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Comments
It is important to properly understand the terms of your captive's lease agreements. Every bank has slightly differing terms and they can choose to limit your options as much as they want.
One more...
Louisville, KY
1999 Wrangler Sahara
5 speed manual,
118k miles
Tires/brakes over 75% remaining
Two year old top
A/C needs evaporator(probably)- otherwise good to very good condition
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
Wow; the filter now includes a-r-s-e in the "non-permissable" category. Sensitive bunch we have here!
'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
+Remaining payments
+Residual (since your buying the car in order to "pay them off" to get rid of it early
+ Fees/charges/return/disposition costs
By keeping the car until lease end, my payoff becomes:
1) remaining payments spread out monthly
2) No residual unless I want to keep the car, so essentially the residual is my locked-in "trade-in" value, effectively.
3) Fees/charges/return/disposition costs
4) Penalties for damage beyond normal wear and tear
5) over mileage penalty if applicable at .20/mile
6) insurance and storage costs until lease end
So if you can't get your residual value trading in a car, you might as we'll keep it in a cave until you can trade it back in for residual value? As long as you are not strapped for immediate cash?
That kind of makes sense in that they don't want to sit on the car until the lease is up.
"Ford's lease contract explicitly said that if we prepaid the payments and returned it before the lease expired, they would sell it at auction. We would owe the difference between wholesale value and our remaining payoff. "
exp4:
"That kind of makes sense in that they don't want to sit on the car until the lease is up. "
That kind of makes NO sense.
They wouldn't sit on it, they'd do what they'd do anyway, take it to auction or offer it to their dealer network online.
They'd just do it N months early, one more car out of ten thousands, who cares?
I'll stick with what I said earlier, "anything is possible in contract law."
Seems like I dodged a bullet when I turned my March 1 lease in on September 10th the year before. Never heard peep about it after.
-Mathias
2012 Volkswagen Tiguan S
80k miles, "blue" -- don't have the exact color.
Assume decent shape, dunno about tires or anything.
This is in mid-Michigan.
Thanks!
There'll be a story to go with this later.
-Mathias
If you are buying your car out of the lease early, or trading it in, then there are likely no penalties levied from the leasing bank. But, if you want to give it back to them for disposal, then you are on the hook for the difference between auction value and payoff.
Not every bank treats it the same way, but your contract is for the lease term. If you want to break it, then you may be penalized. It doesn't have to make sense. It's no different than a penalty for early withdrawal on a bank CD. You want out, the bank uses your problem to make money off of you. It's a time-honored tradition.
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My father and his law partner took out open-end leases on a couple of Caprices in the late '70s. The dealer tried to ding Dad's partner claiming his car brought less at auction than it was worth. The dealer was asked for documentation to prove that and we heard nothing more from the dealer.
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
'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
The story is that this gem was bought used by the stepdaughter of a friend of mine.. against advice of counsel, he assures me..
Then they might have not changed the oil for 16k... which isn't good but not in and of itself a huge problem.
The utter failure occurred when the timing chain jumped a tooth or three and destroyed the top end of the engine. This is apparently a feature with this engine and starts with wear of the cam lobe or the cam follower, I'm hazy on the details... and sloppy maintenance gives just that much more opportunity for excess wear.
Regardless, the 'fix' is a $4k used engine with 20k miles, installed bya trusted indy shop. Plus $1k for the warranty. Gotta have the warranty
Before he goes down that road, they wanted to know what the numbers looked like, hence the valuation request. Of course, the happy couple was underwater on this thing back when it actually ran.
Man if I ever buy a VW again, it'll be a lease or something with the 2.slow.
Yikes.
Thanks for the quick reply, I'll pass it along!
-mathias
qb: Assuming AWD, about $6k-$6500
s13: There'll be a story to go with this later.
Got some text messages last night from an old friend of mine.
His stepdaughter and husband bought -- against advice of counsel, of course, he knows his stuff -- this '12 Tiguan. Just to make sure it'd get interesting, they didn't change the oil for 16k.
It turns out there is a problem with wear of the cam follower on the cam lobe -- if I got this right -- and it is exacerbated by sloppy maintenance. At any rate, the timing chain jumped a tooth or three and the engine is toast.
A replacement used engeine with 20k is $4,000. Plus another grand for the warranty. This is at a trusted indie shop, so it's either that or forget it and stop the bleeding. Which I'm betting they were underwater on this thing already back when it ran...
So the $6+ valuation makes it a tough decision. Personally, I'd cut my losses, but I have options. My hunch is they'll be better of paying for the repair. WITH the warranty, the way their luck is running. Andn then hold on for a really long time.
Thanks for the quick reply q, that helps I've passed it along, we'll see what they decide to do..
'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
23 Telluride SX-P X-Line, 23 Camry XSE
23 Telluride SX-P X-Line, 23 Camry XSE
Did you write in disappearing ink?
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Maybe, it's GDPR. You didn't type in German, did you?
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Is your Prelude an SH? If so, replacing that clutch is a [non-permissible content removed]! The guys in our shop hated them!
2015 328i xdrive sports wagon
31k miles, white, auto
bmw dealer is asking 24.9k
SoCal
link
Thanks
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
'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
Thanks Q.
Roadrunner has a point with the lack of options like sport package, but I guess at the right price I can be flexible.
2014 Ford Fusion 1.5L SE
black ext, tan leather int
54,900 miles
Moonroof, Navi, good condition
thank you
'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
1. 2009 Cooper Clubman
Dark brown/tan interior
automatic, nav, sport seats, sunroof
new tires, service up to date
111,000 miles
2. 2015 GLA 250
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
1. maybe $2k.
2. $21k-$22k.
'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
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
I should have said one solution my wife might consider doing and is thinking about. Not set in stone she'll do it. I think a lot of it is riding on how much of a guarantee she gets from me for a great car in a year's time.
If I promise "cost is no object" I guarantee she'll do it.
'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
http://www.eimports4less.com/inventory.aspx?_used=true&_make=mercedes-benz&_model=gla&_yearfrom=2015&_yearto=2015
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
'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
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2015 Golf TSI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
Mine: 1995 318ti Club Sport; 2020 C43; 2021 Sahara 4xe 1996 Speed Triple Challenge Cup Replica Wife's: 2015 X1 xDrive28i Son's: 2009 328i; 2018 330i xDrive