Advice before signing new lease

[craigjm]

nickfrog said:

craigjm said:

Right and let’s say a lease is £300pm how many people have 11 grand just sitting around? Quite frankly if your income dries up then a lease car is the least of your worries and there are options to hand it back. You need to be able to cover your mortgage more than anything for any period you may be out of work.

It just isn’t realistic to say to people you need to have money to cover the lease

Not sure I get the £11k thing as it assumes that one is going to lose their job on month 1 of a 36 month lease and that they are not going to find a job for 35 months. All possible of course but having a car means that you're more likely to find a new job and may give you more options. Actually is should be £6k or so as in most cases you owe 50% To 55% of the remaining payments.

Still, lease are expensive to get out of indeed which in part explains what they can be so cheap as they're very secure yields for the manufacturers.

It was just a throw away comment in response to someone who said be sure of your income or savings nothing more.