$0 down lease
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Anonymous
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I always buy my cars but current incentives on a car we are looking at are better with a lease. The car is a hybrid plugin which will give us $7500 off the MSRP. We sign a lease with $0 down and within 3-4 months we can buy out the car outright and also save on the overall cost.
Anyone else done this? We have verified that we would only pay interest for the duration of the lease and maybe $500-1K in fees at the time of purchase. With all that said we would come out about $5k ahead. |
Anonymous
| I’m trying to find a similar deal. I don’t qualify for the incentive if I purchase but apparently do on a lease. Do you mind sharing which car company this is? |
Anonymous
| Is the $7500 off the fed tax credit? Do you meet the income requirements? I think a lot of DCUMers make too much money to qualify. |
Anonymous
| Could you share the lease deal? We are also looking for a deal like this. |
Anonymous
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almost all the electric cars are giving the 7500 as a discount on leases...we have seen it at Volvo, AUdi, Hyundai so far. no income limit for the lease discount.
we also are considering leasing for the first time ever. |
Anonymous
| We were told that when you buy out the lease, you have to pay all the payments (say you have a 500$ monthly payment and have 30 months left--you pay 500x30 plus the "balance" of the car value (my terminology here is probably lacking) ) so to us that means we wouldn't really be saving much by going to the end of the lease vs early buyout. That could be wrong? We are planning on leasing an EV and are good with it with current incentives to turn it in three years from now, because in 3 years the range and technology should continue to advance and we will have even more options than now. |
Anonymous
| When u buy a leased car, you pay $$ value of the car at the termination of the lease, not some made up number. This value is stated in the lease contract. |
Anonymous
I think the PP was talking about rent charge. Most lease contracts would required you to pay 100% of the rent charge if you buy out early. |
Anonymous
| I'm not in the market now, but 10 years ago Nissan Leaf lease was basically free with all the government incentives and low interest rate environment. The 2-3 yard old off-lease cars where stupid cheap too, with 0% for 5 years. |
Anonymous
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If you’re in Maryland, ask them to give you the table on the last page of the lease. They’re required to give it to you but I didn’t get it until right before I signed and now I know to ask. It gives a nice summary of all the numbers.
My recollection was that the down payment doesn’t really matter. All that matters is the money factor (the cost of the financing, essentially) and then theoretically if you decide to buy it at the end, you could benefit if the value of the car is higher than expected. |
Anonymous
The tax credit is available for leases regardless of income, the income cap only applies to purchases. |
Anonymous
Both of these are correct. It's also important to look at the yearly mileage that you are allotted and the penalty for going over. Some leases are only 10K miles a year. If you drive a lot it might not work. It is cumulative so if you have a 3 year lease, you would need to return the car with 30K or less miles. Once the lease period end date is coming up, go back and visit the dealer. If you lease another car, they usually won't care about the wear and tear or any excess mileage. |