DiamondGCoupe

iTrader: (4)

Well I'm honestly trying to stay away from finding that one out the hard way. If the car was totalled the Ins. company would reimburse the dealer for the value of the car and I would likely be responsible for the difference. I am an insurance agent but I am not too sure how that plays out with a lease. Up front or monthly, I am pretty positive I'd still owe something if the car was totalled so I'm not sure you're saving yourself from anything by paying monthly. This is my first lease so maybe someone else can chime in on the subject..

Taktix1

Hmm...very interested in that also for a friend. Can you actually end your lease early to finance the car?

DiamondGCoupe

iTrader: (4)

Not likely unless it was a month or two prior to your lease termination. You might be better off waiting as you can likely get a better deal down the road.

vinnys coupe

iTrader: (1)

as in better deal financing a diff car? or better interest rates to finance the same car coming off the lease..

Bc i really am interested in buying out my car. I think it would be better for me to start financing now instead of 18 months from now

RIDEwithG

I cannot speak for all insurance companies, but mine handles purchases and leases the same way. In the event of theft/accident, they will offer "market value" for my car and I would have to cover the difference. In the case of IFS, GAP is included in the lease, so there isn't much to worry about. If you don't have GAP, you will either have to purchase it from the dealer or perhaps your insurance company will offer it as well. GAP essentially covers the difference between the "market value" offer and the buyout from IFS. So if the "market value" offer isn't big enough to cover any/some of the inception/down payment you put down payment, you will incur a significant loss.
A buddy of mine lost about 2k in 10 days because the "market value" offer for his car only covered 6k of the 8k he put down. Bummer huh?

DiamondGCoupe

iTrader: (4)

Yes, that is how they all handle things, but of course you will be out some amount in the end. GAP is a great endorsement and I highly recommend to anyone lease/buy they get it. Some companies don't charge extra for it, others do. Unfortunately, most carriers will only cover that "GAP" if the loss occurs within the first 6 months.

No nothing to do with rates, with the price of the car. Right now they have a number it is expected to be worth with the time/miles you will turn your car in at. It could be much less when it comes time to turn it in or they might want to get rid of it so it could be a few thousand less down the road. Better to wait imo. Besides, there is a very good chance in 2-3 years you will no longer love your G as much as you do today and it's much more beneficial to be in a lease at that point.

Taktix1

Gap insurance is probably one of the best things to get when financing/leasing a car.

g37_crazy

Yeah, I thought it was pretty decent deal. Next quote i was getting ... ~ $450...so i grabbed it

g37_crazy

i think down payment etc are always referring to hard-cash...i cud be mistaken..

$3500...yeah he priced for around that much...personally, i was glad to get rid of it...it was a base model with 50k miles (low), but with a few noticeable dings (2 accidents), would not pass NJ inspection and had a gearbox so hard that would put earth-movers to shame

w2870612

Why people like to finance the car instead of leasing car? Since the economy's pretty bad right now, we should take advantage of low leasing interest rate. If you finance the car right now, it will be extremely hard to sell the price that you want after 5 or 6 years. By the way, you cannot even trust the Kelly blue book selling price due to the rapid change in the inflation.

Taktix1

I was thinking about leasing but decided against it. I dont want mileage restrictions, I drive a lot. Plus I want to be able to mod the car how I please without having to worry about whether or not I need to take things off when I return the lease. On top of that, my financing rate was 2.9%, thats really low. People do things for different reasons, I may end up selling it in 5 years but when the time comes I'll deal with it then.

chasemyaccord

iTrader: (2)

1. No limit on the number of miles you can drive the car.
2. Customize your car.
3. Plan on driving it for more than 3 years.

I'm sure there are plenty of other reasons to finance vs lease. Too bad in my case, I probably should've leased since I don't plan on accomplishing any of the three points I stated

Taktix1

The mileage is what really did it for me. I have an 80 mile round trip commute to my job and home. That comes out to under 20k a year and that doesnt include driving on the weekends. I think most people that lease either:

1) Don't have a lot of money to put down on a car as a down payment
2) Want to get out of the car in a few years to get something newer down the road
3) Want lower monthly payments and in turn not own the car outright.

alexg

iTrader: (1)

G37S Prem/Nav/Sport/Kickplates/Spoiler/Splash guards/Trunk Mat/Net

9k down
1.9% thru IFS 630$ per 60 months

Stansy

Just leased 6MT w/premium & spoiler:

24 months 15K miles/year w/2500 down + fees & 1st/last

$454/month