Why Is Everyone Quoting DOUBLE For Lease?

Ask the Hackrs
1

I usually buy used (hate leaving money as I drive off the lot). Then run the wheels off…180k+ miles, 10+ years. But this time I want to time-shift my car away from my wife’s car. Two payments at once are ok, then two cars in bliss with no payments or maintenance, but then two old cars with expensive repairs…

So I am considering my first auto lease. Maybe get something for just 24-36 months. My car will need a true 15k miles per year. For a mid-sized sedan, short term, I can let go of all but the power seats. Would like to keep leather and heat, but not stuck on it. Unless it helps with residual, little sense in buying options for the next guy…

I am a former teacher, my wife an RN for incentives. Have mentioned loyalty and conversion incentives for my existing VW Passat, GMC Acadia, & Dodge Durango. Have mentioned USAA, TIAA-CREFF, and Costco memberships.

I am seeing so many comments and calculations that say I should be able to do this for less than $2k down and $200 per month.

However…EVERY dealer is quoting me DOUBLE that! Be it another VW Passat, Buick Regal, For Fusion, Chevy Malibu, etc…what am I missing? I know my mileage is the national average, and NC is not Detroit or CA. But what gives???

Thanks

2

There is a difference between “downpayment” and “multiple security deposits” (MSDs) so the MF can get lower if you can get the MSDs but you do have to write bigger check up front that will be returned to you after the lease ends. Find @loberant, he is based in Charlotte, NC and I am sure he can hook you up pretty easily

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Thanks, Chrisgo. Strangely only one dealer had any idea about MSDs. And even they said “only up to $350.” They had no idea you could stack them. Yes, I prefer MSDs…no sense throwing money away that GAP would have covered in an accident. Also guarantees that I “save” money for any charges at lease end.

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Interesting…I bought a GMC Acadia from Sonic earlier this year! Trying to find him…

Did not see how to send a message to a particular user on this site.

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if you click on —> @loberant it will bring up the profile, in the upper right hand corner there is a icon for sending them a message.

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Straight up asking for lease quotes is how you get crazy high quotes. Read these articles: http://leasehackr.com/leasing-101/

Focus on a specific vehicle, get quotes for the selling price before incentives, then find out from here or the edmunds forums what the rates are and any lease incentives available. Use all of that info to calculate what the lease would cost. If you like it, send the offer to the dealer. If you don’t like it, keep negotiating on the selling price or try a different car.

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You may want to check out the Equinox thread, there’s have been a few folks who have confirmed either via the thread or via PM that they were able to replicate those numbers (or very close) on nicely optioned Equinox’s.