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  #1  
Old 07-06-17, 08:52 PM
OhioBobcatFan06 OhioBobcatFan06 is offline
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Question Has anyone leased a used vehicle?

I've read that a growing number of dealers will lease used vehicles (certified pre-owned) due to the growing number of used vehicles on their lot. With the warranty on CPO vehicles, it seems to me like you could get into a very nice car at what could potentially be a much lower payment than you would otherwise pay and I don't see much risk with the warranty on CPOs.

Similar, has anyone taken over someone else's lease payments? There are a couple websites where people will go and post their lease and you can agree to assume their payments for the remainder of the lease. I find it a little mind-blowing, but in many cases people are desperate enough (or just don't care/are unaware of other options) they offer a cash incentive for you to take the lease. If someone offers you $1,000 up front on a $250 a month lease with 12 months remaining, you're basically getting a free car for 4 months then you have a reasonable payment for the rest of the year.

Any reasons I shouldn't explore these routes?
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  #2  
Old 07-06-17, 08:58 PM
Sig Hansen Sig Hansen is offline
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I have not. Hope this helps
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  #3  
Old 07-06-17, 09:01 PM
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I wouldn't touch a deal like that with a ten foot pole, but it's definitely something you should consider.
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  #4  
Old 07-06-17, 09:11 PM
WinstonSmith WinstonSmith is offline
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I don't see any problem with leasing a newish used vehicle from a dealer. Would stay far away from the second option.
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  #5  
Old 07-07-17, 08:56 AM
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Quote:
Originally Posted by OhioBobcatFan06 View Post
I've read that a growing number of dealers will lease used vehicles (certified pre-owned) due to the growing number of used vehicles on their lot. With the warranty on CPO vehicles, it seems to me like you could get into a very nice car at what could potentially be a much lower payment than you would otherwise pay and I don't see much risk with the warranty on CPOs.

Similar, has anyone taken over someone else's lease payments? There are a couple websites where people will go and post their lease and you can agree to assume their payments for the remainder of the lease. I find it a little mind-blowing, but in many cases people are desperate enough (or just don't care/are unaware of other options) they offer a cash incentive for you to take the lease. If someone offers you $1,000 up front on a $250 a month lease with 12 months remaining, you're basically getting a free car for 4 months then you have a reasonable payment for the rest of the year.

Any reasons I shouldn't explore these routes?
My concern with the latter scenario is that in many instances a person irresponsible enough to get into a lease he is going to default on is not likely to be a responsible person when it comes to taking care of the car. You take over the responsibilities of the car, including any problems present at the at the end of the lease, some of which may not be obvious but present or starting now.
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  #6  
Old 07-07-17, 09:16 AM
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Exactly, irresponsibly financial people are generally irresponsible in all aspects of their lives, including taking care of a vehicle they want to off load on someone else.
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  #7  
Old 07-07-17, 09:39 AM
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Both of those options are peasant behavior
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  #8  
Old 07-07-17, 11:03 AM
tallmadge H2 dad tallmadge H2 dad is offline
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Originally Posted by Neopolitan View Post
Both of those options are peasant behavior
This might be the dumbest quote ever on Yappi
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  #9  
Old 07-07-17, 11:08 AM
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I have a feeling Madge may have taken over a few hummer leases.
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  #10  
Old 07-07-17, 12:38 PM
chs1971 chs1971 is offline
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Do yourself a big favor and pay cash for your car, and then immediately start saving money for your next car.
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  #11  
Old 07-07-17, 12:39 PM
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Originally Posted by tallmadge H2 dad View Post
This might be the dumbest quote ever on Yappi
Spoken like a true peasant.
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  #12  
Old 07-07-17, 12:47 PM
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Originally Posted by chs1971 View Post
Do yourself a big favor and pay cash for your car, and then immediately start saving money for your next car.
If available, I always take the 0% financing and keep the money invested and compounding, knowing I'll come out far more ahead than outlaying all the cash at once. Studies show the cash "discount" dealers give is a myth. They actually make more money through financing.
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  #13  
Old 07-07-17, 12:59 PM
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Originally Posted by eastside_purple View Post
Exactly, irresponsibly financial people are generally irresponsible in all aspects of their lives, including taking care of a vehicle they want to off load on someone else.
Sounds like the people who will buy a 15 yr old Benz instead of a newer "non luxury" car, for no other reason than to say they drive a Mercedes.
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  #14  
Old 07-07-17, 03:50 PM
cabezadecaballo cabezadecaballo is offline
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Originally Posted by eastside_purple View Post
Exactly, irresponsibly financial people are generally irresponsible in all aspects of their lives, including taking care of a vehicle they want to off load on someone else.
Or even financially irresponsible people.......


wth?
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  #15  
Old 07-07-17, 04:00 PM
cabezadecaballo cabezadecaballo is offline
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Just bide your time and buy the right used car, OBCDEFG.

Find a deal. Maybe look for an off-brand trade in at a dealer, like a freshly traded Honda at a Chrysler dealer (you've only got to beat the wholesale price - they don't want it on their lot and they'll send it to auction) , hammer them way down, and then (and only then ) let them know they can't bone you in their finance department. You'll get your own money.

Use Pentagon Federal Credit Union. Best used car rates around. You have to spend like $20 to join some Military Families' Benevolent Society thingy. Then get the PenFed VISA card. Best gasoline deal out there. 5% statement credit on gasoline and 3% for grocery stores.

You're welcome.
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  #16  
Old 07-07-17, 04:02 PM
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Sorry weirdo. Dyslexic slightly I am.
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  #17  
Old 07-07-17, 04:06 PM
cabezadecaballo cabezadecaballo is offline
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Sorry weirdo. Dyslexic slightly I am.
That was weird, but I'd ignore it from an ordinary moron. I've come to expect more elegant phrasing from you. You're like an uber-moron, in my estimation.
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  #18  
Old 07-07-17, 04:08 PM
Raider6309 Raider6309 is online now
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I have not. Hope this helps
Same, I do like buying cars that are a year old. Basically get a new car for 7,000 to 10,000 off the new price.
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  #19  
Old 07-07-17, 04:09 PM
cabezadecaballo cabezadecaballo is offline
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Same, I do like buying cars that are a year old. Basically get a new car for 7,000 to 10,000 off the new price.
this
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  #20  
Old 07-07-17, 04:38 PM
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Originally Posted by cabezadecaballo View Post
That was weird, but I'd ignore it from an ordinary moron. I've come to expect more elegant phrasing from you. You're like an uber-moron, in my estimation.
Thanks, I consider you a mid-major moron.
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  #21  
Old 07-07-17, 04:56 PM
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I used to look for late model used cars, but always found I was settling for something instead of getting what I really wanted. Plus the time and effort isn't worth the savings to me anymore. I figured if I'm going to be in this vehicle for 7-10 yrs, I wanted to get exactly what I wanted. That's not to say buying used is a bad plan, but it was worth it to me to spend the extra $ to get what I wanted, since I'm in a position to afford it now.
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  #22  
Old 07-07-17, 05:02 PM
WinstonSmith WinstonSmith is offline
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My Grand Cherokee was a year old when I got it. I will either continue that strategy, or begin buying new depending on where I am financially.
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  #23  
Old 07-07-17, 05:04 PM
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The 2nd method mentioned by the OP is no doubt peasant behavior. TBH anyone over the age of 20 even considering that is probably a moron.
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  #24  
Old 07-07-17, 05:39 PM
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Originally Posted by eastside_purple View Post
Studies show the cash "discount" dealers give is a myth. They actually make more money through financing.
So are you saying they don't give a cash discount at all?
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  #25  
Old 07-07-17, 06:21 PM
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Do you know any myths that are true?
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  #26  
Old 07-07-17, 06:27 PM
Neopolitan Neopolitan is offline
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Do you know any myths that are true?
the male gspot
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  #27  
Old 07-07-17, 07:52 PM
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I totalled a car hitting a deer down here in Texas. I went and bought a used car from a dealer. Carfax is a must if buying used. I wrote the check I was willing to pay and said this is what I will pay. Took a while but they sold it.

I will probably buy a brand new truck when I move back to Kentucky. Would love a Dodge Ram 3500. However one of my uncle's clients owns some Chevy dealers in Louisville so will probably go through him for the discount
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  #28  
Old 07-07-17, 08:47 PM
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Originally Posted by eastside_purple View Post
They actually make more money through financing.
Of course they make more money by financing, it's called interest. Someone actually had to "study" that to figure it out?
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  #29  
Old 07-07-17, 08:55 PM
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Originally Posted by chs1971 View Post
Of course they make more money by financing, it's called interest. Someone actually had to "study" that to figure it out?
I was speaking about the dealership, not the financial institution. There is no incentive to give their best deal to someone paying cash. And with interest rates ranging from 0% to 3%, it's not in the consumer's interest to pay cash either, unless they are extremely impulsive and undisciplined in financial matters. Sorry you couldn't follow.
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  #30  
Old 07-07-17, 08:58 PM
serpico serpico is offline
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Originally Posted by eastside_purple View Post
Do you know any myths that are true?
I'm asking a simple question. I hear of dealers offering a price of $x for cars sold with 0% financing or $x - y for cash. What's the catch?

I only ask because I'm curious. I doubt if I'll ever buy a new car in my lifetime.
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