I was skeptical about the deal after reading some of the helpful posts here so had to satisfy my curiosity although I would have been happier had the sales rep actually checked the VIN number before telling me to come out.
Classic bait and switch , I guess. Or maybe not.Just a mistake.Things happen. :shades: But ,yes, something was just not adding up to your original story.
When the sales rep met with me he stated oops, he had looked at the wrong VIN number while we had talked on the phone and vehicle was no longer available
OOPSIE! Sounds like an honest mistake. These things happen all the time, what with hundreds of cars in inventory... cars being moved around all the time. Give the sales guy the benefit of the doubt and invite him out for a cold one.
He should have been the one to invite me out for a beer, after all I'm the one who drove out to the dealership
Yeah, you're probably right. Knowing that sales dude, he'd probably drink a bunch of beer, excuse himself to use the restroom, then run off and stick you with the bill.
The same thing happened to me many moons ago with a Honda Ody. Before I could get out, " Do you have a....", the salesmen replies, "yeah, we got that on the lot. Come on down, I'll jump start it and we'll take a test drive". I get to the dealership after a long exhausting drive and "OOPSIE", it's already been sold. But, I was offered a much more expensive van at a really good price.
Hi, I was wondering, how much do prices on cars usually drop when a new redesigned model comes out? I am looking at Infiniti M right now, and a new redesigned 2011 M37 is coming out in spring 2011. Will this cause a major price drops for 2009 and 2010 M35 that are still in stock? Right now I heard people are getting 10K off MSRP on 2009 M35 (due to $6K manufacture to dealer incentive). Is it possible for prices to go even lower? Will a dealer ever sell a car for less than (invoice-incentives)?
The prices may drop (via manufacturer supported reabtes and programs) or they might stay the same depending on the inventory that's left over on the ground.
If there is a lot of inventory, a manufacturer might release extra incentives to help move it. If there is little inventory left of the old model, then chances are there might not be any more discounts or rebates.
Also keep in mind, that the longer you wait, the less selection there will be on the old remaining models. Typically all that's going to be left over are odd color combinations, along with option packages that weren't very popular, hence they'd still be in stock.
So yes, in general discounts may increase slightly but you'll have less vehicles to choose from.
Let's say you want to trade in your present car, but you need to special order your new car, as you want a specific set of options and colors that can't be found in stock anywhere. How does that work (if it does)? Do you leave your current car with them now and wait on the new one, or agree on a trade-in value now, or what?
Since for us an order could be 3 months from delivery, we estimate the trade at time of order. With book drops, chances of damage, brakes, etc, the final trade value is agreed to at delivery.
Since for us an order could be 3 months from delivery, we estimate the trade at time of order. With book drops, chances of damage, brakes, etc, the final trade value is agreed to at delivery.
Your customers are happy with that?
When I bought my last car we agreed a firm number for my trade-in and I clarified that that number would be good at expected delivery (3 months in the future) and the sales manager agreed that it would, excepting excessive mileage or damage. That number appeared on the contract that both parties signed. You can probably guess what's coming next; when I turned up for delivery they wanted to re-assess my trade-in. I stuck to my guns and said that we had a deal and if they wanted to change it then everything was up for re-negotiation or even cancellation and they decided to go with the original deal.
well even on a lease with a locked-in residual value in the contract they will re-evaluate the car for damage. But I agree, attempting to re-evaluate the car for *market value* 3 months down the line, (if that's what they were after) after agreeing to a price, is sleazy.
I don't think it's sleazy as long as the dealership is up front with the customer at the time of order.
Mr. Customer, your vehicle is worth $XXXX now, what it will be worth in 3 months, I don't know, but at that time you can accept the new trade in price (if it will change) or sell the vehicle privately.
Vehicle values can plummet for any reason within a short time such as massive recalls (Explorers for example), fuel prices, etc. What if the customer has a huge accident costing $10k. Even though the car would be fixed, the accident history would affect the car's value.
And keep in mind, nobody is obnligated to trade in their car. They're welcome to sell it privately while waiting for the factory order, or afterwards.
Well yes, I meant to imply that it was only "sleazy" if the dealer agreed to a firm price and then dis-agrees to it in 3 months. To pencil in a value on a sales contract (and we all know it is not valid until approved by the MGR), knowing full well that there is no intention to keep to that price---that's sleazy.
I'm interested in buying a newer/used 4x4, super cab F150. I realize that these trucks tend to hold their value pretty well. here is what I am trying to learn from an expert..
I realize that a new car depreciates in value just after driving off the lot and then the vehicle will depreciate by each year/mile driven.. However, at some point, the F150 depreciation starts to slow before most other vehicles and will hold some value. What I'm wondering is this... at what year after purchase does the F150 depreciation value begin to slow? Is it in year 2? Year 3? Year 5, 6? at what vehicle age can I pick up an F150 where it's biggest drop in depreciated has already occurred and its dipping toward its lowest point BEFORE it begins to hold its value again.
This would be the age of a truck I am looking for...
does this make sense? DId I explain it well enough??
I would price a new one with the actual buy price as well as msrp. Then search the sites to see how they depreciate year by year. They will be retail prices with some give but you will get an idea. Since everything declines to junk, figure how much you feel is reasonable to lose when the car is worthless.
I unfortunately have a credit score of around 470 last time I checked. I am working on getting it fixed but I am in need of a automobile. I take the bus 3 hours from work and back everyday and it is getting excessive. I have a good job that pays me over 50k a year but I do not have the credit to get financed. I have about $2,000 saved for a down payment and have heard terrible stories about DriveTime and am weary about buying a car from there. I also hear that CarMax might be able to finance me through one of their banks through a high rate.
I am not worried about the high rate since I have a good job and I can pay. However, I do not want to be totally taken which is what DriveTime does to their customers. Any advice?
Why do you have to finance anything? There are decent used cars available that should serve you while you start to sort out your credit. Stay away from the used car lots and look in the local newspaper or craigslist. Have the car checked out by a mechanic and try and budget for future repairs. You would also save a lot on insurance too, because you would only be able need to carry liability instead of full collision/comprehensive.
The interest charges at those places that "finance anyone" can approach 20% that will really hurt over time.
Thank you for your help it is good to see that there are nice people out there.
Flatstorm, take dealercheckm8's offer with a grain of salt. You saw his two posts above. Enjoy them while they last as they will be deleted for spam. That would be a total of 5 posts that he has posted on this site, and 5 posts that get deleted for spam.
He did have some good advice. Save a bit more. I know taking the bus is a pain, but one more month in the grand scheme of things is not going to kill you. Good luck and keep us posted.
Fellow posters: I have a F150 coming off lease in a few months. I know what the buy back is. I took out the extended warranty at the time of leasing because it was my first Ford and didn't want to get stuck for big repair bills and I was considering keeping the truck. I love the truck and may keep it, but I am also considering a purchase of a new F150. If I decide against keeping the leased truck, what happens with the extended warranty? Can it be transferred to a new truck? Can the warranty be left on the leased truck and used as a bargaining tool for "wear and tear" (no damage, but may require new tires at end of lease)?
The leased truck will not be over on mileage (or perhaps slightly over). Your help and advice is appreciated.
I missed the deleted posts but the information that's still there is good.
If you can buy for cash and systematically do everything you can to improve that credit score. Bad debt stays three years unless it's a foreclosure, repo or bankruptcy that put you behind the 8 ball.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
You will be eligible for a pro-rated refund on the warranty. Cancel it before you trade or it goes away. The warranty sheet tells you how to handle the cancellation.
It's very hard to tell when depreciation slows down, but to be honest with you, a vehicle stops/slows down depreciating when it reaches the end of its useful life. When it's a $1000 or $500 vehicle and it still runs is when it reached the bottom and typically doesn't lose value anymore unless it has a majorly expensive failure.
That being said vehicles typically depreciate the most in the first year. But even if you buy a used vehiicle from a dealer, it will still lose a few thousand once you drive it off the lot because if you turn around and want to sell it back you won't get the markup back, or the taxes and fees associated with the purchase.
I would recommend buying something about 2 years old as it still has warranty and it has depreciated quite a bit already. The trick is to compare new vehicle prices after rebates vs comparable one or two year old models. Sometimes the difference is not that huge and it onlyt makes sense to buy new especially if you're planning to keep it for 10 or so years.
To make the comparison even more level, compare new model vs used one with extended warranty that equals that of the new truck. See if it still makes sense.
And lastly if you're buying trucks, I would seriously look at new ones as used 1 or 2 year old models are typically worked hard and do take a beating in the first few years.
I also posted this in the 2008 CTS forum, but thought may be more appropriate for this forum--
I have the opportunity to take over the remaining 15 months of a prepaid lease on a 2008 Cadillac CTS 4WD. The VIN is 1G6DS57V980212081. I am curious which engine this car has and any other info the VIN may tell. The window sticker is not available, but the lease agreement indicates the MSRP was $45.5K. Car has 11.5K miles with 45K allowance.
The car is red metallic with beige leather. The car needs some cosmetic repair to the two rear wheel areas and the rear bumper where the former (now deceased) driver evidently scraped/hit underground parking lot poles. One of the chrome wheels is scraped. The interior needs a good detailing, but otherwise, the car seems to be complete. It drives really well. All services have been done and are up to date.
The car has the full panoramic sunroof, wood trim, BOSE, from what I could see. It's a nice car, and I would like to someday have a Cadillac. This might be the time, depending upon the cost to repair the cosmetic damage and detail the interior.
The estate guardian is getting an estimate for the repair that I would have to bear to assume the prepaid lease. Lease expires June 2011. Residual value on paperwork is $27K. I would consider negotiating purchase (not at that price) at the end of the lease, if I go through with the transaction.
I wonder if somehow the deceased's car insurance could cover the damage?
I would appreciate any assistance, advice, guidance to help me with this. Thanks in advance.
I really don't see how you could come out very well by assuming a lease on a damaged car. The leasing company wants it back fixed so if you assume the lease then it's your baby. And I wouldn't count on any negotiation of the residual either--I mean you could try, but I wouldn't count on it.
You pose an interesting question regarding insurance claims---I wonder if the estate could make a claim, since I presume the insurance company is insuring SOMEBODY on this car---or has insurance lapsed? I"m stumped on that part.
In any event, it's my understanding that the estate has to either pay off the lease or give up the car for repossession or try to find someone to take over the lease and pay to fix the damage.
I guess I'm not sure why you are so hot on this car? I don't see why you couldn't find someone else with a cleaner 2008 that wants out of their lease. I bet there are lots of those people around right now.
The engine is either a normal or a direct injection 3.6L V6. The best bet is to call up the original selling/leasing dealer and give them the VIN so they can give you all the details about it. But judging by the price paid I think it's the DI engine.
So basially you can have this lease that wouldn't cost you anything in payments except the amount to fix the damage; am I correct?
Residual values (buyouts) are not negotiable under most circumstances. If this was a GMAC lease, the car will go to the auction where it will be wholesaled at lease end. If this was a lease done by a small leasing company, then you might be able to negotiate the buyout.
I doubt that the deceased person's insurance can cover this as he'd have to put in the claim and sign off on it (unless maybe the damage was done while the owner died?).
In addition to meeting the estate guardian's requirements, you might also have to meet GMAC's (or leasing company's) requirements as well as pay any fees associated with lease transfers, if such a transfer is even allowed by the leasing company in the first place. I believe that even with a prepaid lease you'll have to do a credit check and officially apply to take over the lease.
Best bet is to contact the original leasor (the place that leased the vehicle) and ask them all the info. Good luck
You're right Shifty, it doesn't make sense to take over such lease but I think that bryan can takeover this prepaid lease, and from what I understand it won't cost him anything in payments as its prepaid, except the only stipulation is to fix the damage on his dime.
Correct; my cost would be cosmetic repairs as original lessor prepaid entire 36 month lease. It's leased from large Northern VA Cadillac dealer, and is a Smart Lease (GMAC I believe). Original salesperson is also interested in assuming lease.
Estate rep is good friend through my gym and car buddy--knows I like the CTS and thought of me. He did not know of damage until he took it from widow's garage and brought to me to see/drive. If cost to repair cosmetics is $1500, plus $500 transfer fee, I have 15 months driving for $2K (plus gas, etc.)
I should not have problem with GM as I just paid off two GMAC car loans; one in 08 and other in 09, and have 800+ credit score, with no debt other than housing. And, I don't need this car--it's more a want...color combo/chrome wheels are perfect for my taste.
I'll see what selling dealer can provide regarding VIN info. IF I do this, at the end of the lease term, I can turn car back and walk away. Thanks again for the advice.
No problem. It does sound like a deal if you can get this for about $2k.
But in this case I'd be worried that the estate rep is giving away the vehicle without trying to recover some amount of the pre paid payments. By doing so he may not be acting in the best interest of the estate. I'm no lawyer and I'm not sure if it's their job to do that or not, or if they should even try to recover any payments that were made ahead, but this takeover just seems a bit too good to be true.
Anyways if it's all legal and ok, then it's indeed a great deal. Good luck!
Well me and the wife bought a brand new 09 Equinox in August of 09 when we only had 2 kids. Now we have 3, and we feel the Nox worked for a family of 4 but its pretty snug for a family of 5. So my question for you dealers is this, When would be the best time to trade the Nox in for a upgrade without being upside down. Obviously keeping it for the full 5 years is the smartest option and is what we will most likly do, but if we could upgrade without losing TONS of money we would love to do that.
Okay, I'm understanding this better now...I missed that the lease was prepaid.
BUT STILL---the executor has a legal responsibility to make sound decisions with the estate's assets---I don't think he can give away those 15 payments either....I doubt that other interested parties in the estate's assets would take kindly to that decision if they knew about it.
Also I think $2000 damage is an under-estimate, from your description. You can't get a scratch fixed these days for $600 bucks.
I'm not an estate lawyer (or any kind of lawyer, thank God), but I think the owner 'lives on' throught his estate administrator regarding the car. If the insurance has been kept in effect, I would think the damage would be covered just as if it would be covered were he alive.
And, yes, if there are other people with interests in this estate, the administrator should be mindful of their interests. (A widow was mentioned.) Why don't you decide on some monthly lease value for this car ($400 or so) and give the estate this amount x the number of months remaining, less any transfer fee. Of course, do this after the insurance has repaired the external damage. And I agree, I don't think $2,000 will repair scrapes along both sides of the car.
Personally, I hope my estate administrator doesn't give away my vehicles after my death. Give away the house next?
Estate rep is following family's wishes. Lots more to story; widow can't drive--stroke victim, etc. Money is not the issue with this family--they want rid of car, period--memories.
VA personal property taxes owed, plus now we have damage that needs to be addressed, etc. Only other offer was $500 lease transfer fee from original car salesman, nothing more. He has not seen car, so let's see if he's interested now. My offer before damage was discovered would have paid toward personal property taxes owed.
I think you are right about cost to repair. I have 4 cars now so am not all that excited unless it works into my monetary comfort zone. If this does work out, I'll cull the herd. Thanks again to all for the words of wisdom--most helpful to me.
One also has to wonder, given the circumstances, how the car was taken care of, maintenance-wise. It brought to mind a case couple years ago when a dealer friend of mine bought...I think it was a Mazda RX8 if I recall...from the daughter of a very wealthy family, only to find out that the oil had never been changed in 30,000 miles! The owner fessed up that the car had never been to the dealer since purchase.
Hi carstryke, I'm not a dealer, but until one responds, i can give you a bit of information. If you trade in right now, you will lose quite a bit of money, in all likelihood. The largest depreciation hit, percentagewise, usually occurs the second you drive off the lot.
There are a few factors you haven't mentioned that might help other provide you with info - for example, how long is your financing term? I assume 5 years, but let us know. Did you put any money as a downpayment? How much? What amount is financed currently?
Unfortunately, without being Predicto the Magnificent, it's not possible to give you an entirely accurate "when's the right time" answer. That's because no one can evaluate what the market will be for a 2009 Equinox in, say, 2 years from now, and no one knows what the condition an mileage will be. However, some may be able to give you a reasonable best guess if you provide more info.
MODERATOR /ADMINISTRATOR Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name. 2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h) Review your vehicle
All service is up to date. I would also have it checked out before I made the transaction. I'm trying to think of all the possible pitfalls, and the maintenance was one of them. Oil change reminder sticker says oil change done in November less than 1,000 miles ago.
We all know you take a beating with depreciation as soon as the tires hit the curb and you leave the dealers lot with your New vehicle. That said,at that moment, we are ALL driving "used cars". But, somethings cannot always be broken down into mere dollars and cents. We all know that buying a used car even several months old will save you thousands of dollars and you will have barely a few thousand miles on the odometer and the remainder of the vehicles bumper to bumper warranty. All pre-owned cars and trucks were at one point sold New! The depreciation is a tough hit, no doubt! Some of us still enjoy picking out the exact car of choice, with the color we want, and the options we desire. For this, we pay a dear price! An lastly, the most expensive fragrance in the world (does not) come out of a Perfume Bottle, it is the brief period of New Car smell thats so alluring and very brief. Guess thats what new car love is all about. Most car dealers will tell you, there are used car buyers and new car buyers, you can`t put a new car buyer into a used car anymore then putting a used car buyer into a new car. Its a futile effort. Most new car buyers are intelligent people that know full well before purchase the beating they are about to endure but precede anyway. Most marriages end in divorce but that does`nt stop people from continuing to get married? To each there own and purchase what you want or what you can afford.
Comments
Sure woke up the forum though!
2013 LX 570 2016 LS 460
I'd say it was more than possible. Unless this dealer has a good reputation.
FWIW, if the dealer has a bad reputation, sleaziness is sleaziness. You don't have to grade it.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
OOPSIE! Sounds like an honest mistake. These things happen all the time, what with hundreds of cars in inventory... cars being moved around all the time. Give the sales guy the benefit of the doubt and invite him out for a cold one.
I would advise him to take a long walk on a short pier. What a bait and switch scam. :mad:
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Yeah, you're probably right. Knowing that sales dude, he'd probably drink a bunch of beer, excuse himself to use the restroom, then run off and stick you with the bill.
The same thing happened to me many moons ago with a Honda Ody. Before I could get out, " Do you have a....", the salesmen replies, "yeah, we got that on the lot. Come on down, I'll jump start it and we'll take a test drive". I get to the dealership after a long exhausting drive and "OOPSIE", it's already been sold. But, I was offered a much more expensive van at a really good price.
I was wondering, how much do prices on cars usually drop when a new redesigned model comes out? I am looking at Infiniti M right now, and a new redesigned 2011 M37 is coming out in spring 2011. Will this cause a major price drops for 2009 and 2010 M35 that are still in stock? Right now I heard people are getting 10K off MSRP on 2009 M35 (due to $6K manufacture to dealer incentive). Is it possible for prices to go even lower? Will a dealer ever sell a car for less than (invoice-incentives)?
Thanks.
If there is a lot of inventory, a manufacturer might release extra incentives to help move it. If there is little inventory left of the old model, then chances are there might not be any more discounts or rebates.
Also keep in mind, that the longer you wait, the less selection there will be on the old remaining models. Typically all that's going to be left over are odd color combinations, along with option packages that weren't very popular, hence they'd still be in stock.
So yes, in general discounts may increase slightly but you'll have less vehicles to choose from.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Your customers are happy with that?
When I bought my last car we agreed a firm number for my trade-in and I clarified that that number would be good at expected delivery (3 months in the future) and the sales manager agreed that it would, excepting excessive mileage or damage. That number appeared on the contract that both parties signed. You can probably guess what's coming next; when I turned up for delivery they wanted to re-assess my trade-in. I stuck to my guns and said that we had a deal and if they wanted to change it then everything was up for re-negotiation or even cancellation and they decided to go with the original deal.
Mr. Customer, your vehicle is worth $XXXX now, what it will be worth in 3 months, I don't know, but at that time you can accept the new trade in price (if it will change) or sell the vehicle privately.
Vehicle values can plummet for any reason within a short time such as massive recalls (Explorers for example), fuel prices, etc. What if the customer has a huge accident costing $10k. Even though the car would be fixed, the accident history would affect the car's value.
And keep in mind, nobody is obnligated to trade in their car. They're welcome to sell it privately while waiting for the factory order, or afterwards.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Our beloved hosts save us once again. :shades:
I'm interested in buying a newer/used 4x4, super cab F150. I realize that these trucks tend to hold their value pretty well. here is what I am trying to learn from an expert..
I realize that a new car depreciates in value just after driving off the lot and then the vehicle will depreciate by each year/mile driven.. However, at some point, the F150 depreciation starts to slow before most other vehicles and will hold some value. What I'm wondering is this... at what year after purchase does the F150 depreciation value begin to slow? Is it in year 2? Year 3? Year 5, 6? at what vehicle age can I pick up an F150 where it's biggest drop in depreciated has already occurred and its dipping toward its lowest point BEFORE it begins to hold its value again.
This would be the age of a truck I am looking for...
does this make sense? DId I explain it well enough??
Experts need reply!
I am not worried about the high rate since I have a good job and I can pay. However, I do not want to be totally taken which is what DriveTime does to their customers. Any advice?
Why do you have to finance anything? There are decent used cars available that should serve you while you start to sort out your credit. Stay away from the used car lots and look in the local newspaper or craigslist. Have the car checked out by a mechanic and try and budget for future repairs. You would also save a lot on insurance too, because you would only be able need to carry liability instead of full collision/comprehensive.
The interest charges at those places that "finance anyone" can approach 20% that will really hurt over time.
2025 Ram 1500 Laramie 4x4 / 2023 Mercedes EQE 350 4Matic
2, No bankruptcies or repos
3. If I save for another month I can probably come up with another 1k
Thank you for your help it is good to see that there are nice people out there.
Flatstorm, take dealercheckm8's offer with a grain of salt. You saw his two posts above. Enjoy them while they last as they will be deleted for spam. That would be a total of 5 posts that he has posted on this site, and 5 posts that get deleted for spam.
He did have some good advice. Save a bit more. I know taking the bus is a pain, but one more month in the grand scheme of things is not going to kill you. Good luck and keep us posted.
Told you, they're gone already (yay, hosts!).
You can do better on your own. With autotrader, you have access to vehicles in the entire US. You don't need a car broker.
I have a F150 coming off lease in a few months. I know what the buy back is. I took out the extended warranty at the time of leasing because it was my first Ford and didn't want to get stuck for big repair bills and I was considering keeping the truck. I love the truck and may keep it, but I am also considering a purchase of a new F150. If I decide against keeping the leased truck, what happens with the extended warranty? Can it be transferred to a new truck? Can the warranty be left on the leased truck and used as a bargaining tool for "wear and tear" (no damage, but may require new tires at end of lease)?
The leased truck will not be over on mileage (or perhaps slightly over). Your help and advice is appreciated.
If you can buy for cash and systematically do everything you can to improve that credit score. Bad debt stays three years unless it's a foreclosure, repo or bankruptcy that put you behind the 8 ball.
That being said vehicles typically depreciate the most in the first year. But even if you buy a used vehiicle from a dealer, it will still lose a few thousand once you drive it off the lot because if you turn around and want to sell it back you won't get the markup back, or the taxes and fees associated with the purchase.
I would recommend buying something about 2 years old as it still has warranty and it has depreciated quite a bit already. The trick is to compare new vehicle prices after rebates vs comparable one or two year old models. Sometimes the difference is not that huge and it onlyt makes sense to buy new especially if you're planning to keep it for 10 or so years.
To make the comparison even more level, compare new model vs used one with extended warranty that equals that of the new truck. See if it still makes sense.
And lastly if you're buying trucks, I would seriously look at new ones as used 1 or 2 year old models are typically worked hard and do take a beating in the first few years.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I have the opportunity to take over the remaining 15 months of a prepaid lease on a 2008 Cadillac CTS 4WD. The VIN is 1G6DS57V980212081. I am curious which engine this car has and any other info the VIN may tell. The window sticker is not available, but the lease agreement indicates the MSRP was $45.5K. Car has 11.5K miles with 45K allowance.
The car is red metallic with beige leather. The car needs some cosmetic repair to the two rear wheel areas and the rear bumper where the former (now deceased) driver evidently scraped/hit underground parking lot poles. One of the chrome wheels is scraped. The interior needs a good detailing, but otherwise, the car seems to be complete. It drives really well. All services have been done and are up to date.
The car has the full panoramic sunroof, wood trim, BOSE, from what I could see. It's a nice car, and I would like to someday have a Cadillac. This might be the time, depending upon the cost to repair the cosmetic damage and detail the interior.
The estate guardian is getting an estimate for the repair that I would have to bear to assume the prepaid lease. Lease expires June 2011. Residual value on paperwork is $27K. I would consider negotiating purchase (not at that price) at the end of the lease, if I go through with the transaction.
I wonder if somehow the deceased's car insurance could cover the damage?
I would appreciate any assistance, advice, guidance to help me with this. Thanks in advance.
You pose an interesting question regarding insurance claims---I wonder if the estate could make a claim, since I presume the insurance company is insuring SOMEBODY on this car---or has insurance lapsed? I"m stumped on that part.
In any event, it's my understanding that the estate has to either pay off the lease or give up the car for repossession or try to find someone to take over the lease and pay to fix the damage.
I guess I'm not sure why you are so hot on this car? I don't see why you couldn't find someone else with a cleaner 2008 that wants out of their lease. I bet there are lots of those people around right now.
So basially you can have this lease that wouldn't cost you anything in payments except the amount to fix the damage; am I correct?
Residual values (buyouts) are not negotiable under most circumstances. If this was a GMAC lease, the car will go to the auction where it will be wholesaled at lease end. If this was a lease done by a small leasing company, then you might be able to negotiate the buyout.
I doubt that the deceased person's insurance can cover this as he'd have to put in the claim and sign off on it (unless maybe the damage was done while the owner died?).
In addition to meeting the estate guardian's requirements, you might also have to meet GMAC's (or leasing company's) requirements as well as pay any fees associated with lease transfers, if such a transfer is even allowed by the leasing company in the first place. I believe that even with a prepaid lease you'll have to do a credit check and officially apply to take over the lease.
Best bet is to contact the original leasor (the place that leased the vehicle) and ask them all the info. Good luck
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
We'll wait for clarification.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Estate rep is good friend through my gym and car buddy--knows I like the CTS and thought of me. He did not know of damage until he took it from widow's garage and brought to me to see/drive. If cost to repair cosmetics is $1500, plus $500 transfer fee, I have 15 months driving for $2K (plus gas, etc.)
I should not have problem with GM as I just paid off two GMAC car loans; one in 08 and other in 09, and have 800+ credit score, with no debt other than housing. And, I don't need this car--it's more a want...color combo/chrome wheels are perfect for my taste.
I'll see what selling dealer can provide regarding VIN info. IF I do this, at the end of the lease term, I can turn car back and walk away. Thanks again for the advice.
But in this case I'd be worried that the estate rep is giving away the vehicle without trying to recover some amount of the pre paid payments. By doing so he may not be acting in the best interest of the estate. I'm no lawyer and I'm not sure if it's their job to do that or not, or if they should even try to recover any payments that were made ahead, but this takeover just seems a bit too good to be true.
Anyways if it's all legal and ok, then it's indeed a great deal. Good luck!
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
BUT STILL---the executor has a legal responsibility to make sound decisions with the estate's assets---I don't think he can give away those 15 payments either....I doubt that other interested parties in the estate's assets would take kindly to that decision if they knew about it.
Also I think $2000 damage is an under-estimate, from your description. You can't get a scratch fixed these days for $600 bucks.
And, yes, if there are other people with interests in this estate, the administrator should be mindful of their interests. (A widow was mentioned.) Why don't you decide on some monthly lease value for this car ($400 or so) and give the estate this amount x the number of months remaining, less any transfer fee. Of course, do this after the insurance has repaired the external damage. And I agree, I don't think $2,000 will repair scrapes along both sides of the car.
Personally, I hope my estate administrator doesn't give away my vehicles after my death. Give away the house next?
Local dealer has an '09 CTS service loaner advertised for $25,400... original MSRP of $41K..
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VA personal property taxes owed, plus now we have damage that needs to be addressed, etc. Only other offer was $500 lease transfer fee from original car salesman, nothing more. He has not seen car, so let's see if he's interested now. My offer before damage was discovered would have paid toward personal property taxes owed.
I think you are right about cost to repair. I have 4 cars now so am not all that excited unless it works into my monetary comfort zone. If this does work out, I'll cull the herd. Thanks again to all for the words of wisdom--most helpful to me.
I'm not a dealer, but until one responds, i can give you a bit of information. If you trade in right now, you will lose quite a bit of money, in all likelihood. The largest depreciation hit, percentagewise, usually occurs the second you drive off the lot.
There are a few factors you haven't mentioned that might help other provide you with info - for example, how long is your financing term? I assume 5 years, but let us know. Did you put any money as a downpayment? How much? What amount is financed currently?
Unfortunately, without being Predicto the Magnificent, it's not possible to give you an entirely accurate "when's the right time" answer. That's because no one can evaluate what the market will be for a 2009 Equinox in, say, 2 years from now, and no one knows what the condition an mileage will be. However, some may be able to give you a reasonable best guess if you provide more info.
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They are handing you the keys to a car that you can basically drive for free for 15 months?
And 1500.00 sounds like WAY too little to fix the damage you described.