Leasing a car at 19 years old. Is it possible?

[UberDave]

So, I'm able to just afford a car I'm looking at (2003 Toyota Matrix) and would probably sell my carpi for a down payment of $4K (yes i'm sure someone would be stupid and buy my car for 4k) .... which would make the lease price go from like $19K to $15k


Do you think it's possible for a dealer to allow me to lease it? ..... well now that I think about it, what's the age where they allow you to lease?
I would put it in my dad's name but he's totally against leasing a car (even warranties, etc) , but all for buying a P.O.S. that falls apart and costs me money to try and fix it. "As long as it gets from point A to B" ..... i'm not one to argue with that but it would be nice to have a dependable car that I don't really have to worry about and would be paying for and actually have something of my own. BTW I also pay for my own college so i don't see what his problem is

thanks everyone,
-Dave

 

[iamwiz82]

you will almost definately need a co-signer.

 

[UberDave]

eh... is it all about credit? Or age?

 

[notfred]

Originally posted by: UberDave
eh... is it all about credit? Or age?

They wouldn't give a crap if you were 7 years old or 177 years old if you had the credit required for the lease.

 

[UberDave]

Originally posted by: notfred

Originally posted by: UberDave
eh... is it all about credit? Or age?

They wouldn't give a crap if you were 7 years old or 177 years old if you had the credit required for the lease.

I see... I see... have you ever leased? I wonder what the credit is like to be able to lease so I can work my way up with it.

 

[pulse8]

it would be nice to have a dependable car that I don't really have to worry about and would be paying for and actually have something of my own

The problem with leasing is that the car is NOT your own. It will never be unless you buy it out at the end of the lease.

I was in a lease situation at your age and when my lease was up, I was screwed. You can get a decent car for the same $19k, put the same 4k down and buy a new car if that's what you really want.

If you're going to college, however, I'd get a cheap used car that runs. Not having high car payments when you graduate college and are trying to get a job is a great thing. I know because I did the opposite and it killed my finances.

Also, if you're going to college, when you graduate you'll have students loans to pay off and that will only hurt your credit. My advice is to get the POS now and get a nicer car when you can truly afford it.

 

[notfred]

Originally posted by: UberDave

Originally posted by: notfred

Originally posted by: UberDave
eh... is it all about credit? Or age?

They wouldn't give a crap if you were 7 years old or 177 years old if you had the credit required for the lease.

I see... I see... have you ever leased? I wonder what the credit is like to be able to lease so I can work my way up with it.

No, I haven't. Personally, I think leasing a car is a bad idea. Why pay $300/month for something you don't even get to keep?

When my car is paid off, I can drive it around as long as I want with no bill. When you're done paying for yours, you'll have to give it back.

 

[iamwiz82]

i had to get a co-signer for my car because i have had no longterm purchases on credit, usually they look for paid up loans, mortgage, etc. I ended up financing a very small part of the car, so my payments with extendend warranty and all the goodies is only $120 a month.

 

[Beau]

The best advice I can offer you is DONT EVER LEASE A CAR. It is the biggest waste of money you can possibly commit. Not only are you pissing your money away into a car that isn't yours, but you gain no equity. If you can't afford to buy it, get a cheaper car or wait till you can afford to put a larger down-payment to get the payments to where you can afford them.

 

[TJN23]

Originally posted by: UberDave
and would probably sell my carpi

sell your who?

 

[Beau]

Originally posted by: TJN23

Originally posted by: UberDave
and would probably sell my carpi

sell your who?

I think it's a fish.

 

[Zebo]

I'm not sure why they say leasing is so bad? Some cars with low risiduals can have a lease payment of 1/2 a regular car payment and if you own a business and trade in every two years can be a great deal . Anyway do some research as I have neve leased

 

[OutHouse]

Why do you want to lease over buying?

 

[Beau]

Originally posted by: Carbonyl
I'm not sure why they say leasing is so bad? Some cars with low risiduals can have a lease payment of 1/2 a regular car payment and if you own a business and trade in every two years can be a great deal . Anyway do some research as I have neve leased

Yes, but you gain no equity. You can't borrow against it, it show's as a debt on your credit report, and when the two years are over, if you've been late on a payment or spoiled your credit, how are you going to get another car? You don't have a trade-in to cover the down-payment.

 

[prodigy]

No sense in leasing unless you've got money to spare and like driving a new car every 2 - 3 years. Since you said you're in college (and paying for it yourself) I would assume that the former is not true and of course the latter applies to almost everyone.