How much is too much money down on a lease?
We are trading in our $13k car that we own outright on a new 2014 car, which we will lease (MSRP 38,980, negotiated price 35,900). The dealer has offered to give us $7k cash back so that the cap reduction (down payment) is $6k. I'm hearing different things from different people... some say I am putting down to much on the lease. It amounts to just about a third of the cost of the 39-month lease. My concern is that perhaps there is a risk of losing that $6k if the vehicle is totalled or stolen in the first few months. Would I be out that money or would I get that money back from insurance once the lease company is paid off? Thanks, in advance!