Strategies for Smart Car Buyers
Leasing
August 29, 2008
People keep asking me if it's safe for them to lease now. They've heard a lot about all the problems with leasing that have plagued Chrysler and the other domestics.
The short answer is that a good lease (if you can find one) might be even better now. Here's why.
When you lease a car you don't have to worry about how much the car depreciates. You just give it back when the lease is over. If you decide you really want an SUV (and can afford the gas) go ahead and lease it. When you're done driving it in three years, the thing might be worth nothing, but it's not your problem.
(By the way, if you want to hear more about trends in the leasing business, you should check out the interview with GM's Troy Clarke when he visited Edmunds.com's Santa Monica, Calif., offices yesterday.)
Here's another little wrinkle that's interesting for people already in leases. If you're currently leasing a fuel efficient car, you might want to check its Edmunds TMV price. It's possible you could buy it at a bargain price and resell it at a profit. But be careful of sales tax -- that can wipe out any money you would otherwise make. Here's an article about buying your leased car.
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- Philip Reed August 29, 2008, 1:57 AM
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- Financing, Leasing
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- car buying, GM, Leasing, Troy Clarke
August 21, 2008
Leasing has long been an effective way to drive a vehicle for a less expensive monthly payment than if you had actually financed it. Exotic cars are no different, well...other than the payment. If you have ever seen an exotic car driving down the road and wondered just how much it would cost to actually drive one, read on.
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- Lee Scott August 21, 2008, 3:00 AM
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- Leasing
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- Aston Martin, Exotic Car, Lease
August 14, 2008
After seeing our latest leasing and incentive information, I was struck by the fact that Chrysler has left the leasing game. As far as I know, this is the first time a major carmaker has done that.
Boiled down to its essence, leasing could be thought of as another way of saying long-term rental -- typically anywhere from two to four years. You essentially are paying for the use of the vehicle, its depreciation in value over the term of the lease. You are not paying for the entire value of the vehicle; at the end of the lease the vehicle is worth a certain amount.
If the vehicle's value when new is say $30,000 and at the end of the lease it's worth $15,000, then you've used up $15,000 of that vehicle's value, and your monthly payments are essentially based on that. Great, you get to drive a $30,000 car while making payments that are based on $15,000. Of course, the trade-off is that you don't own the vehicle at the end of the lease. Now you know why you see so many new BMW 328s driven by new college grads.
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- johnnyturbo August 14, 2008, 2:00 PM
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- Buying New Cars, Financing, Leasing
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- Leasing, Residual Value
August 7, 2008
Sometimes life on L.A.'s Westside can be a little too idyllic. Seriously, how many consecutive days of sunny skies and 75-80 degree temperatures with a cool ocean breeze could you handle? That's why I hightailed it to the Dearborn Inn in Dearborn, Michigan, earlier this week -- I had a hankering for a hot and humid slap in the face. Conveniently enough, Ford happened to be introducing its 2009 model lineup right across the street at its Dearborn testing facility.
So what's Ford got in store for car shoppers this year? Well, it's not all roses, but I did leave Dearborn with the distinct impression that this is a company committed to rectifying past wrongs and reestablishing itself as an industry leader. Some of that committment is already evident in 2009 models, while in other respects there's still a ways to go. This week I'll give you the Top 3 reasons why you should be excited about the 2009 Fords -- and the Top 3 reasons why you shouldn't.
Josh Sadlier, Associate Editor, Edmunds.com
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- SadButTrue August 7, 2008, 6:00 PM
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- Buying New Cars, Driving, Leasing
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- Weekly Top 3
August 1, 2008
As noted in my teaser post, automakers currently find themselves in an awkward transitional period. Consumers suddenly want maximal fuel-efficiency, yet most manufacturers are saddled with gas-guzzling fleets that offer only a few efficient alternatives. So what are they doing about it? Calling Madison Avenue, of course. This week we'll highlight three ways in which marketing mavens are trying to pull the wool over your eyes with misleading MPG claims.
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- SadButTrue August 1, 2008, 11:00 AM
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- Buying New Cars, Buying Used Cars, Certified Used Cars, Fuel Economy, Leasing
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- Weekly Top 3
With the sudden increase in gas prices, automakers are scrambling for ways to pitch old products with timely new claims about fuel-efficiency. Are they being honest about it? Are you kidding?! They're doing what companies do -- trying to make their wares look as attractive as possible for the buying public, reality notwithstanding. Tune in later today for our Weekly Top 3, in which we'll highlight three sneaky tactics designed to impress consumers with MPGs while keeping some uncomfortable facts under wraps.
Josh Sadlier, Associate Editor, Edmunds.com
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- SadButTrue August 1, 2008, 5:30 AM
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- Weekly Top 3
July 31, 2008
Last week Chrysler shook the automotive world by announcing it wouldn't be leasing vehicles through its captive finance company anymore. People can still lease Chryslers but the lease will have to be written by an independent bank.
Now, Wells Fargo Finance and Chase Auto Finance have announced they are also getting out of the leasing business. An internal memo from Ford indicates there maybe lease troubles there too. And GM has just announced it will restrict leasing to only those with the best credit rating.
What's going on? And what does this mean to you, the consumer? We have a new article on our site that explains the current leasing situation and provides direction for people who are interested in making the best decision when financing a new car.
First, a quick look at why trouble has struck. Leasing is a way to pay for only the amount of the car's value that you use. If you drive a new car for its first three years, you pay that much depreciation (plus interest and sales tax). To make this work, lease companies try to predict the value of the car at the end of three years. When the lease is over the car comes back to them and they usually sell the car at an auction.
But with the sudden drop in resale value, banks that wrote leases are being stuck with gas guzzling SUVs and trucks worth much less than expected. While this has automakers quaking in terror, the impact on consumers -- so far -- is minimal.
Here is where things stand...and the changes that are likely to be coming soon:
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- Philip Reed July 31, 2008, 1:29 PM
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- Leasing
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July 30, 2008
This Driving Woman is always trying to lose a little weight. But as I hula hoop my way to health on the Wii Fit, I'm also thinking, "What about those folks who have to lose 1,000 pounds... or more?"
People who have leased large trucks and SUVs in the last couple of years are pondering the scale more than ever, as soaring gas prices have made their buff rides look more like aging sumo wrestlers. A lot of folks are "trading down" from their voluptuous vehicles to more trim transportation when they buy a new car. But what if you're stuck in a lease and just can't afford the payments (or the gas) anymore?
There could be a way out that doesn't require paying thousands to the dealer: Lease trading.
Lease trading allows someone to legally take over your lease, and has gained popularity as the Internet has made such transactions easier. Sites like LeaseTrader.com and Swapalease.com, while they operate somewhat differently, will help you get out of your lease for a very reasonable fee.
Despite high gas prices, there are still good reasons your weighty wheels would be appealing to someone "shopping" for a vehicle on these lease trading sites.
- No downpayment required
- Someone who doesn't put a lot of miles on their car each year, or has the dough, may not care about gas prices
- They may really need the cargo or hauling capacity of a truck or SUV
Here's a tip: If you're hot to offload Big Bertha, you should offer a cash incentive to the person assuming the lease. This will lower their effective monthly payment, effectively sweetening the deal.
We recommend thinking hard about whether it makes financial sense to try to get out from under your current lease; the old adage "haste makes waste" is especially appropriate here. But if you decide it's worth a look, all the details are in our article, Get Out of Your Lease the Cheap and Easy Way (http://www.edmunds.com/advice/leasing/articles/47011/article.html).
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- Joanne Helperin July 30, 2008, 4:30 PM
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- Fuel Economy, Leasing
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July 29, 2008
As Phil reported on Friday, Chrysler will no longer lease vehicles through its captive finance arm, beginning in August. Truck product-heavy Chrysler claims that they are losing too much money on vehicles as they return from leases, especially in light of the recent market shift away from gas-guzzling trucks and SUV's. I am not buying that reason and I think the real reason is something much more profound and far-reaching than just depressed resale value. Find out what that reason is after the jump.
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- Lee Scott July 29, 2008, 3:00 AM
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- Leasing
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- Cerberus, Chrysler, Leasing, Residuals
July 25, 2008
Conventional wisdom can be a drag when it comes to car shopping. Many shoppers will settle on a particular brand because it has a reputation for this or that virtue, only to discover that the reality is rather different. Or maybe they'll go on believing in that mythical reputation, simply because no one's told them otherwise. That's where this week's Top 3 comes in. We're going to break it down for you -- three examples of brands that either deserve more credit or aren't living up to their reputations.
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- SadButTrue July 25, 2008, 12:59 PM
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- Buying New Cars, Buying Used Cars, Certified Used Cars, Leasing
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- Weekly Top 3
The 2008 Pacific is one of many Chrysler vehicles affected by declining residual values.
Dealers are being told not to lease any Chrysler vehicles through its financial arm after August 1, sources report.
The carmaker is trying to control losses as its lending institution, Chrysler Financial, struggles with $30 billion in debt.
Declining values of SUVs and trucks, which Chrysler sells a large percentage of, have been worth less when they are turned in at the end of a lease. This translates to losses and increased debt. The company plans now to focus on convential financing.
It is thought that current Chrysler lease holders it will be unaffected. However, going forward, those people who enjoy the flexibility of leasing (not to mention the tax break) will have to look elsewhere. Chrysler said it will continue to offer "lease cash" incentives that can be used to lease through other lending institutions.
Consumers who prefer to lease a Chrysler vehicle can still do so through other channels such as banks. A Chrysler spokesman told Edmunds he does not think this change will have a big impact on consumer behavior.
An Edmunds analyst commented that Chrysler's move is not likely to be followed by Ford and GM because their fleets are more diversified. However, Ford yesterday announced it took a $2.1 billion hit in part by falling residuals of large vehicles.
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- Philip Reed July 25, 2008, 12:30 PM
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- Buying New Cars, Leasing
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July 18, 2008
Car shoppers are understandably freaking out about skyrocketing gas prices. Suddenly those big black EPA estimates are among the most important numbers on the window sticker. But in some cases you may be sacrificing a lot in order to get a few extra MPGs. We'd recommend trying to strike a balance between fuel economy and enjoyment, particularly if you spend a lot of time in your car.
Of course, there are some cars that offer both class-leading fuel efficiency and driving pleasure. But the ones to watch out for are the one-trick ponies -- you know, the cars that boast "A Best-In-Class 36 MPG!" but drive like glorified golf carts, or give you all the accoutrements of a farm tractor.
Consider two hypothetical cars -- one that gets a combined 30 mpg, and one that gets a combined 25 mpg. Suppose you drive 12,000 miles a year, and gas costs $5 a gallon. The premium you'll pay for the 25 mpg car over the course of a year is $400. That's not exactly chump change, but we suspect most people would be willing to pay an extra 33 bucks a month for a car they'd actually look forward to driving.
Be sure to check back later today for Against MPG-Mania: Part II, in which we'll move from the hypothetical to the actual and tell you which models we'd avoid despite their high MPG numbers -- and which marginally thirstier models are worth the extra gas money.
Josh Sadlier, Associate Editor, Edmunds.com
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- SadButTrue July 18, 2008, 10:22 AM
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- Buying New Cars, Buying Used Cars, Certified Used Cars, Fuel Economy, Leasing
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- Fuel Economy, Gas Prices
July 14, 2008
(Lease a BMW 3 Series for as little as $429 a month.)
More people are leasing these days.
The number has been hovering around 20 percent of all new car transactions. And certain brands are favorites for people who like to lease. Like BMW for instance. Some 49 percent of people getting a BMW last month decided to lease it.
Carmakers like leasing too because it's easy to apply incentives without having those incentives drag down the residual value of the car. The residual value is how much the car is worth at the end of the lease. Carmaker's like a high residual value for many reasons.
Jesse Toprak, our executive director of industry analysis, said that leasing is currently at 18.6 percent. Usually, there is a dip over the summer as people respond to sales preceeding the introduction of new models and more abundant dealer cash.
"What's interesting is that the average lease payment hasn't gone up," Toprak said. "Some people are seeing this as a good way to protect against inflation."
The average lease payment is currently $431 a month. Several years ago it was $448.
I had to wonder if there is anything about leasing that helps people cope in times of high gas prices.
"The person currently driving a big SUV won't have a trade-in problem when it comes to the end of the lease," Toprak said. "It's like an insurance policy that protects you against a big dip in the value of your car."
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- Philip Reed July 14, 2008, 11:30 AM
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- Buying New Cars, Leasing
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- BMW, fuel economy, leasing
May 20, 2008
While the lease on my Murano doesn't end for another 17 months, I have already begun shopping for a replacement.
So as I begin to look at new vehicles, I want to share with you my journey. My purpose in doing this is not to preach what the best vehicle is, since that really is an individual decision. Rather, I want to give you some insight into my thought process in the hopes that it may help you look at car buying, and the various aspects involved, in ways that you might not have considered before...
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- Lee Scott May 20, 2008, 4:59 AM
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- Buying New Cars, Leasing
May 16, 2008
Many car shoppers make the mistake of evaluating a car from the driver seat only. This does a grave disservice to future front passengers, who may have to contend with a surprisingly common design flaw -- the lumpy footwell.
Check out this shot of my feet in the front passenger footwell of a Buick Enclave, for example. If you merely drive the Enclave, you're bound to be impressed by its compliant ride, good sound insulation and generally high-quality interior materials...
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- SadButTrue May 16, 2008, 11:53 AM
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- Buying New Cars, Buying Used Cars, Leasing
May 15, 2008
On
Tuesday I talked about how various factors can influence your monthly vehicle cost and to think about this when you are choosing a vehicle. Often times, however, the vehicle we like the best isn't the least expensive choice. Have you ever thought about how much of a monthly price difference would make you look past your number one pick and go to a different vehicle? Could such differences make you consider some vehicles and cross others off your list? Can there really be that big of a difference in the monthly cost of comparable vehicles?
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- Lee Scott May 15, 2008, 5:12 AM
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- Buying New Cars, Financing, Fuel Economy, Leasing
May 12, 2008
Used to be that you could count on Japanese automotive interiors to feature plenty of soft-touch materials, even in relatively inexpensive cars. To wit, the five modern Japanese cars my family or I have owned -- '93 Prelude Si, '94 Accord EX, '95 Corolla DX, '95 Integra GSR, '98 Accord LX -- all had pliable plastics on their dashboards, which imparted a pleasantly surprising sense of quality given their modest MSRPs. American cars, of course, were a considerably different story. Ten or fifteen years ago you could pretty much count on any vehicle with an American badge to be chock-full of cheesy materials and crude construction.
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- SadButTrue May 12, 2008, 12:03 PM
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- Buying New Cars, Buying Used Cars, Driving, Leasing
March 25, 2008
Anyone can punch numbers into a lease calculator. However, knowing how to calculate a lease payment yourself can go a long way to really understanding how the various components that make up the lease payment can influence said payment.
By knowing this, you do things like being able to just look a vehicle's rates and/or residuals and know if it will be a good leasing candidate or not.
Once you know and understand all the pieces of the leasing puzzle, you can easily put them together to calculate your exact lease payment, even if you don't have a spreadsheet handy...</DI
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- Lee Scott March 25, 2008, 5:00 AM
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March 13, 2008
When I purchased my first new car, I spent eight hours in the dealership. It took that long to do the test drive, negotiate the price, do the paperwork and wait for the car to be prepared for delivery. Dealerships know that the longer they can keep you in their store, the better chance they have of 1) closing the deal and 2) getting you to pay more than you had intended to. This is why it is no accident that every move your salesperson makes usually has to be run by their sales manager...
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- Lee Scott March 13, 2008, 8:24 AM
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- Buying New Cars, Leasing, Negotiation
March 11, 2008
Occasionally, you are getting ready to take delivery of that new or pre-owned vehicle and something is either wrong or missing. It could be a paint blemish or those missing floor mats you had asked for in the deal. Your excitement is dashed because the car is not completely as you wanted it and the dealer is telling you that they can't get it taken care of today. The dealer tells you to come back another day when they have time to correct the problem or the part is in stock...
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- Lee Scott March 11, 2008, 5:08 AM
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- Buying New Cars, Leasing, Tip of the Day
March 6, 2008
I am going to pay at least $1000 less on my next vehicle than most people. How? I have a vehicle manufacturer sponsored credit card and I earn money off of a vehicle every time I charge something.
In my case, it is the GM Flex Mastercard from HSBC...
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- Lee Scott March 6, 2008, 6:04 AM
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- Buying New Cars, Leasing
March 4, 2008
After you have picked out the new or used vehicle of your dreams and you are ready to sign the papers, you will most likely be ushered into the dealership's finance and insurance office. There, you will probably be presented with the option of adding something called GAP insurance to your monthly payment, usually for only a few dollars per month extra. So what exactly is GAP insurance, and should you buy it?
GAP is often used as an acronym: Guaranteed Asset Protection. This type of insurance promises to make up the difference between the amount you owe on the vehicle and the amount it is actually worth (the gap), in the event of a loss due to theft or an accident.
As most of you reading this probably know, your vehicle will lose value the moment you drive it off the lot, especially in the case of a new vehicle. In fact, in most new vehicle finance scenarios, you will likely owe more than the vehicle is worth for many years. In the event of a total vehicle loss, most insurance policies will only pay the current value of the vehicle. Since the current value is likely less than the amount owed, the difference becomes the responsibility of the vehicle owner.
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- Lee Scott March 4, 2008, 5:56 AM
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- Buying New Cars, Financing, Leasing
March 2, 2008
We try to cover topics that we think you might find beneficial. However, there may be questions you have that we have not yet answered. So, post questions you would like to have answers to, and we will try to address them in future entries.
What's on your mind?
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- Lee Scott March 2, 2008, 9:39 AM
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- Buying New Cars, Certified Used Cars, Driving, Financing, Fuel Economy, Leasing, Maintenance, Negotiation, Question of the Week, Selling cars, Tip of the Day
February 26, 2008
Unlike traditional financing, where the longer the term means the lower your payments will be, leasing can result in a different outcome. Don't always assume that the longer lease term is always your key to the lowest lease cost. There are several factors that can influence what lease term will give you the best balance between the length of the lease and your total payments.
Often times a shorter lease will have more favorable lease rates vs...
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- Lee Scott February 26, 2008, 6:10 AM
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- Leasing
February 19, 2008
The other day I received a question from someone asking whether or not a dealer can deny the top tier interest rate, even though the customer claimed to have excellent credit. The customer might not have been denied the top tier interest, but may have actually been a victim of interest rate markups. Unfortunately, this is a practice that can happen, and not just to those with perfect credit. In fact, it often happens more often with people with less than perfect credit...</DI
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- Lee Scott February 19, 2008, 6:24 AM
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- Buying New Cars, Financing, Leasing, Negotiation
January 28, 2008
Question: How would I go about purchasing a vehicle from a friend who has a GMAC lease going. He is about ready to turn the vehicle in. Is it better to buy from the individual or dealership or GMAC at the time of trade in?
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- Lee Scott January 28, 2008, 5:40 PM
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January 3, 2008
Question: Do you recommend single pay leases?
Most buyers are not aware that many of the manufacturer captive finance companies offer what is known as the "one pay lease" or "pre-pay lease." Basically, you pay the entire cost of the lease upfront. In return, the leasing company offers you a discount on the lease rate (which is basically the interest rate). For example, Audi Financial Services will reduce the lease rate by as much as .001 (or 2.4%) if you pre-pay your lease. That rate reduction is about the only benefit you get for paying for the entire lease at the start.
However, there is a major downside with this type of lease. As with putting money down on the lease, if the vehicle is stolen or totalled in an accident, in all likelihood, most (if not all that money) that was paid upfront will best lost. And here's why...
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- Lee Scott January 3, 2008, 4:13 PM
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- Leasing, Question of the Week
October 19, 2007
I wrote a previous blog recommending that buyers question everything in a car deal and what I found was that readers started questioning my blog too! Actually, it's really cool that readers of this blog critically review what I write. I mean hey, I was wrong about something . ...
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- Philip Reed October 19, 2007, 11:01 AM
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- Leasing
September 6, 2007
At the beginning of every month, all of the auto manufacturers report their prior month’s sales figures. Whether these press releases announce higher or lower sales, the tone of the release is always impossibly optimistic; hey this is public relations we are talking about.
Acura gave us the following release:
Record sales of the MDX luxury SUV and continued strong demand for the RDX turbocharged crossover SUV lead Acura to August sales of 16,436 units, down 10.0 percent versus last August. Acura year-to-date sales reached 122,357 units...
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- Lee Scott September 6, 2007, 8:39 AM
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- Buying New Cars, Financing, Leasing, Negotiation
August 18, 2006
Most informed car buyers are aware that leasing can result in a lower monthly payment versus financing. Most people would also assume that if you are comparing two vehicles, the one with the higher MSRP would be more expensive to lease. However, this is not always the case. To illustrate this point, compare the hot new Acura RDX to the popular BMW X3.
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- Lee Scott August 18, 2006, 9:11 AM
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- Buying New Cars, Financing, Leasing, Negotiation
June 6, 2006
There's really nothing like getting a new car -- the shinny paint, the new features, an odometer with more zeros than any other number and, of course, that new car smell. One of the great things about leasing is that you can look forward to this sensation more often, usually after about three years. However, even with the excitement of picking up a new car, I inevitably start shopping for my next car even before that new car smell starts to fade. Call it an acute symptom of the disease known as Car Newtitus.
Planning for my next car used to be pretty easy...find the best mix of sport and luxury that would fit into my budget at the time (as in the Audi A4 we currently lease, and the Jetta GLX I had before it). My biggest dilemma was picking from an ever increasingly competent pool of vehicles, both available at the time, and on the horizon. The features that drew most of my attention were items like leather and sport suspensions. Little attention was given to passenger or cargo room.
Then, one August day almost two years ago, my wife and I decided that the time was right to start a family. Little did I know at the time, but buying a new car would never be the same.
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- Lee Scott June 6, 2006, 9:02 AM
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- Buying New Cars, Driving, Leasing
May 22, 2006
Recently, I've gotten a fair number of questions about what the money factor in a lease is. Basically, it's the interest rate and it applies to the amount of depreciation over the course of the lease. However, what confuses many consumers is that it's almost always quoted in an arbitrary form as the "bank rate" or "lease factor." See, the money factor doesn't come in the form of a standard interest rate, like 5.79%. Instead, it looks something like .00230, which is meaningless to all but the most savy consumer...
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- May 22, 2006, 3:44 PM
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