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Questions tagged [auto-leasing]

a specific tag for any questions to leasing of automobile. Please add information about any mileage restrictions, and other key highlights of leasing terms. Please add country and state tag.

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77 views

Auto leasing and early payments

If I pay extra on my auto lease, does that go towards the buy out price for the end of my lease? For example if im paying 400 a month for 48 months and my residual value is 11,500 at the end of the 4 ...
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3answers
112 views

Are all automobile leases closed-end lease?

For example, consider entering into a lease contract with BMW SUV X5. As usual, the duration of the lease is 3 years and the lessee is required to make equal install payments during the duration. At ...
22
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4answers
9k views

Suppose leased car is totalled: what are financial implications?

Inspired by this question on totaling vs repairing a car and my situation (I'm leasing a car) my question is: Suppose a leased car, properly insured as per the lease (i.e., comprehensive) is involved ...
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3answers
214 views

What should I consider in a decision to lease or buy a car?

My car may have been totaled by a driver who plowed into me at a stoplight. The body shop and the insurance adjustor are still evaluating the damage. If the car is a total loss, I'll have to decide ...
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4answers
375 views

Buy my leased car?

My 2016 Lincoln lease is up. I'm considering buying it for $25000 and putting $7000 down to meet my finance 60 month payment budget. My Salesman said today that much down is not a good idea as I will ...
2
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6answers
961 views

How is leasing a car beneficial to the one who leases? [duplicate]

They say that a car is a depreciating asset and so leasing a car works better than buying one. I heard this from folks and car salespersons. Although I understand the aspect of leasing cars meaning ...
4
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1answer
149 views

Is it advisable to over-pay automotive lease?

I have a large automotive lease on an electric vehicle, and some extra cash. Of the investments and debts I have it's currently at the highest rate (5.5%), Does making early or larger payments reduce ...
1
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1answer
186 views

Recent grad with bad credit in need of auto loan

I'm a recent college grad. Due to some stupid things I did during my masters, I have a bad credit with 3 missed payments on my account and 2 collections. I got a job recently with a six figure salary ...
6
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5answers
2k views

I need a car for 2 years. Buy or lease (or something else)?

My current situation: I live in UK I'll be soon moving to Europe I'll be back in UK in approx. 2 years I don't own a car at the moment When in Europe, I'll be needing a car. However, I'm not sure if ...
4
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3answers
6k views

Lease vs buy car with cash?

I was planning to buy a new car for about $18000. I rarely drive and probably drive less than 5000 miles every year, but for various reasons I need a car. I am replacing my current car because it is ...
9
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4answers
2k views

In today's low interest environment, is it generally more economical to buy or lease a new car in the US?

In today's low interest environment, is it generally more economical to buy or lease a new car? Assume above average to excellent credit and an average priced new sedan. I ran through a cost ...
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1answer
199 views

Leasing Question

I leased a vehicle for 39 months. At the time they told me I was allowed 12,000 miles a year. On the contract I and the dealer signed where it says not to exceed a certian amount of miles or .25 per ...
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1answer
1k views

Buying out my leased car… residual price negotiable?

I am at the end of my lease, and considering buying it out. The residual price is $14000. I offered $12000. The dealer told me he can't negotiate the residual price because the car belongs to the ...
3
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2answers
4k views

How to transfer personal auto lease to business auto lease?

What is involved in transferring a personal auto lease to a business auto lease? We have a car for our business that was leased prior to establishing our LLC, therefore it is under our names, ...
3
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1answer
2k views

Is it possible to lease a car in Canada as a non-resident?

I'm a non resident of Canada, living in Vancouver, BC, Canada - what are the rules, regs and issues in leasing a car - is it even possible?
9
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4answers
3k views

Leasing a car for a friend with low or poor credit history

Is it possible to lease a car in a friend's name who has low or poor credit history and lives in a different state than where I live utilizing my own good credit record? How does it work and what are ...
1
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1answer
7k views

How much can you write off on a car lease through a LLC?

If you lease a car over buying it, how much can you write off of the car lease for the LLC? Given that you can lease it through the business, is that a more wise decision than buying financially? ...
1
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1answer
675 views

Optimal term/number of months for car finance or lease?

How do I choose from the many options? For example, Volkswagen Canada offers in 12-month intervals: for finance, 12 to 84 months; for lease, 12 to 48 months. Does this answer change if the ...
2
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1answer
91 views

Leasing a car: Do I need credit approval for total lease amount, or full amount of car?

Say I want to lease a car. Dealer says $350/month for 3-years. The car is $23,000 if buying in cash. Do I only need credit approval for $12,600 ($350 x 36-months), or for $23,000 ?
4
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0answers
3k views

NY State Sales Tax on Lease Transfer

I am hopeful that someone can help me understand New York State (NYS) Sales Tax with regards to a lease take over, in what seems to be paying tax twice. So here is the scenario: Person A leases a ...
4
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1answer
252 views

Leasing a car with good income, but very young

I am 19, but I'm employed as a software engineer, making six figures. I want to lease a very expensive sports car, but I'm not sure if my age will stop me from doing this. I've had three credit cards,...
5
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2answers
2k views

Can leased car be declared as part of net worth?

Can a leased car be included as part of net worth? If so, how?
5
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2answers
2k views

Bait-and-switch on new car lease

My mother is retired, and is currently considering leasing a new car to replace her current aging vehicle. A dealership near us has been offering a special on a lease for a particular vehicle for $99 ...
4
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4answers
4k views

How to unlock the equity in my leased vehicle?

I have leased for the previous 3 years an SUV from Kia. The lease terms claimed a 36,000 mileage but I have only put 19,000 miles on the vehicle. Everyone is telling me that I should be able to "get ...
1
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1answer
299 views

Should I lease a 2nd car to replace my 12-yr old car?

I am already leasing a car for my wife. $330/mo for 36-momnths. That keeps her happy and I have peace of mind since she drives our baby to the daycare apart from commute to her work (~10 Km one way). ...
1
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1answer
344 views

Drive 100 miles per month for 3 years: the most affordable way

My wife and I live in Brooklyn, NY. I'm working and she isn't - we are waiting for a baby. We have a car-spot in our garage for free included in the rent (which is approx. 2k). What is the cheapest ...
3
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4answers
29k views

If I plan to buyout my lease car at the end, do I still pay for excess mileage/wear?

Kinda stupid question, but there are so many "fine prints" when leasing a car. Let's say I plan to buyout my leased car at the end of the 36-month term. My allowed mileage is 20,000 Km/year (60,000 ...
6
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1answer
513 views

How can the interest rate be disguised in a car lease?

[Source] Personally, I think leasing can be a good way to go. For one thing, leasing allows people to drive more expensive cars. But you have to be careful. Some dealers base leases on 110 percent of ...
1
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1answer
1k views

Am I double taxed on a lease buyout?

I'm considering buying my car at the end of its lease. In looking at the paperwork, I paid the State of Illinois 7% sales tax on the entire negotiated value of the car, not just the portion I leased. ...
2
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1answer
698 views

Does a car lease count as a car loan for credit reporting purposes?

I've been told that I need to get a loan on my credit report to increase my credit score. I've never gotten any type of loan before. If I get a car lease, does that count as a loan for increasing my ...
2
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1answer
12k views

Can you pay off lease early?

If I pay off lease amount early for a car, is there any impact on my credit? Let's say I'm paying $400/month for 36 months, which is 14,400 total. If I pay 14,400 within 6 months, are there any ...
1
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0answers
198 views

How does paying off a car lease early work? [duplicate]

I'm a little bit confused on paying my lease amount early. As far as I understand, I loaded the total amount of the car. Let's say the total amount of car is 50k and the total lease amount is 25k. ...
5
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2answers
5k views

Car lease payment went up after moving to new state

Recently, I moved to Kentucky from Ohio and my monthly auto lease payment with Chase Bank went up by about 8%. How is this possible if the tax difference between each state is only 0.5%? According to ...
2
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2answers
184 views

How would I compute the difference between purchase and lease-to-purchase offers?

I'm looking at getting a new car, and this Toyota Avalon lease deal seems like a better deal then buying. However, I've always heard that leases are not the smart way to go. When I do the math the ...
3
votes
3answers
4k views

Leasing a car I intend to buy

I'm aware of the usual pitfalls of leasing a car (I found this question very helpful) and I know the general rule is that if you can't buy the car in cash, you can't afford it. However, I need a new ...
2
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1answer
257 views

Company Leased Car - Transfer from a colleague

An employee in my org got a company leased car and he is planning to transfer the lease. EMI: Rs. 15300 Tenure: 60 months Already paid 25 EMIs = Rs. 382500 Remaining 35 EMIs (that ...
1
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3answers
815 views

Leased Vehicle Return and Re-purchase

My lease term is coming up in a few months. The car has around 20k miles, whereas the lease was for 36k miles. I like the car, and I intend to buy it, however the lease end purchase price is a bit ...
19
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7answers
6k views

Should I buy or lease a car given that its not a super luxury car and I only drive 15 miles/d on avg?

For my first car, I bought a Toyota Camry. 3 years later I sold that car and I am leasing a BMW series 3. My lease will expire early next yr and I am thinking getting the X3/X5, do you recommend ...
2
votes
2answers
417 views

Should I trade in a car I own to lower my payments on a new lease?

I currently own a crossover SUV, valued at roughly $9000. I'm planning on leasing a truck in the nearish future, with the intent to finance the balance after the lease ends. I've read that down ...
5
votes
2answers
4k views

Buy car vs lease vs long term rent for 10 years period

After reading a few questions about renting vs buying an house and seeing how many people strongly support renting, I'm wondering if the same applies to renting vs buying a car. Suppose: I don't ...
-1
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1answer
157 views

Recent College grad in need of car

I am a recent college grad with a salary around 48k/yr at a very stable job. When I began college my father leased a 2013 Hyundai Sonata for me with a 208/monthly payment. My lease is about to be up ...
15
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3answers
12k views

Why are auto leases stubbornly strict about visa status and how to work around that?

I live in Washington state and want to lease a car from Subaru. I work for Microsoft, have decent income and good credit score (~718). I'm in US for a bit more that 1 year on an H-1B visa and I'm in a ...
6
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2answers
3k views

Do I have to pay Sales Tax on my leased car twice when moving from VA to FL?

I have a vehicle that I'm leasing and in the state of Virginia you pay sales tax on the full purchase price of the car when you are leasing. I have now moved to Florida and the lease company has ...
1
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3answers
1k views

Is it irresponsible for me to lease a $300/month car for 18 months?

Here's my financial situation. My net worth not including student loan debt is about 4.5k. I make 95k a year but end up getting about 4k a month (after retirement saving, health insurance, etc). My ...
35
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6answers
8k views

Electric car lease or buy?

I know the conventional wisdom for leasing vs. buying, but are the economics of an electric car significantly different than other vehicles?
18
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3answers
18k views

Leased a car but did not use the mileage - what options do I have

Background: About three years ago I was victim of carjacking. My car (Honda) which I owned got totaled and after a month of working with insurance I got a equivalent value of my car from insurance ...
2
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2answers
208 views

Can I pay off a portion of my lease to increase mortgage approval amount

My girlfriend is applying for a mortgage, but is unable to get approved for enough because of high payments on her car lease. These numbers are rounded for convenience, but currently, the payments ...
2
votes
1answer
243 views

Get rid of car lease in an emergency situation

One of my friends leased a car 5 months ago from Acura with a 36 month lease. She has a emergency situation and she might have to go back home (North Africa) in 2-3 months. Apart from using Swapalease ...
0
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1answer
96 views

What options do I have when trading in lease with equity?

We leased a 2014 Honda Odyssey Touring-Elite in the U.S., and will be maturing our lease with right at the agreed mileage (36,000). We signed our lease with an estimated residual value of $23,000 -- ...
0
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1answer
283 views

Finance, Cash or Lease?

I'm currently leasing a vehicle and I like the way it works, especially since I got a really good deal on my current vehicle. However, it is due to go back in the next few months so I am looking at my ...