Vehicle Leasing: My New Lease -- Follow-Up

» DennisL - My New Lease -- Follow-Up

Since my last post here, I have spent quite a good deal of time at that great leasing information Web site, http://www.leasetips.com , that KLR posted above (many thanks again, KLR!!). I have read and learned much more about car leasing than I thought I knew. The site even provides a worksheet that breaks your lease down line by line, determines your money factor and APR (annual percentage rate), and helps you determine if you got ripped off by the dealer or the leasing company.

After completing the worksheet, I determined that I got a pretty fair deal from the dealer and GMAC. My APR is only 2.86%. I could not detect any of the eleven most common leasing scams in my contract.

What I will do differently if I ever lease a car again is (1) negotiate harder for a lower purchase price, which on this car is only $2785 below the $45,385 sticker price, and (2) try harder to get the dealer to waive the "administrative fee," which in my lease is a whopping $595 and is capitalized over the duration of the lease. On the positive side, I did get the dealer to waive the $500 "security deposit."

All in all, I think I got a decent deal. It could have been a little better, but it also could have been much, much worse.

Most importantly, I am thrilled with the car. It is the first time in my life that I have ever splurged for something extra special and nice, and I love it!

-- posted by DennisL