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Purchasing at the End of Your Lease

949 messages,  Last post on Apr 19, 2013 at 6:36 PM

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What is this discussion about? Car Leasing

Messages Page 95 of 96

#936 of 949 Re: I'm going to go way over my lease mileage [alleyjo] by sebring95

Feb 14, 2012 (6:09 am)

Replying to: alleyjo (Feb 13, 2012 9:50 pm)
Depends. If the difference between the buy-out and market value is less than the mileage charge....then buy it out. Pretty hard to predict that at this point.
 
I would recommend you make payments to your savings account equal to your monthly mileage x the overage rate. Then it won't be a scramble on the tail end.

#937 of 949 Re: I'm going to go way over my lease mileage [alleyjo] by dwynne

Feb 14, 2012 (8:52 am)

Replying to: alleyjo (Feb 13, 2012 9:50 pm)
I agree with sebring, start saving now to pay the over mile charges at the end. Buy it out only if you want it and it makes sense, otherwise pay the charges.
 
You can also try to sell it now to a dealer (like Carmax) if it is worth close to buyout value on the lease. It might cost you to get out of it but that may be cheaper than keeping on driving it and paying the penalty. High mile drivers should not do leases, in general

#938 of 949 Re: I'm going to go way over my lease mileage [dwynne] by wonkau

Feb 18, 2012 (11:08 am)

Replying to: dwynne (Feb 14, 2012 8:52 am)
Sorry if i repeat anything anyone was talking about but I joined this discussion late.
 
So in my scenario I am two months before the end of my lease, my 2008 GMC Acadia is worth about a $1000 more than the ballon payment (per Kelly Blue Book) but I am over mileage to the tune of $5000, if I trade my car towards the purchase of another car other than GMC and they give me what is owed on the car then would I still have to pay that mileage?
 
I am just trying to figure out what ways other than purchasing the vehicle to get away from paying the mileage?

#939 of 949 Re: I'm going to go way over my lease mileage [wonkau] by sebring95

Feb 18, 2012 (5:58 pm)

Replying to: wonkau (Feb 18, 2012 11:08 am)
As long as you don't return the vehicle at the end of the lease, you won't have to pay the mileage fee. You can trade it anywhere you want (essentially the dealer is buying out your lease) or you can buy it out yourself. I have seen some GM leases (assuming it's GMAC/Ally) that have more favorable buy-out terms if it's being bought-out by a GM dealer.

#940 of 949 Honda CR-V Lease End by alykat5911

Jun 13, 2012 (9:15 am)

Hi, My lease is up on my Honda and I want to buy it out. Mileage is well below what the lease allowed, very good shape, only about 20K miles on it. I've heard that Honda does not negotiate the residual value currently listed. Is this true, and can anybody offer some insights in negotiating my terms and payments?

#941 of 949 Re: Honda CR-V Lease End [alykat5911] by isellhondas

Jun 23, 2012 (10:53 am)

Replying to: alykat5911 (Jun 13, 2012 9:15 am)
Coming in late here...
 
The residual is set in stone as it should be.
 
You can probably finance it through a local bank. If you have the dealer do this for you, you will be charged a fee. Just do this yourself!

#942 of 949 Does dealer pay tax on buyout by jenkay1

Sep 02, 2012 (11:39 pm)

I just recently had a Chrysler dealer do a payoff on my Rav 4 lease that had low miles on and quite a bit of equity (I know this is rare), I contacted Toyota and they said the dealer would have me sign buyout paperwork which they did but I'm concerned about the check Chrysler is cutting, it was for the exact amount of the car buyout but without tax, when I questioned this because I knew that I would have to pay tax if I bought it from Toyota they said that dealers are exempt from having to pay the tax. I can't get in touch with Toyota until after the holiday weekend but now I'm really questioning this. Does anyone know if a dealer has to pay tax on a lease buyout just like I would if I would have bought it? NY resident.

#943 of 949 Re: Does dealer pay tax on buyout [jenkay1] by sebring95

Sep 03, 2012 (7:17 am)

Replying to: jenkay1 (Sep 02, 2012 11:39 pm)
Since the dealer is buying it out, they would not pay sales tax.

#944 of 949 Re: Does dealer pay tax on buyout [sebring95] by jenkay1

Sep 03, 2012 (8:06 am)

Replying to: sebring95 (Sep 03, 2012 7:17 am)
Thank you!

#945 of 949 dealer pass-through by czar4

Sep 10, 2012 (12:04 pm)

I understand in some states there is dealer pass-through when you want to sell a car privately but recoup sales tax paid against the purchase of a new car. Is this true in CT? I am trying to get out of a lease, and I can sell my leased car (leased through Toyota) for about $3k more than the dealer is offering; however, I would have to pay$1700 in sales tax based on the current balance owed. It seems crazy to me (although I understadn the mechanics behind it) to pay $1700 in tax for a car that will be immediately passed to a new owner.
 
If I can sell it privately and NOT pay tax, I would be close to what I owe, so the thought of eating $1700 is tough to swallow - although I understand I would have swalloed that had I purchased the car originally. Thanks for any help!

Messages Page 95 of 96

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