alextclam

My lease ends in March. I just got a call from the dealer and they threw these numbers at me. What do you guys think? I have until tomorrow morning to give them an answer.

2008 TL-S
Black/black
$1270 out the door (includes first month payment, DMV fees and plate transfer fees)
$498/mo., 36 months, 10K miles

Deal or no deal?

alextclam

Forgot to mention they are waiving the last 4 payments on my lease.

Anyone? Bueller?

TeknoKing

It's good offer, you can shave about 10-15 bux a month, but it's pretty good.

Where in Bklyn are you getting this rate?

In regards to waiving 4 last months of payment, sounds too good be to true, but it's nice!

alextclam

oh i just saw your thread and sent you a PM.

yes, i think i can shave off a few bucks on the payments. i'm actually going to pitch him the numbers on the deal you got and see if he can do it.

well he told me he's going to hold the car for me tonight and that i can go pick it up tomorrow. i asked him about my remaining payments and he said don't worry about them.

McKulit

If you're current lease is with Honda Financial you don't have to worry about anything. The dealer will work it out wherein you don't have to pay the last 4 mos. I helped a friend cut the same deal with Manhattan Acura. He was even driving a Honda Accord and still they took the car with 4 mos left in it.

alextclam

Yes, my current lease is with AHFC. I'm actually debating now if I should wait until the last week of Dec for a better deal. All I ever hear people say is to wait until the end of the month, not to mention the end of the year!

parks31

sounds good, most people dont realize that you can get out of a lease at any time. There is a payoff amount from the beginning of your lease. Depending on the cars depreciation the payoff will match the cars value after a certain period. My last three leases were traded in between 24-30 months. Carmax bought my 03 BMW 325 after 26 months. I had a 06 TSX and Acura took it after 15 months. The value of your old car might be worth more than your residual plus the last four months. Find out what your payoff is and negotiate from there. Good luck

nfnsquared

That's not nearly enough info for anyone to help you. Plug your numbers in HERE and find out.

007TL-S

Leasing is a waste of money and time, just buy it out right for 48-60 month's, no need to to pay penalties if you go over the mileage etc.....Yeah they might maintain it for the life of the agreement , but you don't own "JACK" at the end .....if you did buy it conventionally, you can use it as a trade etc.......people actually think "Leasing is the "Greatest thing, until they find out they just keep getting suckered!....I couldn't help people that begged me and my finance man to get them out tof the coffin!!!"JUST BURIED" we just told them to pay off the agreement , then come and see us!

007TL-S

yeah! ....but people who just want to get out of it just like that without trading can't happen, unless someone else takes over the lease on the vehicle!! guess again!

McKulit

Yes we know that buying is better coz you have equity in the end. Unfortunately not everyone have a big enough money for downpayment so that their monthly wouldn't be through the roof if they finance.

Leasing is just an alternative like the numbers mentioned above. 1K+ down and 400+ monthly is not bad for a car that's around 37K. If he's going to finance that vehicle with 1K down how much is he looking at for 60 mos? 600+ or 700?

I guess it depends on the person's financial situation.

I personally have both. My SUV is leased and the TL is financed. I feel both worlds. There's an advantage and disadvantage.

parks31

No need to guess.
You can sell your leased car for the payoff amount. You can sell it to an individual, or a company like carmax.
Lets dont have another thread about how leasing sucks and how I plan to keep my car for 20 years. Leasing is a great option for lots of people. If you want a new car every 2 to 3 years it is a good option. I was just saying that you have options durring your lease.

TeknoKing

I actually enjoy leasing, you get to change cars often. Also, usually people that lease don't care about the investment, but just simple as that, they want to rent a car, and don't worry about it.

TeknoKing

Alex, also you have till March to pay even lower... Usually the best prices are in the mid of February.

There is no need to rush.

camporealer

What is your average annual mileage? The 10K on the lease would be way too low for me.

I assume the $498 payment does not include sales tax. Add another $43/mo to your payments.

alextclam

well my '04 TL which i picked up in Aug of '04 has a little over 21K. so that would average out to under 7K miles annually. $498 already includes taxes.

nfnssquared, thanks for the link to the lease calculator. very handy tool.

teknoking, i spoke to the dealer this morning and passed on their offer. i let him know that i'm not in a rush. i know i can get a much better deal towards the end of the month. they even admitted that they're trying to get rid of as much inventory to bring the year end numbers up. so i just might give them a call on the last week of this month to see if I can get some ridiculous offer. i've read on some other forums that people are getting the '08 type s at $300 above invoice. now that's ridic!

johnnysquire

Not ridic, just supply and demand. Mmm, free markets.

alextclam

I finally pulled the trigger last week. They wouldn't budge much on their original offer. But I managed to get it a bit down. They didn't have NBP so I told them to do a swap. Getting it from Curry Acura and I should be taking delivery on Wednesday. Can't wait!

Question is, they're buying out the lease on my '04. Besides the odometer disclosure statement, is there anything else I need to sign to make sure the dealer is liable for the car after I drive out of there? I don't need AHFC calling me in 2 months asking me for the car or money. Anyone out there have experience with this?

parks31

The dealership will give you a payoff notice and you should be fine. enjoy

Krazylegs

Get the dealer to write on the sales order "this new agreement fufills any remaing responsibility on previous lease #XXXXXXXXXX"

I had a bad experience with property tax issues from AHF. If the dealer or AHF screw anything up, you can turn it back on the dealership.

You can also call AHF while you are at the dealership. Chances are that the dealership has already put a phone call into AHF and has worked out with them the lease buyout figures so that they know what the profit margin is on the new deal. You should be able to get a reference number and a new acount number over the phone.

Chances are that if you only drive 7K per year, there is positive equity in your car. When you signed your lease agreement, there is a figure written on your lease that has the residual value of the car. On 2 occaisions I have returned my leased veicheles to the dealership for positive equity that I was able to use for a down payment. Or you could take it to Car Max to get an honest quote.

Krazylegs

Get your Tags FedEx'ed to AHF ASAP. Keep for your records the day that AHF received your tags.

alextclam

I believe you mentioned this to me already. Is the payoff notice given to me during the lease signing or after AHFC sends them a receipt of their payment?

My only concern is getting something prior to the lease signing. If it's after, they can do or say anything since I don't have any proof in writing.

Not sure why I'm being so skeptical even though everyone's done this all the time. But I hear a few stories where the dealer screwed some people. I guess I'm just being cautious.

Thanks Krazy. That's an option I have.

Krazylegs

They should give you a peice of paper of some kind saying that your old lease is terminated and you have a zero ballance on your account. This is done when you are signing paperwork with the finance agent. I got bit in the rear one time because AHF failed to alert Virginia that I had turned in my regestration on my old car (RSX-S). I was charged personal property tax on a veichle that I no longer possessed. AHF reopened my old acount for MY RSX-S and charged me for the property Tax. I had no idea about this untill it went to collections because every time AHF called me and left me a voice mail to return the call, I would always call back assuming that they wanted to talk about my TL.