SECRETS AND STRATEGIES TO LEASING A CAR
How to win the game
The key to getting a good lease deal is knowing the secrets of car leasing. The reason that dealers win most of the time is because they usually know car leasing better than any of their customers, being that it is literally their job to. By knowing car leasing just as well or even better than the dealer you’re dealing with, you’re able to take control and power of the situation and get a good deal. Here are a couple ways you can do that:
Negotiate the selling price
Although most of the time dealers will advertise low monthly payments, that doesn’t necessarily mean you’re getting a good deal. The monthly payments could be low only because the dealer requires you to put an outrageously high amount of money out of pocket upfront. This is why negotiating the monthly payment is virtually futile. Instead, you should always negotiate the selling price in order to ensure that you’re getting a good deal. That way, dealers can’t make the deal seem cheaper than it actually is because you’re looking at the entire amount due for the car, not the monthly breakdown that can easily be distorted by including downpayments.
Beware of these traps
In addition to making it seem as if you are paying less by boasting the monthly payment as opposed to the selling price, dealers will sometimes even give you a different model than the one you were initially negotiating without letting you know so that you think you’re spending less when in fact you’re getting a way worse value.
Also, dealers will sometimes make the amount due on signing higher without telling you and then let you know about the amazingly low monthly payment they managed to get approved by their finance manager, when in reality you’re actually signing up for an obscenely high downpayment that will only be brought to your attention while you’re signing the leasing contract when the chances of you backing out are much slimmer.
Another thing they’ll do sometimes is change your annual mileage in your leasing contract without letting you know to make it seem like they negotiated a better price for you when in reality you’re much more limited in your lease than you thought you were.
Know what is negotiable and what isn’t
Something that should be clear to you from the get-go is that dealers don’t lease cars – they act as a middleman between the leasing company (bank) and the consumer (you). This is important to keep in mind because that means that there are certain parts of your lease that the dealer just doesn’t have control over. In fact, the only thing dealers have control over is the selling price of the car. That means that money factor, bank fees, acquisition fees, disposition fees, and residual are completely out of the dealer’s hands. That means everything else that the dealer mentions is fair game for negotiations, including preparation fees, document fees, and any kind of warranties and extended insurance products.
Make sure to get GAP insurance
This is so that if your car gets totaled or stolen, you have insurance to cover the difference between what your car is worth and how much you already paid on your lease.
Do your research and be skeptical and you should be fine. Or you can just send your lease order from the dealership to [email protected] and we’ll beat it. Every time.
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