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Purchasing at the End of Your Lease

716 messages,  Last post on Nov 30, 2009 at 8:03 AM

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#589 of 716 Re: purchase my vehicle before lease runs out [sf1210] by kyfdx HOST Feb 23, 2009 (7:34 pm)
Replying to: sf1210 (Feb 23, 2009 4:39 pm) If you want to buy it early, it's doubtful they will negotiate.. especially, if it's very early in the lease..   They won't be in any hurry to take a loss on a car that you are committed to paying lease payments on... They have no motivation.   regards, kyfdx Replies to this message: sf1210 (Feb 24, 2009 5:57 am) volvomax (Feb 24, 2009 9:24 am) sf1210 (Feb 25, 2009 8:35 am)
#590 of 716 Re: purchase my vehicle before lease runs out [kyfdx] by sf1210 Feb 24, 2009 (5:57 am)
Replying to: kyfdx (Feb 23, 2009 7:34 pm) thank you for your help. it's not early into the lease, it has been 3 years already, but i have another 14 months to go. i don't see it as the company taking a loss since i owe them over $5000 to finish the lease, and i would offer considerably more than that (12 - 13K), but less than what they are asking for the buyout ($16000). my issue is i cannot get to the right person at chase to even know if i can negotiate. i am new to all of this but i am trying to educate myself so i am never in this mess again.   thanks again for responding. Replies to this message: volvomax (Feb 24, 2009 9:24 am) sf1210 (Feb 25, 2009 8:35 am)
#591 of 716 Re: purchase my vehicle before lease runs out [sf1210] by volvomax Feb 24, 2009 (9:24 am)
Replying to: sf1210 (Feb 24, 2009 5:57 am) Frankly, it's still too soon for Chase to want to take a loss on your car. As someone said, they simply have no motivation. I'd wait if I were you and see what they say next year. Replies to this message: sf1210 (Feb 25, 2009 8:35 am)
#592 of 716 Re: purchase my vehicle before lease runs out [volvomax] by sf1210 Feb 25, 2009 (8:35 am)
Replying to: volvomax (Feb 24, 2009 9:24 am) thanks for the advice.
#593 of 716 Buy out higher than what was stated in contract by commpro Mar 02, 2009 (8:29 am)
Hi there,   My father has a Honda Accord that is at the end of its lease. The contract he signed with Honda stated a buy out value of just over $12K but last week he got a letter from Honda stating he could buy the car for $16.5K.   I've checked the Canada Blackbook Value and the trade-in value is about $9.5K and the resale value just over $11K.   My questions are: Can my father neogtiate? Why would the contract and offer letter vary by $4.5K? What advice can I give him to help him from getting taken advantage of?   I've told him if he want to buy the car to make them an offer based on what the vehicle was worth minus the cash he's paid (exclusive of interest) and to be prepared to throw them the keys if they say no. Am I off base? Replies to this message: grandtotal (Mar 02, 2009 8:51 am) volvomax (Mar 10, 2009 8:25 am)
#594 of 716 Re: Buy out higher than what was stated in contract [commpro] by grandtotal Mar 02, 2009 (8:51 am)
Replying to: commpro (Mar 02, 2009 8:29 am) Why would the contract and offer letter vary by $4.5K?   That is a very good question. I don't think you'll get the answer on this forum. I suggest you call Honda Canada and ask them to explain.
#595 of 716 Re: Buy out higher than what was stated in contract [commpro] by volvomax Mar 10, 2009 (8:25 am)
Replying to: commpro (Mar 02, 2009 8:29 am) The only things that Honda could add to the residual value is a buy fee and any applicable sales tax. I'd contact Honda and get a breakdown of that $16,500
#596 of 716 Re: Lease Buyout/trade in for 06 Altima 3.5SL [worr] by worr Mar 13, 2009 (5:32 am)
Replying to: worr (Feb 15, 2009 5:17 am) The answer I got from NMAC was "not authorized to negotiate" and that was that.   So it goes back. Seems odd Nissan wants to turn around and auction the vehicle for 2-3k less.
#597 of 716 Car lease is set to expire.....what should I do??? by jjc42482 Mar 14, 2009 (11:43 am)
I am in very difficult situation. My current lease is set to expire at the end of April. I am not sure whether to buyout my lease or lease another car. Also, I am not sure whether or not Nissan offers financing on leased car buyouts. I have spoke with several banks and none of them will refinance my car. Also, I am concerned if I buy the car that the maintanence and repairs will be costly. But if I lease another car, I will be going over the mileage because at the current time I work 40 miles away from my home. Buying a new car seems even more farfetched because the monthly payments are very high. Does anyone have any suggestions? Replies to this message: volvomax (Mar 14, 2009 2:39 pm)
#598 of 716 Re: Car lease is set to expire.....what should I do??? [jjc42482] by volvomax Mar 14, 2009 (2:39 pm)
Replying to: jjc42482 (Mar 14, 2009 11:43 am) If your lease is thru NMAC chances are they will offer you a way to finance the buyout. Otherwise, lease or buy a new car you can afford.   Buying a new car seems even more farfetched because the monthly payments are very high   ???? I NEVER understand how someone can say this. Rule of thumb is you pay $20 of payment for every $1,000 you finance for 5 yrs. Pretty simple. So, if you can afford $300/mo, you need to finance $15,000 $400/mo finance $20,000. That way, you know not to go looking at $30,000 cars if you can only spend $300/mo.

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