Submission Number: 00075
Received: 2/21/2012 2:32:08 PM
Commenter: L Boyd
Agency: Federal Trade Commission
Initiative: Public Roundtables: Protecting Consumers in the Sale and Leasing of Motor Vehicles; Project No. P104811
Attachments: No Attachments
This is my third Lease agreement with Nissan. I started leasing cars because of credit issues. The payment on the car was lower than if I purchased one. As a single parent at the time and employed an hour away from my home,I also like the idea of having a new, and more dependable car.
I had always purchased a used car (that too seemed overpriced) and once the warranty expired I was always left with the deteriorating car that needed constant repair. As a woman I always felt that the repairs were often priced higher for me and sometime not necessary.
My alternative was to lease and keep a new car to aoid the excessive expense of repair.
I probably will continue to lease (they make renewing a lease so easy and the payments keep going down. HOWEVER; I read the contract over and over and it never makes no sense. The numbers on the contract never add up!!! There is always a portion of the total you can not find. My downpayment and taxes (other fees) Monthly payments / including interest should equal the value of the car plus financing cost. Your payments (I believe) have to do with the half this cost. I think there is an additional cost to leasing that is obscured in the calulations (apprx. $2000.00) that is scattered somewhere in the contract caluations. There should be absolute truth in lending (leasing) and the numbers should always add up. One plus one should always equal 2 not 3.765. I think the mystery should be taken out of the leasing process so the consumer can make a knowledgable and clear decision.