somsom
Could you please provide me some information about leasing a car like
what is the pros and the cons
Why i should lease than buy a car
If i,m leasing a car i still need to shop around to find a good deal of the price of the car or becouse it is leasing it does not matter
Can i lease a car for only one year
Can i lease a car with OK not very good credit score
Thanks in advance
Answer
Leasing has become more difficult nowdays but you can still find good deals, for example at VW, Mazda, Ford, and Honda dealerships. Lease generally is between 2 to 3 years. One year leases may be possible but they will be much more expensive. I personally do not like leases since I don't like to change cars every 2 to 3 years. Leasing restricts you to 10 to 12K miles per year and you may also end up paying for too much wear and tear. A lot of times dealers will offer $200 a month lease with $2000 to $3000 downpayment up front. Add up all you payments plus up front cost to find out exactly how much you will pay for the car in 2 or 3 years. You'll find that after 2 years and about $10,000 you will no longer have a car. Lease works great if you like to change cars every couple of years, drive less than allowed mileage, and don't mind looking for another car at the end of the lease.
Leasing has become more difficult nowdays but you can still find good deals, for example at VW, Mazda, Ford, and Honda dealerships. Lease generally is between 2 to 3 years. One year leases may be possible but they will be much more expensive. I personally do not like leases since I don't like to change cars every 2 to 3 years. Leasing restricts you to 10 to 12K miles per year and you may also end up paying for too much wear and tear. A lot of times dealers will offer $200 a month lease with $2000 to $3000 downpayment up front. Add up all you payments plus up front cost to find out exactly how much you will pay for the car in 2 or 3 years. You'll find that after 2 years and about $10,000 you will no longer have a car. Lease works great if you like to change cars every couple of years, drive less than allowed mileage, and don't mind looking for another car at the end of the lease.
Does anyone have any info on what happens when you need to get out of a car lease early?
devonwest
I have an 02 4 Runner I am paying way to much for in a lease. My payout if I buy it now is 17,000...but I cant even afford that. I dont know what happens if I terminate my lease early, or if I voluntarily reposess it. (give it back) but my credit is shot anyway. Any advice?
Answer
A lease is a finance contract with a balloon payment at the end. You do not say if it is a two or four wheel drive vehicle, nor do you list the trim level, but it is possible that you may be able to sell the car for the buyout figure, or a little less.
Check with a place like Carmax, or an independent used car dealer, to see what you car would be worth. If the figure is close, you can pay the difference, buyout the lease and sell the car. You will not hurt your credit that way, and you may actually end up with a few dollars in your pocket!
If you give them the car back, they will sell the car at auction. They will take the amount that they get for the vehicle, deduct any and all fees, repairs, transportation, reconditioning, and any other costs they can think of, and apply the remaining amount to the balance you owe. They will then sue you for the difference, and attach your wages if you do not pay!
A lease is a finance contract with a balloon payment at the end. You do not say if it is a two or four wheel drive vehicle, nor do you list the trim level, but it is possible that you may be able to sell the car for the buyout figure, or a little less.
Check with a place like Carmax, or an independent used car dealer, to see what you car would be worth. If the figure is close, you can pay the difference, buyout the lease and sell the car. You will not hurt your credit that way, and you may actually end up with a few dollars in your pocket!
If you give them the car back, they will sell the car at auction. They will take the amount that they get for the vehicle, deduct any and all fees, repairs, transportation, reconditioning, and any other costs they can think of, and apply the remaining amount to the balance you owe. They will then sue you for the difference, and attach your wages if you do not pay!
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