Leasing a TV

[Camper Wayne]

Does anyone have experience leasing a TV?

Now that I'm retired, I won't be putting very many miles on my TV. It would also be a daily driver.

Does anyone have experience leasing a pickup and installing a pickup cap on it? Would that be a problem? Would I be able to turn it in at the end of the lease and get any compensation for the cap?

I have a 33ft. travel trailer with an equalizer hitch - two axles. It weighs about 8,000 empty so I would need at least 10,000 tow rating by the time we put all of our gear in it and full holding tanks.

My current TV is a 2002 Ford F-250 4WD crew cab with a short box.

[sourdough]

Just my 2 cents;

For that size trailer you want a 3/4 ton truck. Forget about the tow rating; look at the payload and a trailer with a possible 1200 lb. tongue weight.

Leasing a TV? I've not done it. I have leased vehicles but don't think I'm a fan. In fact, I'm dealing with the aftermath of doing it right now.

Some things to consider;

When you trade in your current vehicle, paid for I assume, you will dump all your equity into the leased vehicle to get a "lower" payment. When the lease is up.....whoops, you have NO equity. You do have the residual they gave you on the contract that you can either pay, refinance, or "give" the vehicle back for nothing. At that point you will either have to come up with cash for a down payment on a new vehicle, finance 100% or lease again.

A lease allows you "normal" wear and tear. I still don't know what that would mean if you didn't since I keep my vehicles like new. My son said that they didn't usually zing returned lease vehicles unless they looked abused; scratched paint, dents, torn upholstery etc. At that point you would be liable for those repairs.

Adding a cap would probably require that you remove it when you return the vehicle - you aren't supposed to make modifications/changes to the vehicle while in the lease. It is to be returned as it was purchased as I was told. I guess you could leave it on and give it to the dealer but I doubt they would want to mess with it. It also could damage the top of the bed rails which might present a problem.

I went in to purchase a new 4Runner in 17. While visiting with them, in a weak moment, I opted for a 3 yr. lease that I just paid up front. Whoopey! No car payments. Well next year it goes back and I have to get another one or refinance this one. I don't want either. Unfortunately that means there is zero equity when I start looking for a new vehicle. Fortunately I knew this and began putting $600 mo. into a "car" account for that day. At least I'll have a bit over 21k saved so I won't have to write such a big check for the next one.

Bottom line, IMO, a lease does one thing; it allows you to buy a vehicle ONE time at a reduced payment (due to assumed equity from the initial trade vehicle). The first time you don't have to pay for the whole vehicle; just the amount of mileage you plan on putting on it. When you bring it back you already have your trade in allowance (residual) determined - that part is owned by the dealership already. Your equity is zero. Whatever you do then is going to require some sort of down payment. You can go with a lease again so that you can have the benefit of a lower payment due to the scenario above, but you can never modify it, hope you never damage it and, to me, it has locked you into leasing from now on unless you cough up the money somewhere along the line to again establish ownership of a vehicle and create equity again.

A long post and I'm sorry. Leasing is, depending on how you look at it, very simple or very complicated. Some love them, some hate them and they do have a place I think, you just need to know what is going to happen. I'm sure there are others that are probably more knowledgeable than I that will chime in.

[penra]

I was just thinking about leasing as a method of testing out a TV. But I need a FW hitch.

[JRTJH]

I've always said, "If you don't own it, you can't control it."... As for leasing a truck, unless you order one with the puck system, I don't think you could "get away" without a significant "penalty" for modifying the truck by installing bed rails and the underbed hitch system. I think it would be difficult to "hide the hitch" from the dealership when turning in the vehicle. Depending on how high their "ballistics" fly, that could be a very expensive hitch !!!!!

I've always considered leasing a vehicle to be near the same as a long term borrow arrangement. I'm reluctant to really "use" a borrowed tool from the neighbor, I would never "push the limits" with a borrowed tractor, truck, ATV or snowmobile, so for me, "borrowing a truck from Ford, GM or RAM" would not be a pleasant experience. Especially when you consider installing brake controllers, rear view cameras for the trailer or other "drill/cut/bolt" modifications.....

[Camper Wayne]

Thanks Sourdough.

Yes I have considered those things. If I decide to go this route, I would continue to lease going forward.

[Camper Wayne]

Thanks JRTGH.

I would get the towing package to begin with and would not have to make any modifications other than the pickup cap.

[sourdough]

To piggyback on what John said (I forgot to put in the original post), I would never lease a TV. Too many things you want to do to modify, too many things that can happen towing, loading/unloading etc. The vehicle I mentioned above is the 2nd vehicle I've leased; both SUVs for my wife - this one because I thought it would be "novel" to pay an entire lease up front. But, you still feel like you're in a box because it's not "yours". When I returned the first one with zero equity I had to write a check for the entire amount of the new vehicle I bought because I had no equity. The same will hold true when this one goes back.....I like having equity, I like "owning" vs "renting" and I DON'T like writing checks for the entire purchase price of a vehicle because I have no equity.

Edit: Camper Wayne was posting as I was writing. The equity portion of the conversation appears to be moot.

[notanlines]

FWIW, we dealt with two fairly large accounting companies in my 30 some odd years in business and hands down, they both spoke poorly of leased vehicles in both my company and at home. The accountant who had his office across from my business wasn't one we used, but his statement was "Only rarely is it financially advantageous to lease a car or truck." And believe me, that dealership has no use for your bed cap. They are in the car/truck business.

[JRTJH]

FWIW, we dealt with two fairly large accounting companies in my 30 some odd years in business and hands down, they both spoke poorly of leased vehicles in both my company and at home. The accountant who had his office across from my business wasn't one we used, but his statement was "Only rarely is it financially advantageous to lease a car or truck." And believe me, that dealership has no use for your bed cap. They are in the car/truck business.

If you go to almost any large new car dealership, look behind the shop and you'll find at least 2 or 3 pickup truck caps. They take them off the truck before detailing the truck and putting it on the lot for sale. If you look at most used car dealerships, unless it's a truck that just came in and is being sent to auction, there won't be a cap on any of them. I can't tell you why, but most dealerships frown on selling trucks with caps and would rather take them off then leave them on. That tells me they won't "offer increased trade value" for a cap. So, if you want the cap, take it off. Since you won't get a "bonus" from the dealership, might as well put your cap on saw horses with a "for sale" sign on it or take a couple photos and put it on Craigslist.....

Every truck I've traded in, the dealer has said, "I don't want your cap, but you can leave the WeatherTech mats and I'll pay you for them."

[travelin texans]

Our financial guy calls them "fleases", the leasing company is the only one that benefits from them in the long run.
NO WAY would I lease a truck as a tow vehicle, sounds like an excellent opportunity from them to bend you over when turning it back in.

[66joej]

Not 100% sure on this but was told rental trucks here in BC have the hitch receivers removed until turned back to dealer for resale. Obviously would not apply to leased trucks.

[CaptnJohn]

If leasing was a great deal for the consumer it would not be a great deal for vehicle companies. If it was not a great deal for the companies it would not be offered.

[Ken / Claudia]

No experience on leasing a TV. But, you say you would be leasing as the leases expire. Check the cost of the 1st lease times by 3. Figure the cost of having those 3 vehicles. Than look at cost of same vehicle purchased instead and making payments until paid off. Figure costs of each way you did it and ask if it was worth it. A low mileage well cared for truck in 6 years could be worth a lot of money. When I checked into leasing a car for 2 years or buying, I bought it making payments about 15 more a month than a lease and I owned and sold that car later.
Best deals I have ever made where buying 2 year old lease returned vehicles. I did that on 2 fords. As I recall I got what was left on the factory warranties. That was in 2000 and 2003.

[curtthegreat]

How many miles, what kind of shape, and is your F-250 the 7.3 diesel? You might just be better off keeping what you have.

[66joej]

No experience on leasing a TV. But, you say you would be leasing as the leases expire. Check the cost of the 1st lease times by 3. Figure the cost of having those 3 vehicles. Than look at cost of same vehicle purchased instead and making payments until paid off. Figure costs of each way you did it and ask if it was worth it. A low mileage well cared for truck in 6 years could be worth a lot of money. When I checked into leasing a car for 2 years or buying, I bought it making payments about 15 more a month than a lease and I owned and sold that car later.
Best deals I have ever made where buying 2 year old lease returned vehicles. I did that on 2 fords. As I recall I got what was left on the factory warranties. That was in 2000 and 2003.

The last 4 trucks I have bought were lease returns. The current one was 6 months old and had under 8k miles on it. Full 5 year factory warranty less the 6 months. Sticker cost $69k cdn. my cost $43k cdn. (all in out the door).
As Ken and others have posted buying is the best bet in the long term. YMMV

[cookinwitdiesel]

Maybe it is the times, or my area, but I have bought 2 trucks in the last 10 months, both times I asked about a lease option just for kicks, both times I was told that you cannot lease the HD trucks (GMC/Chevrolet). Only the smaller, more consumer oriented, 1500s and sedans/SUVs.

[Camper Wayne]

And believe me, that dealership has no use for your bed cap.

That is what I was suspecting.

I can't tell you why, but most dealerships frown on selling trucks with caps and would rather take them off then leave them on.

This is sad but I'm guessing most of the buyers wouldn't consider a truck that has a cap on it and they don't want to lose a sale because of it. You would think that some buyers that do want a cap would pay extra for it but they're trying to appeal to as many buyers a possible.

[Camper Wayne]

How many miles, what kind of shape, and is your F-250 the 7.3 diesel? You might just be better off keeping what you have.

It's a rust-bucket that has survived 17 Michigan road-salt winters. It has the V-10 gas motor. Maintenance has become excessive and the box (and its supports) are rusted through. Only has 85K miles on it.

[Camper Wayne]

Maybe it is the times, or my area, but I have bought 2 trucks in the last 10 months, both times I asked about a lease option just for kicks, both times I was told that you cannot lease the HD trucks (GMC/Chevrolet). Only the smaller, more consumer oriented, 1500s and sedans/SUVs.

OK that's good to know. That would be a door-slammer.

[Camper Wayne]

I spoke with a friend of mine who is a farmer. He also owns horses. His TV is a Ford F-350 Diesel. He confirmed that you cannot lease a heavy-duty pickup. They'll lease an F-150, but that's it. So it looks like leasing is not an option that will work for me.

[mtofell]

Leasing can be okay for business use since you can write off every dime you pay and just walk away at the end of the term. It's really just a long term rental. I'm not surprised leasing companies don't want or won't let you use leased trucks for hauling. Just too many potential problems and things to impact value.

[AbHDToyHauler]

I will add one more thing. If you exceed the warranty mileage during the lease term you are on the hook for all repairs (no matter how small ) and they must be done by a dealer. The truck must be returned in full working condition. Doubtful you would do that but it's a fact.