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  #13  
Old 04-10-2014, 10:20 AM
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Re: Modifications on a Leased GC

Why does it matter if its leased? Just do it if you want! After 3 years, take it apart when you have to return it and sell the parts to get some of the money back. I say have fun with the car for the 3 years you have it.
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Old 04-12-2014, 03:50 PM
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Re: Modifications on a Leased GC

I "hopefully" should be ordering/leasing (2yr) a Limited v6 4x4 this week, and I plan to add the RM 2.5" lift and bigger wheels/tires. Other than that, just tint.

I'm curious though, and semi-off topic...why do most people choose to NOT put a down payment on a lease? I added it up and at the end, it will cost the same. Is my math wrong, or do you guys just not want to give up the money up-front?
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  #15  
Old 04-12-2014, 03:52 PM
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Re: Modifications on a Leased GC

I'm a prime example of this. My X5 was totalled several weeks ago and that is why im in a jgc. If your car gets totaled, you will not get your deposit back.
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  #16  
Old 04-12-2014, 04:16 PM
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Re: Modifications on a Leased GC

You pay it now or you pay it latter. In my case I have never turned a car back in on a lease. I either buy it out right or trade it in on something else,most of the time before the lease is up.
On most Leases there is Gap insurance built in. If you total it the gap pays the difference. If I had lets say 5K down and its totaled I might not recoup my 5K. If that were to happen I would much rather just walk away knowing that all I had in it was the monthly payment.
However down payments will lower your monthly payments.
Note: Always make sure they calculate the lease at the discounted price(including Rebates). Some dealers don't and are getting in trouble for it.
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Old 04-12-2014, 04:45 PM
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Re: Modifications on a Leased GC

Just put the 5k in a checking account, take the 138.88 out/ month whenever you make a payment. Pretty much the same but you won't lose it all if you get totaled. I think gap covers if the financed/payoff amount is more than the book/market value. Dunno about the leasing company "returning" your down payment though. I made the mistaken of paying taxes up front but I got lucky and ins got that back for me because I made sure they went after the party that hit me for it.
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Old 04-12-2014, 06:28 PM
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Re: Modifications on a Leased GC

A "down payment" on a lease is a capital cost reduction which is expressly to lower the monthly payment. It is, in effect, pre-paid lease cost. They arrive at the capital cost of the vehicle by taking the selling price and subtracting the expected value (residual) at lease-end. Payments are based on that number and a bunch of other things. Monthly payment amounts can be reduced by pre-paying a chunk of cash at the front of the lease...and is one way they can advertise such attractive, low, lease payments on many vehicles. (read the fine print always) And you don't get that "down payment" money back, either.
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  #19  
Old 04-12-2014, 07:04 PM
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Re: Modifications on a Leased GC

I never put a lot down on leases. Firstly I think you get a better price if they know you want the quote with nothing down since the cost is going to be higher. Than you could also add money if you want to and it will go down from there.

Also as mentioned by howiestt if the car is totaled that money is lost and you could simply put the money in your own account and use it when you pay the monthly. Also if you decide to get out of the lease for whatever reason thru swapalease or something you don't have to worry about recouping the down payment. Makes it easier to find a buyer for the remainder of the lease.
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Old 04-12-2014, 07:55 PM
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Re: Modifications on a Leased GC

Wow, I never knew...the car I'm in now was paid for by myself at 16, so I've never had a car payment and never have leased before. I was thinking about putting the money down up-front just to lower the payments, but it looks like that might not me the smartest thing to do!

My only issue is, I'm not sure if I'll be able to keep that "down payment" in the checking account untouched.

I did negotiate the price before ever talking about leasing, so I have to assume the dealer was thinking I was going to buy it outright or finance it. I know it's the same amount of money in the end...I just have a hard time paying $535/month when I can get the payments down to $320/month. Like I said, I know I'll be paying the same, I think it's just psychological.

What are you guys "normally" putting down for leases? My OTD will be ~$39k. I'm looking at a 2yr because of the 2017 re-design, and unfortunately, have to have the 15k miles/yr.

I'm suppose to be ordering it Thursday...anyone have a link to some info for me before I screw myself?
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Old 04-12-2014, 08:05 PM
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Re: Modifications on a Leased GC

Lpo
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Old 04-14-2014, 11:53 AM
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Re: Modifications on a Leased GC

if anything polizei, do a 3 year that way when you get out of the 3 year, the 2017 will have the quirks and defects ironed out with its 2017.5 build
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Old 04-14-2014, 12:53 PM
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Re: Modifications on a Leased GC

Thanks, since I'm probably not going to put much down now, the 3-year makes much more sense, so that's most likely what I'll do. I should be signing papers and ordering it Thursday!
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