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Smart Shopper Lease Termination Fees and other costs
1033 messages, Last post on Nov 11, 2009 at 10:16 AM
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Replying to: pezradar (Sep 26, 2009 3:26 pm) Your Mini will continue to depreciate as time marches on, so if you're going to do this deal, you need to do it immediately. Before you take on the risk of buying a car, i.e., paying the residual cost, I'd go to Carmax and see what they'd give you for your car. That'd be your worst case scenario from a pricing perspective. Then I'd check eBay and Autotrader to see how much you think your car could sell for. At the end of the day, the key is how much risk you're willing to take on - are you willing to risk that your car might not sell above the residual price? Under no circumstances should you rely on KBB or any other valuation site to determine if you should do this arbitrage. Ultimately, the car is worth what someone else will pay for it so you need the Carmax (or even auction) data point. Some dealers looking for good used cars will also give you an offer, I actually sold one of my cars, a BMW, straight to a Lexus dealer. |
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Replying to: pezradar (Sep 26, 2009 3:26 pm) If you sell it to a dealer, there is no tax. At best, you will probably break even at a dealer, dunno if it's worth it. |
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Hi. My lease is up in November. I have a scratch on my car that is about a foot long. Looks like someone keyed my car or something. Should I get that repaired before I turn it in or will the dealer consider it to be normal wear on my car?
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Replying to: law228 (Oct 21, 2009 4:04 pm) |
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I am in my 30 th month ($353 a month) of a 66 month lease for a Honda PilotEX 2007 2WD, residual value $10,176,Kelley blue blue value is 21,500, the lease is with Huntington,payoff $20,000.The Honda is in very good condition with only 12,500, I paid for $15,000 miles a year. This is my first time leasing,I want out.I know I am going upside down. Butcan I go to dealer and they pay off the Honda, BUY a used car and put the remainer that I owe on that loan.(Will banks due that?) And hopefully get a loan between $250/$300. The Honda is great, just to big, the payment to high. And I don`t like the feeling of driving something that is not mine. Doesn`t it make sense to get rid of it while it looks great and has low mileage? Any advice will be appreciated. Thank You! |
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Replying to: cinweed2 (Nov 10, 2009 11:24 am)
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Replying to: sebring95 (Nov 10, 2009 12:11 pm) BUT... just reread the post and see if might be with a bank.(??) In which case, the poster will need to check with that bank to see if they allow assumptions and/or if there are any fees/penalties involved. |
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Replying to: cinweed2 (Nov 10, 2009 11:24 am) First step for you is to head over to the Real-World Trade-In Values thread and find out what the vehicle is worth as a trade-in. That will let you know how far upside down you really are.
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Replying to: qbrozen (Nov 10, 2009 1:03 pm) Thanks for the help, I will check out the real world trade in value.
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Replying to: cinweed2 (Nov 10, 2009 3:05 pm) |
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