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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: j_kotrba (Nov 22, 2008 8:40 pm) Now, this is a little vague in and of itself. The source of the parts really isn't an issue, unless to fit/finish of the parts is obviuosly substandard. If the acutal repair work is sloppy, then you can be liable for charges. Personally, I'd get your ins co involved, or maybe a lawyer and try to make sure that the proper parts and techniques are used to return the car to the proper condition. |
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I just called Honda back because my lease was due up in January and decided to extend it month to month for up to 24 months. I work in the car business and I wasn't aware that you could extend the lease for up to 24 months. 1100 miles a month and the monthly payment is the same: $258. I'm going to stick with this for awhile so I don't have to be bothered about buying a new car.
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Replying to: alejandrom (Nov 25, 2008 1:34 pm)
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Replying to: volvomax (Nov 25, 2008 3:26 pm) Perhaps that's due to the new economic realities? tidester, host SUVs and Smart Shopper |
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Perhaps that's due to the new economic realities? It might be.... Why would Honda want the car back now? Why not keep making money on it?
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Replying to: alejandrom (Nov 26, 2008 12:17 am) In times past, I wondered about the financial wisdom of that, but as noted above, the drop in used car prices makes it a no-brainer for them now.
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Replying to: kyfdx (Nov 26, 2008 4:29 am) All you are doing is postponing the inevitiable. if the car isn't worth the residual today, it won't be worth the residual 2 yrs from now.
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Replying to: volvomax (Nov 26, 2008 4:03 pm) I wonder if they adjust the residual/buy-out if you extend? I don't see these being beneficial to the consumer, but certainly the fiance company depending on how they do the math IF there is a residual adjustment. If you're extending a lease, it's most likely post-36 months and the depreciation will be less than the first 36 months. But you're still paying the same payment on the higher depreciation.
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Replying to: sebring95 (Nov 27, 2008 6:43 am) So, if the original lease had a $300 payment with $240 of depreciation each month, the extension will have the same $240/mo. of depreciation. On a two-year extension, the vehicle's residual would then be $5760 lower than the original residual. It's a good deal for the bank in this environment. They continue to earn the same finance charge each month in the meantime, on a lower CAP. Considering the way some lease payments have skyrocketed on some makes,recently, it may be a decent deal for the lessee, assuming they negotiated a good lease payment, originally. regards, kyfdx visiting host |
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What about tire wear at the end of a lease? Any charges for that?
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