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Plus, even for a base 2WD model, the CR-V holds it's value better than almost any other vehicle.. $12K doesn't sound like a bad deal.. I traded in my '02 CRV EX AWD this summer and received $9K from the dealer.... with 106K miles!
It never hurts to ask... also, take a look at what your model is selling for at the local dealerships...
Good luck!
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In most states, they require you go through an auto dealer which is typically a PITA, but actually might benefit you. Some other leasing companies will only sell directly to the lessee, which could cost a lot more depending on your states sales tax (friend pays tax on buy out, then you have to pay sales tax to buy it from them).
I have an 06 Audi A4 with right under 22k miles that is up for lease at the end of February. The buy out is $18k. I love the car and love having a small car but don't necessarily need it. i am wondering what I can see in regards to negotiating on the buyout price, the fees associated with turning it in, the warranty if I bought it and whether it would be smart to buy it out or give it up and go another option if I want to keep a small car. The car is in great condition.
Thanks for your feed back. I could also buy it out and sell it if you think that would be beneficial.
So, $18k is about retail.
Depending on who the lender is, they may negotiate the buyout.
End of term fees, however are never negotiable.
GMAC thinks you returned the car and the dealer bought it.
Under those conditions, you would owe the over mileage.
I think your deaer screwed up the deal somehow and now doesn't want to make it right.
I would have a sit down w/ the GM of the dealership and get this straightend out.
HOWEVER, there is damage on my car. I got an estimate from the dealer about 1 year ago for $2,500 to repair. The Chevy dealer is telling me now that if I turn it in I will get a bill for $500-$800???
Anyway, I am wondering am I really gonna get hit with a bill of $4000 or something crazy? Is the dealer just telling me a lower number cause they want to sell me a car?
Help!!! What should I do?
If so,get one done. This will tell you exactly what GMAC will charge you.
If not, you probably should just get the car fixed before you turn it in.
A dealers estimate holds no water w/ the finance co.
Regards,
Rick
The person you responded to posted over a year ago (Jan 2008), so I would be surprised to hear from him/her, as negotiations are likely to have concluded for his/her deal.
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Anyhow...my lease is up in a couple months...and the dealer is offering to trade in my lease and take over my payments for a new car purchase. There are some nice deals on new nissan altimas this weekend.
Are they able to negotiate my residule price? If so, that means a win win...and I'd be happy to let them get a deal on a used car. I just don't want any penalties, fees, taxes carried over to a new car purchase if I turn this over to them.
The car is in the upper midwest.
Thanks for any help.
It is very rare that a dealer can get your amount owed on a lease reduced.
But with the $1,000 extra rebate for President's day it would have been a wash.
Auction prices are way below the residual price right now. Maybe Nissan is willing to sell for below that...maybe not.
You helped me with some lease-end questions couple months ago. I'm now about to negotiate a buyout price with the leasing company.
Can you please let me know the latest auction prices you have available for a 2004 ES330 with about 40,000 miles. I'd like to use this info as a reference to get a fair and reasonable purchase price.
Thank you sir~
Figure the car would trade in the $11-12k range.
Lease co's don't always go by trade value when they negotiate a buyout.
Given the low miles, I think I'm going to offer them $12.5k and see if that works out.
Anybody have any other tips on negotiating the best possible price?
That is usually the first question.
To my dissapointment, they said that my offer of $12.5k was not acceptable.
Their best possible price was $14k. When I pushed for a lower price, I was told to call back next week to see if auctions over the weekend could enable them to offer me a better deal. Do they have some kind of a formula based on the auction prices to determine the minimum that they'll take for a lease-end vehicle?
Do you guys think $14k is a reasonable price for this car?
If the car would trade for $12k, then $14k is reasonable as a buy price.
Thats what the disposition fee is for.
Banks are funny about things like that. They get a price in their fuzzy little heads and they won't get of it.
I've seen VFNA no sale a car at the auction over $250.
I guess they think it will be worth MORE at the next sale. :sick:
I'd much prefer to be closer to trade value but waiting until 2-3 weeks prior to call and make an offer. From their website they have over 100 '09's Sonatas and a dozen or so used - mostly '08's on the lot. I'm hoping they'd rather not have to add, spiffy up, advertise and try to sell another one. Is a few hundred over trade in reasonable ? Any input would be welcome!
They won't be in any hurry to take a loss on a car that you are committed to paying lease payments on... They have no motivation.
regards,
kyfdx
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thanks again for responding.
As someone said, they simply have no motivation.
I'd wait if I were you and see what they say next year.
My father has a Honda Accord that is at the end of its lease. The contract he signed with Honda stated a buy out value of just over $12K but last week he got a letter from Honda stating he could buy the car for $16.5K.
I've checked the Canada Blackbook Value and the trade-in value is about $9.5K and the resale value just over $11K.
My questions are: Can my father neogtiate? Why would the contract and offer letter vary by $4.5K? What advice can I give him to help him from getting taken advantage of?
I've told him if he want to buy the car to make them an offer based on what the vehicle was worth minus the cash he's paid (exclusive of interest) and to be prepared to throw them the keys if they say no. Am I off base?
That is a very good question. I don't think you'll get the answer on this forum. I suggest you call Honda Canada and ask them to explain.
I'd contact Honda and get a breakdown of that $16,500
So it goes back. Seems odd Nissan wants to turn around and auction the vehicle for 2-3k less.
Otherwise, lease or buy a new car you can afford.
Buying a new car seems even more farfetched because the monthly payments are very high
????
I NEVER understand how someone can say this. Rule of thumb is you pay $20 of payment for every $1,000 you finance for 5 yrs. Pretty simple.
So, if you can afford $300/mo, you need to finance @ $15,000
$400/mo finance $20,000.
That way, you know not to go looking at $30,000 cars if you can only spend $300/mo.
1) Is there any way Honda can charge me more for the car because I put so little mileage on it?
2) What exactly is a "lease buyout" financing rate? I'll probably put between $5-10k down and pay off the rest over two years, but I'm a bit confused on the difference between a lease buyout rate and a used car rate. The few sites I've found that have lease buyout rates (Bank of America is one) have them considerably higher than used car rates. Is the best plan here just to try to get preapproved for a bunch of loans?
3) Does this all got done through Honda Financial Services, my dealer, or some combination of the two?
Even if it has fewer miles.
Never heard of "Buyout" rates. It should be financed as any other used car.
FAIK, a Honda dealer has to handle the paperwork.
I wouldn't sweat it. If I am correct, you leased this right around the same time I did, which is when Honda was offering ridiculously low money factors on Accords. It worked out to somewhere around 0.9%. Their financing rates were nowhere near that good at that time. Leasing was the way to go, even if buying out at the end.
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As to the 'lease buyout financing rate' it is possible that as a lease customer they might have special/lower rates so that they can keep you as a performing asset for HFC vs. a bank or credit union.
We have an 07 Sonata 30 month lease expiring in two weeks and while they will not negotiate on the buyout, we've received several offers - lease an 09 or very low APR's to buy a new Sonata, Santa Fe or Genesis. We like the car, w/02 popular pkg, should turn 30K miles by next week and there's still 2.5 yrs left on the original mfg 60/60K warranty. Additionally, the low money factor, cash back, lease support etc. in Oct 06 when we did the lease was quite good so including total lease payments and residual the final cost is still quite reasonable. We're planning to buy it out week after next.