Leased my vehicle

Pretty much, but since I traded in a vehicle, that trade in paid the entire lease off, so no lease payments for 36 months on my lease. I did what the dealership called a 1 pay lease.

 

Wait it out, you most likely got a lease because you are unsure you want to keep the truck that long or you like lower monthly payments. Regardless of reason, give it at least a year before you decide you want to buyout the lease. That'll give you a little time to see if you do want to keep it.

 

We got the lease option because with my trade in, there was no payments for 36 months and the ability to have basically a 0% interest loan and the flexibility to make as much a payment as we want each month without being locked into a 3-5% (current rates pretty much) interest loan with fixed payments. We knew we will keep the truck for longer than 3 years, since the last one we had for almost 8 years.

 

That's great if the MF on your lease works out close to zero.

 

whats MF?

 

money factor---essentially your interest rate on the lease

multiply your MF x 2400 and thats your real world interest rate. Lots of dealers will try to "hide" it from you by being sneaky

 

Yeah, figured we should be good with interest rates since my wife is planning on saving the amount in her savings account for the residual payoff, so when the 36 months is up, it will be a cash payment rather than a new finance of the amount.

 

Im a purchase guy .. but as vehicles get over 50k I’m a lease guy, that price point it makes sense to rent it and if you love it fine buy it out at the end. Some car brands leasing interest is lower than finance and yes deals can be had on purchase but not always about the money.. whatabout diminished value once it gets hit, esp reading aout so many new tacos with accidents be nice to give that one back at lease end. I think in a world packed with distracted drivers.. I’ll keep renting the higher priced vehicles.
But a lifer in my taco !

Example , classically I would spend 75k on a vehicle (paid in full) trade it gets you 40k in 2 years. Yes dealer sells for 50-60- so it was how much to drive that vehicle for two years. So leasing a high ticket makes sense for some.