Wow, I beg to differ on allot of your points. it may be different with different lenders. All I know about is Ford.
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
I'm just wondering if anyone's been able to negotiate their lease-end purchase with Volkswagon Credit? They've told me no, but it seems it would be in their interest to knock a bit off to not have to turn it around, yes? Any thoughts would be great, thanks! seana g
Not sure if this is the right forum. I leased a 2006 Lexus IS250AWD last April on a 36month/15K/yr lease. However, my wife and I are expecting a new baby and think it would be wise to change to a larger family car, such as an SUV with also lower monthly payments. One major problem is that I've used up 30+K miles already, due to a cross country relocation and 60+ mile daily round trip commute. Do you think any dealers would consider taking this as a trade-in toward the purchase of a new vehicle lease or purchase? I don't expect to get anything for it, more likely that I'd have to give up a few thousand to give it up. The current lease payoff is about 30K. Any help would be appreciated.
Basically, a dealer won't care about the details. In a situation like this, you are trading it just as if you financed. You have a payoff amount and the car is worth what its worth. So you subtract the payoff from what its worth and you have the balance that you either need to pay out of pocket or roll over into the new vehicle.
'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 am currently leasing a Nissan Pathfinder 03. I rolled a ton of negative equity and my payments are $730.25 every month. This is my first lease so I have never had to experience turning in a lease. I am trying to figure the best possible deal. Should I turn in the car now and roll about $4K into a new car or would it be best to finish making the six payments and hope that I am not over my miles and have to pay for any damage? The buyout is currently $17,095.25. The trade value is around $13K. I would rather be in a Nissan Hybrid to start some savings on gas. Help! And to top it off, my husband doesn't want to buy anything. He says it's a waste of money and that after five years the car would be worth nothing. How can I show him that it could be worth buying instead of lease??? Thank you so very much!!
If you finish making the six payments, you will be at "0" for the first time in many years.
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...
Does Nissan even have a Hybrid out right now? Buying a Hybrid to save on gas is a poor reason to buy one. Most Hybrids take many years to make up for their higher initial price through better gas mileage.
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.
Thanks for the advice Mathias. 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. If I did choose the Altima Hybrid (the only car my husband and I agree on) that I would save some money in gas. Right now, we fill the tank up about every five days at $55 each time. 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!
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), but you want that extra cost PLUS $4k negative equity. Ouch! Talk about jumping over a dollar to get a dime.
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
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. 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!!!
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.
Just out of curiosity on your daily commute how much time do you spend going 30 MPH or less?
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.
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
if it COSTS you $30 more per month in your car payment but saves you $25 per month at the pump
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:
Hi, 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??
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!
Not sure where to go, so I'll ask here - I have a leased 2007 PT Cruiser. Due to alot of driving on the highway, I'm over the miles allowed. I want to sell this lease, 24 months remaining, as things have occured that are making this unaffordable. What are the chances? And if I can't, what might be the implications at the end of the lease?
The residual value is what you would pay after making all payments if you wanted to keep the vehicle.
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
I received a copy of my lease agreement today and noticed a a "lease termination fee" charge of $395 which is due when my lease expires. It has nothing to do with early termination - it is a charge at the end of my contract.
Is this standard in lease agreements as this is my first lease?
I have a 2004 Honda Accord EX V6 with Honda Financial. I am over in miles, roughly 25k-26k. My lease was a 3/36k loan. I do not have a large down payment for anything. I have to move soon and my costs went towards that. I was thinking of getting a new car with a great rebate and having new dealer 'roll' excess into new loan. Is this smart? My lease end date is 08/09/07. What should I do? I am actually a Field Rep and need to get out of this car ASAP!! Like, yesterday. BTW, my beacon scores are not that great/high, although I have LOTS of good trade lines, no BKs, repo's, liens, etc. May fall into mid-sub prime (Cap One, Americredit, etc) bracket. What am I facing folks, I need the the nitty-gritty? Thanking in advance for your help!!
Are you saying you have 62K mile on the car? If so depending on your lease that is somewhere between $3700 and $5200 in mileage charges. Are there going to be any other charges? Rips, tears, stains, have you ever put tires on the car since you owned it?
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
Yes!! I will never lease again. I was talked into it by a friend within the industry and at the time, I was not a field Rep and lived/worked very close.
So, will getting a new with at least $2000 rebate AND giving up $1000 down help?
Yes it will help, but ask them to let you pay the miles with the $1000 and the rebate seperate from the sale. If they just roll it into the purchase price then you will have to pay tax on that amount.
What is the per mile charge on your lease and does the car need tires or any other repairs?
$.15/mile. I have changed the tires last year and stayed on top of all necessary maintenance. 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!!
It is really just a way to save around $300. If you buy for instance a $20K car and add the mileage charge to the selling price you will be taxed on the total. If you are say 25K miles over at .15 a mile that is $3750. So your selling price would be $23750, and you would be taxed on that.
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.
I have REALLY appreciated your suggestions. You have provided me with true guidance and POSSIBILITIES!! What I DO know is that a lease is not for me. Ever!!! Wish me luck on the retail sales front!! Thank you, again!!!
In September, I leased a 2006 Jetta for $375 for 48 months. I'm leaving my full-time job to go to graduate school. As a poor college student, I can no longer afford the payments and insurance.
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.
Few months back I had asked about my options for getting out of my leased 06 Altima Special Edition that had been severely damaged after an accident. To make a long story short, it has been 3 months in the hsop for repairs and the insurance company refused to total it. We have decided not to keep it after the repair regardless of how much money we lose (Yes, I know we got shafted for something that wasn't our fault). We are weighing a few options and trying to figure out what would be a lesser hit. 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!
don't be so anxious to pay the over mileage fees. Your Accord MAY be worth more than the buyout as a trade-in. In other words, if your buyout is $15k at lease-end but you owe $3k in mileage fees, then you can turn the car in, pay $3k, and walk away. HOWEVER, if the car is worth $17k as a trade-in, then you can trade it into a dealer and actually get $2k out of it!
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
THANK YOU!! I will do just that. So, am I able to just asked over phone, based on my car information? You KNOW how dealers try to get you come on over in person. I just do not want to waste my time, add miles.
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?
From the looks of the tax perspective it looks like people are lucky in mass. They get the rebate plus they only have to pay 5%... I thought it was like that every where untill I had a customer from Maine. When I went up to the registry at Maine, They have to pay the tax before the rebate like your state also.
My mother-in-law has an '04 Sienna XLE. She is 3 1/2 years into a 5 year lease. The car has under 20,000 miles on it. It is in great condition and because I am in need of a mini-van right now, I would like to buy it off of her.
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?
I am moving abroad with the next month or two and am in month 14 of a 36 month lease of a VW Touareg V8. I would like to be able to move the car as quick as possible. I appreciate that this may be costly but some of this cost will be covered as a part of my moving expenses.
Lease Swap is one possibility but it could take time.
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.
:sick: Hi 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!!
Can anyone tell me exactly how to determine the cost of ending a lease 24 months early? We MUST end this lease. I am open to buying the car, letting it go, losing a few grand..just need to know how to figure it out. Please and thanks. If you have had experience with this and Toyota I would love to know what to expect. Thanks
The exact cost will depend on the specifics of the contract that you signed. Typically, it will be the total of all outstanding payments you would have made had you kept the lease plus penalties. You incur penalties because your payments were determined by the residual value after 24 months but most of the depreciation occurs early in the term of the lease. That represents a loss to the lessor who wants to recoup that loss.
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!
Okay...so here is a bit more information. Its a Toyota 4Runner. It is completely loaded, and we are way wayyy over the mileage allotment. The estimated residual value is 20k in 2 years. The lease says .15 a mile for each mile over 12000. We will be thousands of dollars over by then.
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
Comments
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
Edmunds Price Checker
Edmunds Lease Calculator
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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