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Originally Posted by David70
It's dirt cheap because the chances of it paying off are minuscule. Insurance company knows this, covers all of their costs and still has a profit. Self insure with extremely high chances of coming out ahead.
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All car insurance works this way, gap or not. BTW Gap is automatically included in all BMW leases unless you opt out, in which case you are required to get it through your own provider. BMW's rates are in most cases cheaper. You are paying for peice of mind here.
Quote:
Originally Posted by David70
If you recently leased or recently purchased with little down, both cars will be impossible to get rid of without you kicking money in. Try leasing a car and then a month or two later trying to get someone to assume your lease. Not sure when during a lease someone would want to start leasing your used car.
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A good lease deal is zero down with a good discount and buy rate money factor. If you mistakenly put money down, you can ask for a cash payment in a lease transfer. People who know how a lease works know how the down payment works, so they don't mind if there is a cash payment to get the monthly lower. Personally, I think there is too much risk in a down payment and its not work the few dollars in interest saved.
Also, a month or 29 months, it doesn't matter. The lease payment is the same, depreciation is set. Some people want to take over a lease on the short term, others just want the car because the original leaser knows how to shop and negotiate a lease.
Quote:
Originally Posted by David70
I prefer to buy slightly used with cash, don't have to plan for the future (I can easily sell it at any time), zero paperwork, I drive how much I want, fine with the highly unlikely high repair, gap insurance isn't relevant, if I decide to sell I am not calling the leasing company, getting credit checks or anything else, car is worth what it is worth. There isn't a date on the calendar when I have to start dealing with getting rid of one car to get another, could be tomorrow, could be years from now, if I am busy it can wait.
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I actually enjoy when the lease is about to be up–I enjoy looking at the market and seeing what deals are out there on new cars. Who's offering conquest? Who's got huge discounts on a $100k car with 60% rv?! What car can I get into with little commitment? I want to experience as many cars as I can before I die.
BTW you can extend your lease by a few months if you aren't ready to hop into another one. I extended my i3 lease when my new car was still on the boat from Germany. No problem! You can't really do that when you sell a car, the buyer will walk away and find another one. Either way, if you have multiple cars, it shouldn't be that big of a deal, I just didn't want to take my weekend M3 to work.