Any financial/leasing gurus out there mind helping me out?

[amm24dmb]

I just want to run a lease deal by someone else for peace of mind. I did all the numbers out myself thanks to a forum member, but I just want to see if it’s a good deal. Any help would be so appreciated. I can send a private message. Thanks so much!

 

[amm24dmb]

Anyone??

 

[Tray Burge]

Unless you buy the additional mileage up front?
Unless you don't mind always having a truck payment?
Run from a lease as fast as you can!
Not saying they're aren't practical reasons for having a lease, there are many.
However, if it's just a means of getting a vehicle or maybe more vehicle than you can afford otherwise, it's the worst financial decision you can make.
Spoken from experience, I used to sale/lease high end vehicles years ago.

 

[ric221]

If you do lease make sure you get Gap Insurance. Had a friend lease. The vehicle got totaled. Insurance and lease company had a $7500 difference in vehicle value. When that occurs you are stuck paying the difference.

 

[huntergreen]

Anyone??

I run the numbers through my bank person. She will tell me exactly what I am paying and how much the "money" is costing me.

 

[huntergreen]

Unless you buy the additional mileage up front?
Unless you don't mind always having a truck payment?
Run from a lease as fast as you can!
Not saying they're aren't practical reasons for having a lease, there are many.
However, if it's just a means of getting a vehicle or maybe more vehicle than you can afford otherwise, it's the worst financial decision you can make.
Spoken from experience, I used to sale/lease high end vehicles years ago.

I have come out ahead with lease specials knowing I was going to purchase the vehicle at lease end.

 

[Tray Burge]

I have come out ahead with lease specials knowing I was going to purchase the vehicle at least end.

You may have liked leasing, you mat not mind always having a note, but no, you will never come out AHEAD of the dealership in a lease if your the leasee.
Now, if you go into a dealership and buy a used vehicle that's just come off a lease that someone else leased, then yes, you can come out ahead of the dealership.

 

[turkeybird56]

IMHO, unless a Business that needs to lease XXXX amount of vehicles for a specific purchase or company, RUN AWAY FAST. Now, the idea posted above of buying a previously leased vehicle, Hmmmm, maybe, but a lot of factors there> price, age, mechanical/mx done etc.,.

The ole lease for 3 years and if like, buy at end of lease just means U R buying with financed money twice. But everybody has a different situation, all IMHO...

 

[RLJ10X]

Financial gurus buy with cash.

And they don't buy extended warranties.

 

[RLJ10X]

I listen to Dave Ramsey a lot.

 

[tron67j]

Financial gurus buy with cash.

And they don't buy extended warranties.

Maybe not if they can buy on zero interest. Use someone else's money and pay off another bill that does not result in a tax break. Agree on extended warranties, you lose even if you win and get more value than you paid for it.

 

[tron67j]

But for lease, the only person I would trust is my accountant or tax preparer. If there is a tax benefit then go for it. Otherwise it is only a benefit in that you can get into a more expensive vehicle than you might otherwise be able to afford. That is bad deal, as leases are mostly financing what is the largest amount of depreciation of a vehicle. Better to buy up front and keep for many years or buy one that came off a lease.

 

[Tray Burge]

I listen to Dave Ramsey a lot.

We're only where were at today because of Dave!
"live today like nobody else so tomorrow you can live like nobody else"
"everybody wants to live like the Jones's, but the Jones's are broke"
bawhahahahahaha

 

[Tray Burge]

Financial gurus buy with cash.

And they don't buy extended warranties.

This is so spot on and what he needs to be told, but it's not what somebody with the "I want it" syndrome wants to hear! lol

 

[Tray Burge]

Maybe not if they can buy on zero interest. Use someone else's money and pay off another bill that does not result in a tax break. Agree on extended warranties, you lose even if you win and get more value than you paid for it.

Please don't take this personal, I'm only trying to help, but that's stupid thinking.
That's like saying "it's smart NOT to pay off your house because it's the thing you're paying on with the highest amount of equity and you can borrow against it if you need money in an emergency"
This is just as stupid.
Being debt free is the ONLY way to build wealth, unless of course you have a rich relative leaving you a lot of money. lol

 

[Sandevino]

What’s the scenario? Vehicle, term, mileage, rate and mileage?

 

[tron67j]

Please don't take this personal, I'm only trying to help, but that's stupid thinking.
That's like saying "it's smart NOT to pay off your house because it's the thing you're paying on with the highest amount of equity and you can borrow against it if you need money in an emergency"
This is just as stupid.
Being debt free is the ONLY way to build wealth, unless of course you have a rich relative leaving you a lot of money. lol

I take no offense and was not refuting your statement at all. I just know that with a depreciating asset it is not always best to pay it off in full if you are not incurring an interest charge to purchase it over time. But it depends on what someone does with that saved money. If they blow it at the casino, then not the best thing for them. For houses, interest payments may never equal the potential tax savings. But they are just like stocks and the value could drop at any time so holding a mortgage and then trying to sell in a down market is tough. We see the set up coming now, inventory is low, rates are low, so crazy prices are sky-high. With no action from the Fed, this could see a lot of people upside down once rates do rise and sales cool. I am not a financial guru, I barely figure my own sh#! out so don't take my home ownership advice!

 

[Burla]

Financial gurus buy with cash.

And they don't buy extended warranties.

AMEN, buy used end story. Vehicles don't make money they loose money, except Bronco's, so don't flush your money. My truck is 11 years old, and I hope to drive it into the ground with me when it's time. 24 grand off the lot brand new and it is a slt 4x4, suits me fine. If mine was 24 grand, I bet you can pick one up for 8 at this point.

 

[Tray Burge]

$10k CASH here for mine about 7 years ago!
Never buy a new car again, only used, in cash.

 

[Burla]

$10k CASH here for mine about 7 years ago!
Never buy a new car again, only used, in cash.

nice