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Terrible idea!
I just cannot understand the current consumer. $50k purchases at 12% for 7 years for what? To try and impress people who don’t care? Vanity of Vanities. Buy a used car you can afford in cash or payoff in 12 months. $800-$1,100 monthly car payments are why you are broke and angry.
“He still worries about scratches but decided the three-year lease was better than possibly being upside down on the loan.” – Leasing is hedging against depreciation. Hedging your bet you will be ahead of the “market value” in 24 or 36 months. It’s hardly better than buying with a loan. If you can’t pile up cash and light it on fire you shouldn’t be looking at new cars. End of day.
Incur a 7 year loan on an asset that lasts 5 years. What could go wrong?