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02-14-2008, 04:51 PM | #1 |
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Cap Reduction on Lease
I have read some conflicting things... and just want to get a few peoples opinions on the matter.
I am planning on leasing my M3 when it arrives... I was going to put 12K down to reduce my monthly nut. Mentally, I would rather take a one time hit than have to pay a $1200+ bill every month. What are the pro's and con's to putting a big chunk of money down on a leased car? -Geoff |
02-14-2008, 04:52 PM | #2 | |
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Drives: 2013 Estoril 328i M Sport
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02-14-2008, 05:25 PM | #3 |
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#2 if you total that car good by down payment. and you have to start all over again
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02-14-2008, 05:43 PM | #5 |
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Well, you don't lose is per se, but you owe BMW the lease amount, and if you crash, the insurance company only gives you how much the car is worth. Most of the time this is less than the lease cost, so you generally end up losing your down payment. What you need is gap insurance to cover the difference. I believe you get gap insurance through your lease company, not auto insurance company, so make sure you ask for it when you pick up your car. I think it ranges from 300-800 bucks, which is worth it IMO.
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