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Putting money down upfront can be risky
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Posted by john [Email] (more from john) on Fri, 28 May 2004 08:07:54 Share Post by Email
In Reply to: Lease newbee, Brenda, Thu, 27 May 2004 18:03:32
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Edmunds advises against putting any money down up front. And after having a leased car totalled, I know why. Putting money down up front lowers the monthly payment, so in effect you get the money back over the course of the lease. But if the car is totalled in the first month or two, you basically loose all the upfront money. The insurance company will settle the "fair market" value of the car, which often isn't quite enough to pay off the remaining monthly payments and the residual. Saab Finanace gap insurance kicks in to cover the rest, so you basically can walk away from the lease without owing anything. But you're still out what you put down upfront because you haven't had the advantage of getting the money back month by month through the lower payments.

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