Great video! Ive studied leases in the past and actually learned (self taught) to figure an accurate monthly payment with just the terms and numbers you mentioned. I recently leased a 2021 Mazda cx30 for $308/mo. I had a $3500 trade and my fico score was 783, so i got tier one financing. Saved me lots of money on my payments. I found out the residual value on this model is 61% and the selling price was $30,705 its a higher package with loads of amenities. I got the 10,000 mile/yr term because i dont drive much. I believe i got a great deal on one the best subcompact SUV’s out there. Btw its a great car: brilliant handling, lots of power, decent gas mileage, and some luxury extras included. Thanx for the great video!
Why would you not want a brand new car at all times. Not being embarrassed when you show up to a friends wedding in your clunker is worth it. I love, love ,love leasing, and always being in a new vehicle.
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You're a smart guy with a lot of valuable info to offer, HOWEVER..you speak too rapidly and often swallow your words. Slow down! A conversational word rate will get your message across more clearly. You're not making a commercial you're providing information and thank you for that.
I agree with the 1% rule, it's right in line with depreciation. Anything higher than that is you getting beating over the head with a club by the dealer.
My dad taught me the 1% rule and he has been able to get great deals by simply stating the monthly he want to pay based of the 1% +taxes and Fees. then saying he wants the minimum miles (10k) and 36 months
I leased A car in January not sure if I got a good deal .no money down was the catcher for me I hate spending money on expensive repairs . I will. Lease another one I’m two years .its out if factory warranty when it’s time to turn it in .good credit is required for a lease . Gap insurance is great
I'm trying to understand the residual a bit better so that way I don't get screwed on the interest rate. BTW I watched this vid with yt vanced, zero ads😁
Can a leasing broker act as your agent and a dealer simultaneously? how do you know the leasing broker is independent and works for your best interest only?
What is your take on the current market (Aug 2021) I would imagine that dealerships are a lot more aggressive BC of the lack of inventory right now. Any suggestions other than wait?
Would adding the fees to the monthly payment result in an increase of the initial monthly payment ?. Example: If I get a $350 monthly payment and I ask them to put the fees in it, would that result in an increase ?
if you've never leased a car before or had any loans but have excellent credit, does that mean you won't have an auto credit score and in turn be placed in a lower tier?
My car just died because of a faulty timing chain. I now have nothing to trade in and the market for used sucks. What is the most cost effective way for me to get back on the road?
I get where you're coming from, but getting a 1% lease is not really difficult, it just takes time to find the deal. When I got my RDX, it's a popular model, but there was a body change next year, so dealerships were trying to get rid of the older model. Recently my friend got 55K MRSP Range Rover for $410 a month with no money down. The deals are out there, you have to just find them.
@@NaamWynn It seems like I'd have to settle for a make/model I don't really want just so I can get a 1% MRSP lease... ? I've been looking at MDX/RDX and no way is it close to 1% MRSP (online). Maybe the dealer is more flexible on end of year models or upcoming model body changes, like you say. That Range Rover deal is crazy!! How is that even possible?
I have question; lets assume the car I want to lease is about $55,000 and residual value is 56% , meaning the lease will cost me about 20K or so. Is there a tax benefit to paying off the entire 20K upfont? Thanks!
Hi, I'm a leasing GURU, 47 years in the biz. To answer your question, NO, there's no tax benefit to paying off the entire amount upfront (otherwise known as a One-Pay Lease). You can't avoid death, and you can't avoid taxes, sorry. :( AND, there's ZERO benefit to pay off a lease in advance. I'm sure you could find a way to make money with that $20k over the next 36months (term of the lease)
I'd recommend going to Edmunds. I can't exactly remember the page but there are make and model specific forums where you can either ask others or do a few simple clicks to find it. The forums will also give you the money factor, and lease incentives/rebates that are applicable for that month. You can probably google it and find the page.
Great video..new to leasing so learning a lot. Can the taxes, government fees and others be included in the monthly lease payment? Advertisement of car dealership says "$$$ down is required " - what does this consist of?
Hello Naam How can I find out what the Money Factor/ or Interest Rate will be? Last time I checked back in December My Credit Score was 720, But the Mazda Dealership I walked away from had my Money Factor at a 0.000109, then changed it to the 0.00057... So Please inform me just How will I know what the MF will be next time around..... Thanks So Much for the Great! Informational Videos about Car Leasing....
What's the name of the first forum you mentioned to look up current rates? you swallowed the name and though I've replayed it seven or eight times now it still blurs into incomhrensability
Hi, Thank you for making these incredibly informative videos! I'm currently leasing a jeep and would now like to lease an acura, but I'm unable to find any video on this. Should I wait for my jeep lease to expire then get the acura, so I'm not massing double payments, will acura take the jeep? Any info would be helpful!
What is the name of the leasing forum to make an account under the research process portion? Please and Thank you ... I am looking to lease a car very soon
Hello Mr. Wynn. Really learned a lot watching your videos. Thank you. Is it ok if I ask for your opinion when I am ready to lease? Once again thank you. I live in So. Cal.
@@NaamWynn rodo I'm finding is very comparable to dealer quotes I've been getting. I agree it may take the stress out of the car buying process but there's no way to negotiate the rodo price, plus idk how much dealers will want to beat the price us customers see on an app.
What a great video. I'm glad I found it. I do have some questions. I'm in the market to lease. My last lease was back in 2008! Lol. I have tier 1 credit, but how do I find out what the residual value for a specific car would be and how do I get the money factor? I hear that some makes/models aren't good to lease, where can I research that? I'm specifically in the market for a large suv. My first choice is the new 2021 escalde esv or maybe the yukon denali if the payments are much better.. but from what you are saying, Im likley not going to get a good deal as I would have to order one since they are just now releasing. Its probably better to wait a while then, huh? There's likely no incentives. Rebates or deals since these are completely re-done. Shit, one dealer was charging $30k over MSRP!!! The bmw X7 is pretty sweet too but a bit on the smaller side. But if the numbers make since then thats what matters at the end of the day. I appreciate your post. It really helped a lot.
Question I wanted to start my trucking business but I plan to also start a real state business on the side until I am full able to commit to my realstate business can I buy a Toyota in my real state business and use my trucking business as a cosigner ?
You lost me at 3:14 to 3:24 and soon as you said that i stopped watching. So if you have under a 600 nobody can lease a car, I dont know who your target audience is. But with used car prices sky rocketing still, I highly doubt the people that visit your channel have the best and most excellent credit. - Good luck with your channel.
@@NaamWynn I have been - shit wont get any higher due to my area's income growth and real estate boom. Called all the credit agencies and since credit is different regionally they cant tell me if my areas data has changed. I used to be in banking, im at a stalemate with credit right now. Not asking for help with my credit my guy. My problem is the equivalent to you moving to Mountain View and thinking you can buy a house. You just wont be able to afford it, and no I dont live in the Bay Area.
@@kevinkidneyy Facts! But I just bought my Tesla cash so no need for credit when you made 80k on bitcoin in 7 months. I was just trying to build credit faster you peasant.
@@steelsteez6118 My friend just leased a Porsche GT3 seems the dealerships are having a hard time getting rid of fuel based sport vehicles 😂 send an offer if they bite they bite could get a good deal.
