Lease to own and modify?

[Krak-A-Pat]

Does anyone know if I were to lease my Bronco (lower down payment and lower monthly payments) and then added upgrades to it (i.e) bigger tires, skid plates rock rails etc) would I have to remove it all when my lease was over and I went to buy the vehicle? Or can I keep it all on and just sign some papers?

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[8ronco]

If you are buying the vehicle while in possession, they will not need to see / inspect the vehicle. It could be sitting in the bottom of a lake for all they care - they just want to be made whole and the title and vehicle are all yours to continue doing as you please.

 

[HotdogThud]

More than likely you'll have to return it to 'stock' to turn it back in, as they'll want it in a sellable form. Then again, they might want some of the modifications as something to entice a buyer, but know that any money you put in, you won't be seeing at the end of the lease. So it mostly makes sense to just pull everything back off.

Watch the mileage tho, i got burned hard on that once.


Oh wait, I think I'm supposed to tell you that if you don't watch Dave Ramsey and can't afford to buy the vehicle 4x over in cash up front, that you can't actually afford it. Or something.

/s

 

[Bigred86]

More than likely you'll have to return it to 'stock' to turn it back in, as they'll want it in a sellable form. Then again, they might want some of the modifications as something to entice a buyer, but know that any money you put in, you won't be seeing at the end of the lease. So it mostly makes sense to just pull everything back off.

Watch the mileage tho, i got burned hard on that once.


Oh wait, I think I'm supposed to tell you that if you don't watch Dave Ramsey and can't afford to buy the vehicle 4x over in cash up front, that you can't actually afford it. Or something.

/s

Dave Ramsey is a Jerk who thinks his one style of money management is the only way you should be. I cant stand that guy.

 

[Headsong]

So don't listen to him.

At the end of the lease, you're responsible for the residual value. So you either buy it or turn it in, and if value is higher, they win. Unless your mods are too weird, probably just adds to value.

 

[Area51BS]

Not sure lease is such a great deal. You’re purchasing the vehicle for the lease company and making their payment. Something happens to it. You get nothing. Has to be true. Saw it on Caredge YouTube channel.

 

[BroncoA512021]

Does anyone know if I were to lease my Bronco (lower down payment and lower monthly payments) and then added upgrades to it (i.e) bigger tires, skid plates rock rails etc) would I have to remove it all when my lease was over and I went to buy the vehicle? Or can I keep it all on and just sign some papers?

Do not lease (borrow) a car if your wish is to modify it.

 

[jacknifetoaswan]

Do not lease (borrow) a car if your wish is to modify it.

A buddy of mine did this for years, always with 350Z/370Zs. He'd lease one, completely change the suspension to lower it with new rims, then have to reverse everything two years later. I swear, he did this to like five cars. He swears he always came out ahead on leasing.

JR

 

[PrepVet]

So don't listen to him.

At the end of the lease, you're responsible for the residual value. So you either buy it or turn it in, and if value is higher, they win. Unless your mods are too weird, probably just adds to value.

This is the best answer so far.

Until the dude with the 4 sugardaddies' chimes in about how dealer markups are good.

Read the lease document first, it will have several paragraphs dedicated to the condition of the vehicle at lease conclusion. As some have said the bank may be ok with the mods staying, most will not be. If you truly intend to buy it out at the end then mod as you like, but the miles will still be a factor.

 

[cbrenthus]

What you need is a payment saver loan. It's basically a balloon loan, and works really well on vehicles with high residual values. The difference between this and a lease is that it functions more like a normal loan, you can pay it off whenever you want, can refi if you want, etc. I did it on my Jeep and my Bronco.

So you don't have to worry about mods as you own it, but you will have to worry about coming up with 5 figures in 5 years - my plan was always to refi into a normal vehicle loan at that point. \

My Jeep was through Penfed, but they stopped doing payment savers so my Bronco is through CapEd

 

[Krak-A-Pat]

What you need is a payment saver loan. It's basically a balloon loan, and works really well on vehicles with high residual values. The difference between this and a lease is that it functions more like a normal loan, you can pay it off whenever you want, can refi if you want, etc. I did it on my Jeep and my Bronco.

So you don't have to worry about mods as you own it, but you will have to worry about coming up with 5 figures in 5 years - my plan was always to refi into a normal vehicle loan at that point. \

My Jeep was through Penfed, but they stopped doing payment savers so my Bronco is through CapEd

Interesting! Ill look into this thanks!

 

[jehines3]

Leasing with the intent to own it in the end is the worst way about procuring a vehicle. Especially, a high residual vehicle like a Bronco. You will make payments to a residual value of 50% with a pretty stout money factor over three years and save $40/month and then have to pay more to actually take it off their hands with zero negotiation since the buyout was determined on day one of the lease. Run the numbers both ways but make sure you understand the tax, title, and registration implications in your state around leasing.

If you want to own and modify and have zero restrictions, buy it outright on day 1. Almost always, extending the purchase loan term longer to lower payment is better than the strategy you propose.

 

[vbrad26]

You don't necessarily have to revert it back to stock.
Having a leased car is really no different than having a car that is owned by the bank.
When the lease is up, you can trade it in like any other car you own or have financed.
However if you just drop it off at the dealer and walk away, you may have to put it back to stock.
Or, if you are in a good position and want to keep it, buy it back. But you would not have to remove any modifications to buy it back. You basically just re-finance it based on the residual value.

 

[Lèòn]

Oh leasing, what a joke.

If I weren't into cars and another Rich Kid like what I see in my former home town, I'd do just that, lease with Rims and a few things to stand out. But I want to take something and make it further my own, so while I can't buy it outright, paying it off so when I'm done, it's mine

 

[MadMan4BamaNATL]

More than likely you'll have to return it to 'stock' to turn it back in, as they'll want it in a sellable form. Then again, they might want some of the modifications as something to entice a buyer, but know that any money you put in, you won't be seeing at the end of the lease. So it mostly makes sense to just pull everything back off.

Watch the mileage tho, i got burned hard on that once.


Oh wait, I think I'm supposed to tell you that if you don't watch Dave Ramsey and can't afford to buy the vehicle 4x over in cash up front, that you can't actually afford it. Or something.

/s

If it were up to Dave Ramsey, we'd all be living in tents, eating Top Ramen, and walking, while the rich just have their way with everything.

That guy is far too extreme. Although I wouldn't modify a lease at all and leasing isn't a good bet these days, you're spot on with milage, as it's best to get more than you need.

Young man may not actually be able to afford an expensive Bronco, but hey, you only live once and we've all done it, recovered, and learned from it, so as long as it doesn't ruin your life, have some fun!

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