Lease Buy-Out
03-12-2003, 10:37 AM
#1
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Lease Buy-Out
Just called today to get the buy-out for my lease. I have a 48 month lease and have 27 months remaining. The buy-out through Chase's automated system is $24k. The Trade-In value for my car seems to be around $18k - $20k (2001 CL-S). Am I basically shit out of luck getting out of this early or what?
The reason I am asking is that after seeing the G35 vid. from the other day I became extremely interested. Would like to get my hands on one if I can get out of this lease. Any help would be appreciated.
The lease is through Chase Finance.
Shawn
The reason I am asking is that after seeing the G35 vid. from the other day I became extremely interested. Would like to get my hands on one if I can get out of this lease. Any help would be appreciated.
The lease is through Chase Finance.
Shawn
03-12-2003, 10:55 AM
#3
48 Months? That's a long lease. That would explain such a high buy out. You must be paying very little per month. $24K was my buy out on my 02 CLS with 19K miles. I did it. But it wasn't cheap. Close to $6K hit. You could go to the Infinity dealer, & see if they would take it. They would pay it off, & roll the difference into the monthly payments in the new car. This will be added on top of whatever deal you get from them. Could try to sell as suggested, or keep it. Maybe double your payments to pay it off faster? Most dealers will pay 1, or 2 months difference if you get their new car.
03-12-2003, 11:08 AM
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Yeah I wanted to keep my payments around $400/month so thats why I went with the 4yr lease. Put $3k down, 15k miles per year, 48 months. My payments would've been a lot higher on a 2 year lease (which is what I would get next time if I leased again). Who knows. Think I'm going to be stuck with the car until lease end and just learn from my mistakes then. Not worth putting my negative equity in my next lease.
03-12-2003, 11:33 AM
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Try takemypayments.com. You can list your car and have someone take over the payments. Allows you to walk away. I do not have connection or experience with this to can't add more than that.
03-12-2003, 12:36 PM
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Originally posted by fuzzy02CLS
48 Months? That's a long lease. That would explain such a high buy out. You must be paying very little per month. $24K was my buy out on my 02 CLS with 19K miles. I did it. But it wasn't cheap. Close to $6K hit. You could go to the Infinity dealer, & see if they would take it. They would pay it off, & roll the difference into the monthly payments in the new car. This will be added on top of whatever deal you get from them. Could try to sell as suggested, or keep it. Maybe double your payments to pay it off faster? Most dealers will pay 1, or 2 months difference if you get their new car.
48 Months? That's a long lease. That would explain such a high buy out. You must be paying very little per month. $24K was my buy out on my 02 CLS with 19K miles. I did it. But it wasn't cheap. Close to $6K hit. You could go to the Infinity dealer, & see if they would take it. They would pay it off, & roll the difference into the monthly payments in the new car. This will be added on top of whatever deal you get from them. Could try to sell as suggested, or keep it. Maybe double your payments to pay it off faster? Most dealers will pay 1, or 2 months difference if you get their new car.
What you need to do is go to an infinity dealer and see if they will get you out of your car for nothing. Meaning youre starting at 0, pretty much like you be doing when you turn your lease in anyway. unless by some luck they pay more then the buyout but i doubt that. If they can get you out of your lease leaving you at ground zero and youre ok with that then do it.
But if they try and roll negative equity into G35 then keep your CL cause its just not worth it and youre better off keeping your car till the lease is up.
03-12-2003, 01:00 PM
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Originally posted by dgracer
Try takemypayments.com. You can list your car and have someone take over the payments. Allows you to walk away. I do not have connection or experience with this to can't add more than that.
Try takemypayments.com. You can list your car and have someone take over the payments. Allows you to walk away. I do not have connection or experience with this to can't add more than that.
I realize your lease is through Chase, but if a person leases through AHFC, and another person takes over payments, the original lessee can still be held liable for damages to the vehicle, as well as damages caused by the vehicle. Perhaps Chase is the same way. Best to find out by calling Chase.
Most other suggestions have already been covered...getting a dealer to buy it or paying it off early and trading it in... Whatever you do, you're likely going to be responsible for the remaining payments over the lease period.
I have learned my lesson with leasing...it's painful, but because my circumstances were quite different when I began the lease, it wasn't such an ugly picture. Well, it hurts like hell now. But, I'm still moddin' it!
Good luck!
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03-13-2003, 07:48 AM
#8
person leases through AHFC, and another person takes over payments, the original lessee can still be held liable for damages to the vehicle, as well as damages caused by the vehicle. Perhaps Chase is the same way. Best to find out by calling Chase.
03-13-2003, 12:09 PM
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YOU GOT RIPPED
bro, you got hurt on that deal, i got a 48 moth lease too, but i only put $800 down and pay $398 a month w/ 15k miles a year. i know 48 monhts is long but putting that much down you should be paying around $300 maybe in even lower, thats a good down for least only if you get a good monthly payment
03-13-2003, 12:15 PM
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Re: YOU GOT RIPPED
Originally posted by cl8
bro, you got hurt on that deal, i got a 48 moth lease too, but i only put $800 down and pay $398 a month w/ 15k miles a year. i know 48 monhts is long but putting that much down you should be paying around $300 maybe in even lower, thats a good down for least only if you get a good monthly payment
bro, you got hurt on that deal, i got a 48 moth lease too, but i only put $800 down and pay $398 a month w/ 15k miles a year. i know 48 monhts is long but putting that much down you should be paying around $300 maybe in even lower, thats a good down for least only if you get a good monthly payment
And you said you put 800 down, but did you have a trade also? that affects the overall price too.
03-13-2003, 12:16 PM
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Originally posted by fuzzy02CLS
That's not in my lease. I go though AHFC. I'd have to pay a fee to transfer it, but after that it's not my problem.
That's not in my lease. I go though AHFC. I'd have to pay a fee to transfer it, but after that it's not my problem.
03-13-2003, 12:36 PM
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Re: $800 DOWN
Originally posted by cl8
NO TRADE IN, THE DEAL WAS AS I WROTE IT, NOTHING MORE TO
IT!!
NO TRADE IN, THE DEAL WAS AS I WROTE IT, NOTHING MORE TO
IT!!
03-13-2003, 01:30 PM
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Re: YOU GOT RIPPED
Originally posted by cl8
bro, you got hurt on that deal, i got a 48 moth lease too, but i only put $800 down and pay $398 a month w/ 15k miles a year. i know 48 monhts is long but putting that much down you should be paying around $300 maybe in even lower, thats a good down for least only if you get a good monthly payment
bro, you got hurt on that deal, i got a 48 moth lease too, but i only put $800 down and pay $398 a month w/ 15k miles a year. i know 48 monhts is long but putting that much down you should be paying around $300 maybe in even lower, thats a good down for least only if you get a good monthly payment
03-13-2003, 02:32 PM
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Well thats exactly why you have the payment you have then (at least part of the reason). Most of us have the Type S model, and as my car goes it's a Type S with all options (moon roof visor, spoiler, wheel locks, etc.) from the dealership. The only thing mine doesn't have is the Navi.
03-13-2003, 06:38 PM
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hmm
Well like stated before your 2 options are..
1.) Let someone take over your lease, but like Bulldog said, you might find a liablity claus tucked in there so be very careful.
2.) Put your whip on the Autotrader.com or newspaper or whatever, find a buyer.. Sell it for alittle more than your buy out.
My experience with a Lease... Basically it is great if you have your own business or you want A Fresh whip every 2-4 years, or your strapped with other bills and need a low car payment, which your basically not living within your means..
I put my 99 eclipse on the auto trader for 75 bucks.. found a buyer after a month.. Came up with a price... Went to the bank and got a check sent to the lease Co, went back to the guy and got his bread.. Deposited in my bank account.. paid off the car loan through the bank, the kid got the car and I had money left to go put down 3K on a new whip... That sucker... but the world is full of them.. you just need to find them...
Smitty
1.) Let someone take over your lease, but like Bulldog said, you might find a liablity claus tucked in there so be very careful.
2.) Put your whip on the Autotrader.com or newspaper or whatever, find a buyer.. Sell it for alittle more than your buy out.
My experience with a Lease... Basically it is great if you have your own business or you want A Fresh whip every 2-4 years, or your strapped with other bills and need a low car payment, which your basically not living within your means..
I put my 99 eclipse on the auto trader for 75 bucks.. found a buyer after a month.. Came up with a price... Went to the bank and got a check sent to the lease Co, went back to the guy and got his bread.. Deposited in my bank account.. paid off the car loan through the bank, the kid got the car and I had money left to go put down 3K on a new whip... That sucker... but the world is full of them.. you just need to find them...
Smitty
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