How To Lease A Car In 2024 (Step By Step)
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- čas přidán 6. 08. 2024
- Here's what you need to know about leasing a car in 2024. We'll be covering what a car lease is, the differences between leasing versus buying, what is a $0 down lease, what are the best vehicles to lease and more.
00:00:00 Introduction
00:01:07 What Is A Car Lease?
00:05:18 Buying vs Leasing 101
00:05:58 Leasing An Electric Vehicle (EV)
00:06:52 $0 Down Lease Explained
00:08:40 Best Vehicles To Lease
00:10:34 How To Negotiate
00:11:39 Gap Insurance Explained
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Putting a down payment on a lease is a bad idea. If you total the car on the way home, or at any time, insurance will cover the car. But the money you put down is gone forever.
100%
Exactly!!!
Pay $5k extra then
Put the money you have for the down payment to pay the extra payment per month in an interest-bearing savings account.
Good idea @@thuizar
I leased a 2020 392 Charger, and traded it in at the beginning of last year. Because it was worth more than the buyout amount, I made the dealership use that difference as if I was making a down payment on my new car. I got into a car that was about 8k more expensive than my charger for $50 less a month than I was paying on my charger. It wont always work out like this, but you should always check the value of your current lease when you go to look at new cars, because you may be sitting on money.
Wow, that is awesome! Thanks for sharing this
This was very helpful, thank you.
I only do 0 down for lease. Maybe I would pay the first month if needed but leasing is better then financing.
It's okay to roll down payment +fees into the loan.
I prefer to pay an extra $30 up to $100 monthly on original monthly payment that's include a down payment then given the dealership thousands upfront for down payment...
Financing is more expensive and doesn't make sense for 3 reasons. Car get old, depreciation more over time which lead to an upside down loan.
Thank you sooo much!!
Wow! Very well done. Much appreciated.
Thanks for watching, glad this was helpful!
I leased my car then financed it before lease end & bank of my choice gave much better rate than dealer
Thanks for your advice. Do you provide personal advice?
1. Can i customize lease mileage for term contract? 2. Can u use car leasing for ridshear?
Thanks
Thanks I learned something
Glad to hear it
Thanks for the info...I will surely look into it. Where can I get more information?
This is a great site for more information about leasing and the best lease deals: leasehackr.com/
Thank you for the very good information on buying or leasing a vehicle.
Sincerely Eric Williams
Most Dealership if your return your lease with them and get another one from the company or even a different company as long as you are paid with your last month no matter how many mileage you exceeded they will not allow you to pay for that, they will give you a new lease and they might also offer a sign and drive. Well thats if you are 700plus credit score.
Appreciate the info! I still think a certified preowned is the way to go, unless you have a business, then a lease might make sense.
I would totally agree! Certified Pre-Owned for the win
Like the video but disagree as far as luxury vehicle don’t lease well (depends on what someone considers luxury though). Residuals are usually artificially high on luxury vehicle and if they aren’t moving, they throw a lot of lease cash on it. Just leased a $70k suv with nothing due at signing (a true sign and drive) for $451 a month.
Thanks for the input, I appreciate it! Sounds like you got an awesome deal
That's exactly what I'm hoping to have, how many months are you leasing for?
@@kristopherhoward722736 months.
Hi! A $70k SUV for $451 a month. Can you share how many months and mileage allowed? Also, what SUV and where did you get a deal like this? I'll travel for that deal!
@@TheLocker750 An Electrified Genesis GV70. There was a lot of lease cash that the manufacturer is offering and I think they still are.
Do you have to have good credit?
100% or you’ll have stupid high payments
Dang it's really depressing that I don't qualify for the EV tax credit. I'm a mechanical engineering student who is passionate about the EV industry. I'm even interning at BMW right now working with their EVs. I've saved up some money and I really want to lease a new electric car know electric car. But since I'm claimed as a dependent by my parent, I don't qualify
If I want to sell a car (but still own money to the financial institution) and the the dealership goin to pay me 10k but I still own 18k
That gap pays it ?
Gap Insurance only comes into the equation if the vehicle is totaled or stolen
Very informative 👏
What happens when you put 5k down on a lease and something happens and loose all that money?
Then You'll lose your down payment
03:30 You state that "you are not responsible for the maintenance" on a lease. Is this really true thou?
You made is sound like it applies to leases across the board, but I'm pretty sure that you have to be super lucky for a dealer to offer you free maintenance with your lease.
Standard manufacturer's warranty will obviously apply, but you still need to do oil changes, brake service etc. out of pocket.
Can I rent using my business? And take out off on my taxes expenses ?
It would depend on what % of the time you use it for business vs personal
Yes you can.
Hi
Can you lease a 3 or 4 year old vehicle with a lower payment and still not come out of pocket for maintenance expenses?
It is possible to lease a used car, probably at most 2 years old - but it's definitely less common
yes. you also have the option to get free maintenance throughout the whole lease term
Do you need excellent credit to lease a vehicle?
If your drive off the lot and total the car , the insurance won’t cover the $5k cap reduction
If the vehicle gets totaled, will the gap insurance cover the Loss of the Down Payment?
No unfortunately it only covers the difference between the amount owed and the Actual Cash Value - that is one risk to be aware of when leasing a vehicle with a down payment, but it comes with the benefit of having the lower monthly lease payment
@@RyanScribner saw someone make an interesting argument in another video in favor of the $0 down lease agreement.
He said to just take the money you would’ve put down and instead place it into a high yield savings account - I guess depending on the state of the economy you could in theory earn more in interest with the HY savings account than what you would’ve saved in the monthly payments (did I say that right? 🤔).
He claimed that the dealership uses your down payment to cover the gap insurance, when in reality it should be included in the agreement regardless of what you are or aren’t putting down 🤷🏻♂️ thoughts?
putting 6000$ before lease??? wow, you probably shouldnt be making videos about leasing
That’s what i was thinking 😂😂
#1: Leasing is renting the car, why pay tax, registration, doc fees etc? Not my car!? #2: never put down payment on lease. Puff! gone! well, my opinion. I never leased and never will, I like to own things. It's fine for business and some people that like new cars every 3 yrs...(most of my family) lol
Yikes, it's well known that you should NEVER put money down on a lease to lower your payment. You'd never see any of the 5 - 6k money down that you recommended , in the event your car is stolen or totaled in an accident. It's a gift to the leasing company. You're better off shoving that 4500.00 down payment in a bank and withdrawing the difference on top 😢 the 213.00/month lease payment for the life of the term for the total of the 349.00.
3 months into you lease term your car is declared a loss, you still have a lot of that money you stashed away for the payment🤦🏾♂️
Save the down payment and just pay the additional $136 for a payment of $213. If you total the car, you lose that down payment!
Why should I put down a down payment? foolish,if car is totaled you lose your money put down payment in bank acct earning interest and draw from it monthly
Allow me to give mr. Scribner a lesson from a guy that sold leases for 20 years. YOU ALWAYS DI A ZERO DRIVE OFF LEASE. If you put down 3 to 7000 your a fool and I made money off of many fools. You take the money and put it in a money market account and let it grow instead of a 200 Dion at a month less payment but that’s not the biggest reason. YOU LOSE THE ENTIRE ANOUNT YOU PUT DOWN IF YOU TOTAL THE VEHICLE. This is how you lease a car. 1. You never discuss payment. You ask how much of a discount to msrp am I getting? Then you tell them period paragraph it has to be a zero drive off lease. Then NO extended warranties. Then if you have good credit like 750 to 800 up you ask what the money factor is. Then you make sure it’s not being marked up because that kill’s people and they have no clue what’s being done to them. Telling people to put down or expect to put down 5 grand or more shows honestly you have no clue sir.