Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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The down payment doesn't do much to the monthly payments itself.
On a lease 24 month $1000 moves a payment $50, on 60 month buy only about $20
If you want the monthly payments to be lower, go on a shorter lease.
90% of the time a 36 month lease is lower then a 24 month lease.
I'm about to lease my second car. The monthly payments that was offered are the same, regardless of my down payment. Good luck
Then you are getting screwed royally if someone is telling you that the payment is the same with $0 down or for example $1000 down. Where does the $1000 go??
Not ridiculing you just trying to make sure that people who come here for info get good info
Any thoughts would be great, thanks!
seana g
'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
Thank you so very much!!
I think you should make the final payments, just to see what it feels like.
With regards to a question that you did not ask: How can you be in this situation and at the same time have the financial wherewithal to shell out $730/month just for the payment..? You must be fairly rolling in it.
So why not figure out what you like and pay for it with a 36-month purchase? You'll be right side up after a few months and will own something outright at the end of three years.
If your husband thinks that after 5 years, a car is worth nothing, I'd like to buy his when it's 5 years old... at that point, most Hondas are finally down to about 50% of their initial street price.
Now if he bought a new Lincoln, then I'd agree with him...
Good luck,
-Mathias
Now if you want to buy one because...
-you like the car,
-want a more green image
keep in mind there is some debate as to how much more green a hybrid is vs. a non-hybrid medium to small car
but just buying one to save gas is kind of a poor reason.
Make your last six payments and then find a midsize to compact sedan that you can finance over three years for much less then 700 a month.
I'm also unsure how much they plan to charge us at the end of the lease. The Pathfinder has normal wear and tear but who know what they will say needs to be repaired. I'm afraid that they will really stick it to us...once again...at the end of the lease. Part of the reason I was considering getting out sooner. I will really be glad at the end of this!!! It sure was a hard lesson to learn!
2nd... I guess I figured I would be paying the remaining six payments at $4381.50 that it really wouldn't matter much to roll $4K.
well, looking at TODAY's difference is one way of doing it. The other way is to look at where you will be in 5.5 years.
So let's say you roll the negative. On a 5-year finance, that equates to roughly $80 per month. Let's say, for ease of math, the payment WOULD have been $400/mo without the negative, but is now $480 with it. At the end of our 5.5 year period, you have paid $28,800 on the Altima and now have 82,500 miles on it (assuming 15k per year).
Let's say you finish your current lease for $4381.50, THEN you get the altima 6 months from now and start a 5-year $400/mo note. At the end of 5.5 years, you've spent $28,381.50 and now have an altima with 75,000 miles.
Not a huge difference, but a difference nonetheless.
By the way, where did you get your trade-in number for your pathfinder? if you didn't get it from auction reports or from a dealer, odds are you are in much worse shape than you think if you trade now.
'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
I got the trade in value from a dealer. They only wanted to give me about $12,500 for the car but asked if they would at least give me the residual value, $12993.18, as stated in my lease contract.
First off, most people have a hard time justifying the extra cost of a hybrid (in that the gas savings won't make up the difference for many years),
I understand that the cost of a hybrid is more money but I also understand that I will be spending less money per month in fuel than I am currently spending.
I really want to buy smart this time around. I wish it were easy!!!
Just out of curiosity on your daily commute how much time do you spend going 30 MPH or less?
The commute is 25 miles one way. About 10-15 min of that is going 30 MPH or less.
BUT ... and here is the problem most people face ... if it COSTS you $30 more per month in your car payment but saves you $25 per month at the pump .... (mind you, this would be a comparison to a comparable gas car, NOT your pathfinder)
'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
I understand that too. But, as I stated before, this is the only car that my husband and I agree on. He wanted a Maxima. I wanted something with 40+ MPG. The Altima Hybrid is the compromise.
Im at the end of my lease (due this month). I am a little unsure of how to calculate the cost to git rid of the car. I have about 65,000 Miles on the car (allowed 48,750). The residual value is $19,946.20. The payoff quote given on the infiniti site is $20,042.65. I still have one last payment which is due on the 10th.
I am aware of the excessive mileage and at .15 cents a mile im dreading that. My car is in great condition less two small dings. I possibly need tires buts thats it.
So how do I calculate the cost to return the vehicle? And what does the residual value mean? :confuse:
I'm hoping someone can give me some feedback or point me in the right direction. My lease is up and today someone from AutoVIN came out and inspected my Jeep. I had a 5 year lease, and in my opinion the car is in great condition. Not so said the inspector and handed me a report charging me $581.50 for microscopic dings and scratches that in my opinion are barely noticeable, especially after 5 years. This is my 5th lease and I've never run into this before. The lease is through Fifth Third Bank, and I heard they were really tough on inspections. What are my options at this time? I can't find any paperwork detailing wear/tear and I'm wondering if I can raise cane and have another inspector come out? Should I take it to a body shop and see if the dings can be "sucked out" with that plunger thing? Or am I at the mercy of 5th 3rd and the final inspection when it is driven to auction? When I called today to dispute they said to call back tomorrow when they had the photos/report in hand. How much room does the consumer have when you don't agree with their findings??
Thanks for your time -
Not that it helps a lot... but that's your problem right there. Fifth Trd is going to take it on the chin at the auction, so they're looking for a little extra coin from you... considering it's a JGC and a 5yr lease (Egads!), you can't really complain about $600 out-of-pocket.
However. It may well be that they're just soaking you, and I suspect there is an arbitration clause in your contract. Read it and see what your options are.
One helpful thing would be to do the inspection a few weeks early, so you can DRIVE the car to whereever for estimates and stuff... but it's a little late for that advice.
FWIW, manufactuer's captive banks (GMAC etc.) are a lot more lenient at turn-in time.
Good luck, and see what you can do... you've got your back to the wall, and any $20 bills you can get out of them is just free money!
-Mathias
Other than your excessive mileage, any fees to get out of the car would be excessive wear and tear (see the post below yours) and maybe a disposal fee. It really depends on the terms of your lease.
They also may owe you a security deposit, if you made one, which could be applied towards the fees.
'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
Is this standard in lease agreements as this is my first lease?
Regards.
If you don't have the money to pay the term fees then it really does not matter if it is a good idea or not to roll the charges in, it sounds as though you may have no choice. Especially considering the fact that you are a field rep and have to have your car to make a living.
The only advice I could really give you is to not lease again
So, will getting a new with at least $2000 rebate AND giving up $1000 down help?
What is the per mile charge on your lease and does the car need tires or any other repairs?
Now, explain this tranaction to me again, please? Use a sales price of a car for an example and them break down, for me, how the rebate and my down payment are to be applied. Thank you!!
Lets say your tax rate is 8%
Car $20K
miles $3750
Total $23750 x 8% tax = $1900
$23750 + 1900= $25650-$1750 cust cash - $2K rebate
OTD $21900
Now if you handle the lease term as a separate transaction from the purchase then it would look like this
Car $20K x 8%=$1600
OTD $21600
A differance of $300
The way you accomplish this is you tell them you don't want to roll the miles into the loan, you want to pay the $1750 out of pocket and have them apply the $2000 rebate to your miles.
Its not a huge savings but hey, $300 is $300, if I asked you to throw $300 in the trash can you would tell me I was crazy.
Wish me luck on the retail sales front!! Thank you, again!!!
The car only has 3,100 miles. As I see it, I have three options: (1) sell it to a third party for the payoff quote of $20,000, (2) try using a car lease trading website, or (3) just return it to the dealership?
How does the ultra-low mileage affect my decision? Will anyone in their right mind want to swap my 48 month lease? If I take it to the dealer, will I owe them money? How will that affect my, otherwise good, credit?
2) Good idea. Except, your lease payment is not that great, and most lease assumers don't want over 3 more years.
3) Bad idea. The dealership has nothing to do with your car. The bank owns it. Do this, and say goodbye to getting credit again.
Really, your only hope is Door #1. If you really need to get rid of the car, be prepared to come up with any difference between what you can sell it for and the payoff.
Regards,
kyfdx
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1) Trade-in and lose 4-6 grand for frame damage and extensive repair as well as depreciation.
2) Pay-off the remaining payments on the lease and return it to Nissan.
3) Is Early Lease termination the same as above option #2 or is it something different? Do they only charge you a penalty for breaking your contract early and other interest/fees they feel like or do they simply charge you the remained of the lease?
This has been a fiasco with our insurance company refusing to total a vehicle with frame damage and over 12K in repair bills and is sticking us with it. The frustrating part is that it was not even our fault.
Any advice would be much appreciated. Thank you in advance!
Even if it is worth ... let's say $13k, then you are only $2k negative instead of the $3k in over mileage. Understand? So my advice is to shop around and see what dealers are willing to give you for your Accord as a trade-in before jumping any guns.
I did this EXACT thing with my sister's CRV and wound up only losing $1k negative equity rather than the $2500 mileage fees she owed.
'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
'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
$23750 + 1900= $25650-$1750 cust cash - $2K rebate
OTD $21900
Joel it sounds like you don't get a tax break on the rebate in your state. In Mass it would be $20,000 - $2000(rebate) $18,000 add in $3750 = $21750 + 5% tax =$1187.50 OTD $22937.50. $22,937.50 - $1750 cash down finance only $20187.50. It is ten minutes till 9 pm but i believe my math is right.
I have noticed that some states don't let you use a rebate towards the tax. In other words it sounds like you get taxed on the rebate in your state?
There are a hand full of states that don't.
I got the payoff letter and it is $20,245, which I think is outrageous. I think Kelly and Edmunds have it at around 17 -18,000. I called up USBank and they told me that they do not negotiate. Is this because there is a year and a half left on the lease? I really want this car, but I can't see paying $2,000 - $3,000 over market. How do I get a fair price on this car?
If I transferred the lease to me and fulfilled it to term, will I be able to get a fairer payoff price down the road? Does anyone know if USBank will negotiate? The 800 number reps seem like they have zero power to do much of anything. Who do I tak to?
It is not a big deal just ask the leasing company about how they go about transferring the lease.
What would be the best way to achieve this?
The fastest way would probably be to take it to a VW dealer and have them put a number on it as an outright purchase. Once you figure out the shortfall you can be reimbursed from the company as part of your moving expenses.
I have 24 months left on a lease and am trying to figure out exactly how much it is going to cost to end the lease early. I need to terminate because we are already 12k miles over the mileage limit. We were told there wasnt one...there is. How exactly do I determine the residual value and what it will cost? Thanks!!
You could also consider an assumption, i.e. transfering the lease to someone else. I'll leave it to the experts here to fill you in on the details. It gets tricky!
tidester, host
SUVs and Smart Shopper
That kind of defeats the needing to get out of it part. Is this the only option??
If buying it is an option, I will try it. Is there any way to end it early and not pay all the remaining payments? That is a surprise to me. I am a long time car owner-obviously, never should have strayed.
We just inherited, almost literally two additonal children. We do not fit (even half of us) in this car. It is a major issue. We own our house and cannot move closer in miles to separate work or school-so the miles will continue to rack up. Any ideas? I am open to a new lease on a bigger car if that is the only way.
Thanks again