[sheeri185adidam]

Hi,

I need some suggestions about car lease agreement that my company in vegas is offering me.
I am from India and I am moving to vegas as an engineer.

One of the options the employer is providing is leasing a car among the following :

>Ford Focus SE for $456/month for 24 months
>Nissan sentra SV for $481/month for 24 months.
>Toyota Corolla LE for $484/month for 24 months.
>Honda Civic LX for $506/month for 24 months.

How good is this an option ? Will the car insurance be covered in this ?
Suppose I don't take this, and would want to buy a car myself within next 2-3 months of my arrival, is that possible with
no credit history ? Also, how good the public transportation is to manage without a car for the mentioned period ?

Thanks and Best Regards,
adidam

[swagger]

Originally Posted by sheeri185adidam

>Ford Focus SE for $456/month for 24 months
>Nissan sentra SV for $481/month for 24 months.
>Toyota Corolla LE for $484/month for 24 months.
>Honda Civic LX for $506/month for 24 months.

Those are the payments that you would have to pay??

Wow. WAY too much. The payment on my Mazda CX-9 is lower than all of those, and it's 3x the car.

You can pick up a used car fairly cheap. For the cost of 3-4 of the monthly payments listed above, you could own a car outright. It wouldn't be new, but it'd be a much better value.

If they're covering the insurance in those rates, then it's a much better deal, obviously, and you could consider taking advantage of their offer. You should still do your due diligence and compare their costs against what it would cost you to get a car and insurance on your own, though.

Public transportation isn't terrible out here, but it's not great, either. You can get around, but it's a lot easier if you have your own car. Also, sitting at a bus stop for half an hour in weather that can be in the 30s in the winter or 115+ in the summer isn't fun.

[las vegas drunk]

Originally Posted by sheeri185adidam

Hi,

I need some suggestions about car lease agreement that my company in vegas is offering me.
I am from India and I am moving to vegas as an engineer.

One of the options the employer is providing is leasing a car among the following :

>Ford Focus SE for $456/month for 24 months
>Nissan sentra SV for $481/month for 24 months.
>Toyota Corolla LE for $484/month for 24 months.
>Honda Civic LX for $506/month for 24 months.

How good is this an option ? Will the car insurance be covered in this ?
Suppose I don't take this, and would want to buy a car myself within next 2-3 months of my arrival, is that possible with
no credit history ? Also, how good the public transportation is to manage without a car for the mentioned period ?

Thanks and Best Regards,
adidam

The rates for those cars you listed should be no more than $250 a month (at most!) for a lease. It is obvious they are trying to take advantage of you since you do not have any credit. Swagger is right on buying an inexpensive used car. The main problem with used cars that I have had is not reliability but on passing emissions every year. For that reason, I would buy a 1994 or older car if you're going to go used. I have had nothing but problems every year passing emissions. Finally, my car failed emissions so badly (over double allowed on all 3 criteria) 2 years ago but since it was over 20 years old I was still able to register and keep driving it since it is a 1991.

[jet757f]

You would be better off renting a car for a month so you would have time to consider your options.
Those lease prices seem way out of line. You could be buying a car with those payments.

I'm surprised your company would not be giving you better options.

[aggrofish]

Originally Posted by sheeri185adidam

Hi,

I need some suggestions about car lease agreement that my company in vegas is offering me.
I am from India and I am moving to vegas as an engineer.

One of the options the employer is providing is leasing a car among the following :

>Ford Focus SE for $456/month for 24 months
>Nissan sentra SV for $481/month for 24 months.
>Toyota Corolla LE for $484/month for 24 months.
>Honda Civic LX for $506/month for 24 months.

How good is this an option ? Will the car insurance be covered in this ?
Suppose I don't take this, and would want to buy a car myself within next 2-3 months of my arrival, is that possible with
no credit history ? Also, how good the public transportation is to manage without a car for the mentioned period ?

Thanks and Best Regards,
adidam

If those are a lease the payments make sense. Short term, no money down high money factor. I would check with your employer and see if you can get a car allowance instead and pick what you want.

The fact that you have no credit doesn't necessarily mean that they "man" is taking advantage of you. It could simply be a part of your compensation. Speaking of which, be sure to check with your employer as to the tax treatment. Is it a company car and $0.00 of the monthly payment is going towards your compensation or is the lease payment a taxable benefit on your end.

[Raiderman]

Originally Posted by aggrofish

If those are a lease the payments make sense. Short term, no money down high money factor. I would check with your employer and see if you can get a car allowance instead and pick what you want.

The fact that you have no credit doesn't necessarily mean that they "man" is taking advantage of you. It could simply be a part of your compensation. Speaking of which, be sure to check with your employer as to the tax treatment. Is it a company car and $0.00 of the monthly payment is going towards your compensation or is the lease payment a taxable benefit on your end.

You're 100% correct, aggro. Those payment are in line. It is a 2 year term with no money down, from what I can glean. The same cars will lease in the $200/mo range in the advertisements. However, it is normally a 36 mo. lease with $2995 down (plus acquisition fee, tax, title, reg) etc. On a 3 year lease, $1000 equates to approx. $20/mo in payment. so that $200 payment becomes $315-$330 with no money down including tax. However, on a 24 month lease, it is just under $50/mo for every $1000, so you can see how quickly the payment will skyrocket due to the short term.

[airics]

My father used to lease cars for about 250 with nothing down.....back in the 80s and 90s. Those days are gone...i love the Cadillac ads for 350 a month with 5000 down in tennis tiny print

[sheeri185adidam]

Thanks guys. That's a lot of help.
I have asked the HR to provide the final details of the CTC, to evaluate this proposition of leasing a car.
Awaiting her reply.

Cheers
Adidam

[sheeri185adidam]

This link actually explained a lot.
Calculate Your Own Car Lease Payment on Edmunds.com