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I have had USB leases in the past and they use a 3rd party to handle the lease end and they do not (or did not) negotiate the buy out price and yours is WAY over the actual value of the Pilot.
The current Pilot lease deals are not very good but would still be a better "deal" than paying nearly 2x what your used Pilot is worth.
Anything is possible, USB may be so desperate to keep you from turning that Pilot in they will deal - but you are so far from the actual value that even if they dealt the price down you would still be overpaying for it.
Dennis
03 Pilot ALL the money is $10,000
Realistically, it would bring $8-9,000
I am thinking about all of these for my next car:
GMC Acadia/Saturn Outlook/Buick Enclave/Toyota Hybrid
I have heard that some of these vehicles are hard to get lately, especially hybrids(waiting list).
At which time should I start shopping for a new car? On my last leases, I went in a couple of months b/f the lease end and the dealers, of course had no problem "taking over" (read:putting it into the price of the new car) my lease payments for me so I could drive off in a new car that day. With SUV's and the gas prices lately, I have heard they are sitting on dealer lots, so I am wondering how hard it is going to be to unload the Expedition a little early-
Any thoughts??
Thanks,
Jamie
I wouldn't try to actually trade the truck in though.
Why on earth did you do a 72 mo lease??? :confuse:
It has been a LONG 6 years and I am itching to start looking!! I am used to 3 yr leases so this has been unusually long!!
When should I start shopping if my lease is up in March?
Also, someone opened their door into my drivers side door the other day and there is now a nice "ding" in it- do you know if I need to get that repaired b/f turning that in?
Thx-
Jamie
That just means you were looking at WAY too much vehicle, of course.
With the resale of monstrous gas guzzlers like this, you are most likely stuck in it till the end of the lease, unless you want to roll the remaining payments into the next one. But I suggest you lie in the bed you made.
As far as your ding, read your contract. It should state on there what exactly is allowed on the vehicle at turn in.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Now, if your lease ends in March, your last payment is due in Feb.
So, once that payment is made, you can return the car.
6 yrs is wayyyy to long to lease a car.
I would probably not go any more than 3 yrs, even if you have to lease less car.
Thank you for the info - you really opened my eyes to Honda's M.O. I think I'll just turn it in and buy a used Pilot of CRV when the time comes.
mlski
TMV price $16,404 (does the cost include CA sales tax?)
Purchase price $15,619 (all inclusive)
VW Credit 6.34%
Are you under miles and the car in great shape (no dents, dings, scratches) with good tread on the tires? in other words, if you turned it in would you have to pay in extra charges? If so, you take that amount and subtract it from the amount of the buyout.
If buying your car would cost you about the same without taxes and after adjusting for end of lease charges as you could likely get for it trade in, then I would say that is a decent deal.
You should be able to do better on the rate as well. If nothing else, spend $20 and join the Pentagon Credit Union. Last time I looked they were doing 4.5% but they have had lower rates.
VW has not had a very good reliability record lately, but I would keep that in mind when deciding what to do.
Dennis
As you said, they dropped the price but you only saved $170. Sure they could make better offers in the next two months but after making your payment your net may not be much better.
Get the value here from the "real world value" forum as user sebring suggested, then check for trade value at Edmunds, KBB, and NADA then go to the various online car sources (ebay, cars.com, autotrader.com) and see what folks are ASKING for the same vehicle (asking price does not equal selling price or value). If you have a Carmax or DriversWay in your area run by and see what they will give you for the car. It only takes a few minutes and it does not matter if you own it or not, they can still give you an offer.
Between all those numbers you should get an idea if you are getting a fair deal or not. If you are, then I would say go ahead and take it. If not, then I would hold out for a better deal and if it does not come - then turn the car in and get something else. Never over pay for the lease buy out price, if the value is not there then turn it in - the beauty of the lease . I would assume you would have no turn in charges or extra mile charges or damages. If you do, then you have to factor those in to your price comparison.
USB should offer you a discounted loan rate on the buyout as well, something cheaper than your bank or credit union offers. If they don't, ask them about that as well. PenFed is doing 4.5% for up to 60 months on used cars, so you can always go that route (if you plan on financing the buyout).
Dennis
I like the SUV though It is bigger than what I need. I took it for skiing trips and it never had any problems.
1) Is it worth it 22K (+whatever tax)
2) If I return it, I would like to buy a mid range (about 24K + Tax) Honda CRV EX or Toyota Rav-4 . Would it make sense buying these..
I am turning to you gurus for a real good advice.
Nope.
Wholesale is around $13-14,000
So, its probably a $16-17k sale.
2) If I return it, I would like to buy a mid range (about 24K + Tax) Honda CRV EX or Toyota Rav-4 . Would it make sense buying these..
Define "make sense"
I have taken a 05 Acura MDX base model on 4K down $399/mo 36 month lease ($430/mo with tax). At the end of the term, I have an option to buy it for 22K.I like the SUV though It is bigger than what I need. I took it for skiing trips and it never had any problems.
1) Is it worth it 22K (+whatever tax)
2) If I return it, I would like to buy a mid range (about 24K + Tax) Honda CRV EX or Toyota Rav-4 . Would it make sense buying these..
I am turning to you gurus for a real good advice.
Replying to: hillybilly (Jul 24, 2008 2:34 pm)
1) Is it worth it 22K (+whatever tax)
Nope.
Wholesale is around $13-14,000
So, its probably a $16-17k sale.
2) If I return it, I would like to buy a mid range (about 24K + Tax) Honda CRV EX or Toyota Rav-4 . Would it make sense buying these..
Define "make sense"
My alternative is a $24k new Small SUV and I save about 11 gallons a month vs MDX. I like both equally. Would it be economical to buy a new small suv instead of buying my MDX (say, the dealer agrees for 19k) considering Depreciation, Loan interest (0.9), and operating cost etc..
Though it is in the contract that I have an option to buy this back at 22K,
Is that negotiable.. (KBB Values - Trade-in 16K, Private party 20K, Retail 24K). What is the reasonable price to buy it..
So, IF you can buy the MDX in the teens, you aren't saving any money buying a $24k SUV.
How long would you keep the MDX vs the mini ute?
Personally, I think that leasing a mini ute might be the smart thing to do.
The entire SUV segment is in flux right now. It's hard to say how it will shake out.
With a lease, you do have a get out of jail free card if the entire segment tanks.
Just my $0.02,
kyfdx
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The end of my lease is coming up on my 2005 Jeep Wrangler Sport. The lease was for 36k i will have about 39k when i turn it in and the buy-out value on it is $15,756.00 without takes another $1,100.00 about with taxes. The car is in excellent condition except for the soft top is torn about an inch in two places (i have the hard top as well) and there are two rings of glue stuck to the rear seats from duct tape that was squished in there. Besides for that there are no other problems with the car, not even a scratch or two. The trade-in value for an excellent condition is about 14,200.
What are your thoughts?
Thanks!
Even so, you'll probably pay as much or more than your buyout for
a comparable used one from a dealer.
The residual is $9,027.
2 of my kids are very interested in the car as they know I pampered it and took excellent care of it, plus it has low miles.
Does Hyundai allow family members to buy the car or is the deal only for me? Due to my wife becoming disabled and financial issues, I do not think I will be purchasing the car at lease end ( it is killing me as i love the car and had originally planned on buying it).
Will they do this? What about if they buy and I co-sign for them? Or do I have to buy and then sell it to them?
In most states title can't pass from the lease bank to anyone except a licensed car dealer or the lessee (you). So you would have to buy the car, pay sales tax to register it, then resell it to your children and then they would also have to pay sales tax.
In some states (CA, for one) you can get a tax refund of you resell the car in xx days. In about every state if you go through a dealer you can avoid the double tax problem, but will have to pay the dealer some money to handle the paperwork. This could be several hundred dollars so check with several dealers to see who will even do it and how much they will charge you. Depending on your tax rate you could do the double tax thing and still come out OK. Here in 7% tax land than would pretty much ruin the deal. You could also ask your local DMV how you go about giving the car to one of your children in a manner than would not cause them to pay extra taxes.
The powertrain warranty is only valid for the original owner (you) and goes away when you sell the car.
Ideally, if you purchased the car and titled it in your name and then let your "kids" use it you avoid the double tax and keep the warranty intact. You have registration and insurance issues, though.
Dennis
She a Daytona special edition, TorRed in color. 1 of 2000 made. It's a 27 month lease that started in IL. The car is now registered in TX. I'm allowed 12000 miles a year (27000 total). Lease is up March 2009 and I will have about 18 or 19000 miles on the car. She is in absolute pristine condition. Lease payments are $405.56 (includes an oil service contract). I put $3000 down, had a rebate of $1834, plus made the first lease payment on day 1 (405.56). Tax owed at start of lease was $1789. My residual is showing $19714.80. MSRP was $35,205.
Any input? Does Chrysler Financial ever negotiate? I know they just recently stopped future leasing and will not charge me the $425 turn-in fee if I buy out this car or buy another new one at the end.
Thanks.
Car isn't worth $19,700 today, let alone in March.
Hey, if you want to pay all the money, be my guest.
Thank you.
Will DC negotiate? I dunno. I haven't seen any of the captive finance arms negotiating on lease buy-out the last few years, which tells me they're likely insured against market swings. Maybe that's why Chrysler is getting out of leasing....the insurance premiums might price them out of the market.
I have no idea if they will negotiate or not, they usually do not - but these are strange times. Your lease is not up until next March so asking now is a waste of your time - none of us knows what will happen next week or next month, we darn sure are not going to know what is going to happen 7 months from now.
In any case, you don't want to keep the car you want to get something else - right? In most states title can't pass from your lease bank to anyone but you and then sales tax will be due. Then when you sell it sales tax is again due. So unless you go through a licensed car dealer to handle the paperwork the double tax will kill any kind of "deal" you have and leave you with little or no profit.
A $425 turn in fee is pretty rich, this is with a 3rd party lease bank or Chrysler Financial? Usually only 3rd party banks charge such high fees.
Wait until your lease is about up and see if they offer you a discount on the car. If not, then just turn it in a walk away. If they do and you can work a deal to beat the double tax with a dealer, then perhaps you can make a little money off of it - but I would seriously doubt it.
Dennis
As to the $425 turn in fee, that is through Chrysler Financial. But like I posted earlier, they are now waiving that fee for people who buy out the car or roll into buying another Chrysler product.
Thanks again.
I have a ridiculously high credit rating and got a phenomenal rate from my credit union to buy either new or used, but the folks at CF told me that they "don't do preferential treatment" - that manager I spoke to explained to me that that means they don't negotiate on the interest rate anymore, either. *shrug*
Hope this information is helpful, and good luck on the new car. I'd give my eye-teeth for one of the new Challengers, but I don't have anyplace secure enough to park one (you know, Fort Knox secure, with alarms, and guard dogs, and ninja security guards *grin*).
-C
I'm currently leasing an '07 Mazda 3 (which I love). It's a $17,000 car, my end-of-lease purchase price is $11,500. By the end of the lease I will have put $8,500 into the vehicle. Edmunds says the resale value is around $13,000 for my model.
Still, the numbers don't add up to me. I've never leased before -- it is reasonable to ask Mazda American Credit to lower the purchase price to something closer to $9,000 (which is the difference between sticker price and what I've invested) or is that too pie-in-the-sky hopeful?
Thanks for any advice!
MATT
Another way to look at it: Your $8500 investment includes finance charges... after all, you've borrowed their car for two years... You wouldn't expect them to loan you the money at 0%..
regards,
kyfdx
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They could sell that car for more than the $11500 and make some money.
That is what they are in business to do.
Second, it rarely makes any financial sense to buy out a leased vehicle.
I'd suggest you go buy or lease another car.
My mother leased a mini cooper in 2006 for 2 years and 24k miles
now its time to turn the car back in and to my dismay she has 6k miles on the car
and they want around 18k for the car if she wanted to buy it. It seems to make more sense to buy the car and either keep it or sell it on our own because with that kind of milege wouldnt they make a killing on it? Or can we use it to get into another brand new car ? thtnks in advnace
So, you wouldn't have much, if any equity.
However, if you wanted to buy it, it's a good price.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
ANy help is appreciated.
JohnRobert57
$17k is a pretty good price as it is though.
Still, the numbers don't add up to me. I've never leased before -- it is reasonable to ask Mazda American Credit to lower the purchase price to something closer to $9,000 (which is the difference between sticker price and what I've invested) or is that too pie-in-the-sky hopeful?
Just because Edmunds says its worth $13000 that doesn't mean its worth $13000, keep that in mind. Unfortunately Mazda won't negotiate a dime on the purchase price, i think they've got some good leases going on right now for the 3. Maybe you can just lease a new one.
So, what are your suggestions? I am going to need another wagon. Thanks.
If you are interested in purchasing the car, wait until closer to March, and they may offer it to you for less.. They certainly won't negotiate this far in advance..
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If it's an 07, it's still too much.
$38k, plus $6k warranty! plus TTL.
I'd look at leasing a new one. Or, go look at a Subaru wagon or Volvo XC70 or Audi Avant.
I checked with several dealers and BMW financial and they all said that it's about $3k for warranty and another 2-3K for maintenance warranty.
Was told that leasing a 535xi would run over $100 a month more which would
put me at $759 and I would have to come up with a downpayment to get that #.
Didn't like the Subaru -- new XC70 are close to 42K.
I live in ne NJ -- both BMW dealers just put multi million dollar renovations and they are not hurting for business they told me. So they won't deal. Actually none of the high end dealers BMW, MB, or Audi negotiate much around here. A friend of mine priced a 535i to lease loaded and they wanted over $800. Which is why I was thinking of buying.