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Smart Shopper Smart Shopper-Archives Any Questions for a Car Dealer? 
16377 messages, Last post on Feb 11, 2006 at 4:59 AM
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Replying to: squirreljam (Jan 23, 2006 12:41 pm) Carmax does exactly that. |
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Since the dealer does not have to pay sales tax when they (effectively) buy out your lease, it would avoid the big tax hit on you if you did it all yourself. I do know one person that lucked out and had her lease vehicle worth quite a bit more than the residual (timed the SUV craze right). So, she was able to trade it in on a new one, and applied the positive equity. But, I bet it doesn't actually happen that often.
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Replying to: stickguy (Jan 23, 2006 1:36 pm)  . It has 21K miles on it and he had $1000 positive equity on a $13K residual. Very very rare tho.
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Replying to: kdhspyder (Jan 23, 2006 3:17 pm) My BIL has had positive equity applied to his last 2 leases, trading in an Integra and a Accord EX V6 coupe - both leased thru Honda dealership financing. |
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I am going to be looking for a certified pre-owned car in a couple months. Probably Volvo or Acura. As many (if not most) of these vehicles have come off lease, but their advertised prices are usually set at full retail...is there any way to research what the original lease residual was on any particular vehicle? It's easy to figure out what the term of the lease was from the Carfax reports. An estimate of the (then) MSRP shouldn't be too difficult either. If I could estimate what the residual was, I would then know what the dealer paid for the vehicle and would have an idea if there was any reasonable room to negotiate.
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Replying to: allplastics (Jan 23, 2006 5:05 pm) Keep in mind.. the dealers don't necessarily pay the residual price.. especially, if it were set artificially high at the time of the lease.. A lot of lease returns go through the auction, and the dealers buy them at the market wholesale price.. This is a number that is much more useful... You only need that lease residual number, if you are looking to buy the car from the lessee... regards, kyfdx Host-Prices Paid Forums
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I have a 05 JGC that is a lemon. I have contacted Diamler Chrysler concerning this matter and they have yet to respond. BY law in Arkansas they have to respond within 10 days of receiving my certified letter. I now can demand a refund or replacement. But, really unsure of who contact for the refund or replacement b/c all I get are customer reps who are really not that helpful. What is the fastest way to get this matter resolved?
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Replying to: ashlea (Jan 23, 2006 6:39 pm) |
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Replying to: stickguy (Jan 23, 2006 1:36 pm) I got very lucky with the 99 Odyssey that we leased in November of 98 when they first hit the showroom. We traded it on an 01 Accord in May of 01 and got $3K more than the lease buyout. |
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Guys... Taxes absolutely depend on the state. On leases... some states charge you the same sales tax as if you bought the car (TX, IL, etc). And some of them AGAIN charge tax on the car if you buy it out (IL) and some do not. Some charge you tax on the payment (FL, MO, etc) Some charge tax on the difference between the cap cost and the residual (NJ). Not all states give you a tax credit for the trade-in. And with regards to the pass-through, some states REQUIRE a car to pass a state safety inspection or be capcable of passing if sold. Some states require a car to be smogged. So e have a Range Rover that needs tires and brakes to, I would assume, pass a state safety inspection. Assuming it's got the usual 18s.. that's about $1,000+++ for new shoes. Brakes? $500 internal if it's just pads. And what else? On top of that we still need to handle the DMV Paperwork, have a finance manager handle the transaction, book the car into inventory, explain to the used car manager who is likely paid on averaging a certain amount per copy why we did a "$0" deal...etc. In other words.. assume all the risk and at the very least make nothing? I don't think any intelligent businessperson would do that. |
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