[RSCelicaGT]

Hey yall..
I'm new here and have been researching the redline and im looking to lease one soon..

I'm 18 so i dont have much or any credit, dont want a co-signer, but if i do it will be my dad.. anybody lease or is in the same position as me?
I was just wondering what my payments will be around?
Any help is appreciated. Thanks!

 

[navymitch12]

299 for 4 years with a 6k buy out, that is with nothing down also

and im 19 with co-sign my stepdad

 

[Jim Lewis]

I'm very much anti-leasing, having closed over 10,000 car deals in my time. Leasing only works when you can write off the payment, since it's really no better than renting. You have higher insurance premiums, which suck if you're young, because it's even higher than I would pay to get the coverage levels required by the leasing agent.

Using your credit union or the manufacturer's incentivized financing is a much better route.

 

[D3XXFR]

I agree with Jim, I'm 20 years old I have no credit or very minimum really so my payments as of now are $480, I also have no co-signer. BUT think about how much credit this will help you build and I plan on trying to refinance at the bank I work for tomorrow. Just like Jim said leasing no better then renting you'll be much happier if you just simply finance.

 

[Jim Lewis]

You still get "credit credit" if your name is anywhere on a purchase or lease contract, but leases are very restrictive, especially for folks who like to drive...a bunch. Most cheap leases have a 10k or 12k mile per year mileage restriction, and if you have any kind of commute, or you do road trips, it's easy to double that in a year - on a 3-4 year lease, at 8 to 10 cents per mile for overages, that's $3,000-4,000 in mileage penalties - kinda takes the goodness out of that cheap payment, considering you really added $100 a month.

 

[MrCleanY0]

Most cheap leases have a 10k or 12k mile per year mileage restriction, and if you have any kind of commute, or you do road trips, it's easy to double that in a year.

Exactly. I'm 21 and I may say my credit is pretty good as I've financed 4 cars within the last few years and need no co-signer for any of them. But definately get a co-signer if your credit isn't the best b/c it will lower your interest significantly. It could be the difference between $450/month payments and $250/month payments (well, maybe not that low unless you get a REALLY good deal)

Happy buying though...

 

[Sp00ner]

Yea, leasing sux. They do offer a smart lease program that seems better to me than regular leasing, but buying is MUCH better. I have a friend of a friend that has been paying on her Jeep Cherokee for 7 years now. She was so far over her mileage when it was time to turn it in she had to buy it. Ya know what kinda fininacing you get on something like that? It's just like buying a used car, she had good credit and still ended up with a 15%(?) interest rate becuase the car was worthless with all the miles. Another buddy of mine leased an Integra with pretty much the same results, except his credit was so bad by the time the lease ended he couldn't get financed for the car, ended up having to pay the HUGE mileage penalty, didn't get to keep the car. Some of my details are a little fuzzy, but the point is, the only 2 people I know that leased a car said it was the worst experience of their life and they would never do it again. My uncle has a Viper that he leases, says it's the perfect way to own a car like that, only gets driven 6 months a year at most, maybe once or twice a week. He's so far under his mileage limts its unreal, but the charges for going over ring in at like $.65 a mile or so!

 

[paintedblack]

If you plan on adding any mods to the car after purchasing it, dont lease it... after the lease is up you will have to return everything to stock. Ive heard dealers can be jerks about that kind of stuff

 

[navymitch12]

i am smart leasing and i plan on buying out i just could not afford payments any higher than they are now so i had to lease

 

[RSCelicaGT]

^What are your lease payments?

 

[slt]

Leasing is great if on a car with low depreciation. We put 0 down on our VW and consistently owed $1000-$1500 less than it was worth. That meant we could get out of the lease at any time and get some extra cash out of the deal. On a car with high depreciation, say a cavalier, you will likely be upside down throughout your lease. That means your stuck with the car unless you want to pay the difference between what you owe and what its worth.

Mileage is definantly a concern. We have always done 15,000 mile leases. That way what you owe on the car is lower making it easier to get out of the lease and you don't have to worry about going over mileage.

Gap Coverage is also a concern. Most leases include it. Smartbuy does NOT. If you do smart buy, be sure to add this.

 

[Canadian GP]

I leased my present car (2002 Grand Prix) and now wish I hadn't. The lease is up in July and my buyout is almost $19000 CDN. Plus I'm sure I will be over my mileage limit even though I paid for 24,000 KMS instead of 20,000.

There are alot of mods for the Grand Prix but since it is a lease I didn't do anything permenant.

I'll never lease again.

I should have gone with the GMAC financing for 4 years instead of leasing for 3. Only benefit is I get a Redline this July instead of next July.