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Does anyone know about a "smart lease", this is an option that a friend of mine is looking at but is not sure if she wants to go that route.
Has anyone had any experience with this? Good or Bad? What are the Pros and Cons.
As like all of us, car shopping can be a real pain in the rear, then when you are presented with things that you are unfamiliar with it can cause even more confusion. The sales people make it sound wonderful, but she is not sure.
Any advice would be appreciate.
Ps. It is through Chevrolet
Trust me you do not want to go with a smart lease. You put all that money into a lease and in the end have nothing to show for all the money you have invested. Not just for the lease but the tires, the insurance,which you have to have increased amounts, any damage or miles you go over. It really is a big headache. Not to mention if you have kids, you are always yelling at them , because of the damage you think they are going to do.
Thank you simpletruth for such a quick reply, when she was talking about what the sales person told her it did sound too good to be true, but I guess the sales people can only work with what the companies give them to push.
I guess the best thing to do is to ask the salesperson if they would or do they have a smart lease.
Do you have a smart lease? If so, how long have you had it? Are you going to buy the vehicle when you are done?
The lease is up in about 17 months, I will have a lot of money invested in this vehicle by then. I've already put a new set of tires on it,as I said the insurance to lease it went up and I have gone over the mileage expressed on the lease by an exorbitant amount. I never really checked into the buy after lease option, but my fiance suggest that I buy out after the lease. He says I won't have to worry about the extra miles I put on. I really don't have that much money to basically just give away. At least if I buy out the lease I'll have something to show for the four years of paying on it.
But how does that work, do you finance what is left or do they finance it for you.
What is the process in the end? How does this all work?
I really don't have any idea how it works. I just wanted a new vehicle and jumped in with both feet. However you've got me curious now. I will do some investigating and as soon as I know I will let you know. I do know that the buy out figure is really more than it should be considering what you already have invested.
Hi Goodnatured,
Smart lease option basically provides the advantage of lower monthly payments. The customers are only required to pay on the 'depreciation' of the vehicle, the rent and other minor fees for changes done in the car. Normally they include payment options for the customers like the monthly fees automatically getting subtracted from your bank account. The only problem is that when you go for smart lease option, there is a fixed mileage which you cannot exceed. If exceeded, then you will have to pay an amount for that.
Wow, I am not sure that this will be a good option for her then, she does travel alot and the mileage issue maybe the downfall of this option in her particular case.
I am curious to see what simpletruth comes back with because she is currently in one of these agreements.
Thank you Justin for the explaination, I appreciate it.
I really don't think the monthly payments are really lower. Depends on the yearly mileage amount you choose. you have the option of taking it for 12000,15000 or 18000 miles a year ,the fewer miles you agree to the lower the payment . Even with a new car buy you can agree to the payments being taken directly from your bank account and there is a small discount for this option. You not only have to pay for the extra miles you put on it, they also give you a little chart that you measure any holes that may get in the upholstery and you pay depending on the size of the hole. You also pay for any damage they believe to be more than normal usage.
So what is the advantage to the consumer, paying 4 years on something and then walking away from it does not seem like an advantage to me.
Are they any easier to get? Usually these days when you walk into a dealership they have their own financing, like mine is through toyota, they did not offer any leasing options. They may have figured that I did not do that before so I would not like that option now.
smart lease
(Hello, everyone!! Haven't been on the Forum in a while..) As I'm reading the thread, I guess this 'Smart Lease' wwouldn't be an advantage for me, at all!! At my job, I sometimes end up doing ALOT of traveling. Especailly, going places for the Military....ya never know where they are gonna send me next!!
I think the only time a smart lease would be advantagious would be if you were elderly and only used the vehicle to get groceries or go to the doctor. Keep it parked in the garage and avoid taking your grandchildren to fast food places,especially if you have Messy Marvins. Goodnatured , you still have to have a down payment or trade in and make the first months payment at the time of the lease signing.
smart lease
Yeah..I can 'see' that. Someone who only uses their vehicle on a 'limited' basis. However......most Elderly, that I know, are on a 'fixed income' and probably couldn't afford it anyway. 'Catch 22' I guess.
True, I don't know many other people that just leave a vehicle set and collect dust, I have a pick up that gets about five hundred miles a year put on it, we mainly using it for hauling stuff.
Good natured, My husband has an uncle that retired from the car business and he has always shyed us away from any type of lease like this. Of course he would pass this information to us on the side because they are not allowed to disclose it at the job site. You end up paying so much more for a vehicle that is leased.
I also had an in law that leased with an option to buy many years ago. They left the vehicle go in the end because they owed almost as much on it years later..it was not much less than the original purchase price.
Nothing I have read here is good at all, seems like high pay rental with nothing to show in the end.
Seems an option to stay away from, straight out financing may be her best bet. I will pass on all information and let her make the decision to lease or buy, but I am sure it will be a buy, then if she gets tired of the vehicle she can always trade it out after a year or two.
Goodnatured, Yes it really is something people should stay away from. I relize a lot of younger people may do this smart lease thing because they never keep the car long and do not want the hassle of repairs. I imagine this would appeal tothe more finacially secure to but to us regular Joe we want to own our vehicle in the end.
I am from the old school, if I am paying for something I want to own it in the end. I guess that is why I always had trouble with renting a home, paying all that rent and not having anything to show. Some people rent for years and years and just keep feeding the landlords bank accounts.
I figure leasing a vehicle is about the same. Just my thoughts.
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