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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
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The buyout on my friend's lease is $21,110. The lease dealer will pay her $27,000. She wants me to be able to buy her purchase option at $21,110 from this lease dealer...but the dealer says No because they can only sell it to her.I wanted to be able to purchase for cash from the dealer and pay her the difference. But the lease dealer states that they will sell it to me only if I finance it through them. Does anyone have any knowledge about this situation? |
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| Hi Car_Man: I have been reading many of the posts regarding leasing cars and applaud your willingness to help those of us in the dark. Hopefully, one more round of neophyte questions will not upset you. I am leasing a 2001 Honda Accord Coupe. I have never leased before. I obtained what I believe is a wonderful deal (since another dealership said WOW what a wonderful deal). The basic numbers are 36 month, 15,000 mile, tax included (not sure if GAP is included) for $256.80 per month with $4,500 down (my choice) plus my trade ($800). Having read many of the remarks in this forum, I know that I need to check out the CAP COST, LEASE MONEY FACTOR, RESIDUAL VALUE AND EXCESS MILEAGE CHARGE. However, I have NO idea what those numbers should look like. Can you provide your usual insight on this please. Thank you and happy holidays. | |
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Car_Man, I am considering a lease on an '01 Silhouette Premiere. I am getting a price quote of right at $30K, but I haven't started haggling, yet. My question is this; what is the mf and lease rate from GM right now? Also, are you aware of any lease support being available? Thanks, SST |
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It's sounds to me that your friend wants to sell you this car for $27000, and her payoff is $21110. And you want to buy it for $27000. Is this right? If so, it should be a simple deal. She has to payoff her outstanding loan to her finance company. I hope the $21,110 includes any fees or penalties especially if its an early lease termination. I'm assuming you already have financing arranged for the $27,000 and that you are buying, not leasing, this car. If you're already approved for the loan have the bank cut a check in the purchase amount ($27,000 plus tax and whatever fees). I see no need to involve the dealer since the transaction is between you and your friend. Of course they want to finance it to you but anyone can bring their own money. My gut feel says I'm missing something........... |
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Hi kmowens I answered your identical question in topic 571, so please check there. Bretfraz, yes you misread what is going on. kmowens wants to buy the car at the payoff price of $21K. The dealer can only accept $21K from the lessee, but they value the car at $27K to any9one else. kmowens thus wants to buy the car at a $6000 savings. kcram Co-Host - Smart Shopper & FWI Conferences edmunds.com Town Hall |
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Thanks for the kind words, phantom522. Well, the first number that you should find out is this car's capitalized cost. The capitalized cost, or cap cost as it is commonly called, is essentially the amount of money that you are paying for this car. As you can imagine, the lower this car's cap cost is, the better the deal that you are getting, and the lower your monthly payments will be. Make sure to look at this car's cap cost prior to the deduction of your down payment. You will also need to know this car's full MSRP. One good way to tell if you are getting a good deal is to compare the car's full price, its MSRP, with its cap cost, the price that the dealership is essentially selling it to you for. Although the cap cost and the MSRP are probably the two most important figures, if possible you also should also find out the lease money factor and residual value that are being used to calculate your monthly lease payments. The exact lease money factor for this car will vary depending upon whether you are leasing a 4-cylinder or a 6-cylinder model. Right now, American Honda Finance Corp. has special lease money factors on 2001 4-cylinder Accords that are equivalent to just over 6.6% interest for 36 month terms. However, if you are leasing a 6-cylinder model and are going through AHFC, you will have to use their standard lease money factor which is equivalent to an interest rate of about almost 8.3%. As far as residual values are concerned, the 2001 Accord's 36 month 15,000 mi/yr AHFC residuals will be between 57% and 60% again depending upon the exact model that you are leasing. If you are able to come up with any of the aforementioned figures and would like to bounce them off of me, please feel free to do so. Happy Holidays, Car_Man Smart Shoppers / FWI Co-Host |
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Hi SST. Although they may vary slightly depending upon the area of the country that you live in, in the majority of the country General Motors Acceptance Corp. (GMAC) has a special lease rate of 5.65% on all 2001 Oldsmobile Silhouette minivans for 24 to 36 month terms. GMAC's supported 15,000 mi/yr residual values for the 2001 Silhouette Premier Edition are 57% for 24 month, 51% for 30 month, and 48% for 36 month terms. This should answer all of your questions, but if you think of any others please don't hesitate to ask. Happy Holidays, Car_Man Smart Shoppers / FWI Co-Host |
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Hi, I was at the Honda dealership tonight and obtained the following lease for a new 2001 Honda Accord Coupe EX, with no extras added (mudgaurds, visor, etc): 39 month lease .00278 money factor $309.45/month $1,500 down payment (Acquisition fee $450, no sec. deposit) Capitalized cost: $20,475 (I think, don't have actual paperwork until tomorrow) Residual: 57% (again, not sure since I don't have paperwork yet, but I'm sure these are the #'s.) Do you think this is a good deal that I've just gotten into or did I get ripped off? The monthly payment and down payment were the lowest that I've been offered in the past month, so I feel that I've gotten a fairly good deal, but wanted a third opinion. Thanks!! deedee |
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Hi, one small addition...the coupe is a 4-cylinder. Thanks! |
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Do you have the money factor and residual value for the December Nissan's yet? Specifically the SE and GLE. The information (when you have it) would be greatly appreciated. Christian |
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