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2015 Volkswagen GTI Lease Questions
I am looking to get a 2015 GTI once they are available this summer. I have been exploring purchasing options and am really leaning toward a lease this time around. Looking to get opinions. Lower monthly payment on a lease vs a purchase is important to me.
I would get a 3yr/45K lease. My assumption would be that the residual would be about 53%. The agreed sales price is an unknown, but hopefully under MSRP (4 door SE 6MT w/ light package) which is about $29K. The money factor is also an unknown. My credit score is north of 700 - think I would get a good rate?
I drive quite a bit, about 20K per year, but I end up not keeping my car for more than 3 years. I was willing to buy the extra miles up front to cover the extra miles, but I was told that VW Credit gives you a chance to buy more miles mid-way through the lease at the lower cost. If this is true, this makes way more sense as I will have a much better idea on where I will be ending up on the odometer. Always having a car under warranty coverage is very appealing as well. Plus, the Mrs can't get mad at me for wanting a new car after 3 years since I have to get one as the term is up.
I will be trading in my current car (2010 Taurus SEL, leather, parking assist, in very good condition), but I have some negative equity in it (couple grand). I am planning on paying off that instead of rolling it into the new lease. This is provided I get a decent trade-in offer. I don't want to wait until I pay down the loan more since I am approaching 100K miles and don't want to trade it in north of that. As I would be putting $ toward the previous loan, less money due at signing (lease) is another attractive factor vs a purchase.
I have a very steady job and there is a good chance my commute will get shorter soon, definitely not longer. I don't mind "renting" a car as I won't modify it and a car is a depreciating asset as it is and I will never keep a car long enough to get a monetary return on it. I don't plan on putting any money down on the lease as I have read that it is always a no-no to do this since you are essentially throwing your money away.
Does this make sense in my situation? As I have never leased before, is there anything to be mindful of when it comes time to turn in the lease; some sort of fine print or "catch"? Would it be as easy as show up trade in the car and get another lease (or buy it outright)? How would the extra miles change things come trade-in time?
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