Martis with us in New York hey Marty welcome to the Dave Ramsey show hey Dave how are you better than I deserve what's up I'm gonna show been binging on your podcast for a couple weeks I've been lovin it okay um I have a quick question for you um should i my lease is on my car is up this month the hotel shy lease a car or should I buy a reliable used car but so these payments for the car would be relatively cheap it's not you know not a BMW you know like a $200 all everything you know roll Ventura no no fees do at the beginning at the signing Johnson what would you do III really appreciate you calling and asking the question is because it's a great question that's on the top of a lot of people's minds so here's the thing leasing a car is an alternative form of financing a car so if we were to take the actual lease payments on the average lease in your case $200 right and you were to take the buyout at the end of the lease those are the two financial numbers you would need to put into a financial calculator and then you compare that with the sticker price of the car the manufacturer's suggested retail right you would find that this money that you're borrowing that you're renting is costing you on average 14.2% that's the average lease yield now Elyse is not technically borrowing money so the Federal Trade Commission does not make them reveal that to you or this a car loan you'd get this little ridiculous federal piece of paper that shows you exactly what your money is costing you what your annual percentage rate is and if...
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Lease to Purchase, also known as a rent-to-own agreement, is a contractual arrangement where the tenant has the option to purchase the property they are leasing at a predetermined price within a specified period. It is a hybrid contract that combines elements of both leasing and purchasing. In a lease to purchase agreement, the tenant pays a monthly rent to the landlord, just like in a regular lease agreement. However, a portion of each rent payment goes towards building equity or a deposit that can be used as a down payment when purchasing the property. This arrangement is suitable for individuals or families who aspire to become homeowners but may not have enough savings for a down payment, have a low credit score, or face challenges in obtaining a mortgage due to various circumstances. Lease to Purchase provides them with an opportunity to lease a property for a certain period while working on improving their financial situation and credit score to qualify for a mortgage. Lease to Purchase agreements can be beneficial for individuals who are uncertain about committing to a particular property or location, as it allows them to evaluate the property before deciding to buy. It also enables potential homebuyers to lock in a purchase price in an appreciating market, protecting them from the rising costs of housing. Furthermore, it can be an attractive option for both sellers and investors. Sellers can attract a wider pool of potential buyers by offering a lease to purchase option, while investors can generate rental income during the leasing period and potentially earn additional profit when the property is sold. Overall, Lease to Purchase provides an alternative path to homeownership for those who may not qualify for a mortgage initially or require more time and flexibility before committing to a purchase.
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