HELP... giving back car early for new one off a lease?
10-23-2005, 08:05 PM
#1
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HELP... giving back car early for new one off a lease?
Hey guys,
I think I need to get out of my lease. My lease ends in May '06 on my '03 TL-S (36 month lease), and here is what has happened since I've had it:
-flood from an AEM CAI (a ton of damage there)
-two accidents caused by women, neither of which were determined to be my fault. The first one was for $6k, the second one was for $3k
-someone hit my bumper and side panel on separate occasions in parking lots, with both incidents leading to about $1k damage out-of-pocket each time
-two dead transmissions (on #3 at 32k miles!)
-a timing belt, alternator, and battery replacement after 30k miles
-three sets of brake pads, replaced the rotors once
and little other things that aren't as serious.
I think my car has demons hiding in that little glovebox that the 2nd generation TL has. I can't count the number of times people have told me, ''Matt, you really need to get rid of that car, it's a jinx.''
Therefore, I ask of you guys, has anyone gotten out of a lease from their dealership a few months early to buy a new car from the same brand/dealership? I love the new RL A-Spec and I was told I could get a lease in the $500-600 range per month, which I could afford. My car has less than seven months left on the lease, and I'm guessing I could negotiate with them if I buy a $50k car and give them back my shitbox. If anyone has negotiated out of a lease early in order to buy a new car, please tell me because you could really help me out here. This car needs to leave my driveway immediately... thanks guys
I think I need to get out of my lease. My lease ends in May '06 on my '03 TL-S (36 month lease), and here is what has happened since I've had it:
-flood from an AEM CAI (a ton of damage there)
-two accidents caused by women, neither of which were determined to be my fault. The first one was for $6k, the second one was for $3k
-someone hit my bumper and side panel on separate occasions in parking lots, with both incidents leading to about $1k damage out-of-pocket each time
-two dead transmissions (on #3 at 32k miles!)
-a timing belt, alternator, and battery replacement after 30k miles
-three sets of brake pads, replaced the rotors once
and little other things that aren't as serious.
I think my car has demons hiding in that little glovebox that the 2nd generation TL has. I can't count the number of times people have told me, ''Matt, you really need to get rid of that car, it's a jinx.''
Therefore, I ask of you guys, has anyone gotten out of a lease from their dealership a few months early to buy a new car from the same brand/dealership? I love the new RL A-Spec and I was told I could get a lease in the $500-600 range per month, which I could afford. My car has less than seven months left on the lease, and I'm guessing I could negotiate with them if I buy a $50k car and give them back my shitbox. If anyone has negotiated out of a lease early in order to buy a new car, please tell me because you could really help me out here. This car needs to leave my driveway immediately... thanks guys
10-23-2005, 08:16 PM
#2
Suzuka Master
They won't just absolve you of the remaining payments, but they will "work" with you to roll some of the remaining payments into the new car.
My dad did this on his 2000 Oldsmobile Bravada. He had too many miles so he traded it in halfway through a 36 month lease. Since he bought his next truck (a 2002 GMC Envoy) from the same dealer, they did cut him a bit of a break on the remaining payments.
My dad did this on his 2000 Oldsmobile Bravada. He had too many miles so he traded it in halfway through a 36 month lease. Since he bought his next truck (a 2002 GMC Envoy) from the same dealer, they did cut him a bit of a break on the remaining payments.
10-23-2005, 08:45 PM
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2 options:
Call up the bank you're leasing the car from and ask them two things. What's your payoff, and what's the wholesale/dealer payoff (price before tax). If say the car is worth 13,000, and the wholesale payoff is 14,000, you need to pay $1,000 to get out of the lease. These days, the difference is much greater than that, I wouldn't be surprised to see a spread of like 4-5k, but hey, you never know....
Other option is you pay the remaining payments and get out of the car now. Balance out the financial difference between both options, and whichever saves you the most money, is your ticket out.
It's rare that a dealer would absorb any of the losses without applying it you your payments, so it's up to you!
I don't know how many miles you have, but I just checked to see what the wholesale would be on it (using a guide that dealers use..Galves), it gave me a price of $16,300 with 40k miles. I don't know how manu miles you have to give you an accurate number. The price is based on no bodywork or accidents, no dents, minimal scratches, so it is subject to change based on eyeballing the car. Hope tha helped!
Ed
Call up the bank you're leasing the car from and ask them two things. What's your payoff, and what's the wholesale/dealer payoff (price before tax). If say the car is worth 13,000, and the wholesale payoff is 14,000, you need to pay $1,000 to get out of the lease. These days, the difference is much greater than that, I wouldn't be surprised to see a spread of like 4-5k, but hey, you never know....
Other option is you pay the remaining payments and get out of the car now. Balance out the financial difference between both options, and whichever saves you the most money, is your ticket out.
It's rare that a dealer would absorb any of the losses without applying it you your payments, so it's up to you!
I don't know how many miles you have, but I just checked to see what the wholesale would be on it (using a guide that dealers use..Galves), it gave me a price of $16,300 with 40k miles. I don't know how manu miles you have to give you an accurate number. The price is based on no bodywork or accidents, no dents, minimal scratches, so it is subject to change based on eyeballing the car. Hope tha helped!
Ed
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