What should I know before I sign any lease papers?

[rshunter]

Originally Posted By: grampi
Unfortunatley, there's currently only one CPO Cube in our area...

For something of this significance, I'd make a trip. Whittle down the possibilities based on the listings, call the dealers for anything you're left wondering about, and go see the top picks. I'd consider anything within at least a few hours drive...

 

[grampi]

Originally Posted By: rshunter
Originally Posted By: grampi
Unfortunatley, there's currently only one CPO Cube in our area...

For something of this significance, I'd make a trip. Whittle down the possibilities based on the listings, call the dealers for anything you're left wondering about, and go see the top picks. I'd consider anything within at least a few hours drive...


Since we're talking about a vehicle that can't possibly be older than an '09 model, why do I need to give a CPO vehicle more consideration than a non-CPO vehicle? All are going to be low milage, practically new vehicles anyway, or is that not what you're saying?

 

[javacontour]

If you want to really help your daughter, long term, offer her this. That if she'll save for the new car, you'll keep her current car on the road, or help her with repairs, etc.

That way, you teach her the skill of SAVING for the car instead of obtaining credit to buy what she wants every few years.

I know you asked about leasing. Many here think the bigger issue is expectations. If she's concerned about her current car breaking down, then why not provide her some "insurance" in the form of a promise to help should that car actually need costly repairs in exchange for her participation in saving for the car until she has enough to buy it.

In three years, she'd have over $10K and could get a pretty nice used car for that money and start saving all over again.

 

[rshunter]

Originally Posted By: grampi
Originally Posted By: rshunter
Originally Posted By: grampi
Unfortunatley, there's currently only one CPO Cube in our area...

For something of this significance, I'd make a trip. Whittle down the possibilities based on the listings, call the dealers for anything you're left wondering about, and go see the top picks. I'd consider anything within at least a few hours drive...


Since we're talking about a vehicle that can't possibly be older than an '09 model, why do I need to give a CPO vehicle more consideration than a non-CPO vehicle? All are going to be low milage, practically new vehicles anyway, or is that not what you're saying?

I'm referring more to vehicle specs than anything else, but there can always be minor (but normal) wear.

 

[grampi]

Originally Posted By: javacontour
If you want to really help your daughter, long term, offer her this. That if she'll save for the new car, you'll keep her current car on the road, or help her with repairs, etc.

That way, you teach her the skill of SAVING for the car instead of obtaining credit to buy what she wants every few years.

I know you asked about leasing. Many here think the bigger issue is expectations. If she's concerned about her current car breaking down, then why not provide her some "insurance" in the form of a promise to help should that car actually need costly repairs in exchange for her participation in saving for the car until she has enough to buy it.

In three years, she'd have over $10K and could get a pretty nice used car for that money and start saving all over again.


I've maintained her current car the entire time she's had it. That's how I know it's ready to be replaced. The time for her to get a newer vehicle is now, so keeping this vehicle and saving her money isn't an option.

She already knows about responsibility. She made all the payments on the loan she had on her current car, which I also cosigned for. If she hadn't lost her job last year (which happened to due to circumstances beyond her control), which got her behind on her other bills, she wouldn't need me to cosign for her again as she would have established good credit by now.

I didn't intend this thread to insight lessons in financial responsibilities. With a credt score exceeding 800, I don't need the lessons...

 

[grampi]

Originally Posted By: rshunter
Originally Posted By: grampi
Originally Posted By: rshunter
Originally Posted By: grampi
Unfortunatley, there's currently only one CPO Cube in our area...

For something of this significance, I'd make a trip. Whittle down the possibilities based on the listings, call the dealers for anything you're left wondering about, and go see the top picks. I'd consider anything within at least a few hours drive...


Since we're talking about a vehicle that can't possibly be older than an '09 model, why do I need to give a CPO vehicle more consideration than a non-CPO vehicle? All are going to be low milage, practically new vehicles anyway, or is that not what you're saying?

I'm referring more to vehicle specs than anything else, but there can always be minor (but normal) wear.


Alright, gotcha!

 

[rshunter]

Originally Posted By: grampi
Originally Posted By: rshunter
I'm referring more to vehicle specs than anything else, but there can always be minor (but normal) wear.

Alright, gotcha!

BTW, I'm expecting to see pics when this thing ends up in the driveway...

 

[grampi]

Originally Posted By: rshunter
Originally Posted By: grampi
Originally Posted By: rshunter
I'm referring more to vehicle specs than anything else, but there can always be minor (but normal) wear.

Alright, gotcha!

BTW, I'm expecting to see pics when this thing ends up in the driveway...

It looks like a microwave oven on wheels!

 

[javacontour]

I wish you and your daughter all of the best.

 

[ryansride2017]

Originally Posted By: grampi
With a credt score exceeding 800, I don't need the lessons...


I don't mean to rail on you over this, but your not helping her at all. If I were in your shoes, I would give her a few thousand to buy a good used car (they are out there...i just bought one). That's help she could use. Don't be on the line for a lease payment let alone co-sign for one. It saddens me to think people actually believe they are helping their kids by getting them deeper into debt and increasing their obligations. Frankly I don't care what your FICO score is...it has no correlation to ones ability to handle money. Good luck and I hope common sense overwhelms you before lease papers are signed.

 

[rshunter]

Originally Posted By: grampi
Originally Posted By: rshunter
BTW, I'm expecting to see pics when this thing ends up in the driveway...

It looks like a microwave oven on wheels!

Hey! I was trying to be nice.

It's Japanese styling gone stark raving bonkers...

 

[grampi]

Originally Posted By: rshunter
Originally Posted By: grampi
Originally Posted By: rshunter
BTW, I'm expecting to see pics when this thing ends up in the driveway...

It looks like a microwave oven on wheels!

Hey! I was trying to be nice.

It's Japanese styling gone stark raving bonkers...

So was I. I didn't want you to be shocked when you saw the pictures ;0)

 

[Pop_Rivit]

I agree with ryanside2017. It's great that you're willing and able to help, but signing a lease on a new vehicle for someone who is trying to get back on their feet after a financial problem is not smart.

Start her with a reliable (but boring and cheap) used car. Then she can begin to reestablish her credit and gain her financial footing without the burden of a monthly car payment.

And I'll always contend that, with a very few exceptions, leasing a vehicle is financially stupid for most people.

 

[grampi]

Originally Posted By: ryansride2017
Originally Posted By: grampi
With a credt score exceeding 800, I don't need the lessons...


I don't mean to rail on you over this, but your not helping her at all. If I were in your shoes, I would give her a few thousand to buy a good used car (they are out there...i just bought one). That's help she could use. Don't be on the line for a lease payment let alone co-sign for one. It saddens me to think people actually believe they are helping their kids by getting them deeper into debt and increasing their obligations. Frankly I don't care what your FICO score is...it has no correlation to ones ability to handle money. Good luck and I hope common sense overwhelms you before lease papers are signed.


..and your reply has absolutely nothing to do with the thread topic. I will be ignoring any further similar messages...

 

[ryansride2017]

Originally Posted By: grampi
Originally Posted By: ryansride2017
Originally Posted By: grampi
With a credt score exceeding 800, I don't need the lessons...


I don't mean to rail on you over this, but your not helping her at all. If I were in your shoes, I would give her a few thousand to buy a good used car (they are out there...i just bought one). That's help she could use. Don't be on the line for a lease payment let alone co-sign for one. It saddens me to think people actually believe they are helping their kids by getting them deeper into debt and increasing their obligations. Frankly I don't care what your FICO score is...it has no correlation to ones ability to handle money. Good luck and I hope common sense overwhelms you before lease papers are signed.


..and your reply has absolutely nothing to do with the thread topic. I will be ignoring any further similar messages...


Then I wish you luck in your decision and life in general.

 

[1999nick]

Have any of you people ever actually leased a car and been financially burned by it? I have, in my 74 years, purchased 28 cars and trucks. Among them are 3 vehicles I leased. All 3 were pleasant experiences. These were a 48 month lease, a 39 month lease, and a 36 month lease. There were never any additional charges at the end of a lease; never a requirement to buy a set of tires or any such nonsense, even on the one with a 48 month lease.

At the end of the 39 month lease, a 99 Nissan Maxima, I purchased it and still own it today.

I enjoyed the idea of a much smaller payment by leasing, and not have to negotiate a trade-in with my next vehicle. Up until 5 years ago, I had always had a car note or two my whole life. Retirement has slowed down my car buying somewhat.

I always leased when I could take advantage of a factory special lease deal. That 99 Maxima was $247 per month, with a $1600 down payment.

 

[1999nick]

Originally Posted By: ryansride2017
Originally Posted By: grampi
Originally Posted By: ryansride2017
Originally Posted By: grampi
With a credt score exceeding 800, I don't need the lessons...


I don't mean to rail on you over this, but your not helping her at all. If I were in your shoes, I would give her a few thousand to buy a good used car (they are out there...i just bought one). That's help she could use. Don't be on the line for a lease payment let alone co-sign for one. It saddens me to think people actually believe they are helping their kids by getting them deeper into debt and increasing their obligations. Frankly I don't care what your FICO score is...it has no correlation to ones ability to handle money. Good luck and I hope common sense overwhelms you before lease papers are signed.


..and your reply has absolutely nothing to do with the thread topic. I will be ignoring any further similar messages...


Then I wish you luck in your decision and life in general.


I think that your FICO score has a lot to do with your judgment and ability to handle money. You certainly don't get a FICO score of 800+ by careless buying and slow paying.

 

[Scienceman]

What would this man do? Debt is bad.

 

[grampi]

Originally Posted By: DT466E_bus

What would this man do? Debt is bad.


In a perfect world we would pay cash for everything. Unfortunately, we don't live in a perfect world and 99.9999% of all vehicle owners must finance or lease their vehicles. However, just because you finance or lease your vehicle, that doesn't make you financially irresponsible. What does is allowing yourself (or someone you care about) to be taken advantage of by a predatory lease, or taking on too much debt, or being irresponsible with making your payments, or not shopping around to get the best price on something, etc. I apparently know what I'm doing with money as the only debt I have is my mortgage; we own a nice home, 3 nice vehicles, a motorcycle, and we have all the modern day creature comforts and I don't owe a penny on any of it...no vehicle debt, no credit card debt, nothing. I think my daughter would do well to follow in my footsteps...

 

[grampi]

Just to give everyone who cares an update, I had my daughter call USAA to apply to get pre-qualified for a loan using myself as her co-signer. They approved a loan of up $17,600, for a period of up to 72 months at a rate of 4.65% APR. I believe that's a much better option than doing a lease. Her credit will build faster and stronger as compared to a lease, she will have more equity in the vehicle as she pays on it, and she will have none of the negative things that come with a lease (and no risk of being a victum of a predatory lease either). Now all we have to do is find the right vehicle at the right price, which shouldn't be too difficult, considering my daughter is now essentially a cash-in-hand buyer with no trade-in.