Hi,
I got an offer for a loaner Cadillac CTS with ~2400 miles, one payment lease for ~18,500. Finally I got approved (see my previous posts - dodge gave me really hard time … , so I had to compromise on Cadillac CTS instead of the Dodge Charger I wanted so much … )
My question is: is it a good price 18,500 for one payment lease? Or too expensive? The plan is 409/month + 2995 down payment, dmv, taxes, etc. So I was expecting since I’m going to pay everything upfront for a much better price - like around 17,000 …
It’s a basic trim Cadillac CTS, AWD, 2.0L 4CYL, sunroof, no GPS, etc.
How can I guarantee that in case of the car get stolen / total / etc. I get the money back ? They said there’s a gap insurance, however, from what I understood the gap insurance covers the bank / dealership. They said it’s also cover me. How can I guarantee it before I sign the lease? Should I purchase my own gap insurance?
The fun part about a one-payment lease is that you get to pay interest to the financing company on money that you’ve already given them.
If your heart is set on dropping $18.5k on a car, look for a CPO car you can purchase that won’t kill you on maintenance and holds its value reasonably well.
The cheapest 2018 charger in the link you attached is $22,000 with 21,000 miles … , also is the RWD, and I live in NY, and my lease broker told me I got to have AWD for snowing days …
(or if I go ski / upstate in the winter …)
I’d gladly lease a new Charger SXT AWD and pay everything upfront, however I got denied again last week …
Cadillac approved me for the CTS, so seems I’ll have to compromise and get a CTS instead … (even though I thing the Charger much better car … - is it ??)
Ah, thanks. Yeah, but then when I want a new car, start dealing with selling it - kind of headache…
Rather just turn back the lease car after 36 months … (and not deal with selling the car … )
Right, part of the point of what I said was that you need to run your credit yourself first, to make sure everything is okay, and get a car in your league, both credit- and income-wise.
You’re going to be better off buying a CPO for $18k and trading it in when you’re ready for a new car. $18,500 is a lot to pay upfront for a one-pay lease. If you negotiate strong enough you might be able to find a CTS in that range.
The intriguing thing is he’s getting declined for a one-pay lease. There might be better uses for that $18.5k with a credit rating that can’t get approved when you’re giving the financing company 100% of the money up-front and their only risk is that you won’t return the car at the end of the lease.
Honestly dropping 18k on a lease in one shot seems seems like a lot esp with a kiddo. If cash is not a problem then fine but otherwise buy a used charger, put something small down like 5K keep the rest in a high yield savings account cause at some point you’re going to need it for some kind of kiddo expense that’s hasn’t been planned for. Also leasing with a little one is rough in my opinion…I.e. lots of puking pooping etc in your leased car that needs to smell moderately nice at turn in. My 2 cents…either way best of luck with the family.
Thats funny how Dodge didn’t approve your credit worthiness but Cadillac did…
I would assume it was the other way around.
$18,500 is a lot of money for a lease. Better to use that money to buy and own a car or finance it. To answer your question on gap insurance, every car manufacturer or bank has different policies. Best to read the contract and ask your insurance.
