mikey94025

Congrats on your new car!

A little off topic, but isn't that what gap insurance is for? And aren't you still liable for the leased car's value if it gets stolen/wrecked, regardless of how much money you have into it? Someone's got to cover the loss.

I really am just curious if I don't understand how leases work, or if the laws in your state are different or something like that.

Daytona-flyer

That's one "clean machine".

happyinboca

Gap insurance pays the difference between the balance of a lease or loan due on a vehicle and what your insurance company pays if the car is considered a covered total loss - since you paid down the value there would be no gap for most of the term of the lease - the loan would be paid - You would only get some $ back if the ACV - actual cash value of the car exceeds the loan value - As we know, the moment we drive off the lot the ACV goes down quickly, usually faster than the loan/lease pays off the balance. I'd rather keep the $ in my pocket and make payments , something happens to the car and the loan gets paid in full less my deductible which is $250.

mikey94025

If the ACV is constant then in the end aren't you out the same amount of $$$, minus the deductible, in either scenario? If you put the lowest down and the car is totaled then gap insurance covers the difference. If you put a lot down and ACV > your equity then your car insurance pays out the ACV and you get back the difference.

So the benefit is money in your pocket but there is no difference in risk, right? BTW, I like to lease and also try to put down the least amount of money ("cap cost reduction" == unnecessary pre-payments). But sometimes there is enough of a finance charge benefit to make it worthwhile if you 1-pay all the lease payments up front and don't need the money for something else. So I'm trying to understand if I increased my risk when I've done this... Thanks for this info.

happyinboca

ACV is not constant - ACV declines the moment you drive off the lot

sifis

You say "Actually mine was bought via Costco".
Can you please educate me what that means?
Can you email me more information?

California John

"Bought via Costco" - means that I am a Costco member and I took the next step to see what a Costco authorized dealer would charge. They have a fixed price they have to sell it for. Go to http://www.costcoauto.com/ and go from there. On the sheet of paper that they get from Costco there is a price. You may be able to go lower..but the Costco price via the local dealer they have a relationship with had a printed price that was lower by far than any other dealer in Southern California.

sound 8

You just don't realise how fantastic the 231 SL63 AMG is, mine has been
tweaked, but it was fast before that. Lately I have been driving the competition, maybe not quite as new as my SL but cars you would consider
competition, Ferrari, Lambo Gallardo , BMW M6 yuck , and Audi R8.
The SL63 beats them for speed, gearbox , exhaust noise , ride, maybe not
road holding, but after driving them it was a relief and a exciting pleasure
to get back in my 63, a truly magnificent supercar.