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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: mjpjnj (Jul 14, 2009 2:58 pm)  $18 wholesale. I doubt that GMAC will give you a lower price than your buyout.
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Replying to: dutch124 (Jul 14, 2009 4:16 pm) |
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When you're given the "buy out" price, that price is only good for a specific period of time. I learned this the hard way. Was given a price on my Volvo when lease was up. . . left for a trip out West. When I returned and was ready to take care of the purchase, etc, I was told that price was no longer good. In the end, I had to pay almost $400.00 more than what I was originally quoted. Was told buy out quotes are only good for 10 days !!!!! This is highway robbery. I WILL NEVER lease another car! |
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Hi Folks - Because I'm not a car leasing expert and not so good with numbers and such, I thought I'd post here for some opinions/assistance. My 2007 Honda Odyssey (base model) lease is coming to an end. My maturity date is 10/21/09. I am trying to decide what my best option will be for when lease is up. I'm not sure if I should buy, hand it back and walk away, or what ever other options might be available. If I need to share more info, please let me know. The current payoff amount is $16822. The residual value on the lease agreement is $15481. I am over mileage, I had a 15000/yr and am presently at 46500. I don't have another car to drive, so the over mileage will continue till I decide what I'm going to do next. I would like to get my payments back down to something more reasonable, whatever option I choose. These lease payments are killing me, I was so foolish in my younger days..anyways, any help would be greatly appreciated.
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Replying to: psumommyof2 (Jul 16, 2009 6:09 pm) Try not to post the same question in multiple topics to avoid confusion.  tidester, host SUVs and Smart Shopper
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Replying to: tidester (Jul 16, 2009 7:23 pm) |
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I have a lease on an 07 Impala LT that is ending in 3 months. Right now we're only at 21,000 miles on a 39 month 39,000 mile lease. I would like to buy the vehicle but want to get a deal. My buyout at lease end is $12,700, which is roughly what I would pay for this vehicle from a dealer, but trade is only just over $10,000. Will GMAC negotiate a buyout price? I've read so many different things ... yes they will, .... absolutely no they won't. I don't know what to think. I just cashed in on the Cash for Clunkers on a little work car, and the finance lady there told me that GMAC won't negotiate my residual value. Any advice on what to do? Should I wait another month and see if GMAC approaches me with an offer for buyout... does that happen?? And what's with this gmacleasebuyout.com... is this a legitimate company? Any help/advice is appreciated. Thanks
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Replying to: impalamomma (Jul 30, 2009 12:46 pm)
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Replying to: volvomax (Jul 30, 2009 3:55 pm) |
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I need some advice on my pending lease buyout. My lease is up in 2 weeks. Here are the stats: Los Angeles, CA 2007 BMW X3 3.0 Liter V6 Auto AWD 15,100 miles Platinum/Butter Sunroof, Premium Package 18 inch wheels Excellent Condition (No dings or scratches) In or out Tires: <10% Worn Brakes: no problems to date This car is in Primo condtion, never had any problems. My Residual is $35K but BMWFS said the would give me $7K off the residual but the interest would be 5.9% for 36 months. The dealer said she would give me $6K off the residual and the interest would be 4.9 for 36 months, PLUS they would extend the warranty & maintenance out to 6 years (from the current 4). Is $28k-$29k a good price for a 2007 X3? If the dealer is going through BMWFS, how can they give me a lower interest rate? Should I try to negotiate a lower interest rate with BMWFS? Also, I have a feeling that in 3 years, I'm going to want to have a different car, should I even deal with the higher payments from the purchase? Or just continue to lease and get something new now at a lower payment than what a purchase would be. Thanks in advance for your advice!
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