The only thing that’s being overestimated is the likelihood of a total loss. I cannot recall there’s been this much angst over an ultra low probability event since guys were trying to lose their V at prom.
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And if you read my post again, you will see this: “So, yes - it’s a personal preference and adults can decide for themselves…”. Besides, @max_g just indirectly made my point about car being stolen - I’m sure there are some people here who totaled their cars, but not sure any had their leased car stolen.
If people really put as much thought into the financial repercussions of a Total Less Event as they pretend to, they would up their auto insurance liability coverage to 10x (or more) of the minimum. And recommend everyone else do so with 100x the ferocity with which this “No cap cost reductions!” rule is rammed down everyone’s throat online.
This is nothing but the typical forum-induced hysteria that feeds on itself until it becomes paranoia.
@max_g you really should be a bit less of a drama queen. You should also come up with better analogies. The reason people dont up their insurance coverage is because it would be much more expensive for them to do so. The reason that an educated consumer should never give cap cost reduction is because it costs them NOTHING and can potentially save them a lot of money. Oh, and I’m not interested in hearing how you didn’t lose your virginity at prom, sounds like a personal issue. Again, if you want to put cap cost reduction on your lease, it’s a free country, you’re free to do so. However, dont dramatize other people’s actions with silly stories and analogies. It’s just common sense really.
The focus of this thread has been hijacked and not pertinent to the main question. Please create a separate thread if you want to continue rambling about down payment.
I thought the point of this forum was to share insightful tips and knowledge - not to bash others for their decisions. Please show some respect.
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But I only come here to find out about if people lost their virginity on their prom night. What’s the point of the forum if I can’t do that? Can you recommend a good place to look elsewhere about such information?
I think this thread should be totally deleted. It started badly and had gone down hill ever since. It does not represent this forum well at all and I am sure the OP is very bored of it by now. @max_g is one of the shining lights in this forum and has helped countless people save money and I don’t think it is a fair reflection on him either.
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@Ed_Churchward I agree. I can’t seem to find the option to delete though.
@NjLeaser Please read what’s been going on before sharing your ignorance with the world.
Overall, I was able to negotiate my first deal with the help of the tools & threads on this site and for that I’m grateful. It’s unfortunate how this thread turned into a complete shitshow. I’ll be deleting this once I figure out how it’s done.
Please don’t delete - this is a good thread and nice dealer story. I agree with @Ed_Churchward, @max_g is a good member of this board and is just sharing his opinion. People have personalities but this thread has some good information on it.
@thndr enjoy your car and your lower payment!
@chrisgo Can’t see much in this thread that has not already been covered many times in other threads. I don’t really care if it is deleted, but perhaps it should just be locked.
I suppose … I don’t recall reading many threads about “she” walking into a dealer and successfully got a good deal with no negotiating experience (most of time, reads here indicate some gender-bias). This shows it can be done and should provide more confidence for the women who chance upon this forum. Also, a dealer calling you back after a few days to tell you a lower payment (and not asking for the car back) - doesn’t seem like a common occurence
The only people who love being dramatic are those who love to shove the anti-Cap Cost Reduction doctrine down everyone’s throats (especially newbies’ throats, who don’t know better). How can it cost nothing? It costs you interest, and in addition it either costs you GAP insurance or the risk of incurring a GAP loss.
Personally I don’t prefer CCRs either, but the zeal with which all newbies are indoctrinated into this cult is silly. It’s a risk-benefit analysis that any educated consumer can do for him/herself after considering both sides.
So much angst over trivial amounts of money (trivial relative to being held liable for damages in an accident, which can exceed your minimum coverage very, very easily)…obligatory disclaimer: I am not an attorney.
So much angst over such an unlikely event…if GAP insurance costs your $40/yr, your expected loss is probably around $19-21 for that year (property insurers try to achieve Revenue = 2x payouts AFAIK). Statistically those twenty bucks are your risk after putting up a decent CCR. Please let me know if you cannot follow the math.
Most leases already have GAP insurance built into them, so there is no reason to not use someone else’s money and let them take the risk.
Well most people hear advocate not even stepping into a dealership and having no form of negotiation, that is certainly my approach. Work out the numbers you want, present them to the dealer via email or phone and get a yes or no answer. (There is a much more constructive thread by Anna which is all about her dealings.)
But I agree it is a horrid fact, perpetuated by Trump, that women are often treated differently when buying a car.
This was my understanding also. I even thought GAP was included in leases by law.
Toyota don’t which is still really weird in my eyes.
When GAP is included, that is definitely a factor in choosing to avoid CCR. I personally usually avoid CCR (unless a small amount to lower MSD multiplier); among other things because I’m a numbers guy and nominally lowering my monthly payment doesn’t take the actual payment out of my thinking.
Again, I’m not a proponent of CCR, I just wish people were asked to consider both sides before making up their own mind. E.g. not everyone is Tier 1 credit, and even then not every car has a super low MF. Rates are very low right now, and will almost certainly go up in the future (don’t know exactly when, otherwise I’d make a killing in the market). Among other personal circumstances I can recall, a newly married couple who were using around $2,000 in wedding gift money as a CCR (all three of us knew the money would be ‘squandered’ otherwise) and a wife who had worked hard to make the down payment as a gift (“I will put the money in another bank account and you can supplement the monthly payment from there” just didn’t have the same ring to it). YMMV.