You are here: Forums Smart Shopper Lease Termination Fees and other costs

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

What is this discussion about? Car Leasing

Messages Page 97 of 105 1 ... 94 95 96 97 98 99 100 ... 105 Prev Next Last

Go To Msg # Search This Discussion

#956 of 1038 Lease Swap Question by houston_man Jan 30, 2009 (2:06 pm)
OK, so to take the thread a bit further. Suppose my 08 HL Ltd will have less than the allotted 54K miles at the end of the 3 year lease. My 'average' so far has been about 1100 miles/month. Based on your replies regarding cash incentive, what would you (or anyone else) say would be a fair cash incentive to offer with 12-14 months remaining on the lease to sweeten the pot.... Replies to this message: sebring95 (Jan 30, 2009 8:13 pm) nbennett88 (Feb 25, 2009 11:23 am) volvomax (Feb 25, 2009 2:41 pm)
#957 of 1038 Re: Lease Swap Question [houston_man] by sebring95 Jan 30, 2009 (8:13 pm)
Replying to: houston_man (Jan 30, 2009 2:06 pm) Well being under the mileage is a big plus, because you've essentially overpaid all along for the lease. The residual is obviously less than if you'd bought a 36k mile lease. I can't say what everyone looks at when shopping these lease assumptions. in speaking with others that have done it, it appears we're all bargain hunters. The math I usually look for is to take the residual, plus remaining payments, less cash incentive = total purchase price. Then I compare that to what I can buy the same vehicle for today. If the lease is considerably less, I look closer. I've assumed three leases and my goal was to assume the lease, buy it out at the end, and turn around and sell it to regain some of my cash outlay. That worked pretty good on the first two, one of which I essential drove for 18 months for free. The last one wasn't as good of a deal but I was about $2,000 ahead when I bought it out and decided to keep it. So that's what's going on in my head with these.   The other option I had considered assuming a lease was for my travel vehicle back when I was piling on a lot of miles. The goal was to buy a lease that had a lot of miles remaining with a cheap payment and then turn it at the end. You're on the right track as it sounds like you'll have about 20,000 miles remaining with 12 months to go. Now if you can get the cash adjusted payment to something sweet, there should be plenty of interested parties.   Very hard to throw a number on something like that but the vehicles that seem to fly off swapalease quickly tend to have cash adjusted payments in the neighborhood of $300-$400. So if you have a $500/month lease a $1,200-$2,000 incentive should make for an easy deal. Just guessing though, again I'm not sure how bad the lease assumption market had been hit in this economy.
#958 of 1038 by houston_man Jan 31, 2009 (4:03 am)
Re: Post#957   Thanks for the well thought out reply...............exactly what I was looking for. Fortunately, leases are a writeoff for me, but I can tell you from this experience that Toyota Highlander's do not lease well. Lesson learned on my part..... Replies to this message: sebring95 (Jan 31, 2009 4:49 am)
#959 of 1038 Re: [houston_man] by sebring95 Jan 31, 2009 (4:49 am)
Replying to: houston_man (Jan 31, 2009 4:03 am) I won't go into my long list of loathing leases for the general public. I'm a CPA and even if you can write-off the payment, it's still very hard to make a good financial case for it. Taking all factors into consideration...present value of cash, investing saved capital, tax deduction, etc. I've generally found you have to be buying a vehicle worth over $40,000 to even come close. But that's for another discussion. Nothing SUV/Truckish leases well at the moment. Most are currently underwater so the folks like me don't have any good deals to pick from on the lease assumption front. Future lease deals are going to be slim and none as captive financing and banks have taken a beating on the current stock. Many are getting out of it completely and the one's that aren't are making sure they're not going to lose money in the future.
#960 of 1038 Help with Getting out of a very! new lease by musthavemy350z Feb 08, 2009 (9:31 pm)
Hello, This is my first post and I hope it doesnt sound stupid..well maybe it kind of is but anyway here is my question. I just leased a 2009 accord LXP from a local honda about a week ago. It has maybe 150 miles on it right now. I do not want this car anymore I have a nissan 350z I have been trying to get for 6 months but could not get the payment I was looking for. So of course 2 days after I lease a new Honda the Nissan guy calls and is ready to deal. My bad for not waiting more than 6 months but any advice on how to get out of this lease would be helpful. Should I try and sell the car to a private owner? Beg the dealer to take it back LOL I must have this car it is a sweet 350z nismo jet black awesome car! I wish I knew how to attach pics I would show you what I mean, oh and for more information this accord is the 9th car in a row my wife and I have leased from the same Honda dealer. Thank you Replies to this message: sebring95 (Feb 09, 2009 5:15 am) qbrozen (Feb 09, 2009 8:27 am)
#961 of 1038 Re: Help with Getting out of a very! new lease [musthavemy350z] by sebring95 Feb 09, 2009 (5:15 am)
Replying to: musthavemy350z (Feb 08, 2009 9:31 pm) No need for pics.....the emotional part will not change the facts of the situation. It certainly wouldn't hurt to beg and plead at the dealer, that would probably be my first shot. Did you put anything down on the Accord lease? The other option is to see if you can find someone to assume the lease. However, I have heard (never confirmed) that Honda does not allow for lease transfers. That leaves selling as the final option, but I imagine that will be quite expensive. Someone is going to want a good deal sweetner to pickup a "used" Accord.
#962 of 1038 Re: Help with Getting out of a very! new lease [musthavemy350z] by qbrozen Feb 09, 2009 (8:27 am)
Replying to: musthavemy350z (Feb 08, 2009 9:31 pm) what sebring has heard is correct. Honda does not allow lease transfers UNLESS under special circumstances, such as death. And it would need to be proven.   You are stuck unless you want to cough up a large amount of dough, which would be much more expensive than if you had just gone with the higher payment to begin with.
#963 of 1038 End of lease - Turning in C-class by nicos Feb 23, 2009 (9:55 am)
Hi all, I am going to turn in my C-class (2006) after the 36 month lease is up. There are some scratches here and there. How is their policy with paying for damage when turning in the car? How do I find out I have to pay for some damage? I would like to get my costs to a minimum, so if I can have it fixed (paint job or whatever) and save some instead of paying a lot after turning in, I would do it.    Hope you can help me out with these questions! Thanks a lot. Replies to this message: volvomax (Feb 24, 2009 9:28 am) nicos (Feb 24, 2009 9:36 am)
#964 of 1038 Re: End of lease - Turning in C-class [nicos] by volvomax Feb 24, 2009 (9:28 am)
Replying to: nicos (Feb 23, 2009 9:55 am) most lenders have pre-term inspections. I'd call your lease co and find out if they do. That way, you would know what your liability is prior to returning the car. Replies to this message: nicos (Feb 24, 2009 9:36 am)
#965 of 1038 Re: End of lease - Turning in C-class [volvomax] by nicos Feb 24, 2009 (9:36 am)
Replying to: volvomax (Feb 24, 2009 9:28 am) Good point, I will do just that.   Thanks for your help!

Messages Page 97 of 105 1 ... 94 95 96 97 98 99 100 ... 105 Prev Next Last

Go To Msg # Search This Discussion

You are here: Forums Smart Shopper Lease Termination Fees and other costs