Lease question

Mike · 06-22-2013, 07:55 PM

Quote:

Originally Posted by squad008

HOWEVER, please remember this. NEVER EVER put down that kind of money on a lease. A little known fact that most people don't realize is that if you go off the lot and total your leased vehicle, your insurance company will only pay the car loan off and anything that you put down you will not get back. I.E. if your car gets totaled at any point during the lease you will never get back that extra money. .

Not necessarily true. The insurance company will pay what the car is worth, regardless if it is more or even less than what you owe on it. that's why leases have gap insurance just like you can get on a loan.

that being said, most of the time, you will lose a good chunk of that down payment money and you are better off not doing it.

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