Car Leases Are BACK! How To Get The BEST LEASE Deal (2024)

[@DR_Bloom86]

3 things I would add. 1st, always put as little down payment as possible on a lease. If you put $5k down and car gets totaled 1 month later the car will get paid off by insurance but you are out that $5k and now you need to buy another car. 2nd, dont buy anything from the finance office, you dont need extended warranty or paint protection just take care of the car you will only have it for 3 years, if you decide to buy it out you can add warranty then. 3rd, know how much you drive. Most leases are advertised at 10k miles per year. You can get 12k and 15k but usually will cost you more per month, and if you go over those miles could cost you .20 per mile which will add up.

[@NaamWynn]

All great points!

[@JxSancheZx510Mex]

Most brands will give you rate reduction on your money factor if you do a one time lease. Also the likely hood of one crashing there car in the duration of their lease isn EXTREMELY low

[@DR_Bloom86]

@@JxSancheZx510Mex I live in Florida i don’t trust the drivers down here. Been here 5 years and my wife already had her car totaled once by someone running a red light.

[@ronaldcarnevale3424]

Good advise. Much appreciated. Can I just add that for a car huy im surprised you mispronounce Hyundai. Its not HON-DIE...its HUN-DAY. Just had to mention it as it gets my feathers in a frenzy when someone especially car guys mispronounce my car. Lol. Hope you dont mind me sayin

[@ronaldcarnevale3424]

I just want to say Hyundai is pronounced HUN-DAY not pronounced HON-DIE

[@SavNout01]

I walked out of a Toyota dealer with my son on a 24 Toyota Camry. His credit score was only a 639. 36mo lease of $800! It was insane for a $33k car! 17.9% interest rate.

[@varunkamat7390]

Yea that’s a scam cuz my friend is leasing a 24 Tesla for 440 a month

[@kevinoconnell1983]

@@varunkamat7390 That's the diff betw a Camry and a Tesla. They can't give Teslas away right now

[@jgnmtz]

My last lease was a 2017 VW egolf ..the MRSP was 32,000 with the no down lease payment at $329 plus tax ..but the tax was $30/month . I ended up paying $360/mo. But the $7500 ev credit cut the price .. back then California was doing $2500 ev rebate so that cut the price again . Then I bought the car for approx $11,000 after 2 yrs 8 months at 2.9% interest for 3 yrs., but I decided to pay it off after 2 yrs . I don’t like having to put money down! But I do shop for lease deals with an eye towards buying . I use the $7500 ev credit to lower the price then I pay the depreciation over the lease term

[@SavNout01]

You must have good credit. Good job

[@PrevedMedved82]

360*32+11000+7500+2500 = 32520. So that's basically MSRP with 0% financing, and you only had to finance 2/3 of it. Seems like a good deal

[@joamigg]

Never put money down on a lease.

[@andrewshenton6541]

My only caveat to that is when i traded my previous lease and made about 3500$,i used it to lower payment but it wasn’t like i wrote a check,personal preference maybe or just an way of thinking?,but i would never write a check,roll everything in

[@lmack7054]

​@@andrewshenton6541when you say you made 3500 is this because the vehicle appreciated? My 2020 lease is up in Nov and I've been wondering if they'd give me more than just the loyalty discount to encourage me to sign a new lease instead of buying it out?

[@Dandrinetwork]

Why?

[@aronsingletary]

0 hours at the dealership and the car was shipped to me, all paperwork was signed on line.

[@chefb2606]

Wow.. I never even knew this was a thing. Thanks Naam👊🏾

[@NaamWynn]

Lets go!!

[@payotimeRamsYT]

Thank you for this! I am looking at leasing for the first time. I was offered a Nissan Rouge for a two year lease at .99 interest. It looks like it’s just above the 1% rule but still the best deal I’ve found this week.

[@mrlang125]

wow this was perfect! im actually eyeing the ioniq 5 but waiting for the 2025 version. I hope the deal are still great at the end of the year thanks!

[@MendyToledano]

When is that?

[@mrlang125]

@@MendyToledano i only spoke to a salesperson once and they're assuming in the next couple of months but I don't know for sure

[@bullit199]

I don’t think Tesla allows you to buy out your lease at the end. You just turn it in.

[@NaamWynn]

This is true

[@ThomasButryn]

Tesla needs to offer a reasonable lease on the Model X. The Model X lease should be around $770 because the retail price is $77,900. As you point out, many competitors are offering very attractive leases.

[@philg3759]

There’s a reason they’re the only ones having profitable EVs

[@icecoldac3]

Will Teslas have a good residual value? If so leases will be high on a monthly basis for them. If not then Tesla is robbing consumers blind.

[@Jhunt12303]

Very helpful video. Thanks!!

[@nicky_rads]

nice vid, had not heard of lease brokers before

[@Laphoot]

I instantly trusted you right after I heard how you pronounced "Hyundai" 👍

[@NaamWynn]

Haha 😂

[@gsctrading7215]

great to know, thanks for all the info.

[@NaamWynn]

Welcome!

[@alumahomeinspections7009]

Hi, 10 days ago I made a bad lease for a 2024 GMC Sierra 2500 AT4X, very expensive truck. I gave a 2018 Ford F150 Raptor trucj as down payment plus $15,000. With my wife, we signed some leasing paperwork and they gave us the vehicle. After that I felt I did a bad deal and I regreted it but I unable to get out of the lease afterward. Some days after the salesman told that some missing papers for the bank financing area, needed to be signed too. Questions: 1) With some unsigned papers, can the lease go through? I want to get out of the lease. 2) If the lease turn incompleted and void, Can I ask returning my Raptor? Thank you

[@ineshaholmes6809]

So can I lease if I have low credit score

[@SergChronos]

Great video 👍👍👍 Is it mandatory to make down payment on a lease?

[@SK-ov1ll]

It is not. You can structure your deal in anyway you’d like.

[@jeanclaude8120]

Hey Naam! I want to lease a 2024 hyundai tuscon N like with no money down, but on the hyundai website it says $3900 down, $249 a month. I don't want to pay the hefty down payment. If i contact a broker could they help me avoid the down payment? I also have a credit score almost 900. Thanks.

[@officialpajaro9608]

N line not n and plus for what shit n liine

[@dayounger1]

Wow credit score almost 900 is unheard of. Great job!

[@rockon8174]

Call them and ask.

[@LG-qc3ok]

Hello Jean, did you get not down payment?? Im in the same situation Thanks !

[@emcemcemc]

I want to get rid of my 2023 Kia Soul Ex and trade it in for a BMW EV, I live in Southern CA. Bakersfield specifically, Im 7k in negative equity for my car right now. Would leasing be best for me and are thier any incentives for going EV, also i dont want to put much down at all like you say. My credit is 715+

[@NewYorksFinest1]

Lease hackers don't have anything in the Seattle area. Only California

[@NaamWynn]

You may need to search in the forum

[@leos3003]

I don't make $500/day. I would love to go in to a dealership and save myself $1-$2K. I know you're a millionaire and your time is worth a lot more than $1K/day so I understand you not wanting to spend a few hours negotiating. But since I'm not a millionaire I will do my own negotiating. Even at $500 I'm way ahead since I don't make that much in a day and I can certainly go on my day off.

[@buzzfun3252]

How is the tax calculated on the lease of a new car? Do you pay tax on the full price of the car or on the portion you are leasing for three years?

[@muizisaname]

It can vary but for example, in Washington state, you pay sales tax on each monthly payment. The sales tax rate would depend on the location where the car is registered at.

[@YAGYUYT]

Hey Naam, I'm trying to lease a Acura Integra here in nyc. I dont want to spend more than $700 a month for my overall car cost. I have a co signer with 770 credit score should I go for it?

[@darrylp6938]

if you need a cosinger you shouldn't be buying a car

[@icecoldac3]

@@darrylp6938definitely understand your point but he’s not “buying” a car. He’s leasing a car. Why is he comfortable paying $700 a month for a lease that’s not a good deal. Leases tend to be cheaper than financing on a monthly basis $700 per month isn’t cheap. Shop around at other Acura dealerships to see if you can get a cheaper monthly payment for that lease and particular vehicle.

[@NA-zf9ms]

@@darrylp6938shut it

[@stevegoldberg327]

Do I subtrack the manufacturer rebates and dealer discounts from the MSRP when figuring out the cap cost?

[@NA-zf9ms]

The cap cost is the negotiated price. Adjusted cap cost is after rebates and incentives.

[@JaimeVizcarrondo]

Much appreciate the video. I'm a newer business owner with not a lot of cash, and my biz literally requires me to drive. So I think leasing may be the way to go.

[@DR_Bloom86]

Just becareful with your miles.. Most advertised leases are 10k a year, but you can get 12k or 15k but will cost more usually.

[@markg6605]

Hi Naam...thanks for the helpful video. I'm looking to lease a 2025 CRV Sport Touring Hybrid. The MSRP is around 42K. In negotiating, what % discount should I realistically expect? Thanks

[@NaamWynn]

Aim for 5-10%. CRV's are popular so it will be harder. Find leases that are currently being made right now and go from there

[@zaripi24]

is it worth to tell them i have a trade in??? THANK YOUUU

[@kelsycole6497]

Never tell them you have a trade in! You’ll never get the highest value for your old vehicle and it shouldn’t factor into a good lease deal which should be between 1-1.5% of the MSRP. You’d be better off selling your old car out right to another party by getting some online quotes via Carmax, Carvana, KBB etc.

[@VM-zp1cz]

What if you are situation to break the lease during the tenure?

[@johnsanford3596]

Read the contract.

[@ethanblue261]

How did you get that price on ioniq?

[@NaamWynn]

Got it though a broker

[@vunguyen-rg3uo]

I just returned my lease Nissan Pathfinder MSRP 48.000. payment 399 plus tax with 1000 down .. And lease 2024 Mercedes GLC base model MSRP 48000 ..But with 4000 down and the payment went up to 528 plus tax .. Is that a good deal ?

[@NaamWynn]

No

[@zali9657]

Hey I've never leased a car but i want to lease my first car. Can you give me some advice. I'm looking at a Kia EV6 GT to lease for 24 months and 12k miles a year The salesman told me 3,100 deposit (which included govt fees, plates, taxes) and the monthly was $430 How can i negotiate the monthly payment. With EV there are so many rebates so im confused

[@NaamWynn]

Go though a broker for the best deal and to avoid the headache.

[@jerrylundegaard2592]

When you lease you negotiate the price exactly as you do with a purchase. To a dealer a lease is a sale. A sale to the leasing company at the price you negotiate. If you don't negotiate the price you will always make a bad lease. The price you negotiate should then be reduced by any lease incentive offered by the manufacturer. That incentive is between you and the leasing company (the manufacturer). Do not let the dealer steal those incentives. Also, make sure you review the money factor. Make sure the dealer is using the correct money factor. The money factor is essentially the interest rate divided by 2,400. So an interest rate of 5.0 percent is a money factor of .002083 (5%/2400). With good credit a down payment on a lease is not usually required. Dealers like to imply a down payment is required, even if you have good credit, as a down payment reduces the monthly lease payment. Residual value is the third number in a lease and it is not negotiable as it is set by the manufacturer and not the dealer. There is nothing magical about a lease payment. Knowing how a lease payment is computed is the best method to ensure the dealer does not fool you. The math is simple: Part 1 - (capitalized cost - residual value)/months of the lease. Part 2 (capitalized cost + residual value) x money factor. Add the two resulting numbers to get the lease payment.

[@stevegoldberg327]

@@jerrylundegaard2592 Thanks for this. When I'm figuring out the cap cost, do I subtract the manufacturer rebates and dealer discounts from the MSRP? For example, if the care is listed at 49k and the rebates are 15k and discounts are 1500, would I then use 32,500 as my cap cost? Or is it not as simple as that?

[@jerrylundegaard2592]

@@stevegoldberg327 Yes it is that simple. The cap cost is the price you negotiate, including those fake dealer fees, less any manufacturing incentives for the lease. If you make a down payment (not recommended on a lease) the down payment further reduces the cap cost. You may also include sales tax (if applicable), registration and the acquisition fee (a leasing company fee not a dealer fee) provided the lender (the leasing company) approves the lease.

[@TerrellMoore-v6l]

LEASING A car only takes 30-45 min Tier 1 credit is when a person lease more then 2 vehicles with on time payment history

[@NA-zf9ms]

Wrong and you can negotiate to tier 1

[@manuvns]

any car lease under 100$ ?

[@NaamWynn]

Check out the Nissan Ariya

[@SmokyHits]

Is the 2024 golf R a good deal to lease 🤔

[@NaamWynn]

Probably not. Specialty cars like that are tough since there is a high demand.

[@jimbroome4906]

Thanks for your service to support and defend the Constitution!

[@ronaldcarnevale3424]

The best ever. Such good kinformation. BTW.... Its HunDAY....not hunDIE. LOL

[@timothythompson4036]

Guys, forget about leasing. It is too expensive.

[@thomaslorenzo6060]

And finacing a car is more expensive than leasing

[@timothythompson4036]

@@thomaslorenzo6060 That's nonsense. If you lease vehicles on 36 month leases for 12 years with $1500 down per lease. You pay $400 per month for a $30, 000 car. After 12 years you have paid almost $64000 for a $30,000 car. You have zero equity. Lousy deal.

[@artjackson8360]

@@timothythompson4036Apples and oranges. You’ve had four cars in that 12 year period, so maintenance costs are lower than if you keep one car for 12 years. How much is your car worth after 12 years? Probably about 15-20% of your purchase price.

[@Ensandoost]

Talking about cars that nobody wants.

[@cessealbeach]

KIA and Nissan are the cheapest to lease and NOT so reliable.

[@NaamWynn]

For a 2-3 year lease maintenance is rarely an issue

[@DR_Bloom86]

under full warranty on a 3 year lease so no issues.