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Prices Paid: Buying & Leasing Experiences Hummer H3 Lease Questions
415 messages, Last post on Apr 27, 2009 at 5:09 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hi there! I am totally estatic that I found this board!! I'm not sure how "fast" you answer questions, but I hope you can answer this before Saturday. Anyway, I've read some of the posts already and have learned alot. My question: We have NEVER leased before, and have considered leasing a H3. Long story short, on the news here in NJ they spoke about leasetrader.com (where you can take over other pple's leases which can be a great way to save $$) so we looked and we stumbled upon a 2008 H3 to take the lease payments over. It's in the next town over from us, and the guy doesn't need it anymore cuz he moved to NYC. Here is the info: ~ 2008 Hummer Sport edition ~ Value of it was $35,000. He put $3,000 down and the lease is for 36 mos. with the option to trade in during the 24 month. He's in the middle of his 5th month into the lease. Monthly payment is $379/mo including taxes. 12,000 mileage allotment per year. .10 cents over for each mile over. ~ The lease is with Gold Coast HUMMER of Oakhurst, NJ. He has 5000 miles on a 12000 mile a year lease which puts it under the monthly limit. Other info: He added chrome inserts on the top grill of the hood along with a chrome gas insert and chrome side molding. It's all black with tinted back windows and black and red interior. Added features include a CD player along with XM and Onstar/Onstar telephone. Outside thermostat on the rear view mirror and mirror itself dims according to time of day. The only thing we would have to pay is $595 for GMAC for the transfer of title, dmv fees and all that crap. The owner even offered to chip in some of that cost. He is also throwing in his TomTom GPS. Unfortunately it doesn't have leather or a sunroof...2 things we really like, but are willing to sacrifice that if this is a good deal for us considering we pay nothing down since that was already done!  SO MY QUESTIONS are as follows: 1) Is this a good deal for us? I'm thinking it is for us, considering we are not shelling out a dime (besides the fees to GMAC). Also, out of curiousity, did this guy get a good deal out of it (he put $3,000K down)? 2) Is there any "downfalls" in doing this by taking over a lease? Anything to 'watch' out for? Would like to hear your opinion on this. 3) Concerning buyout: I asked him about the buyout and his response was this: "I just spoke with the dealer, it was kind of high he said due to the fact of the condition that I described to him. Rough estimate of 28000 (he said he needs to see the car to get an exact). It retailed at 35,000 though." Thoughts? 4) He said the car is only a few mos. old. Does this buyout number drop as the car ages??? I'm a little confused about the buyout thing. Not sure if that seems high or not and if so, does that number drop? THANK YOU SO MUCH FOR YOUR TIME. I would love to hear your opinion on this. We are looking at it on Saturday, and would love to hear what you have to say about it and if you feel this is a good deal for us or not. ~Dawn
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Replying to: raw4uuu (Apr 16, 2008 2:54 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: asch (Apr 29, 2008 2:35 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: dawnie417 (May 07, 2008 4:11 pm) The individual who you are dealing with is either confused to lying to you. If he has a 36 month lease, it's a 36 month lease. there's no such thing as an option to trade the truck in after 24 months...not for free anyhow. Sure, you would be able to do so, but it would likely cost you a lot of money. There's nothing wrong with assuming someone else's lease, but before you do so you definitely should compare the cost of leasing a similar brand new truck to the payment that the lease you are considering assuming has. You may find that the deals on this particular model are better now than they were when this person leased theirs, or that they just didn't get a very good deal. Only five months in, there's no reason to assume a lease unless it is significantly less expensive than what you would have to pay for a brand new H3. You may want to try comparison shopping with a couple of dealers before pulling the trigger. As far as this car's lease-end purchase price goes, chances are it is going to be higher than what it is worth on the open market when your lease is up. If this is indeed the case, then it doesn't make sense to buy your truck at lease-end. In most instances, consumers are actually better off walking away from their leased vehicles at the end of their terms than buying them. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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The MSRP on this vehicle is about $42K. I have the dealer obtaining the purchase price in the lease terms for me right now. Is this a good deal? I have seen ads for $99/mo with $1190 due at signing on a base H3 with MSRP of $30,775. Navigation Rearview Camera Chrome package Chrome wheels Sunroof Automatic transmission $1000 down (includes first payment, fees, etc) 39 months 10K miles/year $426/month This seems like a great deal, but I'm not sure. |
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Thanks so much for your response! Well, based on your response we HAVE decided to check out other dealers first to see what deals they have, before we possibly take over that guy's lease. So right now my husband is at the dealership and so far here's what they are offering him: ~2008 H3...the LUXURY edition ~ chrome package ~ sunroof ~ leather ~ chrome wheels ~It's a $40,000 truck. (the only thing it doesn't have is the chrome gas gap. For me personally I'd rather have that than the chrome wheels. My husband would beg to differ. lol) TERMS: ~ 38 mo. lease ~ 12,000 miles a yr. (.20 cents each mile over) (the guy really kept trying to push for 10,000K miles. My hubby gave him a fight and kept walking out). ~ MSRP is $40,000 but we are "buying" it for $36,600 ~ $399/mo including taxes ~ $1,440 down and that includes the first payment, taxes, fees, etc.. ~ 59% residual (what does that mean??? help!) ~ it was based on 4% int. rate What do you think? I'm telling my husband on the phone about the $1,050 lease cash and $1,000 bonus cash, and he's telling him but the guy seems to be dancing around it?! Wanted to know if I was an employee of GMAC. LOL So, not sure. My hubby is usually a great wheeler and dealer, but not sure about this lease cash incentive thingie if he'll pull thru or not?!?! Anyway, what do you say about this deal?? Would love to hear your honest opinion on this and based on the MSRP of being $40,000 and them 'selling' it to us for $36,600. I would hate to get ripped off in any way. How it differs from the other deal, where we were going to take over the guy's lease. ~ The lease take-over one was also a 2008, it was the Sport edition though, it did have the chrome pkg. (which is only the chrome handles and mirrors. He also had the chrome hood thingie too) BUT NO LEATHER OR SUNROOF. That was also for 12,000 mi/yr. and we would be taking the payments over for $379/mo. (it currently has 5K miles on it) and the guy put down $3,000 on it (sounds like he didn't get a good deal after all, huh??) SO, for $20 more a month we are getting the luxury pkg., which comes with everything and it only has 34 miles on it, versus 5,000 since the guy was 5 mos. into his lease. Granted, we will be putting down $1,500 if we close this deal, but what do you say? This is in New Jersey. Looking forward to your opinion/advice, etc.!
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Replying to: dawnie417 (May 10, 2008 6:06 am) where in NJ? We're negotiating at Perrine Hummer/Buick/GMC in Hightstown. Thanks. |
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Replying to: dangermoose (May 10, 2008 12:08 pm)  This H3 has a total of $10,000 in options! The MSRP sticker was almost $41,000 on it. I also forgot to add that it has the DVD Navigation Radio....a $1,700 option. and the trailing equipment too (which is almost a $400 option)...which is good for us cuz we do have a trailer. The only thing it don't have (besides the chrome gas cap) which I really wish it did was the step bars (or whatever you call it). He said that they don't come standard anymore. It's an option...and it's NOT cheap. It'll be much easier to get in and out if we had it...but sometimes you gotta sacrifice some things, right? Good luck to you in hopefully closing your deal. Hopefully our experience can help you in comparison to the deal you will hopefully make. Keep me posted!!!
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Replying to: dawnie417 (May 10, 2008 3:12 pm) We're trying to decide between a truck (the H3) or a car (an A4). It's this whole gas price thing, or we'd have gone for the H3 already.
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Replying to: dangermoose (May 10, 2008 3:59 pm) Let me know if you have ANY other q's. I'd be happy to answer. Let me know what you decide!
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