Is the same as any other car, but you just have to get full coverage.
So what fees, bare minimum, are required to pay at lease signing, and what fees can be added into the monthly payment?
None. You can roll everything in the lease and get it finance. Most of the time you have pay the first months payment at signing. I also hear others having to pay first and last months
@@NaamWynn I finally scored my great deal! 2020 Tacoma Trd sport Crew Cab 4x4 V6. MSRP 39K. Sell price 34K. Only thing due at signing was first month payment and tags... 15K miles a year for 39 months. $275 A month including taxes! Took me 6 weeks of haggling and dealer emails.. But finally got it done!
goirishgo You killed it! Great job!
Hmm idk about this... They pretty much begged me to lease my car on 52k @ .017%. Not sure why this is hard to do?? Open end leasing isn't prohibited any longer so everything is pretty straight fwd.
Who the heck takes an open end lease now a days?
Are there high mileage leases
My lease was for 12k per year. Most leases range from 7.5k to 15k miles per year.
You can buy your miles up front and roll them into the payment . This is only viable if the cost per mile is at or below actual cost . One way or the other you end up paying for the miles you drive so high mileage leases make sense in many cases .
BUT .... how does it wok in CA -always seems to be a whole different story!!
1% lease as in the money factor?
if so lexus and infiniti when i got my lease was offering .00001 and .00003 which converted to percentage is .025%. they have to offer it and you have to be tier one and also make sure they aren’t playing u buying raising.
1% lease means your monthly payment is 1% of the MRSP of the car. Its a rule to thumb to quickly think if the lease is a good deal. Not all cars will be a 1% lease, but the closer the better.
If you are paying 1% on a lease these days you left alot of money on the table or the vehicle was not a good choice to lease. My last 3 leases were chevy Cruze 125/month, buick encore 189/month, and ram 1500 298/month. Cruze was 21k msrp, encore was 23kmsrp, and ram was 42k msrp.
Cut and Clean WI you got some steals! I remember years ago when people where even getting cruzes for about 40-50 a month. Not sure how accurate that was, but a great feat nonetheless
@@NaamWynn Those leases were obtained by chevy volt owners. They received an additional rebate. Some actually got cruzes for $0 if they also had the Costco incentive as well.
I wish it found this video before I leased my car.
6:42 Audi does not offer MSD's
From I have research some have said some dealers don’t offer and there are some that do. So I guess It depends. Thanks for the info
Naam Wynn - Personal Finance & Investing it’s not about the “dealers” you keep mentioning “ dealers” . They are “franchises” and have nothing to do with how the corporate bank operates in their policies. It’s up to a manufacturer’s bank to accept MSD or not
@@Lostpoptart My mistake on that one. You are completely correct.
what do you think of the RODO app?
ryansal It use to be the honker app before. So I do recommend it as a starting point and for negotiations.
1:14 Except for Kia's 10 Years / 100,000 mile powertrain warranty, or 5 years / 60,000 mile to bumper to bumper warranty.
KnowledgeApplied Wrong. 10 years or 100,000 mile powertrain warranty. 5 years or 60,000 mile bumper to bumper warranty.
@@TheGamingAudiophile Same thing. :)
I’m struggling to get this dealers to a zero down on my new lease. I have excellent credit have a 2016 to trade in in very good condition. When I leased my 2016 I put down $1312. I feel like since I am trading in the 2016 I should be able to get little to no money down this time around. Any suggestions?
I'll to answer this the best I can. I find it odd that they say you can't have a 0 down lease. I would call the financing company directly and ask for the reasoning. From what I understand, you should try to keep your trade-in separate from a new lease. If you're able I would be best to sell via private party or try to swap a lease. If your current car is a lease, just wait to turn it in to start a brand new lease. Generally, you don't want you to put money down for leases since your at risk to lose your down payment in the case if the car is totaled or stolen.
Naam Wynn - Personal Finance & Investing I’m concerned if I wait to turn it in then the old lease in at the time of turn in they are going to charge me al these fees. I was hoping to turn it in early to avoid those fees such as wear and tear, etc. to save money. You know like they have these pull up offers etc
Naam Wynn - Personal Finance & Investing for example I watched this guys video and quite frankly his car looks in mint condition but he ended up owing money for basic wear and tear
ua-cam.com/video/4GANkBZ0FAE/v-deo.html
So you do decide to wait to the lease end and not buy the car you will have to pay a deposition fee (turn-in fee). As for the wear and tear, you should have a pre-inspection done so you know what the charges would be. Then decide to fix it or pay those charges. Another option is to swap the lease and have the other party deal with the turn in, or sell the car to U Carvana or Carmax and make up the difference. If the car is valued higher then the buyout price then the money goes in your pocket, if it's less you have to make up the difference.
Naam Wynn - Personal Finance & Investing ok ty for the feedback
After watching this I realized I’m fucked
Sidebar: I love your voice.
Why would you want to be strangled into debt anyways..
Problem with this video is that you don't go into necessary details. It's too confusing.
Omg why is this sooo confusing to me?!?
confusing = me lose money.
You never said how in the world you got 1% interest!!! What a waste of time
Sorry, I think you're mistaken. I didn't get 1% on my interest. I got a payment of 1% of the MSRP of the car. Hopefully, this clears things up. If you have any questions, I'll be happy to answer them!
Naam Wynn - Personal Finance & Investing you’re right that you got a 1% of msrp, but listen to what you have at the .16 second mark. I thought you were referring to interest rate.
Sorry for the confusion, I rewatched that part as well. I can see why It can be confusing. At the 8:49 I did go through the numbers and I did get an APR of 0.74% which wasn’t my intention. I only really cared about the final payment price. Hopefully this cleared things up a bit.
It’s just click bait, it’s the UA-cam hustle. Most lease payments are 1-3% of MSRP. It’s all based on multiple of factors. Gimmicky way of words
This video is bugged ..to prevent people from geeting educated..
I leased a 2017 lexus rx 350 with msrp of 55,000 for 697 with no down payment. Supposedly, I got a good deal. 10k miles per year with gap coverage.
Lexus are difficult to get a 1% lease. I remember seeing a deal where is was very close for a NX. None the less you got a pretty sweet deal considering Lexus leases tend to be higher! Good job sir!
That’s not bad on a 55,000 car with tax and fees rolled in. 697 is a pretty good deal. That’s a 25,000 total lease with tax and fees. Only paid 30% of the car. Most leases typical go for 50-70% depending on multiple of factors .
I just got a 2020 Lexus rx450 hybrid f sport with msrp of 61185. The lease is 701 a month including taxes The lease is for 3 years and 36000 miles. I had to pay the first payment and mandatory fees and it was roughly 1500 I contacted multiple dealers plus I was a repeat customer, so Fresno Lexus gave me a great deal.
@@oloscarlopez8 Great job! You got a good deal here.
Smooth
one of these Nams rented my house in Toronto and left my house without paying rent. ($1800 rent) and they didn't even pay their water, gas, electricity bills.
How are you paying 1% if you are paying for the depreciation for 29289 - 20348 = $8940. That is what you supposed to pay in 36 months right? But instead your 303 X 36 is 10,908. That is $1,968 more than the depreciation or roughly 13.5% APR.
The idea behind the 1% rule is that you want the monthly payments to be 1% of the MRSP. At the time, the car roughly had a MRSP of $37k, so ideal you would want a price $370 or better. Deprecation is a major factor in the payments, but fees and taxes were also rolled into the lease.
@@NaamWynn I thought you was referring to 1% APR like your calculator shows in the video but that is not accurate at all. Because they are not required by law to disclose the APR they just hit you with more that 10% APR.
Bad credit and you’re out of luck. Nam Nguyen to Wynn? Lol
It’s easy for people to pronounce
You think you got a good deal? I got a better deal by buying the car you turned in after only 3 years. Its called the sweet spot.
That’s a sweet deal! 👍🏽
I just sold my leased 2019 330i for a x3 m40i that is also leased. Lol. No negative equity.
The plausible fighter emotionally wonder because wood transmurally remain amid a empty taurus. wealthy, unbiased motorboat
Talk less man come to the point
Ami lun nithi chi
If you lease a car AT ALL you're a sucker.
Thanks for watching! 👍🏽
you speak too fast...
Thanks for the feedback. Will slow down in my next videos.
Leasing a car is the MOST expensive way to operate a vehicle! Just buy a reliable used Toyota or Honda and pay cash for it.
Check out Tacoma and Tundra leases now, you can get some trims for well under 1% of MSRP, even 24 months, 15K miles. If you finance, even at 0%, you could have a $1000 plus payment on a higher trim Tundra.
You do not own the car, no equity