Sheep to the lease wolf

[Hampstermobile]

This is my first lease. Never thought I would go this route but the electric car makes sense
Been doing my research on leasing, but there is so much to know. I feel so vulnerable to the leasing wolves. I tried to do everything via Internet. I'm hoping to get some objective advice. I've seen some threads and they have been helpful.
A couple of questions: is it possible to take the contract home before singing to read it? Should I buy "wear and tear" insurance?
Lease: 2k drive off includes 1st payment $248 mo with tax 36 mon 15k miles year. Total net cap 22636.45 they took the fed tax incen out. Did I leave any info out?
Thanks in advance for any assistance

 

[xylhim]

The lease contract I have with Ally isn't that long and you can probably read the whole thing in about 15-20 mins. In terms of wear and tear, they give you some leeway; minor dings, scratches and scuffs will incur no charge, but you will have to pay for ones that are too large (they give you a little guide to assess what is a large or small "ding"). You may also want to play around with numbers and see if a 12K / yr lease with the mileage penalty of 25 cents per mile might be cheaper than going 15K / yr. Also, I didn't know this at the time of my lease, but there are 1LT models with the DCFS option now; if you don't care for leatherette seats, that will save you some money.

 

[Hampstermobile]

Good info, thanks

 

[tigger19687]

When you say they took the fed credit off, then you would be left with a sticker of about $20k ?!

 

[Hampstermobile]

Okay, that's what I thought.
I wondering if the dealer doesn't take the full tax credit of 75k, does that mean I can apply for the remainder. The dealer is not forth coming about this and just gives the proverbial, check with your tax professional.

 

[nmikmik]

Okay, that's what I thought.
I wondering if the dealer doesn't take the full tax credit of 75k, does that mean I can apply for the remainder. The dealer is not forth coming about this and just gives the proverbial, check with your tax professional.

I don't see any incentive for the dealer NOT to take advantage of the tax credit, after all they "the leasing company" are the owners of the car. The most likely reason the dealer is not forthcoming, is because whoever you are talking to don't know what they are doing and hiding behind obscure statements
"Taking off" the credit of the price of the car is quite impossible, because it's not a "cash rebate" not real money it's a tax credit that goes towards the leasing company's tax obligation.
The most important things (although depending on who you ask) on you lease contract are:
monthly payment
residual value
lease term
If those things are acceptable to you, you are fine

Good luck