Posted in Ask the Hackr section this morning, not officially signed yet but pretty much. As we still need to bring in diploma and stuff tomorrow.
Car is brand new with only 6 miles on it. It’s equivalent to $400 even per month but 1-paid upfront to qualify for the sales tax credit in Texas. I assume you should be able to score better deals (<$400/mo) as the refreshed 2020 is coming and there are tons of these left, for me a vehicle is needed ASAP so we settled. It’s a great deal IMO for Texans…
For Lexus, you do lose your payment if you total your car after leaving the dealer parking lots. So that’s the risk. We figure it won’t happen twice in a row
Year, Make, Model, and Trim: Lexus RX350 FWD with Premium Pkg + BLSM Saved Numbers on Leasehackr Calculator:
MSRP: $ 51,244 Selling Price: $ 45,137 (12% off) Monthly Payment: $ 400 Cash Due at Signing: $ 14,400 1-pay MSD: 0 Incentives: $2500 lease cash, $1,000 College Grad
Honestly, a GAP probably doesn’t help here even you have it. For 1-pay upfront leases, it’s about losing the prepaid unused amount.
It really is how the car company is willing to deal with the money. One can recognize that by totaling a car, the company loses the money-making ability of the said car for the rest of the contracted months, so the rest of unrented payment still needs to go down to them. However some companies may play nice, refund you the portion of unused and now the GAP kicks in. I don’t think Lexus will do this. So in case of total loss, the Lexus Finace’s GAP will prevent you being underwater, but the prepaid money won’t be able to return to you unless the insurance company’s book value is so much higher than the cars remaining value.
