How to Get The Best No Down Payment Car Lease

If you want no down payment or a $0 down car lease, it is best to first understand the concept of the down payment, or more popularly called the capitalized cost reduction.

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What is the Capitalized Cost Reduction?

In leasing terms, the capitalized cost reduction is used to lower the lease price, or the capitalized cost. This is also known as the down payment, similar to when one applies for a car loan. The down payment is designed to decrease the overall price of the lease.

How to Get a Car Lease with No Down Payments

By requesting a free, no-obligation car quote, you will receive all of the top, local, ‘no down payment’ leasing offers. Depending on the current market situation in Virginia, the following tips may assist you in finding the car you want to lease:

1. Select a car with a high residual value (resale value). Remember, the monthly lease price will also depend on the depreciation of the car. If the car has a high residual value, it will have a low amount of depreciation over the term of the lease. The monthly payments might be enough to cover the depreciation of the car, even without making a down payment.

2. The MSRP is always negotiable. As mentioned above, the price of the lease is the capitalized cost. A lower capitalized cost will make it possible to lease a car with no down payments. You should negotiate the price of the car in order to acheive a lower capitalized cost.

3. You should also negotiate the money factor. This is where having a good credit score will come in handy. Having an average or good credit score will make it easier to negotiate a lower money factor rate on your car lease.

4. If tips 1, 2, and 3 are not enough to give you a $0 down lease, you should consider offering a higher monthly payment. The goal is to pay an amount that is enough to cover the cost of the lease without making a down payment.

Can I Use My Old Car for a Down Payment for a Top Car Lease?

Yes, you can. You can make a down payment two ways:

  1. Pay in cash; and/or
  2. Trade-in your old car.

You can choose one or both in order to get the lowest possible monthly payments on your car lease. There are no fees or charges involved in the trade-in. However, you will need to determine the fair market value (FMV) of your old car to make sure you are getting a good deal on your trade-in.

No Down Payment Leasing Advice

If you are looking to lease a car, a $0 down lease offer is the best option. If the car gets totaled in an accident during the first few months of the lease, you will never get back any portion of your down payment, even with GAP and collision insurance.

For example, if you have $2,500 to spare as a down payment, you may want to settle for higher monthly payments. One suggestion is to open a new bank account, and use this account to pay for the higher monthly payments, as well as other upfront leasing costs such as the security deposit. This way, you can drive your new car lease with complete peace of mind, knowing your money is used to actually ‘pay’ or cover the lease and is not ‘held-back’ by the dealer.

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