Anyone Lease A Car Please Share Your Experience

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Posted by marymoon

The insurance difference isn't GAP insurance. We have GAp on our financed car. it's a good die ain general. But also you need to carry higher insurance in most cases than you would with a financed car. Higher amounts and lower deductibles. It's just something you have to consider when you're thinking in terms of price differentials.

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my car insurance payments for 2 leased vehicles( mine and DH car) are about 1k LESS than what I was paying for my 1 financed car. I guess it depends on insurance companys.

All these great replies thanks so much. I have learned a TREMENDOUS amount of information. When I go back to the dealership I will be fully prepared.

All this lease talk I guess I should let you all know what I am considering. The ultimate Lexus GX 470. I can not in any way afford to buy so that I why I am considering the lease. If I can get great terms and hubby approve I will be in this for the next 48 months

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Posted by dgtlsunshine

All these great replies thanks so much. I have learned a TREMENDOUS amount of information. When I go back to the dealership I will be fully prepared.

All this lease talk I guess I should let you all know what I am considering. The ultimate Lexus GX 470. I can not in any way afford to buy so that I why I am considering the lease. If I can get great terms and hubby approve I will be in this for the next 48 months

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thats a great truck!!!! check your gas mileage city/hwy and make sure they have a GOOD lease term!( meaning how much your are putting down versus monthly payments) also find out if there is a balloon, how early you can get out, if the GPS is not standard how much do not go over 2K for that option, also if you want chrome try to get a vehicle that is allready stocked with it- if you order the car and ADD chrome or any option for that matter it will cost you- did you see a model on the floor you liked? they always want to move their stock so work them on a good deal!!! Also before you do anything CALL your insurance and see how much it is to insurance that vehicle - you'd be surprised how some cars/trucks are put into another catergory and the insurance winds up being way too much! Good Luck! Let us know how you make out.

I called geico and they quoted me $400 for six months.( I live in Northern VA)
They stated it is no different if I lease or finance.


girlygrl33 - I am printing out this posts and writing everything down. I will let you all know what happens.

I don't even know the answers to the questions b/c when I was in the dealership I didn't have a clue.

I know the lease term was for 48 months for 12k miles a year. He said I could do 15k a year by paying 15 cents for each mile.

I have to find out all about the early return policy etc.

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Posted by marymoon

The insurance difference isn't GAP insurance. We have GAp on our financed car. it's a good die ain general. But also you need to carry higher insurance in most cases than you would with a financed car. Higher amounts and lower deductibles. It's just something you have to consider when you're thinking in terms of price differentials.

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I have one leased car and one finaced car in my name- the insurance is the same for both- I don't need to carry anything higher for leased car

gap is for when something happens to your 'owned' car and you owe more then it's worth- hence you need to cover the 'Gap'

if you are the kind of person who will drive a car for 15 years- buy it- it's better to buy in the begining then to buy after you lease

if you always want the latest car lease-

in my case I am glad I leased b/c in 2.5 years I will be in a different place in my life that will require a more 'family' car like a SUV

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Posted by dgtlsunshine

I called geico and they quoted me $400 for six months.( I live in Northern VA)
They stated it is no different if I lease or finance.

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nice! I wish I lived down there- that is cheap- in NY it would be $400 a month for insurance

maybe not I pay $115 a month for my mercedes

I have bought and leased, they both have their good/bad points

Buying: you own it, but you have to fix it, payments are higher, but they end, you have to sell it on your own (big hassle for me)

Leasing: you are covered for the life of the car (mostly) under the lease, but you never stop making payments, you never own it outright, however, you get a new car every few years. Mileage is an issue for some people.

I did the Leadership lease at Honda, and after the 4 years I can sell it on my own and try to make some $$, I can trade it in for something new, I can walk away from it and get something else, or I can buy it.

The requirement I'm talking about has ntohing to do with the ins company. it's the lease cmpany requiring a certain amount of coverage, like $100,000 for each incident personal injury anda certain deductable (no higher than $500, just for example), whereas for financing they still have minimums but they are lower because you are liable, not the financing co. Leasing would have cost us hundred of dollars more in insurance. I don't know if it's true in all cases, but it's something to consider.

Gap insurance is something totally different. I think leases require GAP insurance, whereas with financing it's optional. I'm not 100% sure on that, but either way I think it's a smart move.

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Posted by girlygrl33

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Posted by bxgell2

I leased and HATED it... I leased a VW, and with a VW lease, none of the maintenance is covered after the warranty expires, so on top of my lease payments, I spent buttloads of money on maintenance and repairs. At the end of the lease I had nothing to show for it, and I was charged about $2k for 'wear and tear' that I had purchased a warranty for (but the company went bankrupt). I had to spend much more in insurance.

DH has a 1999 Toyota Camry and his yearly maintenance and repair payments are so small - maybe, at most, $1k per year. He owns the car, paid it off in a year, and so for the last few years, hasn't had to make a single payment other than for repairs. And when he wants to buy a new one, he'll trade it in and get a credit.

When my lease was up, we decided NO MORE. I purchased a used subaru outback, will pay it off in a year, and will (hopefully) have very little in maintenance and repair because they are very reliable cars, and it's fairly new with very low mileage.

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did you get a warranty with your purchase? if not I rec you do- even if you purchased a used car and the mileage is low it should have come with a manufacturers warranty of up to 6 yrs or 60k miles which ever comes first- so you dont have to 'worry' about maintenance- and if you didnt get one- Id get my butt back to where I purchased the car and find out why you didnt get a warranty transfered to your name. and you should inquire about the extended warranty if your in fact keeping the car- new cars arent like the old ones- the parts are more money!

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Yup, we got one! The original warranty is still good for 2 years. I'm not getting an extended warranty though - I've had terrible experiences with them, and I've found that you end up spending more on the warranty than on the repairs themselves... we got such a good deal on the car that even if we have to make a major maintenance repair in 2 years, it will still be worth it!