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Originally Posted by pimp4cheddar
Ah...makes sense.
Just curious...I've never leased...but I'm thinking of actually leasing all future cars as I never keep a car past 3 years lol... I'd rather rent a car for cheaper, have it under warranty and be able to not worry about market value come trade in time.
What's a "cost cap reduction"?
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Very basicly, a fancy way of saying 'price reduction off MSRP'
instead of giving you $5000 off MSRP thus lowering the base cost of the vehicle, a cost cap red essentially acts as a down payment or cash value twoard the full purchase price of a vehicle.
ie.. if you're financing $70K and you negotiate 5K off by a cost cap reduction, they'll finance you that 70K and automaticlly apply 5K worth of downpayments.
instead of say, financing you for 65K. It's a very round-about way of charging you a slightly higher interest rate because you're financing more money essentially.
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Just curious...what type of charges would they apply for damage to a lease car? For example the dent you have...
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the full retail cost to repair any items that exceed their damage thresholds essentially, as well as typically a small admin fee.