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If you have not been in business long they will ask you to personally guarantee the loan
25 NX 450h+ / 24 Sienna Plat AWD / 23 Civic Type-R / 21 Boxster GTS 4.0
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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)
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I have been following that discussion; good stuff! Just wondering if any info has been broadcast to the dealers yet. Intro date is still a hazy rumor at best on the consumer side...
25 NX 450h+ / 24 Sienna Plat AWD / 23 Civic Type-R / 21 Boxster GTS 4.0
I don't know the answer, but think you may get *some* of your downpayement back.
Anyway, you can always get out of the lease, but only on their terms. Effectively, you have to pay the residual and the rest of the payments (which you may not have any of), and anything beyond that you get to keep. So yes, you can "sell" a leased car, same as if you had a loan on it.
regardless, the best bet is to find out from the lease co. what you are obligated for, and I guess visit a dealer or maybe Carmax to find out what they would give you for it.
So, good luck, but unfortunately I'm willing to bet this will be an expensive 4 month rental.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
For instance, I don't know the details so i'm guessing, it was a $50k vehicle. The remainder of your payments and residual at this point is probably in the $23k range, give or take a couple grand. If you sell or trade in, let's say its worth $42k ... that means you are $19k in positive equity. So you will get that back (or apply to another vehicle, if you wish).
Your 2 steps are ... call the leasing company and find out what the current payoff is (again, this will include all remaining payments and the residual), and find out what the car is currently worth (stop by the real-world trade-in values board to answer that one).
hmmm... now that i just reread stickguy's post ... my answer sounds alot like his.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
You could trade it in somewhere, since you only owe the residual you should have a fair amount of equity.
Don't you think these cars would be quickly snapped up by others if they were, indeed such good buys?
And an auction can "start" at any number. If a 2002 7 series sells for 2000.00 I know that would be a car I wouldn't want!
Are you REALLY saving 880.00?
I don't know what "tactics" that salesperson used that you didn't like but I think yours are a little questionable as well here.
But, that's just my opinion.
Yes, you can get out of the deal. Just call them and tell them the truth. Maybe they will be willing to match that price in order to save the deal.
Really Craig.
I would pay 2000 for a 02 7-series if if LOOKS like an 02 7-series.
Hey, I'm looking for the best deal. I don't see how that is questionable? He should't have been "nickel and diming" us. Considering we bought from him before I don't like being jerked around (and having two saleguys hovering over us until we would initial that we would agree to the price). I am REALLY saving 880 .00-the down payment would be the same and the monthly payment would be cheaper...otherwise the terms of the lease, options, residual value etc. were exactly the same.
You guessed it: it doesn't fit through the garage door! Well, it does, with about one inch on each side.
Has anyone ever "worked with" a dealer to change cars in such a situation? Does it help to write a nice letter to the dealership's owner, asking how close they can come to limiting her losses, keeping her business, and not losing mine?
Regards,
Bob
In your mind, what does that action signify?
Does it mean that you gave your word that you would honor the agreement?
I know when I say I'm going to do something I do it. I don't leave after agreeing to a deal and then shop for a better price.
I do hope you get the "best deal". I can see that is important to you.
If you felt uncomfortable, you should have simply left.
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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)
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It isn't, unless it means breaking an agreement.
I'm not sure what your question is... or rather, I think you answered it yourself.
Isellhondas and I don't agree on all that much, but he's right on both counts: If you're not comfortable, don't buy. If you've agreed to something, follow through with it.
That's how it's supposed to work among grownups.
Not in the business,
-Mathias
This is something I will never, ever understand.... Why do people ever buy anything when they don't like the situation? How do they get "pressured into it"? It's not like anyone is holding a gun to your head! If you don't like it, just stand up and leave. Why can't people simply say, "No thanks"? As kirstie said about shopping around, saying no and leaving also applies to anything you buy -- "a car, a house, a washing machine, or a coffeemaker." I just can't grasp this fear of saying "no"....
The salesperson agreed tos lease me the car but called me later and told me someone else was going to pay $800 more for the same car so the agreement we had is no longer good.
I know people that this has happened to..... They are livid!!! Cursing the dealer up and down for selling "my car." And then those will be the same people who put a deposit down on a car and continue to shop around until they find a better deal.
Here's a tip: shop around until you find your "best deal".... Then put down a deposit.
Sure, it sounds good to say that because you initialed an order (for a car they wouldn't have for at least a month), or left a deposit, that you are locked in for life, but the world doesn't really work like that.
So, not every time someone backs out needs to be treated like a grievous sin. But, I do agree that if you are planning to shop a price, don't sign the contract. However, what if you don't realize that it was a bad deal until you get home? I didn't really see anything in that post that indicated they were planning all along to go around and lock up incoming cars until they found the cheapest price, just that they realized when they got home that they did something stupid.
As to walking out (not being pressured), sometimes some people get so caught up in the process, or the salespeople are so good at what they are doing, that thry don't realize until too late that they should have walked out!
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I was brought to to believe my handshake meant something and I've tried to teach that to our son.
Not a matter of simply backing out. That is different than taking an agreed upon number and shopping it.
We weren't there and I'm sure there are two totally different sides to the story.
The poster RETURNED to a salesperson they had bought from before.
What changed? The style of the salesperson? I don't know but I don't think anyone should get so "caught up" in the process that they just wouldn't get up and leave.
Don't know what the market value is for an '02 BMW 7 Series, but I can almost say with all certainty, it's not $2,000. Probably wouldn't be anywhere near $25,000 unless it had some sort of salvage title or was severely damaged.
I dunno....I have to feel, touch, inspect and drive a car before I plunk down my money for it, regardless of how little or how much it costs. That goes for new cars, too.
If it were me, I'd be going to a BMW dealer to look for a used 7 Series with some sort of CPO warranty.
$25K is a lot of money for any car with unknown origins, unknown background and unknown service.
Sounds to me like these guys found a way to tap into the "too good to be true bargain hunter". They are making $35 a pop for those who fall for it. Sometimes, there are newspaper ads in the car sections that state they've got an "in" to the government seizures of cars, boats and other assets. You pay them some money. In return, they send you a booklet that's available for free from other sources. This WEB site looks to be along those same lines.
If it works out, let me know. I'll be putting up my own "bargain car finder" internet service and start charging $30 a pop for my "services so I can undercut them. :shades:
It sounds as if they are recovered theft vehicles, repos, salvage cars, etc..... They may very well have branded titles, but many people really don't care. To many people it's pretty exciting to get an expensive car for so cheap, regardless of the future resale value.
regards,
kyfdx
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I'm not one of the experts, but I'm pretty sure the dealer is not going to "exchange" the vehicle without some (and I mean, possibly quite a bit) compensation.
All she can do is go talk to them. But do it NOW! Don't take time to write a letter. The more time that is wasted, the tougher it will get.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Looking at their product list, they all look like scams. They've also got cheapcarfinder.com and a whole bunch of other similar sites. Their website is www.clickbank.com if you want to check out their product list.
Enjoy.......But don't buy.
The dealer may just give you a break. Be nice and explain the problem you have.
It sounds like a really narrow garage door.. I'm surprised the issue never came to mind before buying a new car... Did she use the garage before buying this car?
I agree with the others... be very nice... Don't write a letter.... get back down to the dealership ASAP... But, be prepared to buy a different car from them... I would consider it unlikely that they'll do any kind of swap.... But, I would consider it a miracle if they would just take the car back..
regards,
kyfdx
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If they can afford a Volvo XC70 (wagon right? not the SUV?), why not consider widening the garage door opening with the money they will lose if they trade. That way, it will never be an issue again and be an improvement to the house. Volvo wagons aren't that wide to begin with, what were they driving before???? :confuse:
I bet for about $3,000 - $4,000 they can have a new garage door and a wider opening. If the house is made of wood, it will be cheaper to expand. I really don't think it would be a big deal if they have the room to make the opening bigger.
One way or another, they are going to spend some money, may as well improve the house.
Just a different view... Mark :shades:
Good (and very smart) idea! Mr. Non-Handy that I am, I personally would never have thought to do that. :P
wow, 715 pages. I'm still working my way through it.
Okay, here's my question. I just ordered a 2006 Chevy Impala at a local dealership. I signed just a printout of the model with options and put down a $200 deposit. The dealer started filling out a loan application, asked for my social security number etc. and I was stupid enough to give him the information. But I didn't sign the application of course. Fact is, I want to pay cash. The car will probably arrive in December and at that time I will sign the sales contract. I'll be getting a private loan from a relative and will pay cash with all of the money coming out of my checking account. So, what do I have to look out for other than fees ? I'm afraid that they'll try to trick me into a loan now that they have my social. If anything seems fishy, can I just walk out even though I ordered the car ?
Thanks,
Tina.
Here is the flip side of that coin pulsie. Monday or Tuesday after you initialled the agreement ( which say was a killer deal for you ) the dealer called you and said that he wasnt going to honor the agreement because someone else had bid higher on that vehicle. You would be inscensed I'm sure.
Part of the reason for initialling an agreement and leaving a deposit is that at some time both parties have to be able to expect to honor the other's commitment.
We have a box on our Buyers Order expressly for this purpose. It puts a time limit on the delivery and both parties sign it. I explain to everyone before they sign 'that by signing we are agreeing to do business and that YOU are not going to back out and WE are not going to sell the vehicle out from underneath you' .
I've never had anyone back out on me with this understanding between us.
In one of the SUV discussions that escapes me at the moment, a buyer discovered (even after extensive test drives), that she was a half Pinkwater too big for the seats and her hip was resting on part of the seat bolster on the side. It got too uncomfortable to sit in after a week of ownership.
She went back to the dealer and they unwound the deal and took the car back. She did agree to buy another model from stock that fit better, but was thrilled with the treatment she got.
Steve, Host
I htink they did it right away (same day). Not sure if they got hit $$wise, but I don't think so. Probably helps that another neighbor is a big wig at the Infiniti dealer in the same chain as the LM dealer.
I think what can happen if you are lucky is that nono of the paperwork left the building, so they can pretty much just tear it up and do a different deal, and still consider the first car new/untitled.
Of course, don't expect them to take it back if you aren't just buying something else from them.
An XC-70 isn't that wide. Must be a tiny garage. I agree to expand the garage, but I would recommend that to anyone!
A V50 might fit, but there aren't many cars narrower than that unless you get into the Aveo class, and if they bought an XC Volvo, doubt they were looking at them!
If I had to guess, maybe they really got an XC-90? That probably is a bit wider.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I checked their widths.... XC90 is 74.7" and XC70 is 73.2".
As a comparison, other SUVs like the Touareg and FX35 are over 1" wider than the XC90. The X3 is almost 2" narrower and X5 is 1" narrower; ML350 is over 2" narrower.
For wagons, the 5-Series is a half inch narrower than the XC70; A6 is the same; Passat is 4.5" narrower.
So I guess, for the most part, if they want to stay in the same vehicle class, it'll be tough to find something that is substantially different in size.
If it fits through the garage door with an inch to spare on each side, she can probably fold the mirrors before driving in (if they do fold). Otherwise if there is plenty of space inside the garage once she drives in, then I wouldn't bother trying to switch cars.
If entry/egress into the garage is the only concern, then she might get used to it after a while. Going through the hassle (it is a hassle) of switching/returning cars, shopping for a new car is more troublesome than exchanging a pair of pants at a clothing store because of all factors involved.
If the car wouldn't fit in at all or if there was only one inch to spare once inside the garage and your friend couldn't even open the door then I'd seriously consider switching cars, or switching garages.
The advice others are giving regarding the garage is a good idea too. If it's a house your friend owns and will probably live in it for a long time, she should consider upgrading it because cars these days get bigger and wider due to design and safety requirements and she might run into the same problem 5 years down the road if she plans to replace the Volvo.
Hope this all helps.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX