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The point of a lease...
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Posted by brian@saabcenter.com (more from brian@saabcenter.com) on Fri, 11 Jan 2002 14:39:33 Share Post by Email
In Reply to: Is a Lease a Life Sentence?, Steve S., Fri, 11 Jan 2002 13:55:17
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is to have the opportunuty to remove yourself from a car after a certain period of time with no inequity. It also supplies a lower payment than a conventional loan, but because of this lower payment you are naturallly paying the principle down at a much lower rate.

When you lease, always lease for a realistic term. For example, if you only keep cars for two years at a time, don't do a 36 month lease. Try a 24 month; sure, the payment will be higher, but that is pocket change compared to what you'll pay if you break your 36 month lease early.

Remember how a vehicle depreciates. The majority of the depreciation happens in the first 18 to 24 months. Meanwhile, the lease principle pays down on a even basis (it doesn't have a progressive principle like a conventional loan). In other words, the car will depreciate more in the first two years than your lease principle will pay down. Leases take the total estimated depreciation over the term and evenly distribute the depreciation throughout the term. They then add their rental charge (interest), and there's your payment.

As far as transfering your lease. With a $536.ºº payment, you'll have a tough time finding someone to take over that payment since a new 2002 9-3 Conv. can be leased for the same payment or less.

A lease is not a death sentence, but you must be intelligent when you decide to lease. Once a lease is started, more often than not, you're in it for the full term (unless the vehicle is wrecked and written as a total loss; at that point, your Gap Insurance will take over).

Good Luck.

Cheers,
Brian.

posted by 208.191....

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