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Leasing A Car.

#1 User is offline   SecondHandJets Icon

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Posted 27 July 2012 - 11:54 PM

Never leased a car before. What do I need to be aware of? I know that I should shoot for $0 down. What fees are normal and what fees are bullshit that the dealer tries to make on you?
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#2 User is offline   azjetfan Icon

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Posted 28 July 2012 - 03:36 PM

I always lease my wifes cars since she is spoiled and wants a new one every three years. I guess the biggest there are a few items you need to think through in my opinion.

1) Why lease? Are you just after a lower payment or is there another reason? Leasing is a good way to go for some people but most would be better buying.

2) How many miles have you driven in the past three years? What will change in your life. If you go over mileage how will you pay the penalty?

3) As far as the deal goes they are typicly around 52-54% of the retail price of the car. I normally go to the website and take there lease deal and do the math. This is normally a good starting point to know the percentage. Keep in mind you normally can do a little better. I am not sure of your credit worthyness but if you get the 0% it makes the deal simple with a calculator at the dealership.

4) Are you OK driving a stock car? Any modifications you do will need to be reverted back to stock when you turn the car in. If they are items like tinting etc... ypu will not get any money in return when you turn the car back in.

I would be happy to give my two cents when you have the car picked out. Give me the info and your zip.
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#3 User is offline   SecondHandJets Icon

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Posted 28 July 2012 - 06:35 PM

Thanks bro.

1. I have had my current car for a while and it's just about to start becoming a money pit. Also, because of my work, I need to have a "newer" car. I'm opting to lease over buying because I don't want to deal with the hassle of maintenance. I got lucky with my current used car (because I bought if off a family friend who was in bad health and basically couldn't drive it anymore) and after 30,000 miles, I'm just now dealing with my first "big" expense (AC went to shit and simultaneously the egr valve broke so Honda is trying to charge me $1900 for the work but I can get it done for $1100). The blue book value of my current car is ~$8200 so I'm hoping to get ~$6500 for it. My plan is to park that money in a separate bank account, set up auto payment and have the lease be paid out of that (insurance too).

2. I've had my car for a little over 3 years and I put 30000 on it. I'm in NYC, so everything is relatively close together. At 12K miles/year, I should be very good with even an occasional road trip.

3. I'm working out all the details as far as the credit shit goes (I'm planning on using my credit to get a mortgage sometime in the near future to take advantage of these low rates so I don't want a car in my name to mess with my liabilities). I might put it under my mom, my gf or her mom. Either way, everyone is above 650 so it's not an issue (the issue is going to be the insurance since mom doesn't drive).

4. I drive stock now. The only thing I'd really want to put on would be tint. I figure that I can maybe use that as a negotiating tactic. Show to a dealrship with very similar quotes and basically say "throw some tints on this bitch and I sign, if not, I'm going elsewhere".

I'm pretty much leaning towards the Honda Pilot EXL. I'm in 11235.
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Posted 28 July 2012 - 07:55 PM

From the Honda site

Quote

2012 Pilot 5 Speed Automatic 2WD LX Featured Special Lease - Zero Due at Lease Signing

Offer valid from 7/10/2012 through 9/4/2012

$0 first months payment, $350.00 per month for 35 months

$0 down payment, $0 security deposit. For well-qualified lessees.

FEATURED SPECIAL LEASE: Closed end lease for 2012 Pilot 5 Speed Automatic 2WD LX (YF3H2CEW) available from July 10, 2012 through September 4, 2012, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $29,450.00 (includes destination, excludes tax, license, title fees, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $28,332.67. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $12,250.00. Option to purchase at lease end $16,197.50. Must take new retail delivery on vehicle from dealer stock by September 4, 2012. Lessee responsible for maintenance, excessive wear/tear and 15/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.


So what the fine print is saying is $12500 is the lease purchase for a $29450 Pilot. which is about 42.5%. With Hondas high resale they can offer a lower rate. So having that number you know what the midpoint of the deal should be. They will come at you with a higher number but you should stand your ground. @ 42.5% you may not have much leverage. With that being said That is the number I would be happy with. So lets say your purchase price is $32500, your payment would be $388.57 for a 35 month lease. That is not including any taxes (my favorite topic) tags title etc.... Pay that in cash from your sale to keep your GMP down.

A few more bits

1) Driving a Pilot in NYC will suck. I have not lived there since 1981 or driven there since 2004 but I can't imagine it is any better. Are you sure that is the best vehicle? With that being said I owned a Pilot and loved it. One of the best cars I have ever owned.

2) The fine print says "For well-qualified lessees". That usually means a 750 or above FICO. If you are using a 650 score they will want to charge you interest. Having an interest rate makes it tricky. Dealers normally have a mark up with rate. Tread carefully here. I would assume they will use this against you. I would say you should use the money you have as a down payment to reduce any interest owed. Also this may give you leverage to ask for no interest as well as reduce your monthly payment to $157.14. That payment should also help your quest to purchase a house. This is a win win for you. Cash is always king. You will not be earning any interest with a bank or credit union in the next three years.

3) 45% is the debt ratio you will need to qualify for any kind of Fannie or Freddie loan (Mortgage). You should see where you are now. If you will be under 45% with the car payment go ahead and purchase it in your name unless you are buying a home within the next 6 months. If you are, wait until after the home purchase. Normally once you are past 6 months Underwriting does not consider it new credit and the credit pull and new debt will no longer be affecting your score. (This is an area I am well versed in, E-mail me with your info and I can work up your Debt ratio)

4) When you take the test drive the dealer will be asking you all kinds of questions. He is trying to qualify you. do not talk about credit scores. If he or she presses just say "I can buy" or "financing will not be a problem". I always slip in that I am working with other dealerships. Example would be....

Dealer Is this the only car you are lookin at?

You I have looked at a few different Pilots and some other SUVs. I really had a good experience at XYZ (Honda) Dealership yesterday.

Last but not least I would say work through a few different dealerships. Do this from home. Go to the dealerships drive the cars you want and then go home and work the deal from there. DO NOT DO THIS AT THE DEALERSHIP. They do this everyday for a living and you buy a car every 3? years. They have a huge advantage. Be smart think it through and do not let your emotions overide your budget. Good luck.
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Posted 28 July 2012 - 11:06 PM

"Having an interest rate makes it tricky. Dealers normally have a mark up with rate. Tread carefully here. I would assume they will use this against you. I would say you should use the money you have as a down payment to reduce any interest owed. Also this may give you leverage to ask for no interest as well as reduce your monthly payment to $157.14. "

Explain this please. How did you go from $388.57 to $157.14?
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#6 User is offline   azjetfan Icon

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Posted 29 July 2012 - 12:08 AM

The money from your car now used as a down payment. You said the car is worth $8200. So if we take the principal of $32500 X 42.5%, less the $8200 divided by the term of 35. The interest does not apply to that theory since we do not know the rate.
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#7 User is offline   azjetfan Icon

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Posted 29 July 2012 - 12:13 AM

I am using the $8200 to reduce the principal amount thus lowering your payment. Instead of having it in your bank and doing an auto payment you will just pay it as a down payment. Since most people in the know agree deposit rates will not go up anytime soon why would you want to stick it in a bank? Keep your monthly cash flow right so you can live your life and not work to support a car payment.
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Posted 29 July 2012 - 01:38 PM

I doubt that the dealership would credit me the Blue Book value of the car. I got it for $4000 from my uncle because that's what the dealer told him he'd give him for it. That was 3 years and 30K miles ago. I'm looking on ebay and cars.com and the same car is retailing at around $6K. I got leather, power everything and sunroof, that's why I think I can get ~$6500 for it. At the dealership, they'll probably give me $3500.
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#9 User is offline   azjetfan Icon

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Posted 29 July 2012 - 09:56 PM

Sell it yourself. If it runs good someone will buy it. Either way having a xoan payment will help your debt ratio.
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Posted 29 July 2012 - 10:04 PM

Here's what I did so far:

Created an email account and hit up 9 dealerships within 30 miles of me. Come tomorrow, I should be getting quotes from all of them. I plan to take the lowest quote and email it to the rest and ask them to top it.
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#11 User is offline   azjetfan Icon

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Posted 30 July 2012 - 04:24 PM

That will be interesting. I am not sure how accurate of numbers you will get without them seeing your trade. I would send them pics, condition, the info and the vin so they can do there thing.
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