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Leased my 2022 for 500/month. 1500 Laramie. 36 months at 10k/year.
Thank you for the welcome, the rate was practically 0 for the lease like .00018%. They said whatever it would be after depends on the rates in 3 years. I don’t recall the residual off the top of my head but I believe it’s around 25k. I didn’t shop around for leases, honestly wasn’t even thinking about them. But if I was going to be in the 600’s for a used big horn with 35k miles the new lease for 699 didn’t look so bad. I’m just hesitant about leasing since I’m so new to them.
Did you put money down?
what are you permitted to do to the truck while on a lease?
Great input. I’m skeptical about leasing in general.
I asked if there were restrictions on what I can do and they said no. I don’t 100% believe them without looking at the contract.
It is true you will have zero equity if you just hand back the keys at lease end but if you negotiate a good upfront deal you can cash out equity by trading-in or buying and selling at lease end. I've leased 4 sunrise and 2 Rams and have had equity in everyone allowing me to upgrade and reduce payment each time.
If you plan to turn the vehicle in at lease end you may have problems with any mods, if you plan to buy out the lease or work with a dealer to buy it out for trade or sale you can do whatever you want. I've modified all of my leased trucks but have also removed mods at lease end to put on the upgraded truck I moved into.
You can do whatever you want to the lease while you have it. Then you can either return it to stock before turning it in, or negotiate a buy out. You mentioned He should walk away if he's not a little educated on how leases work but some of the information you are providing isn't accurate at all, and I'd suggest you get a little more educated on how leases work
You really can't determine if it is a good deal from the monthly payment alone. A good lease starts with a good selling price and then good numbers for the money factor and residual as well as your trade value if applicable. I always start with the sales price and then compare lease vs finance options to see which is a better deal on the same truck. I'm on my 3rd leased Ram after buying my 1st one and for each of the leased trucks it was almost the same or better all in to lease and buy out the truck that to finance from the start due to the incentives and finance numbers at the time. I've ended up flipping g every lease a out 2.5 years in because of equity and good deals but it can be a good way to buy a longer term truck as well if the numbers are right.
FYI, I am leasing now! And I most certainly do know how leases work. Have been for 14 months now. I did say "unless you are planning on buying at lease end". Doesn't really make sense to make mods to a leased vehicle, then "return to stock" (seems like money down the drain to me). Likewise, yeah, if you're planning on buying it lease end, sure.
True, but how many people know at lease signing if they are going to "buy-out"/ purchase at lease end. If that was the case, why wouldn't it just be a purchase to begin with?
The mods thing isn't only bad information you gave. Even if you don't plan on keeping the vehicles you can most definitely use the equity in it if you know how it works. You told OP he will have "ZERO equity" which is only true if you don't know how to work a lease end deal. Meaning, being educated on how the process works. There's knowing how to run numbers to get the best up front lease deal, then there is knowing how to work a lease in your favor both up front and at lease end. You seem to be good at the former, but not the latter, when giving advice.
Read my replies. I saved over $1000 in sales tax alone, plus had lower monthly payments for the lease term. Had I financed the entire amount up front my payments would have almost been double. Which at the time wasn't a good option financially. Especially with the sales tax on full purchase price. I knew at lease signing that I was 100% buying it out at the end.
