Need some opinions on Leasing a Car and Insurance?

Hope you enjoyed the holidays. Let's get to the story, I'm 20yrs old male currently enrolled in my third year at a university. I have an paid internship where I get approx $1500-1600 monthly. I was thinking about leasing a car and found a great deal for a 2016 Ford Fusion, fully loaded. Approx $300 per month. Although the issue I'm having is insurance. I'm currently getting quote for insurance at a rate of $380.00 under my mothers name. What must be stressed here is that I need a car because I drive ALOT. Good driver, not reckless. I can't deal with BS breakdowns and maintenance on the car every 3-4 months. So what do you guys think, not a bad deal to pay approx $700 monthly? Personally I think it's ok, yet defentltey not going to be a breeze. Lmk your opinions. Enjoy your day.

Notwithstanding the fact that you very likely will not qualify to lease, its a BAD idea and it eats up too much of your income.

98% of 20 year olds can't qualify to lease. Probably 90% of 23 year olds can't either.

And again, its a really bad idea.

Buy a clunker for cash and get liability only insurance. 20-30 years from now, this one decision could mean $100,000+.

Google "Drive Free, retire rich"

Metallica.

If you want to minimize your auto maintenance responsibilities and willing to pay for it then this is a good route for you. You will still have scheduled maintenance and gas fill=ups to deal with.

Leasing is a long term rental. You are committing to a set mileage for the next 3 years. ANY marks or damage are charged as extra. Excess miles are charged as extra.
At the end of the lease you have nothing.
No trade in nothing.
You will get a load of excess charges these always get added.
You are not likely to be accepted anyway.
You need to get your own insurance.
A properly maintained car should not break down.
Most European and Japanese cars are every year or 10,000 mile services or longer.
At present you have no idea where you will be in 3 years time.
Do not commit to something you can't get out of and you will regret later.

First you won't quality for a lease. To quality for a lease or any other form of financing, you must be at least 18, have good credit, and a good steady job. Your paid internship is NOT a job and doesn't count when applying for a loan or lease. So, for lease and loan purposes, you have no verifiable and long-term sustainable income.

Second, if you drive A LOT, then leasing is not for you. Leasing is designed for people who only drive a normal amount of miles (about 10,000 a year). Leasing doesn't make sense and is very expensive for people who drive more miles.

Third, since you obviously don't understand leasing and how it works, it would be terrible idea for you to do it.

$700 monthly is nearly 50% of your paycheck. You can't afford to pay that and no bank would approve it.

NEVER lease a car, especially in your circumstances. You will thank me later.

Putting the insurance under your mother's name while YOU are driving "a lot" is fraud.

First and foremost, you need to understand that you Can't lease a car. Lenders require no less than six months of full-time employment history, and a minimum verifiable income of at least $1700-$2000 per month, in addition to sufficient credit/credit history. They will not consider a paid internship, as it is not a job, and you WILL be gone after a set amount of time. In addition, not meeting income requirements is going to get you denied automatically.Understand that it takes MUCH better credit/credit history to lease a car. If you don't have a credit score of over 700, at least 5 years of credit history, and good auto credit, it's not going to happen.

Making matters worse is the fact that you "drive A LOT". Leases have a set amount of miles, which you can't exceed, or you will pay for every mile you go over.

You will NOT be able to be covered under your mother's insurance, unless she is on the loan/title. Otherwise, she has no "vested interest" in the vehicle. You will have to get your own insurance policy, which will more than double the cost of the premium you've been quoted.

You need to set your sights lower. Save a few thousand, and buy a beater for cash. Put liability insurance on it, and drive it until the wheels fall off. When you're in a better place in life (done with school, working full-time for more than minimum wage, not reliant on family for anything), then consider a new(er) car.

Sorry it's not what you wanted to hear.

You will need to have a financially qualified co leaser in order to get the lease. The $380 per month is a lot of money in addition to $300 for the payment. You really can't afford this vehicle. Why do you need a new car while you are in school?