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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
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Replying to: rufuswashere (Nov 28, 2008 4:31 am) I don't know if Toyota Financial will negotiate. Even if they do, you probably don't have much room. Wholesale on your truck is  $20,000. Remember that you will also have to pay sales tax on the buyout amount.
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Hi - This is the first time I have leased and my car's lease ends in early January. I like the car and am considering buying it. According to Edmunds pricing, if I were to sell it today I could make $1-2K (although this is not my intent). My question is this --- is the buyout price stated on my lease negotable? If so, how do I go about negotiating?
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My lease on my Honda Odyssey is about to be over in 4 weeks. My risidual is half decent...I am thinking of buying the car and reselling it in the market. If I buy it from M&I financing and then sell it immediately to a person waiting to buy it from me...will I have to pay the 6% MI sales tax, or is there a way to get out of it? I mean, I will never have to register the car at the DMV myself??
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Replying to: paulo6 (Nov 29, 2008 4:28 pm) -tidester, host SUVs and Smart Shopper |
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Replying to: paulo6 (Nov 29, 2008 4:28 pm) This is because the state won't release the title without being paid the tax. |
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Replying to: seefral (Nov 29, 2008 9:13 am) |
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Replying to: nycdude (Nov 13, 2008 3:04 pm) |
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Hi ... I have a 2006 Chrysler Pacifica base model (4dr wagon, FWD) which I am planning on turning in on 1/20. I have about 35,000 miles on it and it's in good condition. The residual value of the car is $11,101. Currently, Chrysler is not offering me any incentive to stay in the car. I have a $300 turn-in fee, plus the car will need a good detailing ($200) and maybe two new tires ($275). According to TMV, the trade in value is about $10,100. Just wanted to make sure I'm making the right decision here and need some opinions! Thanks!
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Replying to: jnorman76 (Dec 03, 2008 9:57 am) Having said that, I had a Pacifica for 3 years and it gave me quite a bit of trouble  Also, when you say Chrysler isn't offering an incentive to stay in the car, do you mean reducing the buyout price? Have you out-and-out asked them? If not, it's worth a try - you're no worse off if they say no.
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Replying to: kirstie_h (Dec 03, 2008 10:44 am) We had no real problems with our '05 for the 3 years we owned it. I see Chrysler fixed their residuals. Or at least didn't give quite the incentive to the '06s. Ours had an $18k residual and was also worth maybe $12k by the time we were done. I was happy to turn it back in. jnorman, if Edmunds is over on alot of their values. So odds are your rig is worth much less than what you are seeing. I'd dump it and run. They are VERY lax on turn-in, too, so I wouldn't even sweat the numbers. We had a salesguy do the paperwork on ours. He didn't even look at the tires. Did a quick run around the truck, ticked off all the boxes saying it was OK, and off we went. He didn't even notice the misaligned rear bumper from where it had been hit (twice)! |
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