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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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Replying to: explorer025 (Nov 02, 2004 9:31 am) regards, kyfdx (not the expert) |
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Leased a Nissan Sentra in early June 2004. Car was hit by a drunk driver while parked on a residential street early one evening.Driver refused breathlyzer but carries insurance.I am at no fault in this accident.If the car is not totalled they will fix it and its still ours.We would no longer be leasing a new car and at the end of our 3 year lease we are responsible for any problems with the car.Can we get out of our lease with no penalties to us?
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Replying to: rosebud1 (Nov 02, 2004 9:39 am)
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Replying to: ua01682 (Nov 02, 2004 9:49 am) I'm assuming you leased through NMAC and have GAP insurance.. If that is the case, hope that your car gets totaled.. then, you will be out of it. Assuming it has to be fixed, and you will get it back: Treat it just like you owned it.. make sure it is fixed at a top-notch body shop with new parts... and, you should be fine.. Our '01 Accord was rear-ended to the tune of $9K, when it only had 11K miles. When the lease was up after three years, we just turned it in and walked away. They cannot charge you at lease turn-in, because of body work on the vehicle, assuming it was repaired correctly. Any diminished value will be their problem, not yours. I know it is disheartening to have a vehicle severely damaged shortly after acquiring it, but be glad you leased it... If you owned it, you could sell it, but you would be out thousands of dollars in diminished value, even if it was fixed perfectly. regards, kyfdx (not the expert) |
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Hi. I am looking to move up from my current car to a SUV. My current car is being paid for from a car loan. The trade in value is $3000 and the amount we still owe is $6000. How would that work if we wanted to lease the new SUV? Can we trade in the car? Would that extra $3000 that we owe just be tacked on to the price of the lease? Or are the loan and lease seperate entities and would we have to essentially take out another loan for $3000 to pay off the car in addition to the lease that we would get for the SUV? Thanks for yor help!!
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Replying to: sungod067 (Nov 02, 2004 10:23 am) They will basically payoff your loan, but will then add that into the lease deal somewhere. I wouldn't recommend it. Not only will you end up paying a lot more than the $3,000 difference, you'll be at the mercy of the dealer which isn't a good thing. Your absolute best case scenario would be to sell the car for closer to your loan payoff and you'll have to cover the rest out of your pocket. If you have zero cash to work with, I would highly recommend you not get yourself into another car payment.
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Thanks Car_man. And one more question. All my conversation with dealership are going through email. Last email when I mentioned that they gave me .00194 MF instead of .00179 they answered they quoted me with security deposit waived and simply made an error. My question: Is it better insist on base MF or go as-is with security deposit? My thoughts are go with base MF and security. Am I right? Thank you very much again. |
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Replying to: cmgonline (Nov 01, 2004 11:49 am) He learned that the universe of people who buy high end luxury cars is small. The universe of buyers who would consider used is smaller still. Someone who will spend $60,000 on a vehicle usually is a new car buyer. Hence, there is a buyers' market for vehicles that are still that expensive and used. I presume if you buy one and decide you should have bought the BMW 7, you are going to be hurt selling the A8 after only a year. If a buyer breaches the lease or loan agreement, the bank may be bleeding, too. Either way the buyer of the car used should be smiling. Long story short, I'd bet you can do better on the selling price. Others have already said to put as little down as possible on a lease. Perhaps, you can use a third party lease company that will buy the mv at a discounted sales price and lease it to you. |
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Car man- Recently negotiated a purchase price on a 2005 Audi A4 3.0. MSRP is $39,810, purchase price is $38,250. I am looking to lease this for either 36 or 39 months, 15k miles per. Additionally, could you give me the residual #'s and money factor for Infiniti G35 '05 AWD? It is the other option, but haven't received any pricing yet from infiniti (Audi is my first choice, unless the Infiniti prices out much cheaper on a lease deal). Thanks. |
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