You Have 3 Options When Your Car Lease Ends. Here's What They Are & What You Should Do.
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- เผยแพร่เมื่อ 29 เม.ย. 2020
- joinyaa.com
Follow Ray on Instagram: / rasisjaz
Ray and Zach Shefska discuss residual values, lease-end options, pay-offs, and more. If you've been wondering what your options are at the end of your car lease, enjoy this 20 minute conversation and learn what you should do.
If you have any questions about the car business you want answered, let us know if the comments below. - ยานยนต์และพาหนะ
I just decided to keep my car at the end of the lease, and want to share my experience to keep more money in your pocket. I contacted Hyundai a month before the end of the lease and discussed options including purchase. They said the easiest way was to go to a dealership and they would help to complete all of the paperwork. They told me my buyout was $14.5K which included state taxes. When we got to the dealership, they said the buyout was $15.2K, or $700 over what I was quoted by Hyundai. I declined and contacted Hyundai again. Seems you can buy your car from the finance company direct without $700 worth of documentation fees. Four pages of docs with 3 signatures and I mailed the check. I will have to go to DMV to transfer title, but well worth the savings.
@@boblee561 That was what Hyundai Financial told me and that was the truth. I paid the 13K+ residual and Mich state tax on that residual. They sent me a document via encrypted service, I printed and scanned the signed copies and returned them with a personal check. They mailed me the cleared title in 2 weeks.
@@dath283 I'm in that same boat today - the lease isn't up on my Tucson until February, however I'll have only used 2/3rd of the miles on the lease. I did speak with Hyundai, and they gave me some numbers, but it sounds like if I call them again, I might be able to avoid some of the fees? Do I have that correct? Thanks in advance!!
Dave Atherton is correct. I have bought my lease car at the end of the term as well. I just asked the finance company for a payoff amount, paid it to the finance company, and then went to DMV to pay the taxes.
What is the best way to find the most accurate value of the car before buying?
@@thenick95051 read your lease contract. It has the payoff amount.
Would love to see an update on this topic given current market conditions. My thinking is that a lot of people should buy their lease right now and sell the car
I hear you. I'm weighing "buy & keep" (incredibly fun car to drive and only < 17k mi over 38 months) vs. "buy & sell". Leaning toward the former b/c 1) used car market is overinflated, and 2) I don't really LOVE any brand's new model that fits my budget and family needs.
Would love another video on this with current market
Weighing that exact option right now.
My lease is about to end thinking about buying my car it’s worth more than the agreed-upon buyout price
@@Hostage1914 This makes sense for a lot of people in this market, especially if they can afford the monthly payments.
To me. Leasing means you'll never own it. But a Dealer just told me tonight " You buy what appreciate, and you use what depreciate " thats the best advice I ever heard.
So you've been leasing after that?
@@ikharl328 no I never leased
Looking at my first-ever lease right now, so this was incredibly timely. Thank you, guys!
Great channel containing insider knowledge. I appreciate the great relationship that you have with your son, who is a very good interviewer.
Thanks so much for sharing! I've heard a theory before that "real (helpful) information comes out of casual conversations." (may not be exact phrases). That's exactly what I was feeling while watching the YAA videos.
Well it’s November 2022, and my lease is worth 35% more than the contract signed on lease day…January 2020. I will be buying out the car and selling it to another dealer for over 30% profit ….rare opportunity as you gents say
same here
Im in my 2nd lease and will get my 3rd when its up in less than a year. I love leasing, after owning and having to maintain a vehicle for 20 years, this is so much easier and to me worth the payments and higher ins.
I want to do the same my lease is about to be up in October I want to lease and get a vehicle with the same car company. Do you have any advice I’m pretty new to this?
And a good way to go broke, buy used and invest in the market for your secure retirement.
You guys have really improved your broadcast since this time. Both are great though and much appreciate your knowledge. Keep growing!
Yes Please do A whole video on Just leasing cars. Thank You!! Love Your Channel.
My lease is close to an end and I asked the lease company if I could purchase the vehicle. They said yes but there’s no negotiation, I have to pay the residual value plus $350 for fees. This car is not worth the residual value so a purchase is not an option. If it was worth more than the residual value you will have to pay sales tax on that vehicle and much of the profit you think you have may not be there. I do have to pay a disposition fee of $400. The lease company said if you lease another Chrysler vehicle you won’t have to pay the fee, but when I went to the dealer to look at another vehicle they included the disposition fee in my payoff which infuriated me and I just left.
Thanks for including all aspects of a customer's costs: Payments + Gas + Maintenance + Taxes + INSURANCE. Great Job! :)
In November learned abt Gap ins. Dealership added when I bought Hyundai Accent.Picked it up Monday nite. B4 noon Wednesday less than 48hrs was rearended, car was totaled ! Gap also gives $1000 down pmt on next car if U stay with same dealer. Thanx Gap 🌷
I love your "public service" type of videos. I would love to hear about the lease pass-through situation. Car manufacturers that accept it and the ones that don't.
Thanks for sharing such a wealth of knowledge Ray.
Would loveeeee an update to this topic given current conditions
Agreed! I want to lease a Mazda CX-5 select at an MSRP of $29,875. The quotes on residual value/depreciation are 55-65%. You can't negotiate that. It's whatever the dealer says it is. But if you look at 3 year old used Mazda CX-5's, they all have 50-75K on them and they're selling for $24-$26K, so the one I turn in with 30-36,000 miles must be worth more than 60% of the MSRP! Help me understand!
Appreciate your knowledge, thank you fellas !
There’s also a 4th option at lease end. You can sell the car or trade it in for another car at another dealer. Similar to if you owned it. Many don’t know this.
I was wondering that. I was also wondering if I had 2 payments left, would they still take it?
Dealerships are limiting this now and not allowing third party sellers. Bummer.
Remember to count in any sales tax and registration fees you will have to pay if you buy the car. This will lower the return to you if you buy it because it is worth more than the residual value. This could change the decision you may want to make.
I have had good luck leasing Toyotas. I had positive equity in 2 of the 3 (had an accident on record with the other 1). Any dealership would love for you to just turn it in at lease end. Even when I told them I wanted to trade it in, they worked their numbers for my new vehicle without the equity I had in essence trying to steal it from me. I went to 3 different websites to figure out “trade in value” for my vehicle which obviously is less than resale because the dealership will still need to make a profit when they sell it and negotiated a fair trade in price. Ended up having around 3-$4,000 equity which I used to pay taxes fees and even a little cap cost reduction (down payment). Bottom line as all these videos prove, do your homework. Know what your trade in is worth and how much they’re gonna turn around and sell it for. Check your local dealerships and see how much your vehicle is being sold for used. Don’t let them steal that money from you. They make tons off of people who think when the lease is up you’re left with nothing. That’s not always the case if you lease the right car
Good video. I have always figured that a lease is generally more profitable for the dealership over time than a sale. If that is true, then a lease is more expensive to a customer over time than a purchase (the profit to a dealer is always a cost to the customer). Something that is not talked about in a lease is that the dealership also builds a profit margin into a lease just like it would do in a sale. And as you might guess, I do not lease. But that does not mean I am opposed to it for others especially those that are "well-healed" and don't mind paying more for the "perks" or leasing versus buying.
Would love to see an update on this topic given current market conditions
Great conversation. You two are a perfect combination. Great easy to understand information. But what about now that there's a shortage of cars? Please can you speak to that in terms of buying out a lease? I have a 2018 Jeep Summit w 16,800 miles and my lease is up in 4 months.
Intelligent conversation with actually useful tips. I would just add some graphics to really have the numbers stand out.
I have leased four vehicles in my 44 years. What I found was it was great! I found out all kinds of things I'd didn't like about each vehicle. In one case, it was a pile of junk and was very glad I didn't buy it. I now own my vehicles, but leasing worked for me.
Do you have any advice when turning in a vehicle to lease again? I’m turning in my Jeep as my lease is up in October. I want to get another Jeep because I like them but don’t want to buy. Do you have any advice of what I should know before doing so? Will I owe anything? I’m way under mileage and the car is still in great shape.
I had a leased vehicle that had two years left on the lease. I traded it in on another brand of vehicle and the buyout was a little over a thousand more than what the new dealership offered me for the trade in. I was ok paying the $1,000 negative equity rolled into the purchase of the new vehicle.
This was fantastic. Thank you very, very much !
Hi guys. I love your videos! I am struggling on whether I should turn in my leased Lincoln, or purchase it. My 36 month lease for my 2018 Lincoln MKX is up Aug. 1. Because of covid, I only put 7,700 miles on the car. The tires still have the little nubs on them and are basically brand new. The car is in great, if not excellent condition. I checked the value with Edmunds and Carmax and the value is substantially higher than the residual value quoted on my lease contract. My salesman at the dealership, with whom I've leased my last two Lincolns with, said that the dealership would consider buying the car and passing the profit onto me to put towards my next vehicle. I'm not sure that the profit that he spoke of will be as profitable as it would be if I bought the car at the residual amount myself and took the deal from Carmax. I'm wondering though if my profit would whittle down since I'd be financing the residual in order to get the car in my possession, I'd definitely ask if there is a prepayment penalty, since I'd basically be turning around and selling the car to Carmax. I'm sure I'd have to at least make one payment. Then I'd have to consider my next vehicle. I have bought new, used, and leased new cars. I have likes and dislikes for all of them. I like being able to test out a car with a leasing option, in case I don't like the car after using it for awhile, but hate that I have literally nothing to show for it at lease end. I hate that a new car depreciates so drastically just driving it off the lot, and so if I don't like the car and choose to sell it, most times i'm left upside down. And I have had miserable and costly experiences buying a used car. I will probably lease my next vehicle for 36 months. That being the case, is it better to just go with the dealership passing along the profit to me? Any advice is appreciated. Thanks!
Just got 4800 back on my tucson lease.
Had 4 months left on the lease. Killed it!!! Was able to get a better car than I was looking at originally due to the extra cash
We all should listen to each other more than we do. Active listening requires work. Your Father has the wisdom that comes with age and experience.
I lease cars for my business and I have never turned in a car to date. I would typically sell the car to a company like Carmax and pay the difference if there is a slight loss especially if I was over miles. I leased a 2019 M5 for 9 months and sold it to Carmax with $5k out of pocket. Happy to have driven it and sell it to see if I liked it or not. In the end I did not car for the car and want to try another brand down the road. I have also used Swap-a-lease a few times but it was a little more work and not all car companies will offer a way out.
This seems expensive, why take the loss instead of turning it in? Just curious
mmrlightning Find the best lease deals and write off for the term of the loan. If I paid myself I would pay tax for my income, then take the depreciation hit. Example: those turning in their leases right now mean the dealer is greeting screwed on the real cost of the car vs just turning it in. With super low interest on vehicles that could be up to 50% off might just change my strategy and buy this round. I always run the numbers both ways.
I've had to use GAP on a financed Ford Focus and it really helped when my wife got in an accident. We were able to get in our next car within a week. Car only lost $300 in its value after putting 30k miles on it. Pretty eye opening when it happened.
Great info thanks for sharing I appreciate it!
I sold my Toyota back to a dealer last year because the market value was higher than the RV. Ended up receiving the difference
Maybe I should do that. My Toyota Rav 4’s lease is up in a month, and I’m still on the fence. I really need to lower my payment, and it has less than 1/3 the allotted miles.
Any thoughts on trying to talk them down?
So if I understand you correctly -- are you saying that you leased the car, fulfilled the lease term, didn't buy it, traded it back in to the dealership, and they gave you cash??? Or was that difference given to you under the condition that you'd be buying/leasing another car fron that dealership?
Nick Moran keep it simple, as the dealer will probably low ball you. Go online, find the best offer using Carvana/Vroom/Shift or visit Carmax and let them handle it if you’re positive equity. I sold my end of lease Accord $4,000 over residual to Vroom. They handled the entire transaction, including pickup in 2 weeks. Other than FedExing paperwork (power of attorney) I never left the house. I banked the excess and effectively made the new lease $100 a month cheaper without tying it into a new lease.
@@johnnywhiteside9841 im leasing my car so do i need to buy my car from the bank first and become the owner then sell it to carvana or vroom?
Thank you! About to lease my first vehicle!
Well done, gentlemen, thank you so much. Exactly my situation, my almost premium car's lease will end in December w/ less than 12,000 miles. I anticipate working w/ Carvana or Carmax. Hope to make out pretty well.
Great tips . Any advice or videos for a lease that will be over the miles at the end of the lease. Can you purchase more miles before you turn it in? Thank you in advance for the help
Good work, stay hungry of knowledge and humble.
Great Video, There are 3 months left on my lease and the Dealership is bugging me already. I like it . It has low miles and I want to purchase it. I am going to try to wait til the end.
Good content. I actually negotiated with the dealer to pay off the car so I didn’t have to pay any fees associated with tear and wear . I was switching from one brand to another. It worked out well for me.
Perfect timing. Toyota Tacoma lease is up in June.
My tacoma lease ends in June also, lol. Funny how you’re the highlighted comment. Blue paint?
Keep that truck, that thing will still be worth 10k-12k in 2030
@@franciscocolin2008 I needed to buy a property and wasn't ready to buy out the truck. The dealership paid me a decent amount to hand it back to them.
Toyota and Honda cars must be returned to a respective dealership if you are not purchasing the vehicle! They forbid the independent sale to a place such as CARVANA OR CARMAX, unlike other manufacturers, for obviously financial reasons!😡😡😡😕😕😕
Very informative! Thank you!
Thank you for this video. Right now I’m currently leasing a Jeep Compass and my quoted residual price is $13300. I agreed to a 36 month loan for 36,000 miles. Since 2019 I only accumulated 12,500 miles as of today. Yes it’s 2021🤣. Thank you Rona and homebody lifestyle. 🤷🏾♀️. My lease is up February 22 and there’s no way I’m turning the car in. It will be worth more . Might as well keep it because I doubt I can add 20,000 miles in one year.
When the times gets closer, take it to a carmax, carvana, etc and have them give you a quote. The quote may be more than your residual and you could make a few bucks. Friend of mine had a tahoe lease well under mileage, he went to a local auction company and they took over the lease and bought it from him. He walked out with an extra $5k in his pocket.
@@Chris-dr4bl thank you for the advice Chris, I didn’t know this was an option.
@@LittleBits0fIce I would have carmax and carvana take a look and see what they offer. I have heard rumors about auto manufacturers not allowing for 3rd party lease buy outs. Which means you would need to buy out your lease then drive to carvana to sell. The BMW lease buy out value may not be too bad but you need to compare. My parents just bought a Mercedes instead of lease because the lease on the luxury brands build in new tire and brake replacements when you turn it in (no matter the condition). So you still pay for new tires and brakes even though you will not use them. They do this so each preowned is sold with new brakes/tires. Grab a few more offers and see what they are willing to pay. Worst case is you walk away with a $2k check from bmw for doing nothing extra
I leases a car about 25 years ago. You really have to make sure to read the lease agreement. I leased a car for 4 years & I drove 18,000 miles a year. The lease agreement said that during the four years that I would put 80000 miles on the car. If I went over milage, it would be 16 cents a mile. This charge could really add up. I got out of the lease a year early by paying off the lease early.
Every time I looked at lease vs buy it was cheaper for me to buy. I thought as convoluted as the car buying process was, it was clearer to see what I was paying for than figuring out a lease.
Stories!!! Yes, please!
i know you had asked for suggestions in other videos.but how about a video on leasing vs used car buying in this current environment we're in. I guess it's subjective and maybe it's more of a topic for a finance channel, maybe..but i do value your guys take on things
Great suggestion! We'll tackle this in an upcoming segment. Thanks for the support, Michael!
Have you guys done a vlog yet about taking over a lease from a distress lease owner? If none please do if you guys can.
GREAT INFORMATION 🙏
Fast forward two years and the supply chain bottleneck has raised the value of cards like 40%. You can sell the leased car to a place like Car Max. If the value is greater than the residual for the lease, pocket the difference. Never turn it in at the dealership.
I purchased a 94 Chevy S-10 pick-up at the end of a 3 year lease at the residual value and the salesman got mad that I purchased it. (That truck ran forever. Then I gave it to my brother-in-law for a debt. Then he gave it to our nephew in college. It was rusted bad, but it just kept going.) Then, I leased an Oldsmobile Cutlass (2000 model I believe) and at the end of the lease the residual value was something like $13,000. I wanted to buy it, but the dealer wouldn't come down on the residual value. And he even showed me the contract and said, "This is the purchase price you agreed to at the beginning of the lease." So I didn't buy it. Then about a month later I received a note saying the car was sold at auction for something like $10,800. I don't know how I happened to receive that information, but I took it to the dealer and said, "I would have paid $11,000 and you would have had a happy customer." It was like a postcard from the auction site.
The reason the dealer couldn't come down from the residual value is that your contract was with GMAC, not the dealer. The dealer had no authority to change their contract. Had you contacted GMAC directly, they may have been willing to come down a little. Hard to say 20 years later.
Your dad Ray is great... love to hear more....
I think this video today would be very different. I leased my car for 3 years in spring 2020 at a very good discount on the sales price and normal residual value and low money factor. Car prices are now through the roof (if you can get one) and I bought 12k miles per year but have only used 4k/yr (on average) because with covid now I'm working from home vs driving to an office. I'm pretty sure I'll buy my car at end of lease as I expect to have a residual value that is significantly lower then my fair market value (assuming there are still shortages 18 months from now).
Come up!
I went to my bank after getting payoff amount while still having a few months left on lease, plan was always to buy at lease specially with high mileage, then todays used car rates I felt it better to sell and buy new for lower rate, but owe a bit more than it’s being appraised for and don’t want to go in upside down with new car plans either, so I plan to sit back watch you guys like a stock market to see when it’s best for me.
From an insurance perspective: very rarely would a lien holder require the liability limits to be 100/300 that you mentioned... that coverage limit does nothing for the car. It pays for damages to other people and property. Now the lien holder can *absolutely* say the comprehensive and the collision deductible can only be $500 for example. But even if the vehicle is financed that requirement may be implemented by the finance company. I get those calls all the time. Also GAP coverage is offered by most (sadly not all) insurance companies and is often times very inexpensive so if your dont have it, call and ask your Agent. If you ever do an insurance video I will be sure to give it watch. There definitely needs to be more correct information given about it!
Thanks for the informative video. (:
I love the videos. Keep up the work. What line of work are you both in now? I thought of being a auto broker for a hobby. My main job is Operations Engineer
Chaz, thanks for the support! Zach and I went into business together a few months back to help people negotiate the best price possible on car deals. You can learn more here: yourautoadvocate.com/
You're way smarter than either of us with your operations engineer job!
I am so glad I found your channel! Great job!!!
Great video! I have a question though. I have one month left on my lease, if I sell my vehicle to Carmax, what documentation assures me that they will actually payoff my residual to Toyota Financial and release me from the lease? Thanks so much for your help! You guys are awesome!
Ray, thanks so much for your response which I just read! I should have checked back sooner. That makes sense, but if I were to purchase do you think that the higher interest rate on financing the “used” Lexus GS would out weigh getting a new vehicle with perhaps 0% interest rate? Of coarse the dealership is trying to entice me to lease another Lexus like the ES 350. They say I have about 6,000.00 equity I can use towards another lease so my payment would be a couple of hundred lower than currently. Again thanks so much for your advice as buying or leasing cars is always so confusing to me…
Is every car on the lot available for lease? My teach said a long time ago said don’t tell them you want to lease. Go in assuming you are buying and after the number is set. Tell them you want to lease the can. So you have an established number to calculate the lease payments. ?
Hello ... I have a question how do they determine what the car will be worth 3 years from now?
I would like to know more. I leased my 2018 volvo and have 13 months left on the lease.
Assuming you can make money buying a car coming off lease and you plan to flip it, how do you avoid all the costs in buying the car from the dealership (sales tax, registration fees, license fees, etc). Or do you need to factor these costs in when buying and flipping the car? Love your videos btw. Like you, I’m in the DC area.
Also, don't forget in my example. I lived and leased my car in IOWA. I moved to TEXAS. Texas considers a lease as a rental and therefore is charging sales tax every month on the payment. I just got a bill for $1900.00 .
Please give us more on leasing. Thank you
I being leasing car for about 25+ years, normally are 4 years contract 15K miles per year. The way I see lease is. You like luxury cars, and you hate dealing with breakdowns, then the way I figured the cost of lease is like move the down payment to the end of the lease (that is the residual value, is like given a 20,000 downlpyment) but the down payment is not given, then figure the monthly payment imagining 20,000 down... it is of course low payments but at the end of the lease will be time to pay the down payment if.... you like to keep the car, but if the car was not something you like to keep, then like you said, just return it and you done... some times the dealer done this... they called me about 2 month before the end and offered me to forget those 2 or 3 payments if I purchase another vehicle from them... and I done that maybe twice... what you think about my philosophy? Maybe is just a thinking to make feel good when I lease. It works for me...
The 4th option is selling it to CarMax beforehand if they'll give you more money than the buying price. The example was given, but it should be considered a 4th option. Turn in, no re-lease. Turn in, lease new model. Buy at the end of the lease. Sell before lease end.
The good thing about buying the car rather than leasing, is that you own the car at the end. A lot of cars hold up and are still useful after the loan is paid off, even if their sales value is pretty much nothing at that point.
I sold my leased 2016 Honda Civic touring (buyback was 14,500) for 17,500 to a used car company and walked out with a check for 3000. This is in Canada. I was super surprised and happy ! I never bought the car from the dealer. They did so I avoided paying the tax on the 14,500. This type of deal has to be made before the lease ends. The man who bought the car from me said it only generally happens with civics and Carolas.
How much do they charge per/mile on a leased vehicle? Is the mileage figures in on date of closing? Are there packages of mileage deals, or limitations on leased agreements?
I leased a Prius fully intending to buy it at the end. However a woman with a big Lincoln Navigator rear ended me with 5k+ damages to the Prius. Believing, as I do, cars are never repaired perfectly. I turned it in and paid the 395 dollars. Currently leasing my 2020 Santa Fe and if I can avoid a crash I plan to buy it out in three years.
I agree with you!
BTW on the Deficiency Value it becomes an unsecured debt therefore it can become negotiable where you can pay a negotiated amount.
Great show
I was looking to lease a car last year November, it was very interesting that I got three quotes and all three were the same monthly payment for 48 Month lease with no down payment, each quote had its own dealer discount and different residual value, the three cars were Honda Accord 2L Turbo the value on website $37K( CAD), Subaru Lagacy XT( GT) around $39K and Audi A4 for $48. All three had same monthly lease payment!!!
So it all depends on the residual value, lease rate, the discount and your luck ! I got the A4!
Nice choice. The A4 is a great car. I'm hoping that you are enjoying it.
Your Auto Advocate thanks, I love it, also just maybe you like to mention this that most people who lease, write off the lease as expense in their business, that is extra saving, I am sure you know how it works, most business owners lease cars!
Hi, thanks for the info very very important. I have a question: My end lease will be on July 2023 or 48,000 miles (right now I have 34,000 miles). I have a 2019 Jeep Wrangler Unlimited Sahara. The residual value on the contract is $28,900 (that will be on the end of 4 years leasing ). The value I got right now is $37,000. I love Jeep so I will get another one or keep this one. I think will be better to keep it, right?
Yes to stories from Ray!
$52K for a Chrysler minivan?? A Porsche Macan starts at $52k!
Thank you for the video.
A very good friend just turned in his Toyota.
They back charged him several thousand dollars for "excessive wear"
even when it was 4000 fewer miles.
They were dumbfounded.
Toyota has a 3rd party company performing the inspection. Theres no way to challenge it. The car is gone
Any thoughts for others
I lease my cars for 36 mo. After 2 yrs, I check my payoff amt against the value(kbb) and almost always end up with a profit. In fact, I will be getting a car tomorrow with a $3500 profit. And they gave me $3700 off the price.
Is the purchase price after lease negotiable? and if so, how much? with C-19 crushing used car values, I'd expect the residual value to drop
Very interesting thanks!!
Glad you liked it! Thanks for watching and commenting!
First and foremost, great channel guys! Keep up the great work. I have a question that I don't think you mentioned in the video. Can a lease be traded in to another auto manufacture's dealership when the least is up? I'm about half way through my lease and I'm the kind of guy that just loves cars and frequently moves about the industry without much loyalty to any one brand. I currently leased a Mercedes for the standard 36 month, 36000 miles. However, I don't drive much and stay pretty local. I will likely finish the lease after three years with only 16,000 miles so I may have some equity or at least brake even. Can I work with another dealership to trade the car into them or do I only have the options of dropping the car off at MB or buying the car outright? Thanks in advance for any response.
Michael, yes you can trade the car anywhere and take advantage of any positive equity that you may have. Stay safe and thanks for watching, Ray
@@CarEdge How do you trade a leased vehicle; when it is not yours to begin with?
When U lease a car you save money but with the agreement that you signed
You can only drive so many miles per year and then they can hit you with a fee for every mile over the maximum according to the contract you signed a good example would be if you can drive 15,000 miles a year and you did 25,000
They could make you pay a quarter a mile fee for every mile over the max
The other downside to leasing is you always have a payment you never own the car you keep rolling it over and leasing something else
Some people like that they like having a new car every few years it keeps down on the maintenance because you're less likely to have major problems
I'd rather own the car and then hopefully get 10 years out of it
If I was given a dollar amount(roughly $15,500) to buy my leased car at the end of the lease and I just had some major damage all underneath the car to include framework (truck in front of me lost a steel pipe of some sort and I had to hit it or swerve and hit another car), will I still be able to buy it for that amount or will it be worth less so I'll have the opportunity to buy it for less?
Thank you, when finished with with tittle transfer, do i need to also reregister? My current registration (during lease) is under my name already. Thank you
ok wanted to know have a loan on a motor cycle that I going to keep but wood like to refinance the loan that been paying on fore some time to make payment lower so I can buy a used car that I need not going to trade a car in so should I weight to refinance for better time or refinance now and weight still car go down so I will be set to get a car?
Any advice to my ford lease end experience last month. I wanted to take option 1: return the car and take the fees, hope for a payment plan considering we’re in a pandemic. My Ford dealer never gave a clear answer about a payment plan. He said “ you either write my a 3k now or I get you in another lease” I felt I had no choice but to finance the 2017 car at a high price not market price. I filled a formal complaint with ford and iv yet to hear from the local dealership management.
Need to end early due to relocating. Only been in the lease 7 months on a 36 month lease. I have 2 options sell it on my own or turn it in and let the vehicle sell at an auction and have sell apply to my remaining payments. Which option should I take on 2020 Range Rover Sport? The car should yield more than the payments I have left of approximately 34k at auction.
Dudes, you both are really cool!😀
So I leased a Toyota Tundra in 2015 and when the lease was up I sold it to a Hertz dealer for 6.6K over the payoff of the car. They bought the car from me, paid off the lease holder and I pocked the difference of 6.6K. I then went to Toyota leased another higher trim level Tundra with 6.6K down. I just sold that Tundra back to the Toyota dealer without leasing a new Tundra (they literally have none) and got 6.5K back. Currently sitting on that 6.5K waiting until the factories ramp back up and hope to lease another Tundra later this year. I've also leased an Audi A4 and a Honda Civic Hybrid and there was no equity in either of those when I turned those in.
Great video and very informative!
I'm going to buy my leased car with getting loan from Credit Union. When I called the Honda dealership and asked them for the Final price of my car, in order to give the amount to the Credit Union, in addition to the Tax, Dmv and the Documentation fees, they said they will charge me $1,000 for the car's inspection.
Does anyone know why I should pay for the inspection while I'm buying my own car?!!! Or is there any way that I can avoid paying for this inspection?
Your response will be greatly appreciated!!
Yes deep dive into leasing
Ironically, supply chains are disrupted now and some cars are really hard to find (thus in demand). My 2021 4Runner may be worth more than agreed sales price on my 24mo lease at end. Like more after 24 mos w mileage than it sold for brand new. Crazy times!
Is it wise to take over someones lease and buy back the vehicle at the end of the lease contract? Do people want to get out of their lease because there is something wrong with their vehicle? Or is financing a car is a better more reliable option all together?what are the hidden costs of leasing? What exactly are the costs the customer has to put toward the vehicle in terms of repairs?
Thank you for a clearing up the foreign language that is used and written when you read the small print in the contract , I bet you have see that puzzle look 👀 in a person eye , have no clue about what the hell you they just signed .🤔 that person would be me .thank you 🙏 you and your son make a wonderful team . For those of us who don’t have a dad keep teaching us on how to make a good deal I am listening 👂
If I found a car I love (Model Y) does it make sense to break my lease early by trading it in I would take a loss of around $3000? My lease payment is about $360 per month for my current vehicle and I still have 18 months left on it - about $6500. In the end I would be $3500 “ahead” ? Tesla is offering me $21,500 for my car and the dealer buying price (they don’t pay sales tax) is around $24,500.
With the current car shortage at least here in Miami, mini cooper is not allowing us to sell the lease to another dealer. Any way around this or any tips? Thanks
What is better? 1 yr/ 2yr/ or 3yr lease? What about leasing from a different dealer after the first lease is expired? Should you lease only from the same dealer?
Very different situation now. Second hand market is insane right now, if you were able to get a lease in 2018-2019, you would definitely want to buy out your lease.
I have a leased vehicle that has a residual of 12k but the trade-in value is over 17k and the private party sale value is over 20k. Should I take it to a dealer to trade it in or try to sell it to a private party after financing the purchase of the vehicle? I know the numbers are correct because my car has only 11k mi after 3years and is in immaculate condition.
What would you say is best next step for me?
One way I see the lease contract is that that money that you had to invest as down payment to get the payment low to your budget, you save it to the end. What I mean if the residue value is 15000 then just image you drop those 15000 in the bigining as down payment and you will came to a low monthly payment. Except on lease if you don’t like the car, then just return it and walk away. If you like it so much, then refinance or save those 15000 and pay cash. My 5 cents