Leasing a car

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Nov 7th 2008 | 1:16 am

#16

gryphea

BE Forum Addict

Joined: Feb 2007

Posts: 2,710

Re: Leasing a car

I got a lease car on a WP. I put down a $4K deposit, kept the lease within my WP and did the deal.

Then they phoned and said they wanted another $4K security deposit. THis wasn't additional downpayment but security deposit, effectively me loaning them for 2 years. I said stuff it - we did the deal. They said 'Oh, OK then no security deposit is needed!'

I would say they will be more desparate to sell cars now that they were a year ago, that said their financing risks may be different too.

Gryph

Nov 7th 2008 | 1:20 am

#17

iaink

ModerÎ±tor Emeritus

Joined: Sep 2003

Posts: 30,771

From: Upstate South Carolina

Re: Leasing a car

Whats odd is it seems they are relatively happy to lease to newcomers on TWPs, but if you try and take over an existing lease for a short term deal through someone like leasebusters.com, the credit check requirement can be a stumbling block.

Its a shame because a short term lease deal might be the best bet...a new reliable car at minimal expense until you get settled and figure out what you want to buy. Some dealers will have lease takeovers they want to shift, so its probably worth phoning around to see if that suits your circumstances. We did that for a while for the wife, and ended up returning to that dealership to buy later on, so a good deal all round in the end. Not on a TWP at that point, but worth asking.

Nov 14th 2008 | 10:28 am

#18

anne-ireland

Forum Regular

Joined: Oct 2007

Posts: 234

From: Okotoks, Alberta

Re: Leasing a car

Hi we are arriving in calgary on jan 8th, oh is on a 2year twp, we have very limited funds, due to no house sale etc!!

Was just wondering if anyone could recommend any dealers in the area that would be willing to consider a leasing agreement for the likes of us.

Thanks in advance for any advice
Anne

Nov 14th 2008 | 11:05 am

#19

thebakers4

Arrived Calgary 28 Jan 09

Joined: Oct 2008

Posts: 80

From: Fernie, BC

thebakers4 is an unknown quantity at this point

Re: Leasing a car

Quote:

Originally Posted by Greenhill

I was also able to lease with relative ease and that was with no employment history here (I hadn't even started work). They just wanted to see my work permit and job contract and wanted a down payment (which was about 15%).

They would only offer a lease period for the length of the work permit, which suited me fine at the time. I also thought leasing the best option as I knew my PR application wasn't guaranteed, so being able to hand the car back at the end in a hassle-free way was very appealing.

Most dealers will also discount leased cars, so it's always worth negotiating. You might be able to negotiate a set of winter tyres too, which you'll really need/benefit from if you're getting here at the start of winter. There's a $1000 rebate for Cars that do 50mpg+ highway, so look into that if you're into the green side of life.

Probably a good idea to get some insurance quotes while you're looking around for the car. Don't forget to bring original copies of your insurance NCD for house and car too. There are probably only 2 or 3 brokers around here who are helpful for new immigrants and do the best NCD conversions (the rest of them are blatant shitehawks) - let me know if you want any company names or contact details.

Hi there, please can you PM me the details of the companies who will insure us using our British NCD - am moving to Calgary in January so will need some car insurance.

Thanks
Jan

Nov 15th 2008 | 6:25 am

#20

The Ross Family

Permanent Resident

Joined: May 2008

Posts: 275

From: Okotoks - Alberta

Re: Leasing a car

Quote:

Originally Posted by anne-ireland

Was just wondering if anyone could recommend any dealers in the area that would be willing to consider a leasing agreement for the likes of us.

I'd also be interested to know names of dealers willing to lease. Thanks

Nov 15th 2008 | 7:23 am

#21

jericho

Account Closed

Joined: Jan 2007

Posts: 2,404

jericho is an unknown quantity at this point

Re: Leasing a car

Quote:

Originally Posted by anne-ireland

We arrived in Edmonton in August- like you, we had limited cash, and I didnt really want to put down the money we had as a deposit.
Someone (on this forum) recommended Northstar Hyundai, just north of Edmonton to us, and we were able to get a new Hyundai Tuscon with zero down. This was a loan arrangement though, not a lease.

The problem is, you need to shop around, but by doing that you run the risk of having half a dozen rejections on your credit profile before you even get credit. All the dealers will say they can help you, but we found to our cost that they all cant.... and the credit markets have tanked in the short space we've been here so it will be even harder for new comers to get credit.

Nov 15th 2008 | 10:34 am

#22

triumphguy

BE Forum Addict

Joined: Dec 2007

Posts: 2,092

From: Calgary

triumphguy has a reputation beyond repute

Re: Leasing a car

Quote:

Originally Posted by dbd33

I don't get a loan I lease better tax break better car

You only get a tax break if your car is used for your business, or if you qualify through your work, in which case they would give you the form from work.

You can write off up to 100% of your lease. You write off the depreciation of a car bought with a loan.

North American manufacturers (in Calgary at least) are backing off from leases. You can still get them from Honda et al.

Last edited by triumphguy; Nov 15th 2008 at 11:29 am.

Nov 15th 2008 | 10:44 am

#23

dbd33

Assimilated Pauper

Joined: Mar 2005

Posts: 40,070

From: Ontario

Re: Leasing a car

Quote:

Originally Posted by triumphguy

You only get a tax break if your car is used for your business, or if you qualify through your work, in which case they would give you the form from work.

You can write off up to 100% of your lease. You write off the depreciation of a car bought write a loan.

North American manufacturers (in Calgary at least) are backing off from leases. You can still get them from Honda et al.

Yes, you need to own a business or be self-employed before there's any tax related issue. If you're an employee then leasing gets you the use of a better car than you can buy for the same payment but, at the end of the lease you have nothing. So, as an employee, buying makes more sense unless you're the sort of person who changes his or her car every three or four years.

Nov 17th 2008 | 9:36 am

#24

Greenhill

Pictou County Superstarâ„¢

Joined: Sep 2007

Posts: 4,219

From: On top of the Green hill, NS

Greenhill has a reputation beyond repute

Re: Leasing a car

I'm not sure how the whole insurance thing works in Calgary, I just have experience with brokers in Nova Scotia (apparently there are some differences between the provinces in how insurance is sold). If it works the same as NS, take a look for brokers that sell Aviva insurance and check out Johnson's (http://www.johnson.ca/).

Also, some of the members in Calgary might be able to offer some better advice...

Quote:

Originally Posted by thebakers4

Hi there, please can you PM me the details of the companies who will insure us using our British NCD - am moving to Calgary in January so will need some car insurance.

Thanks
Jan