Anyone else been asked for security deposit (don't mean down payment)for a lease?
Feb 25th 2008, 11:41 am
#1
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Anyone else been asked for security deposit (don't mean down payment)for a lease?
Ok
Start work on monday and need a car- so on saturday we went into Mazda dealer , decided upon a Mazda 5, signed up for a 2 yr lease based on a $4000 down payment. Entered into the agreement leaving $1000 of the $4000 to secure the car. 4pm this afternoon they then phone saying they need $2250 for a security deposit, which we will get back after the two years or we can use it as downpayment to buy the car.
We are on a 3 yr work permit with 33 months left to run. We have been paying credit on time since December. My first thought was 'get stuffed' but I refrained from saying this, but I seriously object in principle to depositing money with someone who then makes interest on it and charges me interest back.
Has anyone else had to do this for a lease car? I thought finance on them was easier to obtain?
I have to state this was a joint lease so it had my and OH's salaries added together, not an inconsiderable amount.
Problem is I need a car by monday and am fairly fed up with it all.
Gryphea
Start work on monday and need a car- so on saturday we went into Mazda dealer , decided upon a Mazda 5, signed up for a 2 yr lease based on a $4000 down payment. Entered into the agreement leaving $1000 of the $4000 to secure the car. 4pm this afternoon they then phone saying they need $2250 for a security deposit, which we will get back after the two years or we can use it as downpayment to buy the car.
We are on a 3 yr work permit with 33 months left to run. We have been paying credit on time since December. My first thought was 'get stuffed' but I refrained from saying this, but I seriously object in principle to depositing money with someone who then makes interest on it and charges me interest back.
Has anyone else had to do this for a lease car? I thought finance on them was easier to obtain?
I have to state this was a joint lease so it had my and OH's salaries added together, not an inconsiderable amount.
Problem is I need a car by monday and am fairly fed up with it all.
Gryphea
Feb 25th 2008, 1:15 pm
#2
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Ok
Start work on monday and need a car- so on saturday we went into Mazda dealer , decided upon a Mazda 5, signed up for a 2 yr lease based on a $4000 down payment. Entered into the agreement leaving $1000 of the $4000 to secure the car. 4pm this afternoon they then phone saying they need $2250 for a security deposit, which we will get back after the two years or we can use it as downpayment to buy the car.
We are on a 3 yr work permit with 33 months left to run. We have been paying credit on time since December. My first thought was 'get stuffed' but I refrained from saying this, but I seriously object in principle to depositing money with someone who then makes interest on it and charges me interest back.
Has anyone else had to do this for a lease car? I thought finance on them was easier to obtain?
I have to state this was a joint lease so it had my and OH's salaries added together, not an inconsiderable amount.
Problem is I need a car by monday and am fairly fed up with it all.
Gryphea
Start work on monday and need a car- so on saturday we went into Mazda dealer , decided upon a Mazda 5, signed up for a 2 yr lease based on a $4000 down payment. Entered into the agreement leaving $1000 of the $4000 to secure the car. 4pm this afternoon they then phone saying they need $2250 for a security deposit, which we will get back after the two years or we can use it as downpayment to buy the car.
We are on a 3 yr work permit with 33 months left to run. We have been paying credit on time since December. My first thought was 'get stuffed' but I refrained from saying this, but I seriously object in principle to depositing money with someone who then makes interest on it and charges me interest back.
Has anyone else had to do this for a lease car? I thought finance on them was easier to obtain?
I have to state this was a joint lease so it had my and OH's salaries added together, not an inconsiderable amount.
Problem is I need a car by monday and am fairly fed up with it all.
Gryphea
Feb 25th 2008, 1:18 pm
#3
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Nope - that was with Mazda on a 3yr lease, with only 2yrs of my WP remaining, and no request for proof of income.
Feb 25th 2008, 2:03 pm
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Have bounced it back to mazda- told them we like the car but not that much, after all its only a two year lease. Told them we object to giving people our money and being charged interest on it. They are going to look at our Uk equifax and see what they can do in the morning. I guess we will see how much they want the deal!!!!
Gryph
Gryph
Feb 25th 2008, 2:36 pm
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Can't wait to find out the out come
My thoughts are when leasing you are always paying that monthly payment and when the lease is up your choice is either buy it at a ridicules price or start another lease. I agree with you tell them to get knoted. as you are only got a short time I'd go a buy a cheap run around.
Feb 25th 2008, 3:00 pm
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Have bounced it back to mazda- told them we like the car but not that much, after all its only a two year lease. Told them we object to giving people our money and being charged interest on it. They are going to look at our Uk equifax and see what they can do in the morning. I guess we will see how much they want the deal!!!!
Gryph
Gryph
If I were you I'd tell them to swivel
I think they are trying it on. If you like the car then fight a bit more, but as you elude to above - there are other car manufacturers and dealerships that would give you a lease with no security deposit - tell them that. Perhaps I could understand a security deposit on a purchase finance, but not on a lease. I had no problems with GMC on our Acadia.
Give 'em hell Gryph!!!
ARH
Last edited by ARH; Feb 25th 2008 at 3:08 pm.
Feb 26th 2008, 4:04 am
#7
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
* They sell the car at list price (big bucks in commission for them)
* At the end of the lease your buyout is more than the car is worth, so you say, "stuff that"
* Then they lease you a new car (i.e. they sell the car at list price (big bucks etc etc))
And on and on and on.
If you buy a car you haggle down the price as far as you can, then you keep it as long as you can.
Feb 26th 2008, 5:19 am
#8
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
But this is exactly why Dealers LOVE to lease cars.
* They sell the car at list price (big bucks in commission for them)
* At the end of the lease your buyout is more than the car is worth, so you say, "stuff that"
* Then they lease you a new car (i.e. they sell the car at list price (big bucks etc etc))
And on and on and on.
If you buy a car you haggle down the price as far as you can, then you keep it as long as you can.
* They sell the car at list price (big bucks in commission for them)
* At the end of the lease your buyout is more than the car is worth, so you say, "stuff that"
* Then they lease you a new car (i.e. they sell the car at list price (big bucks etc etc))
And on and on and on.
If you buy a car you haggle down the price as far as you can, then you keep it as long as you can.
Feb 26th 2008, 5:29 am
#9
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
OK guys
Mazda have come back with the original deal. Sometimes it clearly pays to stand your ground, or maybe it was the equifax report we sent in that did the trick!
I now have childcare and a car- which looks like I can start work on time!!
Gryph
Mazda have come back with the original deal. Sometimes it clearly pays to stand your ground, or maybe it was the equifax report we sent in that did the trick!
I now have childcare and a car- which looks like I can start work on time!!
Gryph
Feb 26th 2008, 6:48 am
#10
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Joined: Jan 2008
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
:QUOTE=gryphea;5986182]OK guys
Mazda have come back with the original deal. Sometimes it clearly pays to stand your ground, or maybe it was the equifax report we sent in that did the trick!
I now have childcare and a car- which looks like I can start work on time!!
Gryph[/QUOTE]
Well done you
Mazda have come back with the original deal. Sometimes it clearly pays to stand your ground, or maybe it was the equifax report we sent in that did the trick!
I now have childcare and a car- which looks like I can start work on time!!
Gryph[/QUOTE]
Well done you
Feb 26th 2008, 6:56 am
#11
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Lynne
Feb 26th 2008, 7:16 am
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
I had to put down 2 or 3 k security down on a Jeep lease when I was fresh off the boat with a work permit. Glad its worked out for you.
Now, ten years later it wasnt an issue...approved in 2 minutes, not two days.
There isnt really anything else like a 5 on the market if thats what you have set your heart on.
We looked at it, but in the end chose a civic as it will be cheaper to lease and cheaper to run and has room for two kids. But if you need 6 seats (and have short legs) a 5 is a good option.
Honda was leased for pretty close to the invoice price. We fully intend to buy it at the end of the lease, this just spreads payments over a longer period, and at 1.5% lease rate our money is making more in the bank than it would save by paying it out now.
The residual was probably less than a 4 year old Honda would really sell for (Its about 10.5k for an upscale model)), and the relatively low depriciation of the Civic keeps the lease payment reasonable. Competition from mazda helped drive the negotiated price down close to the bone, plus this is probably the best time of year to buy...Bad weather and Xmas bills keep a lot of punters at home, and others are waiting for the new models to be available, so you are in a strong negotiating position as a buyer.
Now, ten years later it wasnt an issue...approved in 2 minutes, not two days.
There isnt really anything else like a 5 on the market if thats what you have set your heart on.
We looked at it, but in the end chose a civic as it will be cheaper to lease and cheaper to run and has room for two kids. But if you need 6 seats (and have short legs) a 5 is a good option.
Honda was leased for pretty close to the invoice price. We fully intend to buy it at the end of the lease, this just spreads payments over a longer period, and at 1.5% lease rate our money is making more in the bank than it would save by paying it out now.
The residual was probably less than a 4 year old Honda would really sell for (Its about 10.5k for an upscale model)), and the relatively low depriciation of the Civic keeps the lease payment reasonable. Competition from mazda helped drive the negotiated price down close to the bone, plus this is probably the best time of year to buy...Bad weather and Xmas bills keep a lot of punters at home, and others are waiting for the new models to be available, so you are in a strong negotiating position as a buyer.
Last edited by iaink; Feb 26th 2008 at 8:14 am.
Feb 26th 2008, 7:24 am
#13
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Feb 26th 2008, 7:33 am
#14
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Re: Anyone else been asked for security deposit (don't mean down payment)for a lease?
Security deposits on leased vehicles are common place although $2250 is a little heavy
Ok
Start work on monday and need a car- so on saturday we went into Mazda dealer , decided upon a Mazda 5, signed up for a 2 yr lease based on a $4000 down payment. Entered into the agreement leaving $1000 of the $4000 to secure the car. 4pm this afternoon they then phone saying they need $2250 for a security deposit, which we will get back after the two years or we can use it as downpayment to buy the car.
We are on a 3 yr work permit with 33 months left to run. We have been paying credit on time since December. My first thought was 'get stuffed' but I refrained from saying this, but I seriously object in principle to depositing money with someone who then makes interest on it and charges me interest back.
Has anyone else had to do this for a lease car? I thought finance on them was easier to obtain?
I have to state this was a joint lease so it had my and OH's salaries added together, not an inconsiderable amount.
Problem is I need a car by monday and am fairly fed up with it all.
Gryphea
Start work on monday and need a car- so on saturday we went into Mazda dealer , decided upon a Mazda 5, signed up for a 2 yr lease based on a $4000 down payment. Entered into the agreement leaving $1000 of the $4000 to secure the car. 4pm this afternoon they then phone saying they need $2250 for a security deposit, which we will get back after the two years or we can use it as downpayment to buy the car.
We are on a 3 yr work permit with 33 months left to run. We have been paying credit on time since December. My first thought was 'get stuffed' but I refrained from saying this, but I seriously object in principle to depositing money with someone who then makes interest on it and charges me interest back.
Has anyone else had to do this for a lease car? I thought finance on them was easier to obtain?
I have to state this was a joint lease so it had my and OH's salaries added together, not an inconsiderable amount.
Problem is I need a car by monday and am fairly fed up with it all.
Gryphea
