WEBVTT - Study Hall: Car Buying with Christian Charvet

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<v Speaker 3>See you on the other side.

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<v Speaker 4>My graduates from my school being forced back drop b

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<v Speaker 4>drop my.

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<v Speaker 2>Drop back drop drop. So we're gonna jump right into it, right.

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<v Speaker 2>So we get a lot of feedback on Instagram recently

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<v Speaker 2>about leasing cars, buying cars, right now you have a

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<v Speaker 2>wealth of information being in the car industry for how long,

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<v Speaker 2>over ten years.

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<v Speaker 4>Well, twenty years now this year, actually twenty years in

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<v Speaker 4>the car industry from the bank to the dealership side.

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<v Speaker 2>Yeah, you've worked every every facet, basically every fascet. So

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<v Speaker 2>all right, so we're gonna get into your backstory. But

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<v Speaker 2>before we get into the backstory, I want to just

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<v Speaker 2>jump right into it because people take this like very personal.

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<v Speaker 2>I notice, it's like a real personal thing. Like it's like,

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<v Speaker 2>you got like a thousand comments over a video that

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<v Speaker 2>we're posting and people are like, that's a terrible idea.

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<v Speaker 2>Should never lease a car? And people are like, no,

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<v Speaker 2>you should never buy a car. People arguing with each other,

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<v Speaker 2>they're about to start fighting on Instagram. So it's like

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<v Speaker 2>I realized it's one of those things that's very emotional

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<v Speaker 2>for people, and nobody wants to feel like they made

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<v Speaker 2>a mistake. So if you brought a car, it's like,

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<v Speaker 2>you don't want to admit that that might be a

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<v Speaker 2>bad you brought up at least a car. You might

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<v Speaker 2>not want to say that's a bad idea. So everybody's like,

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<v Speaker 2>you know, so my personal opinion on it is that

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<v Speaker 2>you know, there's no right shoe that fits all feet. Right,

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<v Speaker 2>leasing is a great option for a lot of people.

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<v Speaker 2>Buying a car could be a great option for a

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<v Speaker 2>lot of people. Buying a used car could be a

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<v Speaker 2>great option for a lot of people. Think with our podcast,

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<v Speaker 2>we're just trying to provide information, right, so and.

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<v Speaker 3>Just so we know, like we've done both.

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<v Speaker 2>Oh yeah, Personally, I tell my story. Yeah, so my

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<v Speaker 2>personal journey and cause is when I when I graduate

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<v Speaker 2>from college, Right, that was my first time getting a car.

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<v Speaker 2>I didn't have a car before that. So when I

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<v Speaker 2>graduated from college, I came home and the first car

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<v Speaker 2>that I had, I wanted a luxury car, so I

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<v Speaker 2>brought I brought a used Infinity out of G thirty five.

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<v Speaker 2>Infinity like a couple of years, but it was it

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<v Speaker 2>was nice car. Cool that Uh So I had to

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<v Speaker 2>had a G thirty five and it was nice. And

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<v Speaker 2>I had that car about five years. I had a

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<v Speaker 2>terrible interest rate because I didn't have any credit. So

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<v Speaker 2>I'm just trying to figure it out as I go.

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<v Speaker 2>So in year five started to like fall apart tires.

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<v Speaker 2>I had to start buying tires and like transmission and

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<v Speaker 2>a whole bunch of everything to start falling apart on it. Right,

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<v Speaker 2>So I need a new car. So when I was

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<v Speaker 2>I went to the now it sound upgrade. So I

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<v Speaker 2>went to the BMW dealership and I was about to

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<v Speaker 2>get a BMW. So when I went to the dealership,

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<v Speaker 2>I want to buy. I want to buy a car.

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<v Speaker 2>I'm thinking, like, I want to buy a car. On

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<v Speaker 2>a rent a car, buy a car.

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<v Speaker 3>We heard that that that line, Well, it's all right,

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<v Speaker 3>we don't buy we don't. At least we bought the

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<v Speaker 3>whole cars you should. We grew up thinking like, yeah,

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<v Speaker 3>you got to buy a car.

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<v Speaker 2>Jay Z really tanged at our ring shot shout out

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<v Speaker 2>to Jay. I saw a guy. But yeah, he said

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<v Speaker 2>that line. We don't least we bought a whole call

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<v Speaker 2>as you should. We like we got by car. That's

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<v Speaker 2>the mentality he was having. So when I went to

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<v Speaker 2>the dealership, that the guy he was telling me, he's like,

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<v Speaker 2>nobody buys called. Everybody that comes here has money. Nobody's

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<v Speaker 2>bout ninety percent of people here at leasing cars. So

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<v Speaker 2>I'm like why, And then I started to dig deep

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<v Speaker 2>into it, and then I started to understand why he

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<v Speaker 2>said that as far as like the tax business benefits

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<v Speaker 2>and all of the different things that come the benefits

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<v Speaker 2>that come to leasing. So then my last two cars

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<v Speaker 2>at least I had at least a BMW now leasing

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<v Speaker 2>the bens and I don't know what I'll do next,

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<v Speaker 2>but I'll probably.

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<v Speaker 3>End up our story of the Cimmar Like around that

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<v Speaker 3>same time, before you had a car, he was driving

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<v Speaker 3>everybody's car, Like, SHO need your car, So he was

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<v Speaker 3>driving cars and he I brought it with me when

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<v Speaker 3>I got my second car was a BMW and we

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<v Speaker 3>had a crazy story there at the dealership, but I was.

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<v Speaker 3>I financed it and I got the payment out. They

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<v Speaker 3>were like, I never forget.

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<v Speaker 2>When you crash your car before I got it off

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<v Speaker 2>the line.

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<v Speaker 3>Yeah, we crashed it right, Yeah, as soon as I

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<v Speaker 3>drove they were like, ah, now just leave it will

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<v Speaker 3>come back another day. So I crashed it, well, they

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<v Speaker 3>crashed it as soon as I got it. It was

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<v Speaker 3>like five hundred and sixty two dollars for the payment.

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<v Speaker 3>I was like twenty four years old.

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<v Speaker 4>I was like, man, you were financing that car.

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<v Speaker 3>I was like, well that's a lot. Yeah, I said,

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<v Speaker 3>that's a lot. But you know what let's just go

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<v Speaker 3>for it. And like you said, we was cruising it.

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<v Speaker 3>It was a nice car and year four or five,

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<v Speaker 3>like those BMW's, they had just changed the body. It

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<v Speaker 3>was like two thousand and four. It had just changed

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<v Speaker 3>the body. I got in two thousand and six, and

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<v Speaker 3>every time something was wrong in the car, like it

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<v Speaker 3>was the center would go off and censors would go off.

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<v Speaker 3>I was just like, this is just getting annoying. And

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<v Speaker 3>every time you fix the sensor it was like three

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<v Speaker 3>hundred sixty dollars. I was like, this is crazy. Finally

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<v Speaker 3>I paid it off. It was like twenty twelve, and

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<v Speaker 3>I'm like, what am I gonna do with this car?

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<v Speaker 3>Like it was a fifty thousand dollars car. I looked

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<v Speaker 3>at the value of it because I was driving it everywhere.

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<v Speaker 3>The miles was crazy.

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<v Speaker 2>I was.

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<v Speaker 3>They were like, we'll give you six thousand dollars for

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<v Speaker 3>this thing, and I was like what right after six

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<v Speaker 3>years of pain? And then like the parts, like I said,

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<v Speaker 3>the parts themselves. Like that's one thing that I learned

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<v Speaker 3>is like no matter how old the car is, the

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<v Speaker 3>parts don't depreciate. So like if you bought it in

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<v Speaker 3>nineteen eighty six, and you need new parts. The parts

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<v Speaker 3>still cost the same, and I was like, you know what,

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<v Speaker 3>this is it man? And the final straw. My son

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<v Speaker 3>was born and I had the BMW five twenty five.

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<v Speaker 3>At that time, it was still coming in real world.

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<v Speaker 3>They didn't have four wheel driving all the cars. And

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<v Speaker 3>I was coming up the hell in my house and

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<v Speaker 3>the car started rolling back. It was snowing aground and

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<v Speaker 3>literally the third day, like, that's what you bring your

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<v Speaker 3>kid home? And we like went into oncoming traffic and

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<v Speaker 3>I was like, this is it.

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<v Speaker 2>I'm done.

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<v Speaker 3>I'm never driving his car again. I'm never buying a

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<v Speaker 3>car again. That's the end of the story. And I

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<v Speaker 3>literally walked them up the hill and left the car

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<v Speaker 3>down the street. We never got back back in wild.

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<v Speaker 2>So, yeah, so we're gonna go into the details of

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<v Speaker 2>leasing versus buying. I'm gonna say it for my standpoint

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<v Speaker 2>as far as owner before. But first I want to

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<v Speaker 2>give you the floor, right, all right, So can we

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<v Speaker 2>talk about the difference between leasing and buying a car?

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<v Speaker 2>What are some key differences in leasing a car and

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<v Speaker 2>buying a car?

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<v Speaker 4>Well, on at least most people, you'll hear that a

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<v Speaker 4>lot people say, well, you don't own the car, right,

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<v Speaker 4>But the truth is, do you want to own a

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<v Speaker 4>vehicle that's going to lose value?

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<v Speaker 2>Right?

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<v Speaker 4>Very rarely do cars go up in value. So that's

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<v Speaker 4>why leasing is so prevalent, seventy eighty percent, Like you said,

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<v Speaker 4>of people lease the vehicles. When you're financing the vehicle,

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<v Speaker 4>you do, you technically own it, but the bank owns

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<v Speaker 4>it while you're financing. So until you pay it off,

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<v Speaker 4>the vehicle still belongs to the bank title the titles

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<v Speaker 4>held by the bank. You're not the owner of that vehicle.

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<v Speaker 2>That's something that's that's a common misconception. You don't own

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<v Speaker 2>a car the way until you finally pay it off.

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<v Speaker 2>And then when you do pay it off, most people

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<v Speaker 2>want to trade it in.

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<v Speaker 4>They want to trade it right away old by the

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<v Speaker 4>time you own it now.

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<v Speaker 2>It's old exactly. But another thing with the leasing that

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<v Speaker 2>people don't fully understand is like for me personally, right,

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<v Speaker 2>the reason why at least is that I'm a business owner, right,

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<v Speaker 2>so I get better tax treatment for least in the car.

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<v Speaker 2>Whereas like with the least I can write off the insurance,

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<v Speaker 2>the gas and the least payment formula percentage, we won't

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<v Speaker 2>get too complicated in it. But I can write that

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<v Speaker 2>off on my taxes. If I own the car, then

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<v Speaker 2>I could only have to go a by the depreciation

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<v Speaker 2>because it's a own I get less of a tax

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<v Speaker 2>benefit for owning a car, So it's in my benefit

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<v Speaker 2>to lease the car because it's pretty much a write

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<v Speaker 2>off for me, and I don't have to worry about maintenance. Right,

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<v Speaker 2>So I never haven't gotten I haven't paid for oil

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<v Speaker 2>change and I can't remember when because all least everything

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<v Speaker 2>is paid for, yes, and then I get a new

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<v Speaker 2>car every three years. It's not I always sell, like

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<v Speaker 2>if you want to. Everybody's personal preference is different. You

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<v Speaker 2>can't foreshew views on somebody, right, Like if you want

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<v Speaker 2>to keep a car for ten years, that shit right,

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<v Speaker 2>you can do that. I don't want to do that.

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<v Speaker 2>I want a new car. So I know it's going

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<v Speaker 2>to cost me a lot more money to buy a

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<v Speaker 2>car and then buy a new car every three years

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<v Speaker 2>as opposed to leasing a car and then getting a

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<v Speaker 2>new car every three years. And the upper front is

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<v Speaker 2>less yep, right.

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<v Speaker 4>Yeah, absolutely yeah. On a lease, you only pay let's

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<v Speaker 4>say the taxes right when you're financing in the vehicle

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<v Speaker 4>you pay tax on the whole price of the car,

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<v Speaker 4>or on a lease you only pay tax and let's

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<v Speaker 4>say the monthly payment. Depending on the state and where

0:10:19.720 --> 0:10:22.160
<v Speaker 4>you're registering the car, Let's say like New York, you're

0:10:22.160 --> 0:10:24.080
<v Speaker 4>only paying tax on the monthly payment.

0:10:25.000 --> 0:10:27.440
<v Speaker 2>Right. So I think that that's something that people could

0:10:27.840 --> 0:10:29.839
<v Speaker 2>And as far as for me, I don't drive a lot,

0:10:30.160 --> 0:10:33.560
<v Speaker 2>so twelve thousand miles. I never go with twelve thousand miles.

0:10:33.559 --> 0:10:37.440
<v Speaker 2>I usually hit like eleven ten to five, So it's

0:10:37.440 --> 0:10:39.480
<v Speaker 2>perfect for me. But you were saying, even if you

0:10:39.520 --> 0:10:40.920
<v Speaker 2>do go with twelve thousand.

0:10:40.960 --> 0:10:42.880
<v Speaker 4>That's a big misconception. Also, it's a lot of people

0:10:42.920 --> 0:10:44.880
<v Speaker 4>think that if I drive a lot of mileage, I

0:10:44.880 --> 0:10:45.680
<v Speaker 4>shouldn't be leasing.

0:10:45.720 --> 0:10:45.880
<v Speaker 2>You know.

0:10:45.920 --> 0:10:47.400
<v Speaker 4>You hear a lot of people come in and they say,

0:10:47.480 --> 0:10:49.320
<v Speaker 4>you know, I do fifteen twenty thousand miles a year,

0:10:49.360 --> 0:10:51.200
<v Speaker 4>I shouldn't you know? Leasing is not for me. I

0:10:51.240 --> 0:10:53.600
<v Speaker 4>think the contrary. The way I look at it is

0:10:54.320 --> 0:10:57.160
<v Speaker 4>when you're leasing the vehicle, even if it's a high mileage,

0:10:57.280 --> 0:10:59.360
<v Speaker 4>least you know your true cost of ownership, Like you said,

0:10:59.400 --> 0:11:01.600
<v Speaker 4>with maintenance, right, you know that you're gonna have this

0:11:01.679 --> 0:11:03.920
<v Speaker 4>car three years you're gonna put fifteen thousand miles a year,

0:11:03.960 --> 0:11:07.920
<v Speaker 4>you'll have forty five thousand miles. Most warranties are let's say,

0:11:07.920 --> 0:11:10.120
<v Speaker 4>four year, fifty thousand mile bumper to bump a warranty,

0:11:10.200 --> 0:11:13.040
<v Speaker 4>so you'll still covered under your warranty, you see what

0:11:13.080 --> 0:11:14.120
<v Speaker 4>I mean. So you'll be able to look at it

0:11:14.160 --> 0:11:15.800
<v Speaker 4>and say, hey, you know what, I know exactly what

0:11:15.800 --> 0:11:17.800
<v Speaker 4>I'm gonna be paying every month for this car as

0:11:17.800 --> 0:11:20.480
<v Speaker 4>long as I have my lease. Now, when you're financing

0:11:20.480 --> 0:11:22.120
<v Speaker 4>a car and you're putting high mileage on the car,

0:11:22.240 --> 0:11:24.960
<v Speaker 4>the two things that lower the value of the car

0:11:25.040 --> 0:11:27.040
<v Speaker 4>quickest is the amount of milege you put on it

0:11:27.160 --> 0:11:29.319
<v Speaker 4>and the condition of the car. So let's save the

0:11:29.400 --> 0:11:32.160
<v Speaker 4>vehicle was in an accident. So if I'm leasing my

0:11:32.280 --> 0:11:36.199
<v Speaker 4>car and someone that my next door neighbors buying their

0:11:36.280 --> 0:11:39.200
<v Speaker 4>vehicle and they're financing their car in three years, I

0:11:39.240 --> 0:11:41.280
<v Speaker 4>have a lot more flexibility of what I can do.

0:11:41.360 --> 0:11:43.400
<v Speaker 4>I don't have to worry about if my car was

0:11:43.440 --> 0:11:45.760
<v Speaker 4>in an accident or you know, does somebody key my car?

0:11:45.800 --> 0:11:47.480
<v Speaker 4>Did a garbage truck come down the street to hit

0:11:47.520 --> 0:11:49.800
<v Speaker 4>my car? Because their value is dropped now, So now

0:11:49.800 --> 0:11:52.520
<v Speaker 4>you're playing this guessing game of well, wait a minute,

0:11:52.559 --> 0:11:54.400
<v Speaker 4>what is my car now worth? And you run into

0:11:54.400 --> 0:11:57.080
<v Speaker 4>a situation where you finally pay off your car. You

0:11:57.200 --> 0:11:59.360
<v Speaker 4>put money into the vehicle trying to fix it, and

0:11:59.400 --> 0:12:01.680
<v Speaker 4>they turn around to hey, your cards worth six thousand dollars.

0:12:02.200 --> 0:12:02.440
<v Speaker 2>Now.

0:12:02.520 --> 0:12:05.480
<v Speaker 4>The other thing that we talked about was that technology

0:12:05.520 --> 0:12:09.880
<v Speaker 4>is moving so fast, so things get antiquated quick. So

0:12:09.960 --> 0:12:12.520
<v Speaker 4>that's why leasing is nice because in three years you

0:12:13.000 --> 0:12:15.880
<v Speaker 4>may not need a small sedan right now, In three years,

0:12:15.960 --> 0:12:18.080
<v Speaker 4>your life changes. You have a family, you have kids.

0:12:18.280 --> 0:12:20.800
<v Speaker 4>Now I want to suv. My lease is up. I

0:12:20.840 --> 0:12:23.040
<v Speaker 4>come out of the lising, I go into the brand

0:12:23.040 --> 0:12:25.360
<v Speaker 4>new suv if I want can't fit quarding anymore?

0:12:25.440 --> 0:12:25.840
<v Speaker 2>Exactly.

0:12:25.920 --> 0:12:28.440
<v Speaker 3>Yeah, Now that's true. Technology changes even like the few

0:12:28.440 --> 0:12:30.880
<v Speaker 3>if I have now, like I saw the two twenty

0:12:30.920 --> 0:12:33.440
<v Speaker 3>twenty mode, I'm like, wait, yeah, that is ridiculous, Like

0:12:33.480 --> 0:12:35.920
<v Speaker 3>I need that technology now. So it's like you can

0:12:36.080 --> 0:12:38.079
<v Speaker 3>just come in every three years. Man, that's a that's

0:12:38.120 --> 0:12:41.480
<v Speaker 3>a huge benefit in leasing. One of the things that

0:12:41.640 --> 0:12:43.600
<v Speaker 3>is important when you're lease in all finances is the

0:12:43.679 --> 0:12:47.160
<v Speaker 3>credit Yep, how does that work? Is there a specific

0:12:47.200 --> 0:12:50.240
<v Speaker 3>bureau that car dealerships use, or the bank.

0:12:51.000 --> 0:12:54.600
<v Speaker 4>So it varies between manufacturers, so different banks. So let's say,

0:12:54.720 --> 0:12:57.560
<v Speaker 4>if you're going to Honda Honda Financial, Toyota has Toyota

0:12:57.559 --> 0:13:01.079
<v Speaker 4>Motive Credit, Mercedes Benz has Mercedes Benz Financial. They all

0:13:01.120 --> 0:13:05.600
<v Speaker 4>have different criterias, right, So it's not a blanket as

0:13:05.640 --> 0:13:07.599
<v Speaker 4>far as what they use. Some people use transunions, some

0:13:07.600 --> 0:13:11.079
<v Speaker 4>people use echo facts. Other manufacturers use what's called an autoscore.

0:13:11.360 --> 0:13:14.640
<v Speaker 4>So an autoscore means your automotive history. So even if

0:13:14.640 --> 0:13:17.120
<v Speaker 4>you had some trouble on your credit, but they saw,

0:13:17.280 --> 0:13:19.240
<v Speaker 4>let's say, for whatever reason, you had some medical bills

0:13:19.320 --> 0:13:22.400
<v Speaker 4>or something happened, but you always paid your car node

0:13:22.440 --> 0:13:24.719
<v Speaker 4>on time. The bank may look at that and say, hey,

0:13:24.720 --> 0:13:27.520
<v Speaker 4>well wait a minute, they missed some payments over here,

0:13:28.120 --> 0:13:30.439
<v Speaker 4>but they always paid their car on time. So that

0:13:30.520 --> 0:13:32.559
<v Speaker 4>means that, hey, you know what, this person needs that car.

0:13:32.600 --> 0:13:34.280
<v Speaker 4>They need to get to work, they need to provide

0:13:34.280 --> 0:13:36.480
<v Speaker 4>for their family. So no matter what happens, they're going

0:13:36.520 --> 0:13:37.800
<v Speaker 4>to take care of that monthly payment.

0:13:37.840 --> 0:13:39.520
<v Speaker 2>And another thing I want people to think too. A

0:13:39.520 --> 0:13:41.480
<v Speaker 2>lot of times people will look at it like, okay, well,

0:13:41.840 --> 0:13:44.360
<v Speaker 2>I'm not a business owner and we're talking about luxury cars.

0:13:44.400 --> 0:13:47.040
<v Speaker 2>Just because we have luxury cars, but it's the conversations

0:13:47.040 --> 0:13:49.560
<v Speaker 2>for any type of cass it doesn't matter. But also

0:13:49.960 --> 0:13:52.760
<v Speaker 2>people have to realize is that you don't have to

0:13:52.840 --> 0:13:55.880
<v Speaker 2>be a full time entrepreneur to be an entrepreneur because

0:13:55.920 --> 0:13:58.280
<v Speaker 2>the tax system. I can't stress this up. The tax

0:13:58.320 --> 0:14:01.480
<v Speaker 2>system is set up for entrepreneur and investors. It's not

0:14:01.520 --> 0:14:05.480
<v Speaker 2>set up for employees. Right, So as an entrepreneur, you

0:14:05.559 --> 0:14:08.480
<v Speaker 2>get all kinds of benefits. You can write off meals,

0:14:08.600 --> 0:14:11.199
<v Speaker 2>you can write off travel, you can write off almost

0:14:11.200 --> 0:14:14.280
<v Speaker 2>anything realistically as long as it makes sense. Don't get

0:14:14.360 --> 0:14:17.439
<v Speaker 2>order and cars is one of the things that you

0:14:17.480 --> 0:14:19.480
<v Speaker 2>can write off. Right. So if you work in a

0:14:19.480 --> 0:14:22.320
<v Speaker 2>regular job and you might have a side hustle, why

0:14:22.360 --> 0:14:25.280
<v Speaker 2>not get that incorporated, get an LLC, get a sea court,

0:14:25.320 --> 0:14:28.120
<v Speaker 2>whatever you want to do, and get a tax id,

0:14:28.240 --> 0:14:30.480
<v Speaker 2>opening up bank account. Now you have a business. So

0:14:30.640 --> 0:14:33.520
<v Speaker 2>now you can lease that from your side hustle business,

0:14:33.840 --> 0:14:36.760
<v Speaker 2>and you can deduct the same deductions like if you

0:14:36.800 --> 0:14:39.000
<v Speaker 2>work the regular job. Right, Like now that that goes

0:14:39.000 --> 0:14:41.040
<v Speaker 2>against any money that you make on that end. So

0:14:41.360 --> 0:14:44.120
<v Speaker 2>I say that to say we have to think like

0:14:44.440 --> 0:14:46.960
<v Speaker 2>business people and you don't even have to actually be

0:14:47.520 --> 0:14:51.240
<v Speaker 2>a full time business owner salespeople as well. Right if

0:14:51.280 --> 0:14:54.240
<v Speaker 2>you're a ten ninety nine or if you are in

0:14:54.320 --> 0:14:57.280
<v Speaker 2>some form of sales where you can take deductions like

0:14:57.280 --> 0:15:00.680
<v Speaker 2>real estate, stuff like that, insurance you show insurance the

0:15:00.680 --> 0:15:03.840
<v Speaker 2>same thing. So a lot of times people you know

0:15:03.920 --> 0:15:06.520
<v Speaker 2>they have negative views towards things because they don't they

0:15:06.520 --> 0:15:08.880
<v Speaker 2>have a lack of understanding it. Once you have a

0:15:08.920 --> 0:15:09.760
<v Speaker 2>lack of understanding.

0:15:10.760 --> 0:15:13.000
<v Speaker 3>This episode is brought to you by P and C Bank.

0:15:13.400 --> 0:15:16.160
<v Speaker 3>A lot of people think podcasts about work are boring,

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0:15:55.320 --> 0:15:58.400
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0:15:58.480 --> 0:16:01.960
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<v Speaker 2>And like I said, now, if you still choose to

0:17:33.480 --> 0:17:36.320
<v Speaker 2>do that, then it's your decision. It's free country. But

0:17:36.520 --> 0:17:39.000
<v Speaker 2>a lot of times if you make decisions based out

0:17:39.000 --> 0:17:42.200
<v Speaker 2>of ignorance not knowledge, right exactly. So one of the

0:17:42.200 --> 0:17:45.080
<v Speaker 2>things I want to ask you was you said MSRP

0:17:45.280 --> 0:17:47.520
<v Speaker 2>versus price, right, what's the difference?

0:17:47.720 --> 0:17:50.119
<v Speaker 4>It's selling price, all right? So yeah, so you have MSRP. Right,

0:17:50.440 --> 0:17:53.560
<v Speaker 4>that's what's on the windowsticker, right, So the manufacturer suggests

0:17:53.680 --> 0:17:56.840
<v Speaker 4>the retail price of the vehicle. That's MSRP. Manufacturer suggests

0:17:56.840 --> 0:17:59.280
<v Speaker 4>the retail price. That's what they recommend you should be

0:17:59.320 --> 0:18:01.760
<v Speaker 4>selling that car for now. The selling price is what

0:18:01.800 --> 0:18:04.560
<v Speaker 4>you negotiate, right or whatever. However you can reduce the

0:18:05.400 --> 0:18:07.280
<v Speaker 4>selling price of the vehicle. That's what that comes down to.

0:18:08.040 --> 0:18:09.320
<v Speaker 3>Is that the same thing as a cap cost.

0:18:09.640 --> 0:18:12.239
<v Speaker 4>So no cap cost. Let's say you're leasing or your

0:18:12.280 --> 0:18:15.320
<v Speaker 4>finance in the vehicle. The final cap cost is the

0:18:15.400 --> 0:18:18.800
<v Speaker 4>selling price plus anything else. So whatever money the bank

0:18:18.920 --> 0:18:21.200
<v Speaker 4>is lending you, whatever it so least or finance, they're

0:18:21.200 --> 0:18:23.240
<v Speaker 4>still lending a certain amount of money. So let's sayd

0:18:23.240 --> 0:18:25.679
<v Speaker 4>the lease, if you rolled your taxes into your payment,

0:18:26.080 --> 0:18:27.720
<v Speaker 4>that's going to add to your cap cost. If you

0:18:27.760 --> 0:18:30.840
<v Speaker 4>negotiated a fifty thousand dollars selling price and then you

0:18:31.000 --> 0:18:32.919
<v Speaker 4>rolled your taxes of two thousand dollars into the lease,

0:18:32.960 --> 0:18:37.680
<v Speaker 4>that's fifty two thousand dollars cap cost. And is that negotiable. Well,

0:18:37.760 --> 0:18:39.840
<v Speaker 4>it's based on what you negotiate as far as you

0:18:39.880 --> 0:18:42.560
<v Speaker 4>let's say you're selling price. So whatever fees you put

0:18:42.600 --> 0:18:45.000
<v Speaker 4>into it, those aren't negotiable. Those let's say taxes and

0:18:45.119 --> 0:18:46.360
<v Speaker 4>DMV fees, things like that.

0:18:46.560 --> 0:18:49.560
<v Speaker 2>So all right, we talked about okay, talk about leasing

0:18:49.560 --> 0:18:51.200
<v Speaker 2>a car, but buying a car. Somebody wants to buy

0:18:51.200 --> 0:18:53.000
<v Speaker 2>a car, right, and you were saying most of the time,

0:18:53.040 --> 0:18:54.439
<v Speaker 2>if you do want to buy a car, it it

0:18:54.480 --> 0:18:55.920
<v Speaker 2>makes more sense to buy a used cost.

0:18:56.200 --> 0:18:58.000
<v Speaker 4>I always recommend people, if you are going to buy

0:18:58.000 --> 0:19:01.679
<v Speaker 4>a car, buy a certified prince. Now, listen, there's vehicles

0:19:01.680 --> 0:19:04.440
<v Speaker 4>you can find out these lots that are not authorized,

0:19:04.600 --> 0:19:08.520
<v Speaker 4>let say Mercedes Benz dealerships or Toyota dealership. Me personally,

0:19:08.600 --> 0:19:11.200
<v Speaker 4>I think you're better off going to You may pay

0:19:11.200 --> 0:19:13.480
<v Speaker 4>a couple of dollars more, but you're getting it from

0:19:13.480 --> 0:19:16.560
<v Speaker 4>the manufacturer, so you have the backing of manufacturers. Just

0:19:16.560 --> 0:19:19.000
<v Speaker 4>give you an idea. Most companies, when they certify a vehicle,

0:19:19.000 --> 0:19:21.399
<v Speaker 4>the vehicle goes through let's say, you know, one hundred

0:19:21.400 --> 0:19:25.080
<v Speaker 4>and fifty pointe hundred and sixty point inspection. So not

0:19:25.160 --> 0:19:27.399
<v Speaker 4>only will they inspect the vehicle to make sure that

0:19:27.400 --> 0:19:29.880
<v Speaker 4>it's in certain conditions, so they'll eliminate things like let's

0:19:29.880 --> 0:19:32.320
<v Speaker 4>say this frame damage to the car. If the car

0:19:32.359 --> 0:19:35.560
<v Speaker 4>is frame damage doesn't qualify for certification, so it's eliminated.

0:19:35.600 --> 0:19:38.320
<v Speaker 4>Most dealerships won't even take that car. They'll send that

0:19:38.359 --> 0:19:40.119
<v Speaker 4>car out. And that's what you'll see the vehicles on

0:19:40.160 --> 0:19:43.000
<v Speaker 4>these other side lots, right, and they're selling those vehicles.

0:19:43.000 --> 0:19:45.960
<v Speaker 4>So there's really no recourse when it comes to something

0:19:46.040 --> 0:19:48.199
<v Speaker 4>happened to the car. Not to mention the fact that

0:19:48.240 --> 0:19:51.119
<v Speaker 4>once that car goes through the certification, a lot of

0:19:51.119 --> 0:19:55.440
<v Speaker 4>manufacturers will put new car interest rates on those cars.

0:19:55.440 --> 0:19:58.320
<v Speaker 4>So typically pre owned cars or used cars will have

0:19:58.359 --> 0:20:00.280
<v Speaker 4>a higher interest rate than a new car. But if

0:20:00.320 --> 0:20:02.280
<v Speaker 4>it's certified, you get a better interest rate. So like

0:20:02.359 --> 0:20:04.040
<v Speaker 4>right now, like let's say you have one point nine

0:20:04.119 --> 0:20:06.280
<v Speaker 4>nine percent, you can't get one nine nine percent on

0:20:06.400 --> 0:20:08.600
<v Speaker 4>a used car, you know, anywhere else, you know what

0:20:08.600 --> 0:20:11.639
<v Speaker 4>I mean, If the vehicle's certified, that's the way to

0:20:11.680 --> 0:20:14.119
<v Speaker 4>do it. Me personally, the vehicles, as you guys have

0:20:14.240 --> 0:20:16.760
<v Speaker 4>all heard this, people say, oh, well, the vehicle loses

0:20:16.840 --> 0:20:18.320
<v Speaker 4>value as soon as you drive it off the lot.

0:20:18.800 --> 0:20:21.520
<v Speaker 4>Now what happens is really it's once it's registered the

0:20:21.600 --> 0:20:24.440
<v Speaker 4>vehicle loses value. That's when that's when the vehicle loses value.

0:20:24.480 --> 0:20:25.800
<v Speaker 4>That's normally when you're driving off the lot.

0:20:25.880 --> 0:20:27.000
<v Speaker 3>That's when you got it brand new.

0:20:27.480 --> 0:20:29.240
<v Speaker 4>So yeah, when you're buying a car brand new, it

0:20:29.600 --> 0:20:32.480
<v Speaker 4>initially loses its value when you drive it off a

0:20:32.520 --> 0:20:34.840
<v Speaker 4>lot or the vehicle is titled. So now you're buying

0:20:34.840 --> 0:20:37.479
<v Speaker 4>a vehicle, who's going to that's going to depreciate in value.

0:20:37.560 --> 0:20:39.160
<v Speaker 4>That's what a car does. It's going to go down

0:20:39.160 --> 0:20:42.040
<v Speaker 4>in value. So you're financing a car that's losing value.

0:20:42.080 --> 0:20:44.120
<v Speaker 4>It already took a big hit right when you're buying

0:20:44.200 --> 0:20:46.840
<v Speaker 4>new opposed to a certified pre own that the initial

0:20:46.840 --> 0:20:50.399
<v Speaker 4>depreciation has already happened. It's already taking place that you

0:20:50.480 --> 0:20:53.320
<v Speaker 4>knew that car was taking care of the manufacturer. The dealership,

0:20:53.560 --> 0:20:55.719
<v Speaker 4>you know, is putting themselves behind that vehicle, saying, hey,

0:20:55.800 --> 0:20:58.560
<v Speaker 4>we know this vehicle, We've inspected this vehicle, we know

0:20:58.600 --> 0:21:01.680
<v Speaker 4>this vehicle's in good shape. We're willing to even put

0:21:02.400 --> 0:21:04.080
<v Speaker 4>a new car rate on it. So you have some

0:21:04.160 --> 0:21:06.560
<v Speaker 4>more confidence when they're buying that type of vehicle. Okay,

0:21:06.680 --> 0:21:07.040
<v Speaker 4>all right.

0:21:07.040 --> 0:21:09.359
<v Speaker 3>There was another thing that we saw when we were

0:21:09.359 --> 0:21:12.080
<v Speaker 3>reading it was gap insurance. Now that's something that doesn't

0:21:12.119 --> 0:21:14.040
<v Speaker 3>come on a finance, but it does come on the lease.

0:21:14.119 --> 0:21:16.760
<v Speaker 4>Yeah, New York State leases all have gap insurance. Now

0:21:18.040 --> 0:21:20.080
<v Speaker 4>what happens. People don't realize that if a vehicle is

0:21:20.480 --> 0:21:24.239
<v Speaker 4>let's say total or stolen, any negative equity. So if

0:21:24.240 --> 0:21:26.960
<v Speaker 4>your insurance company says, hey, your car was worth ten

0:21:27.000 --> 0:21:29.640
<v Speaker 4>thousand dollars, but you owe the bank twelve or thirteen.

0:21:29.960 --> 0:21:34.080
<v Speaker 4>Without gap insurance, you're responsible for that negative equity. Okay,

0:21:34.160 --> 0:21:36.639
<v Speaker 4>you're a negative balance, you're responsible for that amount. So

0:21:36.640 --> 0:21:39.200
<v Speaker 4>that's why all New York State leases will have gap insurance.

0:21:40.080 --> 0:21:42.720
<v Speaker 2>All right, So for people that go into the dealership

0:21:43.160 --> 0:21:45.720
<v Speaker 2>and they don't really know what questions. It's iluent to

0:21:45.800 --> 0:21:47.480
<v Speaker 2>me because you don't really know if you're gett ripped

0:21:47.520 --> 0:21:50.520
<v Speaker 2>off or not. You just call me, So like what

0:21:50.680 --> 0:21:53.000
<v Speaker 2>questions should they ask? Like, how do you know if

0:21:53.000 --> 0:21:54.919
<v Speaker 2>you're getting a good deal? How can you get the

0:21:54.920 --> 0:21:57.920
<v Speaker 2>best deal? Everything negotiable, everything's negotiable, So how can you

0:21:57.960 --> 0:21:58.520
<v Speaker 2>get the best deal?

0:21:58.600 --> 0:22:02.679
<v Speaker 4>So here's what it is I mean, and it's the

0:22:02.760 --> 0:22:06.600
<v Speaker 4>car business has this bad reputation, right, sometimes we make

0:22:06.640 --> 0:22:08.840
<v Speaker 4>it harder than it has to be as a consumer. Now,

0:22:08.880 --> 0:22:10.440
<v Speaker 4>if you know there's a vehicle you want, there's so

0:22:10.520 --> 0:22:12.479
<v Speaker 4>much information out there. You can go online, you can

0:22:12.520 --> 0:22:14.280
<v Speaker 4>do research, you can find out what the cost of

0:22:14.320 --> 0:22:15.960
<v Speaker 4>the vehicle is. But at the end of the day,

0:22:16.080 --> 0:22:19.080
<v Speaker 4>I always recommend trying to buy local. Try to buy

0:22:19.560 --> 0:22:22.120
<v Speaker 4>where you're going to be servicing your vehicle and they

0:22:22.160 --> 0:22:24.400
<v Speaker 4>want to take care of you when you have a problem. Yes,

0:22:24.440 --> 0:22:25.840
<v Speaker 4>you can go to any matter of fact, you can

0:22:25.880 --> 0:22:28.199
<v Speaker 4>go to any dealership and try to get help or

0:22:28.200 --> 0:22:30.440
<v Speaker 4>have your vehicle serviced. But a lot of times when

0:22:30.480 --> 0:22:33.679
<v Speaker 4>you buy local, they have more of an interest in

0:22:33.720 --> 0:22:35.800
<v Speaker 4>taking care of you because you know what you purchase

0:22:35.840 --> 0:22:37.320
<v Speaker 4>from them, They're going to take care of you first.

0:22:37.440 --> 0:22:37.600
<v Speaker 2>Right.

0:22:37.600 --> 0:22:39.960
<v Speaker 4>If you came to my dealership and you bought the

0:22:40.000 --> 0:22:43.880
<v Speaker 4>car in Jersey, right, or another dealership, but another customer

0:22:43.920 --> 0:22:46.320
<v Speaker 4>came in and he bought his car here, who would

0:22:46.359 --> 0:22:48.280
<v Speaker 4>you expect me to take care of better?

0:22:48.400 --> 0:22:49.000
<v Speaker 2>Or first? Right?

0:22:49.040 --> 0:22:50.680
<v Speaker 4>If I have one loaner car left, I'm going to

0:22:50.720 --> 0:22:52.399
<v Speaker 4>give it to the guy who's little to me and

0:22:52.400 --> 0:22:55.080
<v Speaker 4>he say he's buying cars. As far as the price goes, listen,

0:22:55.080 --> 0:22:56.359
<v Speaker 4>there's a lot of information online.

0:22:56.400 --> 0:22:56.760
<v Speaker 2>You can go.

0:22:56.840 --> 0:22:58.640
<v Speaker 4>You can look up what the costs of the vehicles are.

0:22:59.480 --> 0:23:01.600
<v Speaker 4>I do reckon Comen. Listen. You want to shop around,

0:23:01.800 --> 0:23:03.159
<v Speaker 4>but at the end of the day, once you have

0:23:03.240 --> 0:23:06.120
<v Speaker 4>a bottom line number, go into your local dealership say hey,

0:23:06.119 --> 0:23:08.159
<v Speaker 4>this is what I got. Can you guys match it,

0:23:08.200 --> 0:23:10.280
<v Speaker 4>get close to it, beat it, whatever it is.

0:23:10.600 --> 0:23:12.600
<v Speaker 3>What sites do you recommend, like Kelly Bluebook or.

0:23:12.640 --> 0:23:14.760
<v Speaker 4>Kelly Bluebook's great. You know, there's a lot offormation. If

0:23:14.760 --> 0:23:16.960
<v Speaker 4>you go to Google, you can search, you know, car gurus,

0:23:17.160 --> 0:23:18.600
<v Speaker 4>they'll give you all types of information.

0:23:18.880 --> 0:23:21.000
<v Speaker 2>What about what's the residual value? All right?

0:23:21.040 --> 0:23:24.040
<v Speaker 4>Residual values what the bank? The bank sets what's called

0:23:24.080 --> 0:23:27.240
<v Speaker 4>the residual value. A residual value is the estimated value

0:23:27.240 --> 0:23:29.359
<v Speaker 4>of the vehicle at the end of the lease. Okay,

0:23:29.400 --> 0:23:32.199
<v Speaker 4>so that's what the bank is assuming or hoping that

0:23:32.240 --> 0:23:34.560
<v Speaker 4>the vehicle is going to be worth once your lease

0:23:34.640 --> 0:23:37.840
<v Speaker 4>is over. Now, that's determined by the mileage, right, how

0:23:37.840 --> 0:23:39.720
<v Speaker 4>many miles. The less miles you put on a car,

0:23:39.840 --> 0:23:42.280
<v Speaker 4>the higher residual value is going to be a good.

0:23:42.320 --> 0:23:44.119
<v Speaker 4>Thing about the residual is that you want to have

0:23:44.160 --> 0:23:47.880
<v Speaker 4>a high residual value. The higher the residual value means

0:23:47.920 --> 0:23:49.800
<v Speaker 4>that the vehicle is going to depreciate less. So you're

0:23:49.880 --> 0:23:52.480
<v Speaker 4>paying a smaller monthly payment because your monthly payment is

0:23:52.520 --> 0:23:56.399
<v Speaker 4>based on the depreciation. Okay, So let's give you mathematics. Right,

0:23:57.080 --> 0:24:00.720
<v Speaker 4>If the car has a selling price, let's say fifty

0:24:00.760 --> 0:24:03.520
<v Speaker 4>thousand dollars, Right, Let's say's an MSRP of fifty thousand dollars,

0:24:03.560 --> 0:24:06.159
<v Speaker 4>just to use round numbers, and the residual value is

0:24:06.160 --> 0:24:08.960
<v Speaker 4>fifty percent, So it's twenty five thousand dollars. It's what

0:24:08.960 --> 0:24:10.720
<v Speaker 4>the vehicle's going to be estimated to be worth at

0:24:10.760 --> 0:24:13.560
<v Speaker 4>the end of the lease. Right, So you're going to

0:24:13.600 --> 0:24:16.160
<v Speaker 4>pay that difference between the fifty thousand and the twenty

0:24:16.160 --> 0:24:18.800
<v Speaker 4>five thousand, that's depreciation. But let's just say you just

0:24:18.840 --> 0:24:22.240
<v Speaker 4>negotiated your price down to forty five thousand, So now

0:24:22.280 --> 0:24:24.879
<v Speaker 4>you're shrinking the depreciation because it's between forty five and

0:24:24.920 --> 0:24:27.320
<v Speaker 4>twenty five a post to the forty five and fifty,

0:24:27.480 --> 0:24:30.040
<v Speaker 4>so you're paying on that depreciation. Do you know what

0:24:30.080 --> 0:24:30.320
<v Speaker 4>I mean?

0:24:30.440 --> 0:24:33.560
<v Speaker 2>Okay? And what about the cap reduction? All right?

0:24:33.600 --> 0:24:36.280
<v Speaker 4>Cap cost reduction, that's the money down. That's what your

0:24:36.280 --> 0:24:39.320
<v Speaker 4>initial investment to bring your payments down. So you'll see

0:24:39.400 --> 0:24:41.000
<v Speaker 4>a lot of times people come in they say, well,

0:24:41.040 --> 0:24:43.240
<v Speaker 4>I saw an ad that said three forty nine a month,

0:24:43.960 --> 0:24:46.440
<v Speaker 4>but in that fine print it said thirty two ninety

0:24:46.560 --> 0:24:50.119
<v Speaker 4>nine cap cost reduction or money down. So a lot

0:24:50.119 --> 0:24:51.400
<v Speaker 4>of times people come in they say, well, I don't

0:24:51.400 --> 0:24:53.760
<v Speaker 4>want to put any money down. That means you're still

0:24:53.760 --> 0:24:56.240
<v Speaker 4>giving your taxes, your first month's payment, your bank fee,

0:24:56.280 --> 0:24:58.240
<v Speaker 4>your plates upfront. It's not mean doesn't mean you're not

0:24:58.240 --> 0:25:00.360
<v Speaker 4>coming up with anything out of pocket. That just means

0:25:00.359 --> 0:25:02.720
<v Speaker 4>you're not putting on a cap quest reduction. So to

0:25:02.720 --> 0:25:04.200
<v Speaker 4>give you an idea, let's say in a thirty six

0:25:04.240 --> 0:25:07.840
<v Speaker 4>month lease, one thousand dollars cap quest reduction is equivalent

0:25:07.840 --> 0:25:10.280
<v Speaker 4>to roughly thirty dollars in your monthly payment. So if

0:25:10.320 --> 0:25:13.639
<v Speaker 4>you're at you know, let's say four, you're at four

0:25:13.680 --> 0:25:15.080
<v Speaker 4>to fifty a month, and you want to get down

0:25:15.320 --> 0:25:17.720
<v Speaker 4>to four to twenty, you put a next thousand dollars

0:25:17.760 --> 0:25:19.400
<v Speaker 4>down to get you done to that monthly payment after

0:25:19.440 --> 0:25:22.560
<v Speaker 4>you've negotiated your best deal. Now, some people are opposed

0:25:22.560 --> 0:25:25.560
<v Speaker 4>to putting money down. It's all a personal preference. Some people,

0:25:25.640 --> 0:25:28.040
<v Speaker 4>let let's say they know they want this particular car,

0:25:28.400 --> 0:25:30.879
<v Speaker 4>and maybe their company gives them an allowance for their vehicle,

0:25:31.040 --> 0:25:32.720
<v Speaker 4>or they just want to keep the payment below a

0:25:32.760 --> 0:25:34.639
<v Speaker 4>certain budget because they want to you know, work their

0:25:34.680 --> 0:25:37.600
<v Speaker 4>numbers in there for their monthly payments, right, they may

0:25:37.640 --> 0:25:39.520
<v Speaker 4>put that money down. Me personally, I don't put money

0:25:39.560 --> 0:25:41.959
<v Speaker 4>down on the lease because I'm okay with my monthly

0:25:41.960 --> 0:25:43.760
<v Speaker 4>payment and I'd rather have the money in my pocket.

0:25:43.800 --> 0:25:44.400
<v Speaker 4>That's the way I think.

0:25:44.520 --> 0:25:48.080
<v Speaker 3>And sometimes the dealerships have things built in, right, specials

0:25:48.080 --> 0:25:48.520
<v Speaker 3>like that, Like.

0:25:48.480 --> 0:25:50.800
<v Speaker 4>Yeah, there are specials where they have incentives from the

0:25:50.840 --> 0:25:54.000
<v Speaker 4>manufacturer if they're trying to move particular products. You know,

0:25:54.040 --> 0:25:55.720
<v Speaker 4>some people come in and say, well, wait a minute,

0:25:55.880 --> 0:25:58.000
<v Speaker 4>why is this car fifty five thousand dollars and this

0:25:58.040 --> 0:26:00.000
<v Speaker 4>car is fifty five thousand dollars. Let's say two differ

0:26:00.080 --> 0:26:02.960
<v Speaker 4>and bran to different models, right, Or maybe an SUV

0:26:03.040 --> 0:26:05.919
<v Speaker 4>wants a sedan and the prices are different, right. And

0:26:05.960 --> 0:26:09.199
<v Speaker 4>what happens is we may have a lot more sedans

0:26:09.240 --> 0:26:11.960
<v Speaker 4>in inventory and there's not a lot of these SUVs around.

0:26:12.000 --> 0:26:15.560
<v Speaker 4>Everybody's buying SUVs. So the manufacturer says, hey, let's help

0:26:15.600 --> 0:26:18.840
<v Speaker 4>the dealership move these vehicles by putting additional incentives on

0:26:18.880 --> 0:26:19.960
<v Speaker 4>it so they're payment below.

0:26:20.119 --> 0:26:21.960
<v Speaker 3>Is that specific time of year that that happens like

0:26:22.000 --> 0:26:26.320
<v Speaker 3>I always see, like it's like a summer sale or winter.

0:26:27.240 --> 0:26:29.400
<v Speaker 4>Every manufacturer has different sales events, like let's just say

0:26:29.400 --> 0:26:31.560
<v Speaker 4>from Mercedes normally, then the end of the year is

0:26:31.600 --> 0:26:33.760
<v Speaker 4>a big time. Also in June and July you'll see

0:26:33.760 --> 0:26:36.399
<v Speaker 4>some nice sales events. But the way I look at it,

0:26:36.400 --> 0:26:38.639
<v Speaker 4>it's all based on what you need, right, Depending on

0:26:38.680 --> 0:26:41.080
<v Speaker 4>when you need your car is when you want to

0:26:41.119 --> 0:26:43.440
<v Speaker 4>work your best deal. Do the payments fluctuate to a

0:26:43.440 --> 0:26:46.199
<v Speaker 4>point where it's hundreds of dollars difference between those sales events?

0:26:46.320 --> 0:26:49.560
<v Speaker 4>Not necessarily Normally it's a thirty forty fifty dollars difference

0:26:49.800 --> 0:26:52.160
<v Speaker 4>in the monthly payment. So if you need a car, listen,

0:26:52.200 --> 0:26:53.680
<v Speaker 4>you want to go into the dealership. You want to

0:26:53.680 --> 0:26:56.840
<v Speaker 4>build a good relationship with your dealership, and if you

0:26:56.880 --> 0:26:58.920
<v Speaker 4>spend some time work the deal obviously make sure that

0:26:59.000 --> 0:27:01.040
<v Speaker 4>you're there for a reason. A lot of times people

0:27:01.080 --> 0:27:02.560
<v Speaker 4>come in they go, you know what, just give me

0:27:02.600 --> 0:27:05.879
<v Speaker 4>your best price. I'm leaving that. That makes it a

0:27:05.920 --> 0:27:07.520
<v Speaker 4>little bit more difficult, And I get it.

0:27:07.600 --> 0:27:08.000
<v Speaker 2>I get it.

0:27:08.040 --> 0:27:10.480
<v Speaker 4>People get focused as far as the numbers go. I

0:27:11.080 --> 0:27:13.040
<v Speaker 4>totally understand it. You want, but my thing is this,

0:27:13.480 --> 0:27:15.399
<v Speaker 4>we want to give people great deals. We want you

0:27:15.440 --> 0:27:17.960
<v Speaker 4>to buy cars. Right, It's not about the car business

0:27:18.240 --> 0:27:21.080
<v Speaker 4>has this you know persona of being like, oh, they're

0:27:21.080 --> 0:27:23.359
<v Speaker 4>gonna rip me off. That's not the case anymore. Listen.

0:27:23.359 --> 0:27:25.240
<v Speaker 4>I'm sure there are people out there who take advantage

0:27:25.240 --> 0:27:27.760
<v Speaker 4>of people, but that's not the case. And most highline dealerships,

0:27:27.760 --> 0:27:30.359
<v Speaker 4>al most you know mom and pop, you know organizations

0:27:30.359 --> 0:27:31.840
<v Speaker 4>where they really love to take care of people.

0:27:32.119 --> 0:27:34.159
<v Speaker 2>And then you could buy a car at the end

0:27:34.200 --> 0:27:35.200
<v Speaker 2>of the lease, right if you want.

0:27:35.400 --> 0:27:37.119
<v Speaker 4>Now, you can buy your vehicle out at the end

0:27:37.119 --> 0:27:38.920
<v Speaker 4>of the lease. That's one thing people ask me a lot. Look,

0:27:38.920 --> 0:27:40.280
<v Speaker 4>I want to lease this car and I want to

0:27:40.320 --> 0:27:40.720
<v Speaker 4>buy it.

0:27:41.680 --> 0:27:43.520
<v Speaker 3>That was a big fun right went out least with

0:27:43.560 --> 0:27:45.760
<v Speaker 3>the option to buy.

0:27:46.760 --> 0:27:48.560
<v Speaker 4>So my thing is this, if you're going to buy

0:27:48.600 --> 0:27:51.160
<v Speaker 4>the car, buy the car now, all right. Now, here's

0:27:51.160 --> 0:27:53.399
<v Speaker 4>the thing. We go back to that residual value. You

0:27:53.440 --> 0:27:55.800
<v Speaker 4>want that residual value to be high. You almost want

0:27:55.840 --> 0:27:58.520
<v Speaker 4>it to be unrealistically high, because that means your monthly

0:27:58.520 --> 0:27:59.960
<v Speaker 4>payment on you're going to your lease is going to

0:28:00.040 --> 0:28:01.960
<v Speaker 4>be lower. Now here's the thing. Now, at the end

0:28:02.000 --> 0:28:03.239
<v Speaker 4>of the lease, all of sudden you say, well I'm

0:28:03.240 --> 0:28:05.600
<v Speaker 4>gonna buy it. You're buying it at that very high

0:28:05.600 --> 0:28:08.400
<v Speaker 4>residual value. You have the option to buy it at

0:28:08.440 --> 0:28:11.919
<v Speaker 4>that price. Okay, So now you're basically any savings that

0:28:11.960 --> 0:28:14.040
<v Speaker 4>you took advantage of because that residual value is high,

0:28:14.080 --> 0:28:15.120
<v Speaker 4>you're basically giving it right.

0:28:15.000 --> 0:28:16.879
<v Speaker 2>Back to the bank. That's the other thing too, as

0:28:16.920 --> 0:28:19.040
<v Speaker 2>far as with leasing a car, the monthly payments are

0:28:19.119 --> 0:28:20.359
<v Speaker 2>usually lower than if you buy that.

0:28:20.440 --> 0:28:21.080
<v Speaker 4>Yeah, call normally.

0:28:21.280 --> 0:28:22.919
<v Speaker 2>That's another thing people have to understand too. It's like

0:28:23.560 --> 0:28:25.600
<v Speaker 2>it's okay not to own everything. For me personally, I

0:28:25.640 --> 0:28:27.440
<v Speaker 2>don't necessarily want to own a car. Because I'm gonna

0:28:27.440 --> 0:28:29.280
<v Speaker 2>lose money on it, right, So I don't want to

0:28:29.280 --> 0:28:32.120
<v Speaker 2>own something that I'm gonna lose value in. So that's

0:28:32.160 --> 0:28:33.680
<v Speaker 2>like owning a house that you know is going to

0:28:33.720 --> 0:28:35.600
<v Speaker 2>go down and value of what's the point of owning it.

0:28:35.680 --> 0:28:36.399
<v Speaker 4>I'd rather in it.

0:28:36.880 --> 0:28:39.000
<v Speaker 2>I have to have somewhere to live. I don't want

0:28:39.040 --> 0:28:40.840
<v Speaker 2>to own a house where I know if I'm gonna

0:28:40.840 --> 0:28:42.640
<v Speaker 2>pay one hundred thousand and then ten years it's gonna

0:28:42.640 --> 0:28:43.360
<v Speaker 2>be worth twenty thousand.

0:28:43.360 --> 0:28:45.320
<v Speaker 4>Well that's what I tell people. If let's say there's

0:28:45.320 --> 0:28:47.040
<v Speaker 4>an area that you want to live in. Well, for

0:28:47.080 --> 0:28:49.520
<v Speaker 4>whatever reason, the views or whatever is, the schools, whatever

0:28:49.480 --> 0:28:51.719
<v Speaker 4>it keeps, you want to live there. But let's say

0:28:51.760 --> 0:28:53.600
<v Speaker 4>the real estate agent said, hey, great news. This house

0:28:53.680 --> 0:28:55.760
<v Speaker 4>is x amount of this apartment is X amount of dollars,

0:28:56.000 --> 0:28:57.920
<v Speaker 4>and every year it's going to go down in value.

0:28:58.640 --> 0:28:59.959
<v Speaker 4>You're gonna say, well, wait a minute, I don't why

0:29:00.040 --> 0:29:02.720
<v Speaker 4>what I buy that that you better? You're better off

0:29:02.760 --> 0:29:04.800
<v Speaker 4>renting it, right, you say, listen, I want to live

0:29:04.880 --> 0:29:06.880
<v Speaker 4>here for three years, but guess what in three years

0:29:06.880 --> 0:29:08.680
<v Speaker 4>from now, I want to go move to the suburbs.

0:29:08.920 --> 0:29:10.280
<v Speaker 4>You know, I like the views where I am but

0:29:10.280 --> 0:29:12.880
<v Speaker 4>I can't see myself raising a family here, right, you'd

0:29:12.960 --> 0:29:15.640
<v Speaker 4>rather rent that apartment, And renting is like that that

0:29:15.640 --> 0:29:18.240
<v Speaker 4>that case, like, it's like leasing where you have the

0:29:18.240 --> 0:29:19.680
<v Speaker 4>option to walk away from it at the end of

0:29:19.720 --> 0:29:20.400
<v Speaker 4>those three years.

0:29:20.440 --> 0:29:22.720
<v Speaker 3>Now, there's something called a lease end calls. That's like

0:29:22.760 --> 0:29:25.000
<v Speaker 3>something that's like a hidden court that I actually found

0:29:25.040 --> 0:29:27.719
<v Speaker 3>out about. So like, if I have a Mercedes and

0:29:27.800 --> 0:29:29.320
<v Speaker 3>I lease it, but at the end of the lease,

0:29:29.360 --> 0:29:31.960
<v Speaker 3>I decide, you know what, I want to go to BMW.

0:29:32.520 --> 0:29:34.800
<v Speaker 4>There's a price for that. So they have what's called

0:29:34.800 --> 0:29:37.240
<v Speaker 4>the disposition fee. All right, there's basically a fee to

0:29:37.320 --> 0:29:39.200
<v Speaker 4>turn in the vehicle. Now, here's the thing. If you

0:29:39.200 --> 0:29:41.120
<v Speaker 4>go with another BMW, a lot of times they'll just

0:29:41.120 --> 0:29:43.880
<v Speaker 4>wave that fee. Right Now, there is a reason why

0:29:43.920 --> 0:29:45.800
<v Speaker 4>they charge it. It's not just a penalty for leaving

0:29:45.840 --> 0:29:48.040
<v Speaker 4>the brand. They have to keep in mind, once you

0:29:48.080 --> 0:29:51.000
<v Speaker 4>surrender that vehicle, they have to pick up that vehicle,

0:29:51.040 --> 0:29:53.560
<v Speaker 4>they have to condition it for resale, so things like

0:29:53.600 --> 0:29:55.160
<v Speaker 4>that that they go through this paperwork that has to

0:29:55.200 --> 0:29:57.320
<v Speaker 4>be processed in order to do it. And obviously it

0:29:57.360 --> 0:29:59.040
<v Speaker 4>does give you some sort of incentive to stay with

0:29:59.040 --> 0:29:59.360
<v Speaker 4>the brand.

0:29:59.440 --> 0:30:02.120
<v Speaker 3>Right, So if I say, there's that course, obviously they

0:30:02.120 --> 0:30:02.640
<v Speaker 3>waved that for you.

0:30:02.720 --> 0:30:03.560
<v Speaker 4>Most manufacturers wave.

0:30:03.680 --> 0:30:05.040
<v Speaker 2>I learned that. I didn't know that. I learned that

0:30:05.080 --> 0:30:06.120
<v Speaker 2>when I was trade my car.

0:30:06.280 --> 0:30:07.680
<v Speaker 4>Yeah, that's why I have to stay with Mercedan.

0:30:08.520 --> 0:30:09.880
<v Speaker 3>Were trying, man, we are trying.

0:30:09.960 --> 0:30:12.440
<v Speaker 2>I got But before we go, I have one other question.

0:30:12.560 --> 0:30:15.920
<v Speaker 2>I just saw recently online where somebody said that they

0:30:16.880 --> 0:30:19.120
<v Speaker 2>they sold their car back to a dealership after they

0:30:19.200 --> 0:30:20.520
<v Speaker 2>leased it. How does that? How does that work?

0:30:20.840 --> 0:30:21.000
<v Speaker 3>With that?

0:30:21.200 --> 0:30:26.000
<v Speaker 4>So very rarely does it happen where the vehicle has

0:30:26.000 --> 0:30:29.360
<v Speaker 4>a higher value than the residual value. Okay, so let's

0:30:29.360 --> 0:30:31.520
<v Speaker 4>say the visual value, like we talked about twenty five thousand,

0:30:31.560 --> 0:30:33.520
<v Speaker 4>the guy kept it in great shape. You hardly drove it.

0:30:33.800 --> 0:30:36.280
<v Speaker 4>You want to put minimum knowledge on the vehicle. Car's

0:30:36.320 --> 0:30:38.520
<v Speaker 4>garage keptain. All of a sudden, for some reason, there's

0:30:38.520 --> 0:30:41.480
<v Speaker 4>a there's a high demand for that particular vehicle. Let's

0:30:41.480 --> 0:30:43.680
<v Speaker 4>say this thirty thousand dollars actually the book value for

0:30:43.720 --> 0:30:45.840
<v Speaker 4>that car, and he was twenty five. He can turn

0:30:45.880 --> 0:30:47.200
<v Speaker 4>out to the dealers and said, hey, I know my

0:30:47.240 --> 0:30:49.440
<v Speaker 4>buyout is X amount of dollars. Would you be willing

0:30:49.480 --> 0:30:52.120
<v Speaker 4>to buy that car from me? In order for me

0:30:52.160 --> 0:30:52.680
<v Speaker 4>to trade.

0:30:52.440 --> 0:30:52.840
<v Speaker 2>It back to you.

0:30:52.880 --> 0:30:54.760
<v Speaker 4>Now they have some money that they could put towards

0:30:54.760 --> 0:30:57.080
<v Speaker 4>another vehicle. Also, yeah, said.

0:30:56.920 --> 0:30:59.800
<v Speaker 2>That, No, it was it was Matthew knows.

0:31:00.040 --> 0:31:03.360
<v Speaker 3>Oh, and that pulled the t pain bought the one million.

0:31:03.440 --> 0:31:05.720
<v Speaker 2>He didn't. He lost. He lost thousand.

0:31:06.080 --> 0:31:08.160
<v Speaker 3>He blew the engine or something like that, and he

0:31:08.240 --> 0:31:10.480
<v Speaker 3>sold it back to the dealership. He lost one thousand.

0:31:10.520 --> 0:31:12.320
<v Speaker 2>Other years, well, he brought the car and then sold

0:31:12.320 --> 0:31:13.360
<v Speaker 2>it six months later.

0:31:13.840 --> 0:31:17.360
<v Speaker 4>Yeah, I mean, it's rare that that happens, you know,

0:31:17.800 --> 0:31:20.040
<v Speaker 4>Like I said, cars are depreciating assets. It's very rare

0:31:20.080 --> 0:31:26.680
<v Speaker 4>that that'll happen. My graduates from my school being forced bad.

0:31:26.840 --> 0:31:31.480
<v Speaker 2>Drop bag drop Mike, drop bag drop drop.

0:31:42.360 --> 0:31:46.240
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