By definition, if you make a one pay lease, the market value will definitely be higher than the payoff for the majority of the lease. So, you will always get something out of it if stolen or totaled. EXACT same as if you bought the car for cash. No difference.

IF the market value falls below the remaining lease balance (ie: residual less unamortized interest), then the leasing company has the gap insurance and you owe nothing.

The only thing you "lose" in a one pay lease if the car is stolen or totaled is the "depreciation" that has occurred on the car. For example, you do a one pay lease on a $100k car for $30k. You total it one week after you buy it. If the market value fell by 10% when you drove it off the lot, the insurance company sends a check to the leasing company for 90K and they refund you $20k (your one pay lease payoff is $70k or 100k minus 30k). If you had paid cash or financed the car, you would have lost the same 10k. If you did a no cash down lease, you wouldn't be out a dime due to the gap insurance held by the leasing company. If you had put 5k down, you would be out the 5k.

 

Also, I did check with Liberty Mutual, my ins comp and they told me that they would send me the check for the car, if it were to get stolen. It would be up to me to negotiate a settlement with PFS. The way I see it, if you prepay a lease, you can buy it out at any time between now and when the lease matures, the residual is set in stone. Should the car get stolen, you get full market value up until the car is stolen, so you should be able to pocket the diff between the residual and curr market value. If PFS gets the depreciation schedule correct, you should be able to pocket the diff and not be out of any money. I suspect that it can work either way, either for you or against you, but it would not be a major hit/gain either way. BTW all of this is for nothing, PFT does not want any prepaid leases.

 

CONGRAT!!!! enjoy in good health and post some pix .

 

Congrats! Can you provide your model details?

Did you have to put any money down, have a trade in or lease return? What is your total drive off?

I keep hearing some great deals but all on the east coast, any one has similar deals on the west coast?

 

Hi Guys, did anyone get the tire and wheel warranty while leasing a car? Do they offer for 27m? What should I expect to pay? I leased the car from a dealer in NJ on rout 17.

 

Here it is. I'll be picking it up in a few days. Again, thans for all the help.
It's a 2013 Cabrio. with the following options
- Dark Blue Metallic
- Multi Function steering wheel
- ParkAssist (front & back)
- Wheen Caps color crests
- 20-inch S wheels
- PDK
- Premium package with 14 way sports seats
- BOSE audio package
- SportDesign Package

Total MSPR 115,030.

 

My car has sport pasm, so it's the same height as the one you're looking at. No problems in NJ and it isn't scraping where my 997.1 turbo scraped.

 

Min911, my deal is $1359/month for 27 month. Tax is in the payment (8.875%). Total drive off is about $1700 + 1st month. The $1,700 includes bank fee, doc and DMV fees.

 

Thanks for the info. There is something about good deals coming out of NJ. Dealer name?

Did you do 27-mo because it was better deal than 24-mo? Are you a loyalty customer or conquest customer, and did you put any money down or use trade in to lower the payment?

 

The conquest discount was $2,400. I have a BMW X5 with 4 payments left. I took 27 months beacuse the resid went down by only 1% for 3 monhs of use and also, I get to drive the car for 3 months longer in the spring and part of the summer of 2015. When the summer is over, I give the car in and wait till the following spring to get a new one. There was no downpayment and no trade-ins. I thought it was a great deal for a 115k car.

 

Doubt the insurance co would send a check to the owner....after all, if they
have a loss payee on the policy (if financed or leased) the proceeds go to whoever holds the title
& you work it out w/them

 

The dealer is Jack Daniels Porsche in NJ. Ask for Steve Zuretti.

 

Tell me about it

So the $2,400 conquest rebate is all you use to drive it off?

 

Total money out of pocket was $3,353 which includes 1st month payment. the rest is doc fee, registation fee, bank fee and a bunch of other fees and one time taxes. There was no downpayment. He offered me the option of putting 2k down which would have reduced the payment by an dditional $80-$90 a month but I did not want to do it. In case I want to swap-a-lease it, I wanted to keep the upfron to as little as possible.

 

Well done sir. Night and day better than the first offer you received. Looks like a stunner. Enjoy it in the best of health. These lease deals on the 991 right now are fantastic. I just leased a c2 with 102k sticker for 1167 / month, 24 months, 18,000 miles per year, nothing but first months and fees. I am going to drive the wheels off! Coincidentally we both had a $2400 conquest from an x5 lease winding down.