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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Car Lease Question
DHs truck lease is up in November. It's already paid off and he's started looking at new trucks, but I want to wait till at least August to seriously begin shopping. He has a Dodoge now but is looking into other trucks as well. He has always put money down on his leases, but I heard you shouldn't. Which is the way to go? This whole leasing thing is completely new to me. TIA!
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Posted 2/24/08 11:05 AM  |
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CunningOne
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Member since 5/05 26975 total posts
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Re: Car Lease Question
Wow, his lease is already paid off - 9 months early?? I agree that when you lease, you should put now money down. The lease company may take the truck bak early if it's paid off, and you can start shopping when you want.
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| Posted 2/24/08 11:17 AM |
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jodi714
Love my little girl!
Member since 2/06 3621 total posts
Name:
Jodi
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Re: Car Lease Question
We just leased and negotiated to put the least amount down possible. We only paid first month and DMV fees. Taxes were rolled into our lease. Many times they will roll the 1st month and DMV fees into your lease as well. I was always advised to put little to nothing down because if something happens and you turn it in early, you lose that money, but if it is paid on a monthly basis you are sort of paying as you use it. That being said, I also wouldn't want to pay it off in advance and turn it in early because I would think you are essentially paying for it but then giving it back so you can't use it. I would assume you save some money on the interest but you are still paying for something that you are no longer using. Think of it like a rental....if you paid for a week's car rental in advance but returned it after 3 days, you wouldn't expect to be charged for the other 4.
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| Posted 2/24/08 12:07 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Car Lease Question
why is it paid off early?
I agree, put as little money down as possible.
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| Posted 2/24/08 3:29 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Car Lease Question
Posted by Blu-ize
why is it paid off early?
I agree, put as little money down as possible.
My MIL paid off ALL of DHs debt before we got married so he just pays her a small interest free payment each month instead of all of his bills. This included the truck lease since it was $700 per month (Dh was not so smart when he got the truck and rollled his financing from one truck into the lease, making the payments sky high).
I keep telling him I don't want to put much down because I want to put it towards a house fund, but he wants to put down at least $5k. I don't see the point, and since I don't know much about leasing a vehicle, I knew everyone on here would be helpful.
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| Posted 2/24/08 8:02 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Car Lease Question
I lease now and I put down around $2K
I think it was the tax, fees and 1st paymment
I would never put $5K down on lease
if the sole reason is to lower the payments I would get a less expensive car or not lease and buy a car
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| Posted 2/24/08 8:06 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Car Lease Question
I agree with Beth. Do not put a lot of moeny down on a lease. Buy the car if yuo want to put money down.
It sounds like your MIL did DH no favors. He is still operating the same way about money.
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| Posted 2/25/08 9:15 AM |
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