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vegalady
Love my family
Member since 6/06 4546 total posts
Name:
SNV
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Never leased a car so have a question?
When you lease a car do they check your credit? Also how do they determine the monthly payments? If you get in an accident do you have to pay for the full price of the car?
From my research I am considering an open end lease b/c this vehicle will be driven a lot during the year.
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Posted 6/26/08 9:50 AM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Never leased a car so have a question?
yes- when you lease you still have to get approved for the car
and that price advertised it normally for tier 1- I don't know how the prices differ if you credit is less then perfect- it's never been as issue for me
you can get something called gap insurace- if you total the car you get your money back- i don't have it- I have All Sate and they replace the car- they don't give you what the car is worth
as far as regular accidents- it's the same as if you owned the car
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| Posted 6/26/08 9:58 AM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Never leased a car so have a question?
Yes, they check your credit. If you get into an accident and the vehicle is totaled, you are responsible for the remainder payments unless you have GAP insurance (I think that's how it works). I forget how the monthly payments are determined, but I'm sure someone else on here can explain.
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| Posted 6/26/08 10:00 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Never leased a car so have a question?
yes they check your credit
they determine the payments based on the price of the car
As for Insurance you want to get Gap Ins. so in case of an accident it covers the differnce that would be owed on the car, b/c you would owe what the car was worth at the time if the accident(but this would only happen if the car was totalled out and you recieved a check)
I know nothing about open end leases, I've never heard of it.
they usually offer 10K-12K miles per year but you can sometimes buy additional miles for $.50-$1.00 a mile in advance. sometimes they offer it at a discount if you buy it prior to turn in (when leased is signed) instead of when the lease is over. but not all companies do that. Some companies its the same price before or after.
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| Posted 6/26/08 10:00 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Never leased a car so have a question?
I actually have a 15K mile a year lease
and I can buy more miles for .15 cents before and 20 cents when i turn it back in
I have never heard of 50 cents to $1 a mile
that's crazy! I would owe $10K to $20K over!
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| Posted 6/26/08 10:04 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Never leased a car so have a question?
Posted by Beth1210
I actually have a 15K mile a year lease
and I can buy more miles for .15 cents before and 20 cents when i turn it back in
I have never heard of 50 cents to $1 a mile
that's crazy! I would owe $10K to $20K over!
We just leased a new car yesterday an its 20 cents a mile for overage.
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| Posted 6/26/08 10:07 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Never leased a car so have a question?
They will check your credit because you are still responsible financially for the car and they want to make sure you can pay for it.
If you have an accident you are also responsible financially for the car. Even if totalled.
This is why you always want to put the least money down on a lease car. I used the tax as my down payment.
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| Posted 6/26/08 10:12 AM |
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MrsRJP
Happy Spring!!!
Member since 12/07 2151 total posts
Name:
Rena Marie
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Re: Never leased a car so have a question?
Posted by Jennifer907
Yes, they check your credit. If you get into an accident and the vehicle is totaled, you are responsible for the remainder payments unless you have GAP insurance (I think that's how it works). I forget how the monthly payments are determined, but I'm sure someone else on here can explain.
Whatever you decide make sure you have GAP insurance or you will owe when the car ever gets totaled in an accident. My car was totaled last year and I was told I was very lucky to have that and the insurance company paid off the car. I was told if I didn't have that I would have owed the rest of the lease payments out of pocket which added up to $15,000.
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| Posted 6/26/08 10:22 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Never leased a car so have a question?
Posted by MrsRJP
Posted by Jennifer907
Yes, they check your credit. If you get into an accident and the vehicle is totaled, you are responsible for the remainder payments unless you have GAP insurance (I think that's how it works). I forget how the monthly payments are determined, but I'm sure someone else on here can explain.
Whatever you decide make sure you have GAP insurance or you will owe when the car ever gets totaled in an accident. My car was totaled last year and I was told I was very lucky to have that and the insurance company paid off the car. I was told if I didn't have that I would have owed the rest of the lease payments out of pocket which added up to $15,000.
The dealership actually told us what coverage to get in order to lease us the car. We have to maintain a minimum amount of deductible/coverage, etc...
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| Posted 6/26/08 10:24 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Never leased a car so have a question?
QUOTE]
The dealership actually told us what coverage to get in order to lease us the car. We have to maintain a minimum amount of deductible/coverage, etc...
it's tied into the VIN number- I was just playing around with getting some quotes online for my cars and when I checked off the minium from NYS- it was updated b/c of my SUV Vin number to raise the amount of coverage
again- I don't have GAP insurace- b/c my insurace company replaces the car or writes you a check to replace the car
I have totalled a car with them- and a rare car at that- they came back with a check for more then I even paid for the car-
so I would check with the insurace company if they offer replacement of the car or the value of the car - there is a big difference!
if they only offer the value of the car- I would get the GAP insurace
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| Posted 6/26/08 10:40 AM |
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