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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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36
votes
8answers
9k views

Infrequent car rental vs. lease/buy

I live in a large city and do not currently own a car. I use public transportation, ZipCar, Uber, and a bike to get everywhere I need within the city. For bigger trips outside the city, I have been ...
35
votes
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?
22
votes
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 ...
19
votes
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 ...
18
votes
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 ...
15
votes
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 ...
9
votes
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 ...
9
votes
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 ...
6
votes
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 ...
6
votes
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 ...
6
votes
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 ...
5
votes
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 ...
5
votes
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
votes
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 ...
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 ...
4
votes
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 ...
4
votes
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 ...
4
votes
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 ...
4
votes
1answer
254 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,...
4
votes
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 ...
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 ...
3
votes
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 ...
3
votes
2answers
127 views

Financing and Leasing, difference!

What is the difference between leasing and financing a truck? My friend needs to buy a truck to start a business, and he asked my suggestions regarding the lenders offering a loan. In my search, I ...
3
votes
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
votes
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?
2
votes
6answers
962 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 ...
2
votes
3answers
215 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 ...
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 ...
2
votes
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 ...
2
votes
2answers
209 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
3answers
739 views

Does the invested equity in a leased vehicle count towards the residual value?

Let me preface: I have learned my lesson and am trying to mitigate the consequences as much as possible. I was naive and did not fully understand what I was agreeing to. I was talked into trading in ...
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 ...
2
votes
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 ...
2
votes
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 ?
2
votes
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 ...
2
votes
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 ...
2
votes
0answers
411 views

Buying a new car - price dropped while awaiting delivery

People! I've been doing okay financially and recently ordered a new car (Middle of April). While the vehicle is expected to be delivered in the next 2 weeks, I noticed that the dealership website has ...
2
votes
0answers
371 views

Should CA sales tax be charged to vehicle lessee on the portion of capitalized cost reduction from a federal rebate?

Should California sales tax be charged to a vehicle lessee (at inception of lease) on the portion of the capitalized cost reduction that is 'paid for' by a federal rebate? Background: certain ...
2
votes
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 ...
1
vote
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 ...
1
vote
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 ...
1
vote
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 ...
1
vote
1answer
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 ...
1
vote
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
vote
1answer
149 views

Are there typically penalties for trading in a lease on a new car before the lease contract ends?

We're about 13 months into a 39 month lease. Our payoff is about $40,000. We are looking at trying to get into something that will lower our payments a bit, and so checked a local dealer to see what ...
1
vote
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 ...
1
vote
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 ...
1
vote
1answer
176 views

Is it a bad idea to lease a car even when looking for a car for only short term purposes

I am looking to buy my first vehicle and I was convinced that a leased car would be better option due to lesser upfront costs, lower paymnets and an option to buy the car at the end of the lease. ...
1
vote
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
vote
2answers
86 views

18 years old and looking for advice on loans, buying a car, financing, etc

I'm 18 years old, I've been growing up in a place where there is animosity towards success, trust nobody and help from nobody is the point. Finally I'm on the right path but I'm having troubles. I ...