Multiple Security Deposits Down On A Lease, Has Anyone Gotten A Really

[Lexdiamonds]

Does the multiple security down payment for a lease really save you a descent amount of money off your lease payment. I know the max you can do is 9 payments of 500 which is 4500 that you will get back. This isn't counting the taxes and fees which is probably another 1600 to 2000. Is the 6k out of pocket really gone lower the payment alittle or do you guys think this is pointless. Can some of you guys please share some stories if this worked for you and how much did it really lower your payments. Thanks in advance.

[SW03ES]

We've been through this about your situation time and time again, if you have to do stuff like this to get the payment to where you can afford it, the car is too expensive. If you have $4,500 lying around somewhere to do that, do something worthwhile with it like buy a house or invest it in something that can make you money. You'll thank yourself 10 years from now. If you have $4,500 in cash, you are ahead of the game for your age bracket, do something worthwhile with it.

Anyways to answer your question, if the finance person at your specific Lexus dealer will let you do it, yes it can save you a LOT per month. You need to make sure however that if the car were stolen or totalled that the security deposit would come back to you after an insurance payout to the lessor. The main caveat with making a downpayment on a lease is you're basically just making payments up front, payments that are not refundable in the case of a catestrophic loss.

I thought about this when I leased my ES, but my money was off in other places MAKING me money.

[Lexdiamonds]

Thanks, once again, you are on target with your advice.

[SW03ES]

Then internalize it and stop trying to find ways to do this when you know its a dumb idea. I know how you feel, trust me. I want things I can't afford all the time, and yes every once and again I buy things I shouldn't have bought. Honestly though, if you take the time to start building wealth with what you have now, you can buy whatever you want later.

[Lexdiamonds]

well said