Quote:
Originally Posted by Bring_Back_Shantz
Yeah, fair enough. But when Sylvan was talking about putting money down I assumed he meant the down payment.
When I leased my car the topic of a security deposit didn't even come up.
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It wasn't a down payment, it was a security deposit. The more you put down as a security deposit the more it lowered the lease rate, only by like 1.5% if you put down the maximum, but the amount being financed was the full value.
Basically at the end of the lease the dealership claimed that because of kilometers which we were about 10,000 over, and other factors the vehicle was magically worth exactly what my "security deposit" was. When I asked to see their sheet and added up all their fudge factors...it didn't add up to what the security deposit was. So when I did the buyout, the security deposit did get applied towards the previously agreed on residual value. So yeah the dealership considered it a down payment. So at that point the option was buy it out for $11000 or give it back. Other comparable vehicles list for about $18 to 20 grand so I opted for the buyout.
Another one of a series of stupid things I've done thats pretty much ruined me financially. I should have implemented my beater theory back in 2006 I'd have only spent about $7000 on vehicles and maintainance in that time instead of closer to $40,000
