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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: toenlo36 (Apr 08, 2009 11:08 am) |
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06 CTS, 3.6l engine, sport package and heated seats, 45k miles. Lease up in July. The GMAC lease buyout is 21900. They basically quoted me the retail price when anyone with a brain cell knows this is garbage. They told me deal is non-negotiable. Everything is negotiable no? What could GM be thinking? The market is flooded with these cars. Any ideas why GM is taking hard line?
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Replying to: torr5962 (Jun 08, 2009 11:48 am) Just business. |
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I am at the end of a closed-end lease (2006 VW beetle convertible). Car has low miles. Not had the huge problems that I have read by others. My question is this: I need to make a decision, do I buy it or walk away. This was not the primary car, it had been garaged during winters until 08-09. I just went through an horrific divorce and a death of a family member all in the span of three months. I am overwhelmed, inexperienced in solo car purchases. I need to make a sound decision and do not know best sources to consult. Thanks for your help.
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Replying to: itslisa (Jun 11, 2009 7:04 pm) let's make this as easy as possible for you. It should come down to looking at the numbers: the residual value vs. what the car is truly worth. The residual value is simple. This is the value of the car as stated in the lease contract. This is what is due to the leasing company at the end of the contract if you choose to keep the car. There is likely some additional fees as well. The actual value of the car is what you need to determine. There are some great car salesman who can help determine the value of your vehicle on the "Real World Trade-In Values" forum: http://townhall-talk.edmunds.com/WebX/.ee9c851?displayRecent Provide the information at the bottom of the page. If the "real world" value is less than the residual, walk away and buy another car. If the "Real world" value is greater than the residual and you like the car, then buy it.
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Replying to: dtownfb (Jun 12, 2009 8:18 am) Since you're not overly enthusiastic about car shopping anyway, there's probably quite a bit of value in buying out the lease. That should be a pretty straight forward transaction.
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Replying to: sebring95 (Jun 12, 2009 8:48 am) |
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Replying to: sebring95 (Jun 12, 2009 8:48 am) Lisa, do you NEED this car? I know that you mentioned in email that it's not the only vehicle you owned. If you don't, you might just want to turn it in and walk away. |
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Replying to: kirstie_h (Jun 12, 2009 10:58 am)
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Replying to: grandtotal (Jun 12, 2009 11:10 am) The buyout price of $16K seems fairly reasonable (though I'd wait for a pro's take on the RWTIV) - it lists in my area for $17K as a certified pre-owned, and this is about as close as a private-party vehicle gets to that condition on its own.
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