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Smart Shopper Lease Termination Fees and other costs
1038 messages, Last post on Nov 19, 2009 at 9:34 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: hospsafe (Jul 11, 2004 12:54 pm) I have now a Ford Windstar lease which ends in Jan. '05, and I got an offer from Ford to lease a new Freestar, and they will waive up to 10 remaining payments on my current lease, so no early termination fees or whatever - just go to the dealer, and ask them for the special offer (I think the name of the program is 'early bird') and that's it. Drive home with the new car. So why "guess" that Ford will not let you out of your current lease. Try to ask them, it couldn't hurt  Especially now, that due to the higher fuel prices, sales for the Expedition is dropping and Ford is desperate for sales, so you can get a good deal, maybe for even less money than your old Expedition. I'm not sure about Volkswagen, but if you want to take another VW, sometimes they will allow you to end your lease early. I know some people who got such kind of offers from them. But again, ask them. It doesn't cost you anything, except for some time on the phone (and phone charges if it isn't a 800 number Good Luck!
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Replying to: rroyce10 (Jul 16, 2004 4:08 am) If your Real Estate agent said: "buying and leasing is the same", would you still lease the property.? .. come on, lets be honest here, your blaming the dealer for "your" decision ...... Terry. They were not lying, baloon payments are purchases, not leases. The car is probably registered in Faizur's name. |
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I am looking at a first time lease .... I have a 1997 Honda Accord with 84,000, so I am not a high mileage user, but still wonder if I am making the best choice. I am looking at a 2004 VW Passat GLS for $25,274 before a down payment of $3,000. I was quoted a 4 year lease payment of $295 with 15K miles per year. Purchasing would be $430 for 5 years. Two main questions: should I consider a 3 year lease if I go the lease route (approx. $20 more), or should I stop shopping for 5 years and PURCAHSE the Passat? Thanks, Murphy
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Replying to: cats (Jul 25, 2004 7:04 pm) Shop around and oyu will get a better deal. |
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| Does anyone know what the approximate wholesale value on this vehicle would be with 7700 miles on the odometer, and the vehicle in outstanding condition? The vehicle is the coupe, not the convertible. I'm looking to end my lease early, and need to know what this figure would be. | |
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Hi crazyfool. If you want to know what your leased car is currently worth, you can look up its Edmunds.com True Market Value in the following section of this site: Edmunds.com Used Vehicle Pricing. You also may want to stop by the following discussion that appears here on the Smart Shoppers Message Board: Real-World Trade-In Values. One of our most knowledgeable community members, Terry, hangs out there and he is often kind enough to give people an idea of what their used vehicle is worth if they give him a detailed description of it, including where they live. Car_man Host Smart Shoppers Message Board |
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Dear car man, I have a lease on a 2002 Jetta 1.8T with 32,500 miles. My question is whether I should buy the car out or not. The facts: If I terminate, I will owe $250 term. fee, about $350 for miles (10k/yr.), and , because of the poor rear bumper design on this VW, I am expecting to have to repair all the dings, perhaps $500? So I might be looking at about 1,000-1,200 to give them the car back. OUCH! I could then buy another car. Advantage, I paying down a new car, disadvantage, I will spend maybe 5K more than buying car out. Or, I can buy the Jetta- The residual with tax/title-1,000 rebate is $14,612, which is I beleive less than blue book. I like the car, don't love it. Advantage- less money, discdavantage, I'm paying down a car that will be 7 years old by time I finish payments. Your sage counsel would be welcomed. |
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Hi robco62. I think that this is more a matter of personal preference than a situation that has a right and a wrong answer. If you were significantly over your mileage allowance I would be more inclined to recommend that you purchase this car. However, having to pay your normal disposition fee, $350 in excess mileage charges, and perhaps a few buck for some scratches on the bumper really is not that bad. If you have enjoyed driving this car, have not had any major mechanical problems with it, have not been in an accident, and feel as though it would cost you less to exercise your lease-end purchase option than it would to purchase an equivalent car on the open market then you may want to consider buying it. If you've had problems with this car, played bumper cars with it, or if you feel as though it's price is a little on the high side, then you should just walk away from it. Car_man Host Smart Shoppers Message Board |
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| Hi, quick question. I recently lease a toyota sequoia. I am in month 32 out of 60 months. I can get more for my car selling it privately vs. trading it in. So, am I allowed to do that? I just don't trust toyota, they kind of screwed me when I leased this car while trading in previous lease, so I am done with leasing and just want to start fresh. Are there other fees other than what my buyout amount is from the bank? It is early termination, but I am not turning the car in. Do I have the ability to do it this way. Thanks a bunch. | |
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Hi netchick. You can purchase your leased truck and try to trade it in or sell it on your own, however it will likely be very expensive for you to do so. Not only is there a good chance that it will cost you more to buy your truck than it is worth on the open market right now, but if you do so the bank that you are leasing it through may still want you to pay them your remaining payments. As you can see this could end up being very expensive. Generally speaking, consumers are able to get more for their vehicles by selling them privately than by trading them in. Having said this, the more expensive the vehicle that you are trying to sell is, the more difficult it will be for you to find someone who has the resources to purchase it from you. Unfortunately, you are probably going to lose money trying to get out of your lease almost 30 months prior to its scheduled termination date, but you may be able to minimize your losses if you are able to do a private sale. Your least expensive option would be to continue leasing your Sequoia until you are much closer to its end. I could understand trying to get out of your lease if you could no longer afford to make the payment, you are way over your mileage allowance, or you needed a different size vehicle, but to do so just because you don't trust Toyota does not make a while lot of financial sense. Car_man Host Smart Shoppers Message Board
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Smart Shopper Lease Termination Fees and other costs
