Lease question...
10-20-2003, 06:08 AM
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Lease question...
So I have 9 more months left on my lease and I am going to buy the car after it is up. Should I try to just buy it now or wait the 9 months??? Would buying it now save on some $$ interest or would it be more since I would be getting out of it early. I don't know how the leases work really. It is through AHF and the residual is about 16-17k for my 03
10-20-2003, 06:18 AM
#3
Blackbird baby..
It really depends on the terms. If "early termination" consists of making all the remaining lease payments, then you're better off sitting on the cash, riding the lease out IMO. If you get some kind of discount then by all means buy it out early.
Also sometimes the finance co will work out a discount on the stated residual too. That would factor in..
Just run the numbers.
Also sometimes the finance co will work out a discount on the stated residual too. That would factor in..
Just run the numbers.
10-20-2003, 06:22 AM
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If you take care of the payoff amount, making a lease buyout with new loaned money, or by paying out of pocket, your car is yours no questions asked.
If there is an adquisition fee, then thats an additional fee.
If there is an adquisition fee, then thats an additional fee.
10-20-2003, 06:23 AM
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Originally posted by danny25
How long was your lease? Your 03 lease will be up b4 my 02 lease.
How long was your lease? Your 03 lease will be up b4 my 02 lease.
39 months...It was a deal that I got after having many problems with my 01...so they swaped an 03 onto the lease
Ok so how would I run the #'s. I cant do it myself so should I call AHF??
10-20-2003, 06:25 AM
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Originally posted by NOLACLS
39 months...It was a deal that I got after having many problems with my 01...so they swaped an 03 onto the lease
Ok so how would I run the #'s. I cant do it myself so should I call AHF??
39 months...It was a deal that I got after having many problems with my 01...so they swaped an 03 onto the lease
Ok so how would I run the #'s. I cant do it myself so should I call AHF??
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10-20-2003, 07:33 AM
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If your lease numbers are based on your prev car...your def better off.
Honda is notorious for NOT negotiating lease-end figures...but if you're paying a higher rate now than you would if you were to BUY the car...go for it. Especially since you're still talking a new vehicle...which means a better finance rate(rates for an 03 now are going to be lower than they will be in 04 for prev years model, etc), so before year end would be the time to act.
Honda is notorious for NOT negotiating lease-end figures...but if you're paying a higher rate now than you would if you were to BUY the car...go for it. Especially since you're still talking a new vehicle...which means a better finance rate(rates for an 03 now are going to be lower than they will be in 04 for prev years model, etc), so before year end would be the time to act.
10-20-2003, 07:37 AM
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Originally posted by chris3240929
If your lease numbers are based on your prev car...your def better off.
Honda is notorious for NOT negotiating lease-end figures...but if you're paying a higher rate now than you would if you were to BUY the car...go for it. Especially since you're still talking a new vehicle...which means a better finance rate(rates for an 03 now are going to be lower than they will be in 04 for prev years model, etc), so before year end would be the time to act.
If your lease numbers are based on your prev car...your def better off.
Honda is notorious for NOT negotiating lease-end figures...but if you're paying a higher rate now than you would if you were to BUY the car...go for it. Especially since you're still talking a new vehicle...which means a better finance rate(rates for an 03 now are going to be lower than they will be in 04 for prev years model, etc), so before year end would be the time to act.
Keep us posted.
10-20-2003, 08:01 AM
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When I looked into buying my 02 out(which I am no longer doing) the rates were about 3.4% for the dealerships "buy rate" from Honda. So, if you have excellent credit & like dealing with the dealer who sold you the car...check them out first, see if they can negotiate a lower buy-out than you can...doesn't hurt to try.
10-20-2003, 08:02 AM
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OK I called and the payoff right now is 20,277.77 and thats 9 months early at 497.62 a month. If I wait till the end of the lease it will be 17,248.00. The lady said If I pay it off now I would save about 150 a month and that is about 1350 total saved...sound right to you guys. The #'s are from the 01 cl...all they did was take the 01 off and add the 03...nothing else.
Ohh and I am not re-financing...I will be able to barrow the $$ and pay it oof with out any intrest
Ohh and I am not re-financing...I will be able to barrow the $$ and pay it oof with out any intrest
10-20-2003, 08:05 AM
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Originally posted by chris3240929
When I looked into buying my 02 out(which I am no longer doing) the rates were about 3.4% for the dealerships "buy rate" from Honda. So, if you have excellent credit & like dealing with the dealer who sold you the car...check them out first, see if they can negotiate a lower buy-out than you can...doesn't hurt to try.
When I looked into buying my 02 out(which I am no longer doing) the rates were about 3.4% for the dealerships "buy rate" from Honda. So, if you have excellent credit & like dealing with the dealer who sold you the car...check them out first, see if they can negotiate a lower buy-out than you can...doesn't hurt to try.
10-20-2003, 08:07 AM
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20,277.77 as of right now.
Now bring to the present all the lease payments you have made up to date. Add it up with the 20,277.77 and thats what the car would've cost you as of right now.
Make sure you are making the right decision. $17,248.00 as residual value seems a bit high for a lease buyout. I will rather return the car.
Now bring to the present all the lease payments you have made up to date. Add it up with the 20,277.77 and thats what the car would've cost you as of right now.
Make sure you are making the right decision. $17,248.00 as residual value seems a bit high for a lease buyout. I will rather return the car.
10-20-2003, 08:18 AM
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Yeah but also remember that is on a 03 cl not a 01. When it was the 01 on the lease I was going to think about buying it at the end. But now its an 03 that is worth more than the 17k so I would have money after a lease and that is not normal...right?!?
I am going to buy the car no matter what...I like it and the wife would shit if I said I was buying a new car and she will have to keep her 10 yr old carolla hahaha
So if I take the 497.62 x 39 months it 19407.18 then add the 17248.00 and thats 36655.18 total paid for the car...not bad thinking that it was stickerd when I got it at 30-31ish plus tax and some intrest...right??
I am going to buy the car no matter what...I like it and the wife would shit if I said I was buying a new car and she will have to keep her 10 yr old carolla hahaha
So if I take the 497.62 x 39 months it 19407.18 then add the 17248.00 and thats 36655.18 total paid for the car...not bad thinking that it was stickerd when I got it at 30-31ish plus tax and some intrest...right??
10-20-2003, 09:18 AM
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497.62 paid 30 monts ago is worth more at the present due to inflation adjustments. But relying on the numbers you provide, 6 grand on interest after 39 months does not sound terrible.
Don't forget any down payment you have given when getting the car.
Seems that Acura got a big cut on the new lease adjustments.
Don't forget any down payment you have given when getting the car.
Seems that Acura got a big cut on the new lease adjustments.
10-20-2003, 09:28 AM
#16
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yeah thats why I want to buy the 03...not to bad $$ wise and I would have a car that I owe less than its worth. But I founf out i will have to wait till jan 04 till i can get the $$ so I will still save a little but not as much as if I do it now.
So is there a way to get them to lower the buy out price of the lease??
So is there a way to get them to lower the buy out price of the lease??
10-20-2003, 09:46 AM
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Originally posted by NOLACLS
So is there a way to get them to lower the buy out price of the lease??
So is there a way to get them to lower the buy out price of the lease??
And even if you could, their motivation for giving you a discount would be if you were to finance with them.
Afterall, the 'payoff' on that car is no where near their true cost. So, they have absolutely no reason to give you any breaks, etc.
10-20-2003, 10:06 AM
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Originally posted by chris3240929
Honda doesn't usually 'deal' with the consumer.
And even if you could, their motivation for giving you a discount would be if you were to finance with them.
Afterall, the 'payoff' on that car is no where near their true cost. So, they have absolutely no reason to give you any breaks, etc.
Honda doesn't usually 'deal' with the consumer.
And even if you could, their motivation for giving you a discount would be if you were to finance with them.
Afterall, the 'payoff' on that car is no where near their true cost. So, they have absolutely no reason to give you any breaks, etc.
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