Originally Posted by Nargrakhan Actually... while I'm not a lawyer or legal expert, I think you need to READ YOUR LEASING CONTRACT . Some leases are specifically worded to NOT
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12-09-2014, 02:22 PM | #16 (permalink) | |
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Turn it back to stock like i said as that's turning it in with the same general condition it was bought. Same can also be said for buying a car. You think fląshing the ECU on buying a car cash, lease or buy will get you a new motor if it goes POP? Moddings modding, you gotta pay to play and you take risks with it. Also you don't have to turn it in to nissan. If it's modded to hell you don't have to go back to nissan. Again it's your car. Go trade it in on a Prius and maybe the toyota dealer will love all the mods and pay you for them.
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12-09-2014, 02:52 PM | #17 (permalink) |
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Something about leasing just feels weird to me. I just wont feel like it is "My" car but at the same time people try and argue that renting an apartment is pointless because you arent paying to own, but I have zero issues renting an apartment over buying a home because I dont wanna be "stuck" with a mortgage or tons of debt.
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12-09-2014, 02:56 PM | #18 (permalink) |
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With leasing is it an option to "give up" on a car? Say you cant afford the lease payments anymore, your sick of the car etc. can you simply return it and stop payments and not have to own any money to anyone without messing up your credit? I know you will have basically "wasted" the money you spent up until this point, but its better than getting a repo on a loan.
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12-09-2014, 03:14 PM | #19 (permalink) | ||
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although there are 'lease busters' that could be an option |
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12-09-2014, 03:21 PM | #20 (permalink) |
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So then in reality leasing is no different than buying because your credit will get screwed either way if you cant pay for the car anymore. Accept with leasing your not paying to own.
Sounds like buying is the better option... |
12-09-2014, 03:32 PM | #21 (permalink) | |
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Tons of debt is, unfortunately, just part of the way to go when it comes to home-owning and building credit. Not so much with a car...unless you get super lucky, a car is never an investment, but a home can be. |
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12-09-2014, 03:39 PM | #22 (permalink) | |
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In the end, don't buy or lease beyond what you can afford. With a lease, you're tied in (moreorless) for the lease term, but with a bought car, you're tied in with the loan as well. You can break a lease and pay penalties up the wazoo, but you can't easily break a loan or purchase; you're going to be out a lot of money. Best case, you sell the car to someone else who takes over the loan and you pay them the difference between what you owe on the car and what it's worth. Google "upside-down car loan" for more information on that. Basically, when you buy and drive a car off the lot, it immediately depreciates quite a bit. It's not worth what you owe on the car loan. This means if you want someone else to take the car off your hands, you're going to actually have to PAY them (or pay a huge chunk of the loan right away to get it in line with the value of the car). For a couple years, you'll likely be upside-down on a purchase car loan. This is why a lease makes more sense on short term new car acquisitions. Eventually, you'll pay down the loan and owe far less, but the car will then be worth more than what you owe. For instance, 6 years into your loan in 2020, your Z may be worth $16,000, but you only owe $1000 left on it. That's good! Yes, it takes time to wrap your head around all of this. At the end of the day, don't commit to more than you know you can afford. |
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12-09-2014, 04:03 PM | #23 (permalink) | |
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12-09-2014, 04:09 PM | #24 (permalink) | |
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You can't however just turn in a lease and walk. The cars value dropped and you'll still owe something unless the car all of a sudden became a collectors item and the value skyrocketed which would never happen. Whether a lease or a buy it will still be hard to sell as soon as you bought it cause the value just plummeted.
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12-09-2014, 04:14 PM | #25 (permalink) | |
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although the renting vs owning is very similiar to leasing vs financing a car. either way at the start you own zilch. at the end of a lease you still own zilch. with a finance you start with zilch and you owe more than the car's worth on longer term financing (queue interest) but as you pay off the loan you 'build equity' (i really hate using that term) until its paid off and the car's residual value is an asset you now have. depreciating asset albeit. friken math and azn's... all in all the first few comments hit the nail on the head. lease if you planon switching in a few years, finance if you wish to keep for longer terms. but always lease a german car |
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12-09-2014, 04:17 PM | #26 (permalink) | |
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Worst case in a lease or a buy if you can't afford the car anymore and you're worried about credit, go trade it in on a car that's way cheaper and for what you can afford. You'll probably have a bunch of negative equity but getting a cheaper car for way more than it's worth but you can afford it, is better than faulting on a loan.
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