Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Smart Shopper Purchasing at the End of Your Lease
716 messages, Last post on Nov 30, 2009 at 8:03 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
|
I have a lease on 2002 Lexus RX 300. It was for 3 year 15K. It was done through a bank. My end of lease purchase option is $21,872 I only have 37K miles on this car and it's very clean. Edmunds TMV came out $24,240 Can I try and trade this in and make a slight profit? If so, how do I go about it? Thanks for your help |
|
|
You can just trade it in like any other car. The dealer would have to pay off the car (basically exercise your residual option). If they give you more than the residual for the trade, you would get credit for the difference. Not really much different than if you traded in a car that you still had a loan out on.
|
|
|
Replying to: stickguy (Feb 07, 2005 12:13 pm) Trade-in values are always lower than you expect them to be... and leases usually aren't set-up to put you in a positive equity situation... |
|
|
Replying to: stickguy (Feb 07, 2005 12:13 pm)
|
|
|
I do know someone that traded in an S10 blazer at the end of her lease, and (theoretically) received some equity to put down on a new truck. of course, it may have been an overallowance they were showing, but at least she thought she made a profit! Good point about the sales tax. I have never traded in a lease (or had a lease for that matter), but it makes sense that you can't take a credit for something you never paid originally. Somewhat like getting equity on a trade, some manufacturers/finance arms will give you an incentive to re-lease (no orig. fee, or something). I know at one point a Honda dealer was touting this as a benefit to leasing a Honda though AHF. |
|
|
Replying to: danf1 (Feb 07, 2005 2:07 pm) In Illinois, you pay the full purchase price of sales tax on a lease. (I know it's robbery) My Lexus had a cap cost of $34,900, Tax in the county I live in is 7%, $2443 paid up front or you can put it on top of your cap cost.
|
|
|
|
|
Replying to: rodist (Feb 08, 2005 4:23 pm) perhaps it doesn't pay to lease since there's no tax break.
|
|
|
Replying to: driftracer (Feb 08, 2005 5:18 pm)
|
|
|
Replying to: rodist (Feb 09, 2005 5:59 am)
|
|
|
Replying to: kyfdx (Feb 09, 2005 7:51 am)
|
|
You are here:
Forums
Smart Shopper Purchasing at the End of Your Lease
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
Browse by Board
Browse by Topic
Today's Chats
