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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: 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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Replying to: tony411la (Jul 31, 2009 6:45 pm) $28,000  5.9% = $850.54 payments/$2620 total interest Total cost: $30,600 $29,000 4.9% = $867.65 payments/$2242 total interest Total cost: $31,243 You'll need to figure in the cost of the extended warranty to see whether that $600 difference is worth it and make your decision based on that. tidester, host SUVs and Smart Shopper
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Replying to: tony411la (Jul 31, 2009 6:45 pm) BMWFS will sell the car for (a lot) less money to the dealer than they will you. This allows the dealer to pay for the CPO warranty and maintenance, oonly charge an extra $1000, and still turn a profit. The extended maintenance and warranty would cost you at least $3000, even if the car needed nothing... The dealer is definitely the way to go on this... If you don't like the high payment, see if you can get the same rate for 48 months. The money is cheap enough, and the car will still be worth quite a bit more than the payoff after 3 more years.. and, the payment will be a couple of hundred less per month.. If you want to keep driving an X3, it's really your only choice... Lease deals are terrible on the new ones... regards, kyfdx |
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Replying to: tidester (Jul 31, 2009 8:48 pm) |
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| My lease ends in less than 2 months. I have seating for 7, a feature that I don't really need long term. However, it would come in handy for the next 9 months or so. I'm looking at new sedans and smaller crossovers for my next lease, but I wonder about the option of extending my lease for another year. I asked Audi Financial, and they said they will not allow it. I got a brochure in the mail from a company "specializing in end-of-lease options". Brochure says they will customize a new lease on your current vehicle. Anyone know how these companies work? Good idea? | |
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