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I did the math and could have had the car for a $10,000 discount... $5,000 GM Card + $5,000 rebate + "finance with GMAC" rebate... subtract $10 from the invoice price, and you're pretty much at your residual.
Yeah, they'll negotiate alright... I've never leased, but I'd do as Terry suggested.
I thought about leasing it, just for the heck of it, but the car doesn't do much for me, and between the insurance+tax+fees, it would have still cost some money... the "depreciation" would have been pretty much zero over 24 month.
-Mathias
P.S. I plan on trading it in for a 350Z, if that makes a difference.
48 month lease ..? .. The best thing you could do is call the lease company and get an exact figure .. right now these things are worth around the $10ish figure on a trade - long lease terms like 39/42/48 months, are usually the kiss of death ...
Terry.
You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". The previous poster, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
Car_man
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I am new to this forum and was hoping to get some help or at least some direction. I have a 2002 bmw 330ci, that i've leased. I have a 36 month lease of which I have 30 more to go. I've had a recent life change and need a bigger vehicle. Looking at a chevy tahoe. I thought of calling my bmw salesman and discussing it with him and wondering if there a way to terminate early on the lease? Do you haqve any suggestions? you seem very knowledgeable.
Your car has a payoff amount, just like an auto loan.. Call the bank and find out what it is... The difference between that figure and what you can sell your car for, is what it will take you to get out of your lease.
It looks like you leased a used car.. I hope it is at least a CPO car.. If you have only made six lease payments, you are going to take a bath trying to get out of it..
Your other option is to try a service like swapalease.com... You may be able to get someone to assume your lease, if you payment is favorable..
Is the lease through BMWFS? And what is your monthly payment?
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It is a cpo. It is throgh bmwfs. my monthly is $325, with a $6,000 downpayment.
-question for you. Is swaplease a viable method?
Think really hard about whether you actually "have" to have a bigger car.. Leasing contracts are very expensive to get out of... $6K down plus six payments of $325 so far... If all you could manage was to get someone to take over the lease, you'd be out $1325/mo for the six months you've driven...
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I wanted a nicer vehicle. I liked the 330. how it drove and felt. over this period of time. I came to realize that I was impetuous in this lease. I was more comfortable in the avalanche. I am 6 foot 8. I have been debating a way out of this vehicle and lease a truck again. So you've given me some food for thought.
Would you know if swaplease has good results?
thank you again.
Check out their website... you can pull up your model car, and see what the competition is..
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I appreciate all of your help.
Good night.
Yikes.! ... $6,000.?
Leases can be tricky little devils .. putting large amounts of money down only achieve one thing: lowering the payments - nothing else, the money evaporates after that ..
Unless you can get back $3,5/$4,000 on the lease, you might be better off just driving the vehicle until the end .. you paid your money and "bought" your payments down, you might as well enjoy the ride ..
Terry.
Thank you.
BD
thanks!
-h
It should not affect your credit report..
regards,
kyfdx
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BD
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Appreciate it!
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No it isn't.
Gimme a car on a 36k lease, I'll change the oil twice and generally drive the snot out of it.
Then I'll change the oil again a week before turn-in, have it detailed, and put on new tires.
How would you tell....?
-Mathias
People who don't bother to change the oil probably don't take car of the vehicle in other ways. I mean abused to the point where it's going to cost you at lease turn-in. If you bring in a car that's badly out of alignment or has other unaddressed mechanical issues, it should be obvious. If your engine is gunked up, that should be clear too.
Now, if they don't bother doing even the most basic mechanical inspection at the end of a lease, the dealership deserves what they get.
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People that don't maintain their cars treat them the same, whether they buy or lease.. And people that DO maintain their cars, are the same way... Otherwise, why maintain a car you own, if you know you are going to trade it in three years?
Now, if the check engine light comes on the day before you are scheduled to turn it in.. you might disconnect the battery to re-set it.. ;-)
But, in general, unless you are buying from someone you know well, any 36K mileage car is likely to be as good as any other, whether it was bought or leased...
regards,
kyfdx
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Bingo.! .. it makes no difference if they lease, buy or rent ....
By the way, your new Bow Flex is in the mail ..l.o.l....
Terry.
What? Moi? Je?
Shocked I am...
"But, in general, unless you are buying from someone you know well, any 36K mileage car is likely to be as good as any other, whether it was bought or leased..."
Agreed. My point was simply that you cannot just look at a car and tell what shape it's in. That's why I'm comfortable buying 120k mile cars, and 10k cars, but with 35k cars, I get a little nervous unless I can see the records or can at least look into the valve train and see everything is clean. Leased, bought, or 36k mile test drive, I don't really care.
I also think that most times, the general condition of the car gives you a clue as to basic maintenance, but it's a dangerous assumption.
There is NO way to look into a Ford Ranger engine, or a Toyota V6, and tell if it's all gunked up. You have to take people's word for it.
At the auction I guess it's OK; if you buy 300 cars a year like *some people*, it all averages out.
I thought kirstie was getting a little overconfident, and we can't have that here. :-)
-Mathias
I think I was overconfident in the "system." I figured these cars were pretty thoroughly checked out at lease turn-in. Sounds like they just look for obvious flaws. Good news for the family kirstie_h as the leased vehicle isn't getting as much attention as it should, IMO.
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Yeah.. don't ask me what brought that to mind..
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Car_man, "Lease Termination Fees and other costs" #108, 6 Jan 2005 7:16 am
You will likely have to purchase the vehicle at the residual value, PLUS make all remaning lease payments ($525 x 24 = $12,600).
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If I buy my leased car (Nissan Murano) at the end of the lease and I am over my milage limit, will I still incur the mileage penalty? I'm assuming the answer is yes, but I wanted to check.
Thanks in advance!
-Erik
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regards,
kyfdx
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Long story short, I was faxed the damage report yesterday. The auction house's inspectors list the damage at $1600, all for scratches and dings (nothing mechanical, mileage or interior related). I had the car professionally buffed at a body shop prior to turning it in and there wasn't a scratch on it. I also took it to a friend in the leasing business who inspected it and said it was "mint" and saw nothing I could be charged for. My question is do I have any recourse? Can I somehow dispute these charges? I didn't take pictures before turning it in, I just assumed they'd be honest. Big mistake I guess. Also, I was about 17k miles UNDER my mileage, does that give me any bargaining power?
They may negotiate the purchase price, but they will never negotiate mileage charges.. Which is why it is never a good idea to let them know you are over the mileage limit, if you are trying to negotiate the purchase...
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Is it me? Thanks a lot!
If you rotate, one pair shouldn't be wearing out before the other...
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I signed a lease two days on an 05 Dakota SLT 4x4 - 39 months, $419/mo, and they made my first payment, no money changd hands. My '97 Dakota trade was $3500 upside down, 158k miles, $368/mo, and had 18 months left on the finance, so my real bank commitment was only about 20 additional months. My credit is challenged, but improving.
I got 12K miles, afraid I'll go over (I do alot of long rafting trips). Are there any tricks to staying within miles or avoiding the penalties at lease end?
"Normal wear and tear" scares me a little - in five years, all I really did to my last vehicle was dent the rear bumper a little, and minor scratches. Assuming I remain that careful, should I be okay at inspection time?
The stereo stinks - if I replace the speakers without cutting any plastic or metal, would I need to replace the old ones at lease end? What about a new head unit?
I'd also like to put a diamondplate bed lip on (my frame sits atop my bed). If I let it go with the vehicle when I turn it in, will I get dinged for that?
Finally, I'm trying to figure out how successful swapalease.com deals are, in case I lose my job or something. It would make me feel better if I thought swaplease was a potential "out" for me down the road. I have another vehicle, I'm not too worried about being car-less, but I AM worried this lease deal was a catastrophically bad idea.
Thanks in advance to responses to all or any of these inquiries.
Any feedback would be appreciated!
Signed: Pissed-Off In PA