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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Buying out leased car
Any tips? Can it be negotiated? If credit is good to excellent what is a good rate? How many years?
If I trade in lease for another lease can I negotiate getting a slightly upgraded car for same price?
I drive a 2013 CRV base model for $236 a month.
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Posted 5/31/16 11:17 AM  |
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Long Island Weddings
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Buying out leased car
Your buy price will be worked out with the bank. The only thing you can do is see if similar cars are selling for that amount. Back when you lease the car, they think what the car will be worth when its done. Some banks will re-evaluated this price or its set on contract when you buy.
Your old lease has no impact on your new lease with the exception that they are rebates if you go into the same "Make" car or other special programs going on. Your bank can advise on bank rebates but the dealership will know the program rebates.
If your going to own a car, i recommend doing it upfront instead of on the back side of a lease. They are making more money off you.
Good luck
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| Posted 5/31/16 11:49 AM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Buying out leased car
If you buy the car off lease directly through your leasing company your numbers will match your old lease contract exactly. If you purchase your lease through a dealer, they will charge you a fee- but it will save you a ton of headaches getting your paperwork processed for the new loan and through DMV.
If you choose to go with a newer car you can always try and see what programs are available. You would probably qualify for a loyalty program through Honda since you already own one. I work for Acura and I know we have a loyalty program right now so that makes me thing Honda has one as well. PM me if you have any other questions.
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| Posted 5/31/16 2:47 PM |
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dadof1
LIF Infant
Member since 8/14 208 total posts
Name:
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Buying out leased car
I wouldn't recommend it. It will cost you more money in the long run. Dealers love when customers buy their leased vehicles.
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| Posted 5/31/16 4:24 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Buying out leased car
Posted by dadof1
I wouldn't recommend it. It will cost you more money in the long run. Dealers love when customers buy their leased vehicles.
Why would a dealer love this? You are paying the leasing bank, not the dealer. And if you are buying out a car that is worth more than the buyout (due to a large down payment put down), then the dealer loses out on the opportunity to flip that car for a profit.
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| Posted 5/31/16 5:00 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Buying out leased car
Posted by ave1024
Posted by dadof1
I wouldn't recommend it. It will cost you more money in the long run. Dealers love when customers buy their leased vehicles.
Why would a dealer love this? You are paying the leasing bank, not the dealer. And if you are buying out a car that is worth more than the buyout (due to a large down payment put down), then the dealer loses out on the opportunity to flip that car for a profit.
Dealers charge a fee to do the paperwork for the customers. And putting a large down payment on a lease doesnt affect the buyout only the amount of the payments you are making. If you put 2k or 10k down on a lease your buyout would still be the same...
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| Posted 6/1/16 1:26 PM |
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dadof1
LIF Infant
Member since 8/14 208 total posts
Name:
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Re: Buying out leased car
Posted by angelicd77
Posted by ave1024
Posted by dadof1
I wouldn't recommend it. It will cost you more money in the long run. Dealers love when customers buy their leased vehicles.
Why would a dealer love this? You are paying the leasing bank, not the dealer. And if you are buying out a car that is worth more than the buyout (due to a large down payment put down), then the dealer loses out on the opportunity to flip that car for a profit.
Dealers charge a fee to do the paperwork for the customers. And putting a large down payment on a lease doesnt affect the buyout only the amount of the payments you are making. If you put 2k or 10k down on a lease your buyout would still be the same...
This...plus you need to add your down payment you made, taxes paid at lease inception and payments made over the course of the lease term. Now add in the vehicle buy out payment and again taxes on that, equals what the USED car now will cost you. Usually more then what the actual value of the 3 year old car is worth. Also your vehicle is either out of warranty or soon to be...so factor in repairs down the road....
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| Posted 6/1/16 4:23 PM |
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