Does it make sense to sell off lease?
#1
Does it make sense to sell off lease?
My lease is up. Buyout is roughly $21K on my '07 Type-S 6MT with 29K miles. Should I just turn it in? Try to sell it? It really pains me because it is 100% perfect - no dings, scratches, accidents, etc. KBB value is $24,760.
I'd love to keep it, but it's just not in the finances right now. I have an '02 Subaru Legacy that I drive as my daily.
If I try to sell it, though, I would need to find a buyer that understands that it would need to be paid off, title transferred, etc - maybe not worth the headache.
Advice?
I'd love to keep it, but it's just not in the finances right now. I have an '02 Subaru Legacy that I drive as my daily.
If I try to sell it, though, I would need to find a buyer that understands that it would need to be paid off, title transferred, etc - maybe not worth the headache.
Advice?
#3
#4
Moderator
iTrader: (3)
If you know the car is in good running order, I say keep it. You've had it since new so you know how its been driven, by who, and also know that all maintenance has been done properly.
If you don't purchase a brand new car, you run the risk of getting a car that the previous owner didn't keep up to spec.
If you don't purchase a brand new car, you run the risk of getting a car that the previous owner didn't keep up to spec.
#5
runnin a little boost
iTrader: (3)
The car is rare in 6 speed and,it might be worth it to see what people would pay for it. I know for 04-06 TL only 10% of the cars were 6 speed. Honda really gets you on the lease. If you buy it, they made what ever profit they could from the lease and if you return it they can sell it for more than your buy out. Low mileage 6 speed in good condition might get you a nice little profit.
#6
Wait a minute ... U had it leased ? So I am assuming you were paying what ? atleast $400 a month ? If you finance the 21k loan with acura (3.5%APR for qualified buyer program) your payment should be around the same.
Dude, your gona give it to the dealer who are going to detail it and sell it as ACURA CERTIFIED for atleast $26K plus Taxes !
I say stick with it ! Its the best TL acura ever came out with and holds more value than the 4th gen TL !
Dude, your gona give it to the dealer who are going to detail it and sell it as ACURA CERTIFIED for atleast $26K plus Taxes !
I say stick with it ! Its the best TL acura ever came out with and holds more value than the 4th gen TL !
#7
My lease is up. Buyout is roughly $21K on my '07 Type-S 6MT with 29K miles. Should I just turn it in? Try to sell it? It really pains me because it is 100% perfect - no dings, scratches, accidents, etc. KBB value is $24,760.
I'd love to keep it, but it's just not in the finances right now. I have an '02 Subaru Legacy that I drive as my daily.
If I try to sell it, though, I would need to find a buyer that understands that it would need to be paid off, title transferred, etc - maybe not worth the headache.
Advice?
I'd love to keep it, but it's just not in the finances right now. I have an '02 Subaru Legacy that I drive as my daily.
If I try to sell it, though, I would need to find a buyer that understands that it would need to be paid off, title transferred, etc - maybe not worth the headache.
Advice?
My lease on my 08 TL-S is also up too and am having the same dilemma as you.
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#8
Wait a minute ... U had it leased ? So I am assuming you were paying what ? atleast $400 a month ? If you finance the 21k loan with acura (3.5%APR for qualified buyer program) your payment should be around the same.
Dude, your gona give it to the dealer who are going to detail it and sell it as ACURA CERTIFIED for atleast $26K plus Taxes !
I say stick with it ! Its the best TL acura ever came out with and holds more value than the 4th gen TL !
Dude, your gona give it to the dealer who are going to detail it and sell it as ACURA CERTIFIED for atleast $26K plus Taxes !
I say stick with it ! Its the best TL acura ever came out with and holds more value than the 4th gen TL !
#9
There are several lenders that are offering roughly 4% for used auto loans. I financed my 07 TL-S for $22K for 60 months w/ 3.99% which comes out to $400/month.
If you have a DD then I would return it when the lease ends.
If you have a DD then I would return it when the lease ends.
#10
There is an 08 NBP TL-S at the Acura Dealership here locally w/ 22K miles and they are selling it for just under $30K. Here in GA its pretty common to see $30K for a low mileage 3G TL-S.
#12
Moderator
Chapter Leader (South Florida Region)
Chapter Leader (South Florida Region)
iTrader: (6)
I've been making rounds trying to test drive other cars as I'm going to be in a position where I DON'T have the best credit VERY soon (a first for me) so I was weighing my options.
BUT, the problem here is the TL is such a great car.
Good gas mileage but not the best
The best looks IMO
Good power and pretty fast but not the fastest
FWD, good for control, but not so good for fun
Great value
Amazing technology was included with the car
So I have many things dancing in my head...
EVERY other car I have has SOMETHING that is better than the TL, but not so good in every category like the TL.
1) Mustang 5.0, bad gas, good power, looks good with upgrades, expensive
2) Honda CRZ, great gas, ugly from the back, slow, cheap, 2 seat
3) Sti, expensive, bad gas, questionable looks
4) Hyundai, bang for your buck, good power, rwd, decent gas, warranty exceptional...was my 1st choice, but alas...they stopped making saddle interior leather and that's a dealbreaker for me. PLus, 30K.
Currently, I'm almost paid off on the TL and it looks how I love. a few annoyances that I keep fixing and I'm happy with it. I do a lot of the work myself so that helps.
If you notice most older wiser wealthy people that BUILT their wealth will tell you getting rid of a car payment is your first step and if you keep trading/leasing...you'll never get there.
I guess I hate the idea of feeling "stuck" with a car, but if one is gonna get stuck...the TL is a pretty badazz, jack of all trades well rounded one to be stuck in!
BUT, the problem here is the TL is such a great car.
Good gas mileage but not the best
The best looks IMO
Good power and pretty fast but not the fastest
FWD, good for control, but not so good for fun
Great value
Amazing technology was included with the car
So I have many things dancing in my head...
EVERY other car I have has SOMETHING that is better than the TL, but not so good in every category like the TL.
1) Mustang 5.0, bad gas, good power, looks good with upgrades, expensive
2) Honda CRZ, great gas, ugly from the back, slow, cheap, 2 seat
3) Sti, expensive, bad gas, questionable looks
4) Hyundai, bang for your buck, good power, rwd, decent gas, warranty exceptional...was my 1st choice, but alas...they stopped making saddle interior leather and that's a dealbreaker for me. PLus, 30K.
Currently, I'm almost paid off on the TL and it looks how I love. a few annoyances that I keep fixing and I'm happy with it. I do a lot of the work myself so that helps.
If you notice most older wiser wealthy people that BUILT their wealth will tell you getting rid of a car payment is your first step and if you keep trading/leasing...you'll never get there.
I guess I hate the idea of feeling "stuck" with a car, but if one is gonna get stuck...the TL is a pretty badazz, jack of all trades well rounded one to be stuck in!
#13
Similar situation as well, but I think I'm keeping it. Buy out is just under $20,000 w/ 36K. Otherwise, they'll resale it back in the mid $20K's.
#14
Dogmatic Dinosaur
If you want to keep it, offer them less for cash and get a loan from a bank if you need to. Co-worker got his off-lease Accord for $2600 less than the original asking price. They don't want it back, it is too much risk and they already made a mint off of the fleece...
#15
Team Owner
iTrader: (1)
So long as you are paying off the full amount owed on the lease, Honda is willing to release you from the obligation of the lease, though until the financial obligation is satisfied (i.e. they have the money in hand), you are still financially liable for the vehicle. Once they have the money and everything is processed, you are released from the liability.
#17
Actually, this is not true. I had a lease on an 08 TL-S that I was able to sell to CarMax for several hundred more than the residual value on the lease. I walked away with a check and CarMax paid the car off and took possession to resell.
So long as you are paying off the full amount owed on the lease, Honda is willing to release you from the obligation of the lease, though until the financial obligation is satisfied (i.e. they have the money in hand), you are still financially liable for the vehicle. Once they have the money and everything is processed, you are released from the liability.
So long as you are paying off the full amount owed on the lease, Honda is willing to release you from the obligation of the lease, though until the financial obligation is satisfied (i.e. they have the money in hand), you are still financially liable for the vehicle. Once they have the money and everything is processed, you are released from the liability.
#18
you would buy it out, and then sell it to carmax ... or maybe its like selling a car that still has a lien on it. you take the money to the bank/ in the case of lease the leasing company and they release the title
#19
AFS' site says that third-party sales are prohibited UNLESS to a dealer - Carmax is a dealer, right?
#21
Chapter Leader (Central New Jersey)
iTrader: (1)
The car is rare in 6 speed and,it might be worth it to see what people would pay for it. I know for 04-06 TL only 10% of the cars were 6 speed. Honda really gets you on the lease. If you buy it, they made what ever profit they could from the lease and if you return it they can sell it for more than your buy out. Low mileage 6 speed in good condition might get you a nice little profit.
and from what ive heard 5% of tl's were made type s and less than 1% of those came 6mt...so it def is rare
#23
I wish I could keep it. I've just taken a huge pay cut and I can't afford it anymore. I took it to Carmax yesterday - they offered $35 bucks over the buyout. I told them to screw.
#24
Moderator
iTrader: (3)
$35 over? Sorry man but
#25
Moderator
Chapter Leader (South Florida Region)
Chapter Leader (South Florida Region)
iTrader: (6)
Carmax USED to be a great place to turn in a car and purchase one...but I feel in the last 3 cars I've taken to them to get appraised...they ALWAYS undervalue the car for one reason or another. I don't think they are what they used to be.
How about getting a loan for what you owe but for 5 more years? Probably will be lower than what you were paying before AND you'll have one of the most sought after and unique TL's out there. I can't help but ADORE your color car with paint matched headlights a la JNC.
Just food for thought...if you need transportation...the TL-S is a great car...you go out and spend 20 nowadays and you're not getting top of the line, even NEW.
How about getting a loan for what you owe but for 5 more years? Probably will be lower than what you were paying before AND you'll have one of the most sought after and unique TL's out there. I can't help but ADORE your color car with paint matched headlights a la JNC.
Just food for thought...if you need transportation...the TL-S is a great car...you go out and spend 20 nowadays and you're not getting top of the line, even NEW.
#26
Carmax USED to be a great place to turn in a car and purchase one...but I feel in the last 3 cars I've taken to them to get appraised...they ALWAYS undervalue the car for one reason or another. I don't think they are what they used to be.
How about getting a loan for what you owe but for 5 more years? Probably will be lower than what you were paying before AND you'll have one of the most sought after and unique TL's out there. I can't help but ADORE your color car with paint matched headlights a la JNC.
Just food for thought...if you need transportation...the TL-S is a great car...you go out and spend 20 nowadays and you're not getting top of the line, even NEW.
How about getting a loan for what you owe but for 5 more years? Probably will be lower than what you were paying before AND you'll have one of the most sought after and unique TL's out there. I can't help but ADORE your color car with paint matched headlights a la JNC.
Just food for thought...if you need transportation...the TL-S is a great car...you go out and spend 20 nowadays and you're not getting top of the line, even NEW.
Good advice on getting a new loan, but the way things stand now, my wife and I are so over-extended in terms of credit that we wouldn't get approved at a decent rate. I've recently taken a $20K pay cut and she is just starting a new job for peanuts.
Unfortunately, the SGS inspector for Acura Financial is coming in the morning
#27
Moderator
Chapter Leader (South Florida Region)
Chapter Leader (South Florida Region)
iTrader: (6)
I am sorry to hear that man...
And I agree...last time I went there, I knew more than the guy appraising about the car. It's a strong arm tactic...and in general, when trading in I've learned my lesson. NEVER tell them what you owe, if anything. Never. They have your bottom line in one instance...
Do some math tonight man...I urge you, 20K loss sucks...and overextending yourself is definitely bad news...BUT, unless you plan to carpool with your wife (in which case my point is null)...you may be able to make it happen. Do a 6 year if you have to. Shoot, I took a 5.5 year loan to pay off my stepdad's lease and won't pay off my car till it's almost 10 years old!
And I agree...last time I went there, I knew more than the guy appraising about the car. It's a strong arm tactic...and in general, when trading in I've learned my lesson. NEVER tell them what you owe, if anything. Never. They have your bottom line in one instance...
Do some math tonight man...I urge you, 20K loss sucks...and overextending yourself is definitely bad news...BUT, unless you plan to carpool with your wife (in which case my point is null)...you may be able to make it happen. Do a 6 year if you have to. Shoot, I took a 5.5 year loan to pay off my stepdad's lease and won't pay off my car till it's almost 10 years old!
#28
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BG, sorry to hear about your financial situation. It's a shame you don't feel like you can keep you Type S, especially since it's red 6 speed.
#29
I am sorry to hear that man...
And I agree...last time I went there, I knew more than the guy appraising about the car. It's a strong arm tactic...and in general, when trading in I've learned my lesson. NEVER tell them what you owe, if anything. Never. They have your bottom line in one instance...
Do some math tonight man...I urge you, 20K loss sucks...and overextending yourself is definitely bad news...BUT, unless you plan to carpool with your wife (in which case my point is null)...you may be able to make it happen. Do a 6 year if you have to. Shoot, I took a 5.5 year loan to pay off my stepdad's lease and won't pay off my car till it's almost 10 years old!
And I agree...last time I went there, I knew more than the guy appraising about the car. It's a strong arm tactic...and in general, when trading in I've learned my lesson. NEVER tell them what you owe, if anything. Never. They have your bottom line in one instance...
Do some math tonight man...I urge you, 20K loss sucks...and overextending yourself is definitely bad news...BUT, unless you plan to carpool with your wife (in which case my point is null)...you may be able to make it happen. Do a 6 year if you have to. Shoot, I took a 5.5 year loan to pay off my stepdad's lease and won't pay off my car till it's almost 10 years old!
As far as Carmax knowing what I owe, they apparently looked at my registration and saw that it's registered to Honda Lease Trust. They called and got their own payoff figure - I never disclosed it to them. I acted like I had no idea.
Last edited by BG74; 11-15-2010 at 10:51 PM.
#30
Moderator
Chapter Leader (South Florida Region)
Chapter Leader (South Florida Region)
iTrader: (6)
Dang...can't run from the man!
Lol...I don't blame you then, if it's just a summer queen then let her go. No need for that much expense for no reason. I WOULD recommend you post it in the black market though...you never know...you may be able to walk away with a couple grand in your pocket and a fellow AZiner will be able to get a new TL!
J.
Lol...I don't blame you then, if it's just a summer queen then let her go. No need for that much expense for no reason. I WOULD recommend you post it in the black market though...you never know...you may be able to walk away with a couple grand in your pocket and a fellow AZiner will be able to get a new TL!
J.
#31
Team Owner
iTrader: (1)
How can you sell the car to carmax when while your leasing you don't own the car? That is the whole purpose of leasing, you don't own the car, the bank that Acura uses does so unless you bought the car at the end of the lease I don't see how you could legally sell it since you don't own it.
#32
Three-party transaction. Carmax pays the leasing company the balance of the lease and I have signed over ownership of the vehicle to the Carmax. Like VQPower37 said, it's basically the same as selling a vehicle that has a lien on it except that as a business entity, Carmax handles all of the processing and all I had to do is sign the paperwork.
Anyway, the deed is done. Just dropped it off at the local Acura dealer and said my goodbyes
#34
Three-party transaction. Carmax pays the leasing company the balance of the lease and I have signed over ownership of the vehicle to the Carmax. Like VQPower37 said, it's basically the same as selling a vehicle that has a lien on it except that as a business entity, Carmax handles all of the processing and all I had to do is sign the paperwork.
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