End of Car Lease Help


da_caramel_diva

da_caramel_diva

New Member
I was wondering if you guys know anyone who could help me...i am at the end of my lease on my car...and ready to buy a new vehicle...im looking to see what my least expensive options are for turning this car in...Thanks in advance!
 
For starters, see what your bank/credit union can do for you with respect to refinancing the balloon note. That should be the most least expensive option right there being that you've paid at least 1/4 of the amount of the contract. Most leases usually are 36 months at best.

Secondly, if you've been on top of your payments, it shouldn't be a problem with the bank or dealership getting you into another vehicle. Only thing is, they may tack the trade in value onto your new car. Just to be safe, ask who you financed the vehicle with....NOT THE DEALERSHIP!!!

Thirdly...I would make sure to stay in a small vehicle(if you're driving one) because having to budget for gas on a V6 or what I have(V8) ain't no joke.

Again, check with your lender to see what options you have. Most dealerships see that you're a female and they'll try to mess over you!

Hope this helps. :wavey:
 

I need to know two things to answer this question.

How much do you owe?
How much is the car worth versus the purchase price at your lease end?
 
ALPHA3 said:
I need to know two things to answer this question.

How much do you owe?
How much is the car worth versus the purchase price at your lease end?
Click to expand...

The Residual value of my car is: $19,946.20
The payoff is:$20,042.65 (one lease payment left)
My allowed mileage is: 48,750
My actual mileage is:64,500 (yeah ouch)
I looked on Kbb.com, nadaguide.com, and edmunds.com for trade in value they all are different. Some are high as $24,000 others are low as $16,000. Dont know why the differences are so much or which site should i go by.
 
Damn dcd! I think they're gonna' try to get (penalize) you on that mileage gul. :confused:

I would think in a situation like this, it'd be best to have a 2nd "clunker" vehicle around just to ensure that you stay below that agreed upon mileage over the duration of the lease. :confused:

I've never leased and have only witnessed others testimony on it as well as read arbitrarily on the stuff. Maybe others who've lease can provide more insight.
 
Panthro said:
Damn dcd! I think they're gonna' try to get (penalize) you on that mileage gul. :confused:

I would think in a situation like this, it'd be best to have a 2nd "clunker" vehicle around just to ensure that you stay below that agreed upon mileage over the duration of the lease. :confused:

I've never leased and have only witnessed others testimony on it as well as read arbitrarily on the stuff. Maybe others who've lease can provide more insight.
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Yep...initial when I bought the car my commute was a small area...then I started making dallas trips :love: dah well...i have seen suggestions on other sites about trying to trade it instead of turning it in...but i dont know how to calculate the differences between the two.
 
Jax is right on the money.

Do you want to stay with the same make and model or do you want a completely different car. If you want to stay it will be easy to move into a better model or the same one.

You will take a slight hit but you may as well get what you want and get rid of the car. No warranty and you will be paying a lot for a car that is loosing value.
 
Panthro said:
Damn dcd! I think they're gonna' try to get (penalize) you on that mileage gul. :confused:

.
Click to expand...


P...I was looking at that too. I used to work in Dealer Services and Indirect Lending at a bank and some lenders usually want .25 up to as much as close to .80 cents per mile. Man, that adds up after a while and before ANYTHING transpires, they're gonna want that UPFRONT!
 
da_caramel_diva said:
The Residual value of my car is: $19,946.20
The payoff is:$20,042.65 (one lease payment left)
My allowed mileage is: 48,750
My actual mileage is:64,500 (yeah ouch)
I looked on Kbb.com, nadaguide.com, and edmunds.com for trade in value they all are different. Some are high as $24,000 others are low as $16,000. Dont know why the differences are so much or which site should i go by.
Click to expand...

The only I problem I see will be the mileage penalty payment. What is the rate you will be charged for going over the 48,750. Do you want to buy this car?
 
Jax said:
P...I was looking at that too. I used to work in Dealer Services and Indirect Lending at a bank and some lenders usually want .25 up to as much as close to .80 cents per mile. Man, that adds up after a while and before ANYTHING transpires, they're gonna want that UPFRONT!
Click to expand...

They will waive it if you get another car from them? That's how I ended up with my second 626. I lease one and went over the miles. I could move into a melinea or another 626 with a similar payment and no mileage penalty. So I just got another one since I actually like the other one.
 
shawiggi said:
They will waive it if you get another car from them? That's how I ended up with my second 626. I lease one and went over the miles. I could move into a melinea or another 626 with a similar payment and no mileage penalty. So I just got another one since I actually like the other one.
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That depends on who you know or if they can get away with rolling it into the other contract/agreement. I know a couple of dealerships will wave that or give you some type of rebate to offset that. Depends on who you know.
 
Do you want another vehicle? If not, refinance the current vehicle for a 2 year term (maybe at your bank). It will be like buying the car from yourself.

If you do want another vehicle, go ahead a bit the bullet and face the fact that you will be upside down on your next car. I would NOT do another lease because you have proved that you can not stay under the alloted mileage.

Panthro, that was a very good suggestion you gave. If you have a CLUNKER to drive everyday, then a lease is good because you pull it out on the weekend and for ROAD TRIPS to SWAC GAMES.
 
Sperm is right on the money, the only way to avoid paying the penalty in most cases is to excahnge the car when you reach the milage limit instead of waiting for the time limit to end.
 
I have been in the auto finance industry for over 12 years ~ send me a PM with your number and I will call you. I would like to go over a few options with you.

Royal One ~ Dionne
 

It looks like you are gonna take a knock either way you go... Find a new vehicle with incentives to balance out the 3-5 thousand dollar knock you are going to take on this vehicle. You are going to pay either way. Keep the vehicle and finance the 19,000, or trade it and have the negative equity applied to another vehicle... It would be nice if you could find someone to take the vehicle as is, and pay off the balloon payment. (anything is possible... especially if the car is clean).
 
Royal One said:
I have been in the auto finance industry for over 12 years ~ send me a PM with your number and I will call you. I would like to go over a few options with you.

Royal One ~ Dionne
Click to expand...

Funny...for moment there I thought this post was create by Royal One. Gotta get my eyes checked. :retard:
 
shawiggi said:
Jax is right on the money.

Do you want to stay with the same make and model or do you want a completely different car. If you want to stay it will be easy to move into a better model or the same one.

You will take a slight hit but you may as well get what you want and get rid of the car. No warranty and you will be paying a lot for a car that is loosing value.
Click to expand...

I dont want the car.
 
CEE DOG said:
This is why I don't leases. They are a no win situation.
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...if you don't know your own driving habits and can't confine yourself to the limits of the lease.

But to call them a no win situation is simply not true.
 
SAME OLD G said:
...if you don't know your own driving habits and can't confine yourself to the limits of the lease.

But to call them a no win situation is simply not true.
Click to expand...

That's true. I should have said for me. I do know people that they work good for.
 
da_caramel_diva said:
The Residual value of my car is: $19,946.20
The payoff is:$20,042.65 (one lease payment left)
My allowed mileage is: 48,750
My actual mileage is:64,500 (yeah ouch)
I looked on Kbb.com, nadaguide.com, and edmunds.com for trade in value they all are different. Some are high as $24,000 others are low as $16,000. Dont know why the differences are so much or which site should i go by.
Click to expand...

My frat who is the GM at Infiniti of Baton Rouge said to come on down and he'll take care of you. He said your over mileage will run you about $3000.
 
ALPHA3 said:
My frat who is the GM at Infiniti of Baton Rouge said to come on down and he'll take care of you. He said your over mileage will run you about $3000.
Click to expand...

See, that's the thing about a lease that from a Mathematical standpoint, makes it no different than a regular purchase.

If you lease a vehicle, they come up with a ballon payment that will be the FUTURE value of the vehicle in X years with X miles. So your payment is based on that. If you stay under the miles, your ballon payment DOES NOT GET LOWERED, hence, you loose because you still pay the same ballon payment. If you go OVER your miles, your value of the car goes lower, which means you still loose.

In the end, it is no different from a regular purchase. If anything, it is WORSE than a regular purchase.
 
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