Over Paying?

[Eamon_Burke]

They should hold their value well, and leave you in a good place down the road. And you undoubtedly got a lower payment than if you purchased.

That said, nobody else can answer this for you. Ask yourself: is it worth it to you? Would you lose the car entirely for the money you would save? That is the only way to get an answer to your question "Did I get ripped off?"

[YuriyN]

Originally Posted by Eamon_Burke

They should hold their value well, and leave you in a good place down the road. And you undoubtedly got a lower payment than if you purchased.

That said, nobody else can answer this for you. Ask yourself: is it worth it to you? Would you lose the car entirely for the money you would save? That is the only way to get an answer to your question "Did I get ripped off?"

True

[venetian-v]

we just turned in our leased 2011 Sonata Se (5 months early) and leased a 2013 Sonata Se, that retailed for $24000, for $0 down, $299/month and the dealership pays the first month, so 35 payments and 12,000 miles/year. This is about $25 less a month than the lease on the 2011. We had no protection plan and turned in the 2011 with some dings and 1 dinged up rim and were not charged at all by the dealer. The dealership was very anxious to get our 2011 so I assume that is why they overlooked the dings. Seems there is some leverage right now with used Sonatas as they appear to be holding their value well.

[PokerMunkee]

I pay $330/month for a 12 Limited 2.0T. 15k miles a year, 36 months. Car was driven by the GM, so had 3k miles on it. Got $1200 from trade in (a 11 Optima lease) towards cap cost.

I never turn back my leases, trade them in and almost always have equity that goes towards next lease. Just a numbers game.

[Dave-S]

Originally Posted by YuriyN

Not 100% sure what the lease rate is. The MSRP was around $30,00 I believe. At the end of the lease most likely the residual value would be around $11000. The lease is 48 months long . And 12,000 miles per year. And my monthly payments equal too $400. But I also have tire and rim protection plan and the dents, dings, scratches protection plan on there too. Not 100% on those numbers though, and sorry for the double post.

A simple way to look at this is to calculate what you will pay over the life of the lease ($400 x 48 months = $19,200). If the residual value is indeed $11,000 and you were to buy the car it will have cost you a total of $30,200. Now part of that cost is your insurance for dents dings, etc which is an elective so subtract that from the $30,200 to get the true cost of the car. Your lease papers will also tell you what the agreed value was at the time of purchase (you said it was a $30K car but I assume that was the list price. Is that what you paid for it?)

At any rate if you did have an agreed value of $30K then the numbers sound OK but I would say you paid too much for the SE to begin with (just my opinion). But a lot of people don't know that you can still bargain (on the agreed value) with a dealer even though you are leasing the vehicle.

[YuriyN]

I tried to trade my lease in early but its too early to do it the dealers tell me .. I'm only a year into the lease .. but much money is owned for the car, they tell me I'm going to be upside down on the car ... so there's not point from what they say ... I want to find out more if its worth holding on to those dings and dents protection plan and the tires protection plan ... or should I just cancel them?

[PokerMunkee]

Cancel it.

Find out what your buyout is. It goes down each month with your payment. That will give you an idea how upside down you will be. Figure you might get $18k on trade in best case scenario.

[Dave-S]

Originally Posted by YuriyN

I tried to trade my lease in early but its too early to do it the dealers tell me .. I'm only a year into the lease .. but much money is owned for the car, they tell me I'm going to be upside down on the car ... so there's not point from what they say ... I want to find out more if its worth holding on to those dings and dents protection plan and the tires protection plan ... or should I just cancel them?

I would cancel the dings and dents if the premium is too high.

If you are truly "upside down" on your lease you should also have Gap Insurance which you can get from your own insurance company if you don't already have it. The reason you need GAP insurance is because if the car is ever totaled in an accident you may not get enough money to pay off your portion of the remaining lease balance and the leasing company will hold you liable to do just that.

[YuriyN]

Originally Posted by Dave-S

I would cancel the dings and dents if the premium is too high.

If you are truly "upside down" on your lease you should also have Gap Insurance which you can get from your own insurance company if you don't already have it. The reason you need GAP insurance is because if the car is ever totaled in an accident you may not get enough money to pay off your portion of the remaining lease balance and the leasing company will hold you liable to do just that.

But when I return the car you think they will go crazy over the dings / dents thing or they would take it lightly?

And doesn't the gap insurance only work if in a total loss accident? How would it kick in if I want to trade my lease in? Or am I not getting something?

[jcr557]

Like mentioned previously, It depends on the selling price and how much you put down.