Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
You are in the Smart Shopper-Archives Forum. Your Hosts are kirstie_h & tidester
|
Replying to: sebring95 (Nov 02, 2004 10:46 am) Pay-offs are nothing more or nothing less than the "shadow" or the "echo" of the vehicle, it has nothing to do with the dealer .. Terry.
|
|
|
I pulled the trigger on a Mazda 6 last night after reading the "10 step" and playing with the edmunds calculator all weekend after walking out with a leasing info sheet from one dealer on Saturday. I got an '04 Mazda 6 with a MSRP = $27490 sell price ($21450 after $790 below invoice and $3000 cash back on the balloon payment lease plan) $300 down (had to give them something) % Rate = 3.3 (.0013875) 299.89 /Month payment for 48 months includes 6% tax for 12K / year Residual and Balloon payment $10,996 (tax + fees included) I plan on paying the balloon payment and keeping the car. How did I do ? Car_Man thanks for the links to the leasing info and calc they helped . |
|
|
|
|
Should I be one? I am leasing a 2003, V8 4x4 Tundra Access Cab with TRD package. 18,000 mi, perfect condition. I put $3005 down and have paid $404/mo for 25 mos. The lease company has requested a price of $21,700 to end the lease now. Edmund's says the truck is $22,383 private, $25,174 retail. Bluebook: $24,555. I did a quick search on AutoTrader and average price was $26K, most were 29K with more miles than mine. I love the truck and can now afford to buy cash--should I? I just need a little reassurance or someone to tell me I'm way off track! And if there is any way anyone can explain to me how they calculated that price, I'd be amazed!  Thanks for any help! -c |
|
|
I am sorry to hear about your unpleasant lease experience, nomoreleasing. There are basically three charges that you may end up having to pay at the end of your lease, a lease-end disposition or termination fee, an excess mileage charge, and an excess wear and tear charge. I believe that SE Toyota Finance charges a disposition fee of $350 on the vehicles that it leases. Since you will be under your vehicle's allowed mileage you will not have to pay any sort of excess mileage charge. That brings us to the excess wear and tear charge. While I do not personally have any experience with turning leased vehicles in to SE Toyota Finance, most major banks are fairly reasonable when evaluating leased vehicles for excess wear and tear. Most banks will provide their lessees with some sort of pamphlet that outlines their excess wear and tear guidelines if you ask for it. You may want to contact the bank that you are leasing your Camry through to see if they can give you a better idea of just what is considered to be excessive wear and tear. By doing so you will be able to get a good idea of whether you may owe a penalty and will have the opportunity to fix any potential chargeable items on your own before your vehicle is inspected. Car_man Host Smart Shopper Message Board |
|
|
You're welcome, explorer025. The problem with your calculation is that the bank that you are leasing your Explorer through owns it, not you. Even after you have paid all of your remaining lease payments, you still will not own your truck until you pay Ford Credit its purchase price. The total of its purchase price and your remaining payments will likely be well above your truck's current value on the open market. As a result, rather than getting $3,000 back by breaking your lease you likely will owe thousands of dollars. Car_man Host Smart Shopper Message Board |
|
|
I am sorry to hear about your unfortunate situation, rosebud1. As long as your leased vehicle is repaired properly, preferably with OEM parts, you can not be charged for excess wear and tear because of this accident by the bank that you are leasing it through when you turn it in at the end of your lease. This is actually one of the beautiful things about leasing. If you actually owned your Sentra and had it repaired after it was in an accident it would have diminished value compared to a similar car that was never hit. As a lessee, you can avoid this diminished value hit by simply turning in your vehicle at the end of your lease. As long as your car has been fixed properly, the bank will have to absorb the diminished value hit, not you. The fact that your car was in an accident does not allow you to terminate your lease early though. Car_man Host Smart Shopper Message Board |
|
|
Hello sungod067. If you owe $3,000 more on your current vehicle than it is currently worth you will have to either pay that money out of your own pocket or roll this negative equity into your next loan or lease to sell your car right now. Most banks will not loan more than a little over a vehicle's full MSRP, so in order to put $3,000 in negative equity into your next loan you would have to purchase or lease a vehicle that has more than a $3,000 difference between its full MSRP and selling price. This should not be a problem in today's competitive market where automakers are providing tons of incentives. Having said this, rolling negative equity into your next loan or lease is not really a good idea because rolling negative equity into your next vehicle will cause you to be even more upside down on your SUV than you were on your car. If I was in this situation and I could not afford to pay the negative equity on this car out of my own pocket, I probably would wait until I was less upside down on it to get something new. On a side note, consumers are often able to get more for their vehicles by selling them on their own than they are by trading them in. This is especially the case with less expensive vehicles that most dealers would sent to auction rather than selling on their lots. You may be able to reduce your negative equity by selling your car privately. Car_man Host Smart Shopper Message Board |
|
|
No problem, sergkn. Banks offer the no security deposit option because many consumers are interested in driving off in their leased car or truck having to pay as little money as possible at lease signing. I personally would rather pay a security deposit that I will eventually get back than have a higher money factor used to calculate my lease payment, causing it to be higher. Car_man Host Smart Shopper Message Board
|
|
|
Hi gold233790. Audi's October lease program is scheduled to run through today, November 3rd, and Infiniti's October lease program just expired. I have not had an opportunity to see their new November programs yet, but would be more than happy to try to give you an idea of what they are like if you check back with me in a few days. Post a quick reminder for me then and I'll let you know what I have been able to find out for you. Talk to you soon. Car_man Host Smart Shopper Message Board |
|
|
Congratulations on your new car, dprosa. It sounds like you did very well. Enjoy your new ride. Car_man Host Smart Shopper Message Board |
|
You are here:
Forums
Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
Browse by Board
Browse by Topic
Today's Chats
