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If the repair was done correctly, nothing happens... You turn your car in, and happily walk away...
My wife had $9K damage done to her '01 Accord.. I was very happy that we were leasing that car..
regards,
kyfdx
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Glad I found this site. I've been learning so much. Here's a pickle for you. I leased a Mercedes benz 2003 ML 320. My lease is due back June 06. Excellent condition but I am over by 20,000 miles. What are my options here? what can i do? In efforts to retain my business and lease or purchase another MB, will MB will work wih me on the excess miles? It is 20 cents for the first 5000 miles and 25 cents thereafter. Do the math. yes, I know! OUCCHH! Any tricks of the trade anyone can provide. And no, burning the car it is not an option
thanks for everyones help!
1) buy car at end of lease for agreed upon residual price
2) turn car in and pay the $4750 in mileage charges
Will MB Finance negotiate the residual price? Maybe; it can never hurt to call and ask.
So, are the banks willing to deal on the residual value?
If yes, what kind of percentage?
If not, can you negotiate an extended warranty on the vehicle?
Terry.
Also, would it be a problem to drive with the spare until I return it on May 26th? I purchased a warranty upfront that should cover me for up to $2500 in damage -- WearCare. The spare isn't as large as the other three, but it isn't a donut either. The manual says not to drive more than 2000 miles total on the spare.
So what would you do?
1) Buy the Accord at the end of the lease in April and then sell it in the fall to get a 2007 CR-V?
2) Turn the Accord in at lease end in April and buy a 2006 CR-V EX (at hopefully great cost reduction with possible factory finance support).
3) Buy a Certified Pre Owned CR-V for the same amount that the Accord would have cost at buyout and possibly get a 2007 CR-V in the Fall or just keep the CPO?
4) Or rent a car for 6 months till the 2007s come out and buy it if we like it or buy a 2006 cause its really discounted!
I'm leaning towards 2 or 3 but need your advice.
Thanks, Scott
Though it might not seem like a great deal for what you get... that is probably the cheapest way to hold off on making a big financial commitment for six months..
regards,
kyfdx
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Is the excess mileage charge negotiable?
What is the practical difference between a 36 or 39 month lease? THE GMAC payment calculator lists a 36 month option but the dealer I saw down with pushed a 39 month contract.
When GMAC does a lease pull ahead do they forgive excess mileage and minor excess wear and tear?
thanks
Cheers
thanks all
Does anyone have any information about what I can expect? I have been told by a GM dealer that GMAC will not go after the estate for the balance due, but others have said that a legal contract was signed and has to be paid off. The selling dealer claims to know nothing about how to end the lease and really didn't have any sympathy for our situation. As a matter of fact, the person I spoke to when I first arrived at the dealership walked away from me when he heard what I wanted.
My mother-in-law does not drive and no one in the family is able to take over the lease.
Any assistance will be greatly appreciated.
Thanks,
Phil
2.) is Mom on the lease .....?
Terry.
No, she is not on the lease.
The other thing I did not mention was that my father-in-law was 89 when he signed the lease. The dealer let him sign for a 39 month lease despite his age. Any recourse on that point?
Thanks,
Phil
As far as Dad being 89 and being on a lease for 39 months..?
First of all .. I would have said he needs to BUY a car, not lease one ... but in todays world you have many seniors that are leasing and they "think" or they "feel" they're saving money .. maybe it's a psychological thing on their part .....
I just went through this with my buddies Dad, he's 92 and sharp as a tack, he knows more about world politics, economics and trade issues than 90% of the college professors you'll ever meet .... I talked purchase only - and he went down the street and leased for 24 months ..l.o.l... .... in your case, unless Dad was drooling his cookies, wearing a Pirates costume and talkin' to Greta Garbo then you have no recourse ....
The way it sits .... GMAC will take the vehicle back and charge it off as a Repo if it's not paid ..... because of their age, it "might" make a difference - maybe not ... you can also sell the vehicle and pay the difference, if any .. you can also let the lease company take it back (repo) and you pay the difference from the auction $$ and the payoff ....
Me personally (and not knowing all the facts) ... because of their age, and if everything is in trust and set-up properly .. then I would just make the payments til' everything was washed out of the current estate -- then let it go back .....
That said ... you need to get with attorney that *knows and understands* credit and what the negatives might be in this particular situation - believe me, most attorneys don't ....
Terry
5-year lease (12k/year)
Payoff Amount $6,524.11 (3 payments remaining)
61,000 miles (1,000 miles over limit).
Condition – clean.
The problem is that I’m going to buy new Civic.
Toyota promised me to waive 3 remaining payments if I lease a new Toyota.
But I like Civic more.
Would appreciate anyone's input. Thanks
How much is your monthly payment?
Thanks
Terry.
I'm looking to trade my lease vehicle (03 Nissan Altima SE) early. I leased at 352/month 39 months and 15K miles. The lease is up in December, but I am already 10K over on mileage. So the car now has a $2300 deficit. That is the dealer is willing to give me $12000 for it, but I owe $14300. I want to lease another Altima SE but with 20K/year.
I am working with two dealers and one of them told me that Nissan has told them to watch out for a Lease Pull Ahead program starting sometime in June. I questioned him about the program and he said that they will wave all reaming payments if the lease ends before 12/31 which mine does. I tried to ask him some questions, but he was very vague. Mainly I wanted to know how the pull ahead program would work for my situation because of my excess mileage. From reading these forums and using some deductive reasoning, I see 3 possibilities depending on how the rules work:
1. They take the car back and I have to pay prorated over mileage. This would not help me at all: 33 months x 1250 month = 41,250 - 58,000 = 16,750 over x $.15 = $2,5512.50
This is more than the current deficit.
2. They take the car back and I have to pay overage on the full 48,750 mile allowance. This would be roughly $1500. This would save me about $800.
3. They simply forgive the last 6 payments so the buyout of the car would only be the residual or about $12,200. The dealer would give me $12,000 and I am only $200 in the hole!
The dealer that I spoke with alluded to the second or third option. Option 3 seems almost too good to be true. So maybe he is just saying this because he couldn’t close the deal with me at that moment. See, this dealer doesn’t actually have an 06 Altima SE in stock. He said he could locate one though.
Dealer #2 on the other hand has 1 and I do mean one 06 SE in stock and he is willing to make a very attractive deal $380/month 39 months (including tax) 20K per year and $549 due at signing. MSRP of the vehicle is 26,135 (SE with sport package). The 06 SE are very hard to come by right now. I asked him about the pull ahead program and he just said they are not offering it now.
So my two questions are:
1) Does anyone know if Nissan is indeed planning on offering a pull ahead program this month?
2) What are the terms of the pull ahead program (or what were they in past years) and which of the 3 options above would I most probably fall under?
Thanks in advance for any help with this.
You owe what you owe ....
Terry.
Were the hubcaps missing? And is there a dent? If so, she is probably obligated by the leasing contract to pay for these items, regardless of whether she knew they were there or not.
However, the dealer can't resolve or really help you with any of this. The best thing to do is to work directly with the finance company (Toyota, I suspect) who should provide you with documentation on how they calculated the amount of property tax owed.
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I need some help here.
I have a 2005 Jetta GLI on a lease and would like to trade it in and BUY a used car-2005 Saab 9-2x Aero wagon w/7500 miles on it. I need more trunk space than what the Jetta provides. The price on the Saab is $18995.
The buyout on my GLI is $15570 and I have about $5700 left in payments at $265 p/month. The residual at the end if about $10K. The blue book value is about $16500 on it w/$26K miles.
The dealer is quoting me about $320 p/month on a 5 year loan at 8.9%-seems high, with $2500 down.
Might it be wise to get out now? or just wait until the lease ends or am I missing something completely?
I'm trying to do the wise thing here.
Any help is appreciated.
Thanks!
With a lease, all finance charges are built in up front. So UNLESS there is a special discount for leases only AND it outweighs all the finance charges and inception fees that would be tacked on to a lease, then, yes, he's full of it.
I could see, for instance, in the case of Volvo, they are offering something like $10k off on non-volvo-backed leases. That's a big chunk of change. However, a non-volvo-backed lease comes with a pretty high rate of interest. I haven't plugged away at the numbers, so I don't know exactly how much that is. So the question comes down to, how much difference is there between the cap cost of such a lease and the selling price if I paid cash, and is that difference greater than all the finance charges and inception fees.
And, of course, you have to make sure there are no prepayment penalties if you chose to lease and then buy it out before lease end. (i wonder what the significance of 3 payments is???)
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
The auto business is one of the few jobs where you could make a ton money one week and then end up owing your employer money a month down the road.
If you have a really good week as an F&I manager you might sell enough waranties, loans and other products to make a two or three grand one week. Now if a month or two later all of those people trade in their cars which cancels their warranties and ends the contracts on the loans you would be charged back on all of those commissions.
If you just happend to have a bad week that week and only made a less then a grand then you would owe the dealership the differance and they would take it out of your following paychecks.
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Once you buy it out, there are no more lease payments.
why do you want out of it so badly?
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
If you like the vehicle, why are you trying to get out of the lease?
Before buying or leasing a car, you should make very sure that you like the car.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Not a lot of disposable income on hand for $ down and my mother has suggested I feel out some local dealers to see if they would pick up my lease/vehicle. She had a good experience where she "traded" in her leased Chevy (at the end of the lease) for a new leased Honda - they drove it from NH to her workplace in VT, she gave them the agreed amount owed, and they took care of the Chevy......Anyone else had a positive experience like this??
You just need to see if its worth it. Your mom gave you good advice. If a dealer will give you more than the buyout, GREAT! You have equity to apply to a new car. If not, then come up with the $350 and turn it back in and start all over again.
If you lease again, you don't need any money to put down. You obviously don't drive very much (11k miles per year), so another lease should be ok for you if that's what you want.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S