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LEASED CARS: NEGOTIATING PRICE u0026 TERMS: + 8 Key Factors- Auto Expert: The Homework Guy, Kevin Hunter

Frames LEASED CARS: NEGOTIATING PRICE u0026 TERMS: + 8 Key Factors- Auto Expert: The Homework Guy, Kevin Hunter

Description LEASED CARS: NEGOTIATING PRICE u0026 TERMS: + 8 Key Factors- Auto Expert: The Homework Guy, Kevin Hunter

Comments LEASED CARS: NEGOTIATING PRICE u0026 TERMS: + 8 Key Factors- Auto Expert: The Homework Guy, Kevin Hunter

The Homework Guy Team publishes videos to help Car Buyers We don’t hate Car Dealerships Instead, we represent Car Buyers, a goal that’s often in direct conflict with Car Dealer goals brThe Homework Guy Chapters on this Car Leasing Advice Video: br0:38 - Why 287 of US Car Buyers decide to Lease a Car br1:44 - How to know if you are an Ideal Candidate for a Leased Car br2:43 - The Critical Mistake Most Leased Car Candidates keep making br3:46 - Negotiating a Lease The only difference between a Purchase and a Lease is how you pay for the car br4:43 - Auto Leases are based on Money Factors, not Interest Rates br6:05 - Understanding Residual Value for your Leased Vehicle (Car) br6:56 - Acquisition Fees, Bank Fees, and Disposition Fees for Car Leases br7:49 - How Mileage and Excessive wear an tear effect your Car Lease br8:28 - State Fees and Sales Tax commonly charged on a Vehicle Lease br9:07 - Security Deposit on a Car Lease br9:33 - Cash Down Payment on a Car Lease br9:54 - What you need to know about your First Month's Car Lease Payment br10:28 - Negotiate a Car Lease the same way you negotiate a Car Purchase! Comment from : Kevin Hunter The Homework Guy

Lol @ the negotiating the MF Comment from : Flaw

Many thanks! Comment from : Iga Jacob

If I lease a car from a New Jersey dealer and I am a New York State resident, how much will a Document fee cost me? Comment from : George collura

Thanks for this video! Comment from : Janice Darmody

Can I order a car I want lease? Comment from : Tony Valencia

Thank you #The homework guy Comment from : Ramel Harvey

Leasing is the most expensive way to drive a car down the road! brI would lease a car for business purposes only and the payments are expenses that can be deducted from my tax returnsbrOther than that, I would buy and keep the car indefinitely Comment from : Nice-oscar

Why put a down payment, what if you leased it and totalled it the next day that money is gone Isn't it? Comment from : J Gratesy

Great video! Thanks,guys! Comment from : John Mills

Kevin, more people than ever own precious metals, and some, would use part or all of their "stash" toward the purchase of a vehicle Can you address the issue of the use of precious metals in the car purchase process? Comment from : Richard B

Kevin thank you soooo very much for this information!!! You're a treasure Be well and be safe Comment from : Mia Ballester

Learned a lot Thanks Comment from : Mary Ann Andersen

What about now if you want to release, With the inflation so high there is hardly any room to negotiate anything no discounts at all At least in Oregon Comment from : Cody Chavarria

Let’s say my lease will be up my car is actually worth more than the residualI want a different car because of many lots not having enough used cars would it make sense to try negotiating my leased car with a completely different car company or try to sell out right myself or I guess let the leased vehicle be bought back by original lease car company Comment from : C H

Keep your messages and get to the point Comment from : Backwoods Charlie

I am about to do a car lease because the prices are so high Are there any updates for 2021? Comment from : Dennis McCullough

The best car lease video I’ve seen yet, excellentbrThe only thing that I do differently on all my leases is $0 down payment, for the simple fact that my insurance policy would not refund me any of the down payment if the vehicle is totaled Comment from : Mehdi Kaveh

There is so much to deal with! It's a turn off for sure Comment from : c m

Great info but I disagree with one point Any down payment amount will be lost if you total the leased vehicle Most leases have built in GAP insurance but that will only reimburse the bank Your down stroke will be gone like the wind Comment from : TEN-32

Great Info 😅😀 Comment from : Derrick Cross

#thehomeworkguys I sent an email about a lease I'm interested in I'm a single woman and just want to know if it's a good deal with all the fees I don't want to be taken advantage of Thank you Comment from : Jan Keno

Is there a way to hire someone to be your guide or like an attorney to sit down at the dealer and protect you from getting the screw ?????????? I'm in the Detroit area Thanks Comment from : Dee Johnson

Thanks for all the videos I created a lease spread sheet that emulates what the dealers normally produce I find it easy to plug in their figures and get an instant calculation on the bottom line It helps me see just how close or far away I am from a deal This smartphone has been worth the money I have also included a two way calculation for interest rates and money factor I have a calculation to tell me the percentage difference between MVSP and Residual Value If the Gap is too wide, I walk away #thehomeworkguy Comment from : SW6surfer

Quick question #atthehomeworkguy why would you put 20 down at signing? If you total that new car 2 weeks after leasing it, your screwed out of that 20 you put down Thx! Comment from : MSUSPARTANS 1995

Why put 20 down? GAP insurance is covered by my policy What is the advantage? Hedging against a life issue and selling the car? Comment from : M Smith

GAP insurance Kev mentioned it but didn’t get back to it Good idea? Do I have to do it at time of lease signing? Comment from : Al Reppine

Is it reasonable to ask to see the factory invoice and say I will only pay the invoice price? Comment from : Thomas Hendrickson

Hi Kevin You indicate you pay tax on the leased portion How do you figure out what the leased portion is? Comment from : Thomas Hendrickson

I love your voice Oh yeah and thanks for the tips 👍🏽 Comment from : RaySoAmazing

Great Videos- used many of your techniques thus far just greatQuestion, I ordered a 2021 Dodge Challenger Hellcat Redeye Widebody How do I go about negotiating a lease on a vehicle I ordered as apposed to an already in stock vehicle Comment from : Red Truck Sales

I don't know why but I think I love you man Thanks man Comment from : G M

I like the advice but I might disagree with the down payment When I leased, from my friend who worked at the audi dealer, he said "don't put down anything because if you wreck the car you lose the down payment" I'm still not sure I understand that Any opinions? Comment from : anthony klonaris

Thx going to use this info when leasing my next vehicle Comment from : Robin Smith

The late pants distally answer because green phytochemically enter toward a ad vegetarian zany, far scooter Comment from : Edwon Rodrigues

Thank you Great info i saw nother video that contained some useful info Your total lease payments should never be more than 50 of the MSRP price but aim for as low as 35 for the best deal Comment from : MP

Just curious why you recommend putting cash down, when others recommend not doing so Comment from : Matt S

#thehomeworkguy HELP! I have a lease in IL it ends in October It may be worth buying at the end, I will monitor used prices versus the residual You mentioned in IL the sales tax for the full price is owed for the lease, if that is the case, if I decide to purchase have I already paid taxes or do I have to pay sales tax on the residual value if I purchase? Comment from : Rich Beach

Question: WHAT IS A MONEY FACTOR??? Notice i didn't say what is 'thee' money factor Comment from : Dennis Davis

They usually don;'t include the money factor on contract or disclose it Comment from : Edgar Acevedo

You have helped me tremendously I truly believe I was scammed and now I’m turning my lease in and studying your video s so I can get a better deal I had no knowledge of residual value just called my bank and got that number and it is more than what my car is worth today Comment from : nurse forlife

good stuff thank you Comment from : Rob T

Why put 20 down on a lease? Comment from : Charlie Fogel

Why put 20 down on the "leased portion of the car", when you aren't required to? -- why would you pay for any depreciation on the vehicle before ever driving it?! Comment from : Peter Mayone, Jr

Great stuff, Kevin Comment from : Pete DeLaOssa

Loved your straight forward, get to the point, video Thank you Comment from : Evelyn Stout

This is a very good video You actually made a potentially boring subject interesting Comment from : Gwin Willis

hello dude Comment from : Gwin Willis

So negotiating with floor manager We are at $43400 per month for 36 months on a rav 4 xse A lease Floor manager offered that if we go to 39 months he would bring down the monthly payment to $41100/ 39 months so 39 month payment would be $1602900 vs 36 months at $1562400 Residual did not change at $25 k So is this a better deal? We have to put down $1 k so first payment would be about $165000 the $1 k down plus doc fees taxes plus the $41100 ?? Is that correct? Very confusing for me Hope you can helpbrbrAlso when leasing Is it fair or not to say to the floor manager that if the vehicle sticker price is $40 k which includes transportation fees And after 3 years residual is $2580000 Why should I pay more than the difference of $2580000 that I have to pay to purchase and the sticker price of $40 k? That would be $1420000 or for 36 months would be about $40000 per month and that will equal the sticker price if $40 k Is that a good deal for me or not? Thanks Comment from : brodygoalie

Kevin, can you do a video to better understand the pros, and cons, of buying verus leasing?brbrThanks Comment from : M N

If you’re under the mileage like I was though also refund you and send you a check I got a check for $700 at the end of my lease because I was under the mileage Comment from : Ram 4570

Question For Kevin: What do I need to watch out for when buying the car at the end of the lease contract? Comment from : CommanderOtto

Couple questions / comments We are in metro Detroit, and it seems our lease prices are much lower Vs rest of country We e heard for decades that other places subsidize us Lol We’ve viewed our lease as a “utility payment” like electric or water and not an asset like a house But we’ve been told from a Chevy dealer that GAP insurance is required per GM Financial I hear conflicting advice on this Is it possible to line up financing through another bank for a lease ? brbrWe’re turning in our Chevy equinox in 2 weeks Leasing a 2021 Great tools here to use Also turning in second vehicle in January 2021 (Trax) and will pay disposition fee As we’re going down to 1 vehicle due to work from home until mid 2021 and car polling options and different work schedules No need for second car at this time brbrThis will give us months in 2021 to decide what our second car will be someday and will most likely buy it But one / lease one Comment from : Jay

I'd take the lease deal if that blonde said its a good deal Comment from : azspotfree

I'm trying to find the "money factor" on my existing lease before I go for the next lease All I see is a "rent charge" Is this the money factor? it is 111 dollars a month which seems excessive Since I also see an 800 dollar "doc fee" on my current lease, I suspect the dealer is one of those with excessive fees that I should not be paying Comment from : Bill Schade

Gap coverage is built in to leases The lessor wants to be sure they get paid off (should said vehicle get totaled) and they are also on your registration with you If finance tries to sell you GAP on a lease- well, you need a new finance manager Comment from : kimberly kline

I’ve been paying at least $50 extra per month fir the last 20 years Think about it a two-year lease that’s 600 a year total of $1200 That’s straight profit that goes right into their pocket I’m about to get a new lease in the next couple of weeks Thank you for all of this info I will never overpay again Comment from : Eddie K

Consider using a leasing company aka leasing broker They work on a minimal profit and deal in volume with dealers fleet person Comment from : afhyatt

Question: I negotiate the dealer price of vehicle or the residual value is the only thing that has me puzzled I appreciate your videos Comment from : Raymond Mowday

Still not sure how to apply the money factor to calculate the monthly cost Help Comment from : Sue k

Super helpful! Thank you! Comment from : MJ Kaye

What is the "leased portion"? Comment from : Dave m

Hi Kevin In February, I broke the lease on my 2019 Mazda I went to Costa Rica to possibly retire there And of course I was quarentined here It is now September and I just got in touch the bank that was financing the lease They say that I owe them $4000 in early termination fees and what they are calling displacement fees And they say they are doing me a favor by lowering it from $7000 What are my options in this situation? The car was in perfect condition Im coming back to the US in November and I'd like to get another vehicle I believe this vehicle is hurting my credit score Comment from : Richard Streit

#thehomeworkguy how do you negotiate on cars like Teslas where they say there is no haggling Comment from : Global Portfolio Mgt Systems

Great info I was wondering if a lease can be paid out upfront just like buying a new car? I've been debating weather to buy or lease lately What;s your take on this? brTIA Comment from : Ray Mar

Hi Kevin, I know end-of-year can be a good time to get deals on BUYING a new carbut does end of year also offer good deals on LEASES? Or are December specials only good for buying? Comment from : Ryan P

This is super helpful Going to the dealer tomorrow and will try to use everything I learned here Thank you! Comment from : Sienna

Always good informationbrThanks Kevin Comment from : marc hanneman

My NJ lease contract says that the residual value of my suv is $3,76585 brKia motor finance says the residual value of my suv is $13,76587 brMy car is near lease end What happens now that my contract says one thing and the car company says another? Comment from : jkennedylu692

Ok so I am a car salesman and agree with almost all of this How do you tell people to put 20 down They are just buying the payment down and not gaining any equity in the lease I constantly tell my customers to keep there payments in there pockets and not spend $1000's on a lease If they get out early they are effectively loosing money because they already paid for a portion of the payment that they are not going to makebrbrI do want to hear your answer to this In general you are very accurate on the info you give and its the same thing I tell my customers I think you would enjoy our dealership We do car about the customer and constantly put them first Comment from : John Coco

What about the fact that you lose a lot of manufacturer incentives during a lease versus a purchase? Comment from : Harold Rodriguez

Putting 20 down is not a good idea If your car is totaled guess what happens to that 20? It’s gone You’re going to pay the predetermined payment whether you put 20 down or not so why screw your self when you can just simply not? Comment from : swole bravo

What about paying the entire lease term upfront? What kind of discount can be expected in that case? Or, is it not a good idea? Comment from : Cole Boone Customs

Leasing cars just don’t Comment from : Michael Brown

It's something I have done And i paid through the nose for the education My advice save your money up and buy cash But If you must have hp Have a word with your bank manager Comment from : ron richardson

Great video ! #thehomeworkguy Comment from : Hardik Vansia

Isn't maintenance included in a lease? Comment from : Dean Tan

Why is lower risidual value good? brbrI need to pay more for the lease? Comment from : Dean Tan

Kevin, I'm in my 70's and over the course of many years I've bought or leased dozens of cars Actually, according to USAA I'm on my 72rd vehicle to date A few times I know I've been taken simply because I either wanted a new car or was tired of the I had My biggest problem was I habitually traded in vehicles with a significant loan balancebrbrNow that I've retired I am still buying and trading but think I have become a much better shopper After watching several of your videos l realize I'm still making the same mistakes but now at least I know what they are brbrBottom line, you present excellent advice and I wish I had found you years ago The good news is that my latest vehicle is a lease which I will be returning in November You've given me some great information for my next new car, which will be a purchase and not a lease Keep up the good work and a lot of folks like me will be better prepared for their next time they take the plunge Thanks! Comment from : Patrick McHugh

I wonder how about Tesla, are the sales person or finance guy are the same as those bad apples? Do you buy Tesla directly from Tesla or from dealers? @kevin Hunter Comment from : KoL

How do you determine the residual value of a car when no two cars of the same model are the same price For example, if you go to a Honda dealer, there can be 20 Honda civics in the same dealership with 20 different sticker prices based on what the dealer has added to them How does one figure out the residual value of a partial car? Comment from : WWTormentor

#TheHomeworkGuy you mentioned that you recommend 20 down payment for car leasing My car sticker that I leased (Mercedes e coupe ) is 64k does that mean you recommend paying 12k down on it ? Comment from : Laith Madain

If the car has an accident during your lease term, will car dealer charge you extra after the lease ends? Comment from : Martini P

Insurance is usually higher on a lease than a new car, because the leasing company will require more coverage I have also been told that you can’t negotiate a lease, but that’s probably a lie Comment from : RustyPumpkinRanch

Why would you put 20 down payment on a lease? Aren't you essentially just pre-paying the amount you'll owe over the term of the lease? You'd be better off investing that money yourself on day 1 and withdrawing a portion each month to cover the higher lease payment as a result of putting 0 down Comment from : Simply_GenX

Expendable cash? brThe only ppl that should be buying new cars are on Forbes Comment from : IPFreeley

I am currently in the process of canceling the Honda Ultimate Protection Plan As dictated in the agreement it says, "If you cancel this agreement on or before 30 days from the effective date (May 28, 2020) you will receive a full refund, if no services for a claim have been rendered to, or on behalf of you If services for a claim have been rendered you will receive pro-rata refund based on time expired less any claims paid" I have only had the car for 1 week and a day I emailed and called and did not get a return call from the finance manager who did my paperwork for nearly 3 days until he called back yesterday I requested that he respond to my email with everything he told me on the phone about having to take a pro-rata refund, and not being able to cancel it for several weeks He got kind of rude saying, "I said I would do it" I told him that's fine, but I need proof of what you are telling me He told me he would put in the cancel request when the account was established, in 2 weeks? He told me that I have to receive the refund pro-rata and it "comes off the back end" Meaning my payments would be complete several months early due to the credit I questioned this because that would bring me in danger of going over the 30 days He also says that he can't enter the cancel form until the account is established in the system (in another 2 weeks) The agreement doesn't say that I have to get pro-rata if I cancel before the first 30 days of the agreement It says "If you cancel after 30 days you will receive a pro-rata refund based on the time expired less any claims paid" I feel that he is trying to get me so close to the 30 days ( so mistakes can happen) that I have to except a pro-rata refund because I am messing up his sales quota How should I handle this? I feel like he is tricking me into getting up to the 30 days so I have to take pro-rata refund I have proof I requested to cancel after 4 days of signing the agreement, with my email that he never responded to, or sent my "proof" email that I asked for What should I do now? I already missed opportunities on the lease itself I am within their agreement guidelines to cancel the Protection Plan and that I can do something about HELP PLEASE! Comment from : BlackKat

Hi Kevin Thanks for the great info I have a question My lease is up in July and my car dealer wants $2k for 4 extra years of Warranty My Elantra only has 27k miles on it and it is covered for another 2 years or 33k miles Do you think I could find a better price for extended warranty should I decide to keep my car? -Rich Comment from : richv77

Hi Kevin, my lease is nearing its end, am I able to negotiate the residual price ? Comment from : George Vreeland

Top line from a leaser: I need another car because I can't put that many miles on my leased car Comment from : C Yu

Private middle class people,should’nt lease you loose, buy instead,and always buy lease backs, you’ll save more than 1/2 original price!brNew cars today are way too expensive,you loose 10–15 when you pick up your vehicle,on a 30 thousand dollar car you are in the holebr3—-4550 $ right away! Now,if you own a business,leasing is to be considered! You can also lease used cars! Comment from : Quercus 53

Leasing is just another name for Renting a Car !! Comment from : JerseyJoe

Some good content Kevin 1) Agreed, always negotiate the price first or lease capital required to secure the vehicle 2) Don't fully understand your explanation of the significance for the "money factor" 3) Leases are best suited for companies to receive a tax write-off 4) Residual values are the highest for current year models and less for last years models 5) I don't agree on putting money down on a lease, leasing is renting 6) No documentation or bank fees should be paid, walk if refused 7) Maintenance should be covered under the warranty program on a new vehicle 8) Never sign a lease term longer than than the warranty period 9) Make sure you can service the vehicle at any dealership, not just the one you leased it from 10) Mid to late year is the best time to negotiate Comment from : Seauin Ireland

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