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Lease Questions - Ask Here - READ ONLY

23872 messages,  Last post on Sep 20, 2005 at 8:08 AM

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What is this discussion about? Car Leasing


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#16237 of 23872
Is it better to be upside down in a leased or financed vehicle? by satturngirl
Jan 18, 2005 (6:48 am)

Replying to: Car_man (Sep 03, 2000 3:27 pm)

In a nutshell, we leased a 2004 Toyota Matrix for 5.5 years $344 a month roughly a year ago. Now our family is expanding again and we need a minivan. I'm thinking about trading in the lease for a used minivan (an older model) and transferring the negative equity to the new van. I'm thinking it's better to be upside down in something I'm purchasing than to be upside two more years from now when I can technically trade the vehicle in for a lease trade up. The car is worth 14000 and we owe 20000. Any feedback would be greatly appreciated!
#16238 of 23872
Re: Is it better to be upside down in a leased or financed vehicle? [satturngirl] by qbrozen
Jan 18, 2005 (7:13 am)

Replying to: satturngirl (Jan 18, 2005 6:48 am)

How long ago did you lease it? What is the residual? I'm just taking a stab here and guessing you've had it about a year now. Even then, you have 4.5 years of lease payments left for a total of $18,576, PLUS the residual, which I doubt is $1500. So where did that $20K number come from? Even if you got it really early in the model year, that would knock maybe $1200 or $1500 off that payment total, but a $3K residual still seems really odd to me. I think you are WAY further in the hole than you think you are.
 
Are you maybe thinking that you owe $20K because you have $20K in lease payments remaining? Because it doesn't work that way this early in the lease and it definitely doesn't work that way if you are trading it in for its current value. Its all your lease payments PLUS the residual at the end of the lease. I'm sure you already know this, but leasing for that long and on a car that inexpensive is a HUGE mistake.
#16239 of 23872
Toyota Seqouia lease by rbru
Jan 18, 2005 (7:33 am)
Car Man- A casual friend, Toyota salesman offered me a lease price of 470 mo. 2500 down (tax and fees inc.) for a 2005 Seqouia SR5, 4wd, 36-39 mos, 12k mi/yr. no leather, basic package, live in Long Island , Do you think this is in the ballpark of the going rates or should i shop around, Thank you
#16240 of 23872
Re: Is it better to be upside down in a leased or financed vehicle? [qbrozen] by satturngirl
Jan 18, 2005 (7:54 am)

Replying to: qbrozen (Jan 18, 2005 7:13 am)

According to Huntington National Bank that is our payoff amount. We have had the car almost a year; April will be a year exactly. Yes we are finding out the hard way that leasing the vehicle that long was a huge mistake. I'm not sure what the residual is, how can I find out? When I spoke to Huntington they told me that if we traded in the vehicle we would have to pay the difference between what the vehicle is worth vs. what we owe.
#16241 of 23872
Re: Is it better to be upside down in a leased or financed vehicle? [satturngirl] by qbrozen
Jan 18, 2005 (8:02 am)

Replying to: satturngirl (Jan 18, 2005 7:54 am)

Maybe I'm looking at this wrong, but I don't believe that makes sense. Since you bought it in April, then, by my math, you have like almost $20K just in payments ..... Maybe this is a goofy question, but are you SURE its a lease?? You can ask them what your residual is or you can look on your original contract. Maybe whoever you talked to at the bank screwed up and forgot to add in the residual?
#16242 of 23872
Re: Is it better to be upside down in a leased or financed vehicle? [qbrozen] by kyfdx HOST
Jan 18, 2005 (9:08 am)

Replying to: qbrozen (Jan 18, 2005 8:02 am)

Don't forget negative equity rolled in from a previous car..
 
Our friend is looking to trade after just one year... I'm betting that has happened before...
 
regards,
kyfdx
#16243 of 23872
Re: Is it better to be upside down in a leased or financed vehicle? [kyfdx] by qbrozen
Jan 18, 2005 (9:57 am)

Replying to: kyfdx (Jan 18, 2005 9:08 am)

Oh, I'm SURE there is negative equity in that deal. The payments alone are more than the cost of a new Matrix, aren't they?
 
Man, 5.5 year lease and wanting to get out after just one year is a just a whole new level of "buried."
#16244 of 23872
Pilot EX-L Lease by joe44
Jan 18, 2005 (10:09 am)
Car Man, yes it is me again.
 
I have the following deal on the table:
 
A lease on a 2005 Pilot EX w/leather and DVD would be $396.00 + tax per month.
  
This payment is based on:
- a selling price of $30,093.00 + fees
- $0.00 Cap Reduction.
- 36 months 15K per year.
- Current Money factor of .00164
- Residual of 58% or $19,798.00
 
Two Questions:
1. Are these the current money and residual factors you are showing for a Pilot EX-L with RES?
2. Would the factors be different for just the Leather and not RES included (know my price will be lower)?
 
thanks again-- also, can you throw me the 36 month/15k numbers for nissan pathfinders? THANKS
#16245 of 23872
Re: Pilot EX-L Lease [joe44] by kyfdx HOST
Jan 18, 2005 (10:12 am)

Replying to: joe44 (Jan 18, 2005 10:09 am)

joe44... give Car_man the MSRP.
#16246 of 23872
Re-Lease ? by cpeterson3
Jan 18, 2005 (10:15 am)
Hello.
 
Comments have been made that there's little room for a dealer to come off the required "program" down payment on a lease but how about a re-lease? A few manufacturers out there actively promote the re-leasing of their cars through their own finance arms like Jaguar.
 
To me, this is very attractive as it is always more affordable and the term is generally shorter.
But what about the down payment? Being a re-lease, do think I have more leverage in bringing that number down? (without of coarse inflating the monthly payment) thanks.

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