- #488 of 716
-
Re: Does it make sense to buy out now or at end of lease? [gabbo]
by qbrozen
-
Nov 06, 2008 (9:06 am)
-
|
|
Replying to: gabbo (Nov 05, 2008 8:08 pm)
Maybe I missed it ... but how many payments do you have left?
Just remember ... unless you've already done it ... don't let the bank know you are over your miles while negotiating.
|
- #489 of 716
-
Re: Does it make sense to buy out now or at end of lease? [volvomax]
by gabbo
-
Nov 06, 2008 (9:07 am)
-
|
|
Replying to: volvomax (Nov 06, 2008 8:07 am)
I should have been more clear. The actualy fleecing came on the not price of the car. It was absolutely my fault because I didn't reseach it nearly as much as recent vehicles. I'm now a lot more knowledgable, thanks to sites like this, about what I should have negotiated upfront regarding the cap cost.
I did think the tax law was different in Texas in that you got charged the whole tax upfront, rather than on the monthly rent charge. But I could be wrong.
I understand paying the miles, it's only fair since the contract was based on less depreciation.
Thanks for the advice on getting the inspection. If the car is worth $15,000 and the penalty is $2500-$3000, then it sounds like it's a wash whether I buy it now (basically rolling in the penalty fee) or turn it end at the end of the lease in six months and pay the penalty. It's just a question of if I want to keep this car or move onto something else.
|
- #490 of 716
-
Re: Does it make sense to buy out now or at end of lease? [qbrozen]
by gabbo
-
Nov 06, 2008 (9:12 am)
-
|
|
Replying to: qbrozen (Nov 06, 2008 9:06 am)
I didn't discuss mileage when we I talked to the bank and won't...thanks!
|
- #491 of 716
-
Re: Does it make sense to buy out now or at end of lease? [gabbo]
by qbrozen
-
Nov 06, 2008 (9:13 am)
-
|
|
Replying to: gabbo (Nov 06, 2008 9:12 am)
How many payments left?
Just trying to get a handle on what you would pay if you finished the lease vs buying now.
|
- #492 of 716
-
Re: Does it make sense to buy out now or at end of lease? [qbrozen]
by gabbo
-
Nov 06, 2008 (9:16 am)
-
|
|
Replying to: qbrozen (Nov 06, 2008 9:13 am)
I have 6 payments left...
|
- #493 of 716
-
Re: Does it make sense to buy out now or at end of lease? [gabbo]
by qbrozen
-
Nov 06, 2008 (10:23 am)
-
|
|
Replying to: gabbo (Nov 06, 2008 9:16 am)
Ok. Well, in 6 months, the value has nowhere to go but down. As Vmax said, it is worth about $15k right now. So that means you are currently $4k upside down. So I suggest continuing to make your payments and then negotiate the buyout when you have a month or so to go. If its worth, say, $13k at that time, and they sell to you for $14k (just throwing out a random number), then you are only $1k upside-down at that time, plus you got to drive the car for another 6 months.
|
- #494 of 716
-
Re: Does it make sense to buy out now or at end of lease? [gabbo]
by saablcp
-
Nov 06, 2008 (12:41 pm)
-
|
|
Replying to: gabbo (Nov 06, 2008 9:07 am)
LOL! You got "FLEECED" by the dealer because You (YOU!) agreed to a price before and without doing due diligence! Are you familiar with the term "Caveat Emptor"? Did you expect the dealer to say to you "I'm sorry Mr.Jones your offer to do this deal is much higher than what we in good conscience as owners of a non tax exempt,for profit business operating in a free market economy can accept in good conscience.Give us a moment to come up with a counter offer at a lower,much more reasonable price" !!!!
|
- #495 of 716
-
Re: Does it make sense to buy out now or at end of lease? [saablcp]
by kirstie_h HOST
-
Nov 06, 2008 (12:50 pm)
-
|
|
Replying to: saablcp (Nov 06, 2008 12:41 pm)
Excuse me, but the buyer already admitted that he/she should have done better homework. We're all very busy, and we don't need to add "scrub salt out of wound" to our to-do lists.
|
- #496 of 716
-
Re: Does it make sense to buy out now or at end of lease? [gabbo]
by volvomax
-
Nov 06, 2008 (1:46 pm)
-
|
|
Replying to: gabbo (Nov 06, 2008 9:12 am)
I didn't discuss mileage when we I talked to the bank and won't...thanks!
Hmm,that is usually the first question the bank asks.
|
- #497 of 716
-
Re: Does it make sense to buy out now or at end of lease? [gabbo]
by volvomax
-
Nov 06, 2008 (1:49 pm)
-
|
|
Replying to: gabbo (Nov 06, 2008 9:07 am)
I should have been more clear. The actualy fleecing came on the not price of the car. It was absolutely my fault because I didn't reseach it nearly as much as recent vehicles. I'm now a lot more knowledgable, thanks to sites like this, about what I should have negotiated upfront regarding the cap cost.
OK, I'm lost. The cap cost IS the price of the car.
So, if you didn't get fleeced on the price,what else is there to negotiate on the cap cost? 
|
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Smart Shopper 
