Leasing a Car (Know This Before You Go)

[@cjbautista9737]

Wow! I’m a first time lease buyer and I’ve watched hours of videos on car buying/ lease and this has been the most informative! Thank you so much! Curious what you recommend to offer for 2020 Acura ILX premium in zip code 92677? True car & Kelly blue book says lowest sold for $23,786. Thanks again and keep up the great work!!

[@notwaitingtolive]

Thank you for leaving this feedback. I'm glad you found this helpful and I'm happy to help. That seems achievable even though average discounts are ~6% off MSRP. 10-12% off MSRP may be achieveable right now for that car. Since this is a new car, send email offers to many dealers in your region. I have a separate video on my channel which covers negotiating by email in more detail: kzbin.info/www/bejne/pnvbm3ummLWEmq8 Follow up at the end of the month to see how far they're willing to go.

[@cjbautista9737]

not waiting to live thank you for responding! Ive sent emails out.. Is it better to do buy now with Memorial Day sales or wait end of month?

[@HPG45]

Awesome vid, thanks for the insight and tips! Tipping my hand too early with letting salesmen know I'm wanting to lease might explain why their correspondence has been shoddy. It's a different situation now than it was back in May of '20, but I would figure a dealer would want my business either way, especially in the advent of supply and demand for vehicles currently.

[@notwaitingtolive]

Thank you for the positive feedback on this video. The fundamentals of leasing haven’t changed. The dealers do have a bigger advantage right now compared to this time 2 years ago. But that too will change one day. In this video on my channel dedicated to car buying advice I explain why it’s better to buy new than used in todays market: kzbin.info/www/bejne/oGmvlKCwqNmZnKM

[@WeOutHere]

Maybe you could do a video on lease take overs. I see them listed but it sounds sketchy to me, especially when there’s lots of years left. Are these ever a good deal?

[@notwaitingtolive]

I did a lease takeover once through swapalease. I reviewed my experience in this video: kzbin.info/www/bejne/d6C2kGOnZc6VfKs Like you I thought it was sketchy. It worked out well for me and I would definitely consider doing it again. But I don't think it's for everyone.

[@duvieff]

Hi manny, Regarding leasing I once heard that the monthly payment should be 1% of the msrp of the vehicle can you please confirm if that’s true? Tia

[@notwaitingtolive]

You know I've never heard that. But I just ran through a couple examples and sure enough the monthly payments are in the ballpark of 1% of the MSRP. I'm not sure this would be a particularly useful rule of thumb to negotiate a specific vehicle. But very interesting none the less. Thank you for bringing that up.

[@thenflgm]

I recently just leased a Toyota Corolla. Can you take a look at the contract I feel something is off!!!!!

[@sabastiantaylor7209]

Another great video. Unfortunately this is the first notification I received in a very long time.

[@notwaitingtolive]

Thank you. I appreciate you taking the time to watch another one of my videos and leave feedback. I've posted a lot more content than normal lately so check out my recent uploads to see if any of the other topics catch your eye: kzbin.info

[@notwaitingtolive]

This one might pique your real estate interests, I just lost $8,000 on a low appraisal from a house flip: kzbin.info/www/bejne/h4LcpnSjqLJ2mas

[@sabastiantaylor7209]

not waiting to live hey manny. I need your assistance again. I can’t find your previous emails. Can you please send me an email again when you have a moment please [e-mail]. As always. Thanks!

[@vikramgupta2326]

Question 7, didn't discuss lease turn in fee, note on refuse to pay.

[@notwaitingtolive]

The lease turn in fee is sometimes required but it varies in amount from $0 to $500 or more depending on the make and model. You should always ask if there is a lease turn in fee understand what if anything you'll owe at turn in. And if there is a fee, refusing to pay one before signing the lease is the best way to go about it. After the fact is much more difficult, but not impossible. Most dealers will waive a lease turn in fee if you lease/purchase from them again.

[@vikramgupta2326]

@@notwaitingtolive Thank you !!

[@adriandenson8855]

Very very very informative

[@notwaitingtolive]

I'm glad you found this helpful. I appreciate you taking the time to leave feedback.

[@adriandenson8855]

not waiting to live what’s your opinion on “ internal documents “ I’ve had dealerships pushback when I’ve been in a negotiation with a new car purchase and wanted to save / record info before I walk... Statements like , this purchase offer worksheet is for our purposes, so you can’t keep it ... no you can’t take a picture ... etc. I understand why they pushback on that but I just want to know if “other dealers” offer letters made it to the sales managers desk to try and get a better deal. Not a he said she said offer at store x ; but a legit written up offer - Thanks

[@notwaitingtolive]

Maybe 5% of customers brought outside material offers from other dealers. I would say the majority of customers never even verbally cited alternative offers. I personally had no problem with people walking out with our offer sheet. But yes in general the practice is to make an expiring offer to leverage urgency, and keep the sheet if the customer decides to walk. In my sales experience outside of the car business I've definitely experienced the school of thought that a salesperson should control when and how an offer is made and rescinded to remain in control of the sales process.

[@Mark-qg8hm]

#1 be incredibly stupid #2 have no money management skills #3 think a lease is EVER a good idea and go from there