My wife and I likely will soon be leasing a car for the first time. I have read everything there is on leasing at Edmund’s, so I understand the basic structure.
There are a lot of potentially moving parts, and so I want to know where all there are opportunities for negotiation. Obviously, the overall price of the car and the value of our trade-in are negotiable. But what about the residual value of the leased car? Or the money factor (i.e., the interest rate)? Destination charge?
Any experiences that people can share would be welcome.
The biggest wiggle room you will have is in the amount you want to pay for your monthly payments and how much you get for a trade-in. If you want to put nothing down then to lower your payments you could extend the lease terms to 5 years and lower your yearly mileage. Alot depends on your credit, trade and money down. As far as residual value of the leased car…what do you mean? What it is worth when you are done with the lease? Or the amount left after your trade and/or money down?
Obviously, things depend on the size and inflexibility of the companies you are dealing with, but as a general rule, everything is negotiable.