I am leading a f150 lariat ending in 1 month . Went in to release another lariat they didnt even want to work with me on my turn in lease which has ultra low miles and is worth about 10,000 dollars above residual
Update: So I just did my lease buyout yesterday (Cadillac, through GM Financial who stopped 3rd party buyouts) and actually benefitted tremendously with lease equity due to this market. Best finance rate ever and now have a car well under current market value. Dealer is contractually obligated to lease buyout price, which was just over $10k in plus equity on a lease, to where I paid far less than purchasing price in the first place. Residual utopia. I'm elated. (Some people aren't understanding this rare advantage.)
:15 - 11 Fake Car Fees you should not pay at a Car Dealership 0:51 - Car Dealers dislike informed Customers 1:24 - Two Rules to know about Dealer Finance 1:53 - The only legitimate fees you must pay at a car dealership 2:37 - The Finance Office is the Number 1 Profit Producer in the dealer. 3:25 - Don't Pay Dealer Prep Fees 4:26 - Don't Pay Dealer Advertising Fees 5:06 - Don't Pay Additional Dealer Mark-up 5:37 - Don't Pay Delivery or Destination Fees 6:12 - Don't Pay for Nitrogen Filled Tires at a Car Dealership 6:51 - Don't Buy Credit Life Insurance from a Car Dealership 7:12 - Don't Pay for a Vehicle Enhancement Fee in Dealer Finance 7:37 - The most commonly abused charges in Dealer Finance 7:49 - Don't pay for Window Etch Theft Protection at a Car Dealer 8:46 - Don't pay for Dealer Document Fees 10:10 - Don't pay for E-Filing Fees, Electronic Filing Fee, or Processing Fee 11:16 - Don't buy overpriced GAP insurance from a Car Dealer
I’m glad I found this channel. When we leased a year ago we definitely put down too much and made a lot of the mistakes you talk about. Due to COVID-19 and working from home we are way under mileage. Glad to have this knowledge before the lease turn in. I know we will be in a better position on the next one. Thanks for the top notch content.
Another helpful video, Ari. My 39 month lease was ending in June. Due to low mileage I had significant positive equity. I also looked up the value online and against comps on dealer lots. It took numerous visits to different dealers, but I finally found one willing to give me the market value. It was a 2 month process, so give yourself time 😅. Also, at least here in Canada, the Nissan dealers wanted to charge me $1000 to process the lease turn-in if I was not going to get a new car with them. I found out I could arrange to end or buy-out the lease directly with Nissan Canada and there was no fee required!
Great video! Just a little bit of extra info… some dealerships state in their contract that you cannot sell to a third party when leasing. They used to let it slide when they had a ton of inventory but now that inventory for pre-owned vehicles has gone down, they make you turn in or sell/trade in to them only.
Good explanation Ari. But what I feel like people don't understand is this is part of the beauty of leasing. Let's say you are right at your mileage limit. And you've been in an accident so the car has a 'bad' Carfax report. And, when you originally leased the car, the residual value that your lease was based on was higher than it should have been. In that case, the car is probably worth way less than market value AND the contracted buy out. The beautiful thing is, you can just turn it in a walk away. All done with it. BUT, what most people don't realize is that it works the other way too. If the residual value was right on and you had a 15k miles per year lease and you only put 12k per year on the car and your car is worth more than what the buyout is, that equity is yours!!! Most people just turn it in and walk away from that equity. That's the biggest mistake people make and don't seem to understand.
@@TheFrnchrn99 what I've read is, you could go to (for example)a carmax and see how much they'll give you for your car. If their offer is higher than the payoff or residual value, then sell the car to them, they'll pay off the car, the amount is owed (payoff amount) and the additional amount is your profit, carmax will cut you a check for the amount that went over the payoff amount. That's your profit, now you could use that money to help you get the car you want. I hope it makes sense.
@@rme5531 but how do we sell it if it's not out car? Will the finace company and dealership let us sell it to a different dealership? Also can I trade a lease car to a different dealership? And get a car from them Or no? I'm so confused.
@@84848AR same. I just went through this today. Its a vehicle I'm intrested in but its way out my budget and they were explaining to me a buy back lease. I mean I was so confused 😕 and I ended up asking the guy the same questions especially when he said " we'll right you a check for the equity you made on the vehicle " 🤔 im like equity? We only know of equity on a home. So he had to explain it all over again. Basically I would be bringing the car back every 3.5 years and Basically tieing myself into a new vehicle without ever owning it. Because when you lease you don't own. So its like this hamster wheel keep happening. Also the newer the vehicle the higher the car note.
@@msve3730 yes it's a cycle for sure. I think leasing is good if you want the newest vehicle out every 3 yrs. Or if you don't want to maintenance it longterm and just rather get a new car instead. Or in my case I wasn't sure if I wanted to keep this car and wasn't sure what car I want to buy and keep longterm. So my plan is turning this one in (didn't like it) once my lease is up and hopefully by then I can make up my mind and just buy to own one that I do like. Or save up and just buy me a used car that I like. Also I just got my first registration statement it's so expensive $400 to register in California. I have never paid more than $323 max on a car registration. So I'm thinking maybe because it's a lease it's so expensive. So maybe take that into consideration and ask, because I sure didn't and now I regret it even more 😑 ugh oh well.
Hey Ari, your older videos are popping up on my feed and I'm very appreciative. When my 2022 Hyundai Kona lease is up this fall, I will probably turn it in at my dealer, and lease Hyundai #5 from them. They will love the loyalty and since my Kona just turned 8700 miles and looks brand new and the top trim (kept in my garage, I treat it with kit gloves), it will probably sell as a great used Hyundai very quickly (plus, I'll have a Carmax or KBB used car price to make sure dealer gives me proper equity). Meanwhile, I'm smarter now and know how to take control of the new deal and lease a new Kona for below MSRP.
You’re always a great source of info on exactly how dealerships work and their motivations when you are buying or trading in vehicles. I always thought they just automatically turned in leased vehicles to whichever company carried the lease.
Glad I looked for a video like this. Lease ending and I was gonna turn it in. I kept my 2018 civic flease is in good condition and under milage gonna negotiate more off this pilot im looking for. A dealership I visited actually called me to get my car. They messed up now, gonna leverage it to get more for my deal.
You can negotiate not to pay for the excess mileage as part of your deal on a new leased vehicle. Also don’t get roped in to a drop off fee. All part of the new deal
I know the Subaru dealership didn't like it very much when I went to turn in my vehicle and then chose to buy it. They kept trying to push the newer model on me and it was the same thing, just newer. So I didn't care. As a result I was able to avoid a lot of the milage fees etc. And I walked away with a reasonable financing plan. Granted, you always lose more money when you lease, but the payments are easier to swallow which makes it appealing.
I just recently went to a subaru dealer to see my options. Im 7 months early and I didn't know I was this early for one thing. And so I had to make the 7 remaining payments and also buyout my legacy at $18,300. As well as buy the new model at roughly 17k (after money down and "trade in"). So my total price was 35k!!! Because I was going to be buying 2 cars essentially. I told them to pound sand. And im just going to be buying my lease at the end.
@azure so you basically turned your lease in, and then after that, you financed the same car? Did you have an estimate of how much the difference would have been?
@@otonielaburtobermejo4774 I didn't have them dig too much into the numbers because I already had planned on financing my turn in anyways. But it definitely cost me more doing it the way I did it. It was my first time leasing a vehicle and while I enjoyed the very low monthly payments, I still cannot justify doing it again in my head. I can't say I recommend doing it. I would have owed a good bit on the mileage, because we used the vehicle for 3 vacays - now that I remember it a bit better. We were over our mileage by a good bit.
2 years of a three year lease on an RX350 with under 5K miles. Older me and retired the RX is bigger than needed. Wondering if the dealer is interested in an early lease termination for a new vehicle smaller, sale or lease? Pitfalls? Penalties? Do not need to end lease but 12 months from now, I still will let the RX go back. Any insides will be appreciated.
Good info, I have a 2018 A4 with a stick. My lease is up in a year and I'll likely have 24k miles miles on a 30k mile lease. I have one wheel ding I'm going to get fixed. I'm hoping to hand keys and walk away my lease buyout is way too high and I rather move on.
Same, my SUV is way under miles, but the residual value was set about 4K higher than what its worth on carfax ect. So I'm not buying it, and I cant sell it- but I dont know how to get any value out of it being such a good deal for THEM, I dont want to just walk away but I guess thats all I can do
@@mp9564 Start using delivery service apps to run up the miles and make money (ubereats or dasher or whatever)- then claim those miles next year as a business tax expense. (.51 per mile according to the Federal Govt)
My lease just had one accident but insurance fixed it up like it never happened so its in good condition only thing is i did pass my mileage limit .. is that considered and upper hand on my end ? Cuz i still want to finance a stinger from them ...? Or should i third party this returning lease ? Idk if im the one in control or they are ...thanks to your videos i just found out i can third party it also so now im really lost as to how i can finance a car from the same dealership i dont want taking advantage of my lease return
I got a 2018 Acura RDX Base with about 28k miles less is gonna end in Feb 2021. So I got a accident on it not at fault but still on the car fax regardless. I want to keep the vehicle but I know the dealership will rip me off citing that I will have to pay for the vehicle reconditioning they will ask me to pay the tire replacement fees etc. I wanna keep the car what should I do ?? Should I buy out the car from the financing company or should I wait until the lease is over and negotiate a new deal giving this car as a trade in maybe?
Thanks Again, Ari. Alot of great information about this process that all of us "Lease'asz" eventually end up at. Didn't 100 percent go over my particular situation, but, ticked off alot of boxes of questions that I generally had. Good job, as always.
Still didn't mention how MUCH the Dealer will have to pay Honda to keep the vehicle vs putting it on the auction block at the mrfgr expense. So I had an Acura MDX in VG condition & under lease miles allowed with no expense charged at end of lease, it would have cost me $35K to buy it out. What would the Dealer have to pay to keep it? Carfax says its worth $29-32K as trade-in value.
Ari, can you talk about high mile leases? I am thinking about leasing a car but need about 20,000 a year. I believe it's a waste of money but need some confirmation. Maybe that can be a topic for another video?
It is a waste of money. I have had my current car (leased) for almost 3 years and barely have 14,000 miles. If i had to put about 20,000 miles on it yearly, i would buy, over leasiing.
I have 2 years left on my lease. I love my car and want to keep it. Will BMW let me convert my current lease to a 5 year finance obligation. Should I not do this and wait till lease is up? What's the best approach
Quick question for anyone I know the answer please when I go ahead and turn my three-year lease in and I decide to go ahead and finance it would they give me the option to finance it for three years or is it six years ? thank you
Wen you traded in can you get a car right away? If it’s your only car can you get a car that day and will the lease be enough money for down payment on another lease how much money will you at least be at the end of your term?
My mom hit my lease twice and I wanted to bring it back for the 400z and now I feel like I have no leverage cause it has a record on carfax like a damn criminal 😭
I love these videos you and everyone else doing . I am considering on leasing my first car. I have always financed and owned my last car 21 years , but vehicles are getting like a mortgage payment if financed for 5 years or more . I want luxury . I like th idea of getting vehicle for 3 years and maintains it with basic stuff and no long term expensive repairs transmission etc . Belts sensors they all add up . I will definitely make sure to stay 12,000 miles a year it seems leasing is about mileage and cars maintenance. Thanks for sharing.
My lease ends on 4/30/21. I’ve had it with dealerships & leasing tactics, so I’ll be buying a used, reliable vehicle from a private seller once I turn my leased car back in.
So I am inquiring about equity in lease vehicles and residual value ? I’ve been researching . My research says it is a thing and there’s a basic math formula . However the sales managers don’t like that you know that and they shoot me down every time . My family has been leasing for 15+ yrs , I’ve watched them walk in a dealership turn their lease vehicle in and walk out with equity checks for their vehicle . During Covid dealerships were overpaying $5k or more for a lease turn in vehicle . Crazy . Any information I can obtain on this topic would be greatly appreciated!
So my car is leased from original dealership in great shape except a scratch miles are low. So I can turn my car in somewhere else? And not the dealership?
Ari, you are invaluable source of info. The advice offered in your video is spot-on. I leased a Base Macan in Nov 2018. Sold it to a used car dealer last week for 42K - 10K over my payoff. My local Porsche dealer offered 32K. Doing my homework and shopping the car literally put thousands in my pocket. Happy Passover!
Question. I have a 2021 GLC 300 Benz Lease that I got in December. want to return it to a different dealership to get into another lease. The return of the Benz can be used as a downpayment?
With the prices of used cars now, is it best to turn in a lease early? I want to get out of this lease and get a SUV (different dealership) and it would be a brand new SUV.
i have a year and a half left on my lease of my 2020 Cadillac CT4. I have an allowance of 45,000 miles over 3 years. With how much i drive i expect by the end of my lease to only use about 30,000 miles so i am going to assume im going to have equity in my vehicle. Can i would like the same model but just newer when time comes to return the car, any suggestions?
My question is, what would you recommend.. I have a Subaru crosstrek 2018 and my lease is up in March 16,2021. Leased it for 3 1/2 years. It's in perfect condition and it has only less than 17k miles in it. I like it and I don't know what to do to keep it or not? And wondering if I get credits back since I'm below my 10k a year. Thanks..
I was wondering what would be the best thing for me to do. My lease is up next month but no carfax or anything I’m just over my miles like 16k miles and I want to get a new car from the same brand. What should I do to try to get rid of that excess miles that I’ll Be charged
Should I trade in my lease? I have a 2021 c300 with 5k of negative equity. I want to upgrade to a e350. Help! I want to roll all mileage overage and any other expense into a new lease
Car leases have a buyout option, so if your car is worth more than what the buyout price is, the 3rd party will buyout your lease to obtain your car and you get the positive difference.
@@B1G_Hawk is this done after lease is up? Or can it be done anytime during lease? And how do we know the buyout price is this the residual? Also if I want to keep the car can I buy it cash or do I finace the price or how does that work? Also if I decide not to buy it after lease what happens dealership keeps it? Or how does all this work sorry for all the questions this is my first time leasing and they didn't bother to explain and I didn't know what to ask.
@@84848AR Values on used cars are at an all time high so if you're planning on getting a new car, trading in your lease could provide you with a lot of equity (car is worth more than payoff) which is generally treated as money down on your new vehicle. However, because inventory on used vehicles is low and demand is high, several leasing companies are not allowing payoffs from third party vendors right now. For example: Nissan won't allow anyone but a Nissan dealer or the current owner to payoff the vehicle. So if you don't want another Nissan, you have to buyout your lease before you can re-sell it or sell it to a Nissan dealer. You can find a comprehensive list of leasing companies not allowing third party payoffs floating around on the internet right now.
When you turn in your lease and bring it to the dealership, the leasing company tells the dealership how much they want for the car. Usually it’s just as much as market value. So how does that give you any leverage?
Right, this. This happened to me today, and I have 20k less miles on my lease than I should for it to be near term. The dealer I went to undervalued it by 2-3k compared to the Carfax buy in and all the lease holder thinks the car is worth 1k more than anyone is offering, despite the great condition it is in an mileage I have preserved from the lease.
Your lease should have spec'd what the buyout number is for the car. My 2018 for instance the buyout for me would have been $11,500 if a dealership or say Vroom was to buyout the car they don't have to pay certain taxes so for Vroom their buyout was $11k even or so. The bank cannot artificially say your buyout is going to be $14k if the paperwork states $11,500. The dealership in my case refused to waive the return fee of $400. So I sold my leased Mazda to Vroom for $15k, they sent the bank a check for $11k to take ownership of the car then arranged a delivery pickup service to pick up my car then moment I signed the waybill from the pickup service Vroom sent me a check for the difference via FedEx, got it the next day. When the dealership called to find out when I'd bring the car back, I told them I had asked them to waive my return fee and that they would make an 8k profit off these lease they were greedy and said no, I did my research and I was able to sell my leased Mazda to a 3rd party dealership and that's what I did.. Because it comes down to this. you return your leased car if the market is hot for used cars the dealership will buy the car and flip it for a huge profit, if the used market is dead they'll take the car back with your $400 return fee, call the bank and tell them their car has returned. The bank will then sell the car back to the dealership at a loss or pick it up and sell it to an auction house at a loss. But the market now with the global chip shortage your used car is worth more then many new cars.. The dealership will attempt to strong arm you into beleiving you are doing something illegal, but you aren't you are just going to make the profit and not them, if they aren't willing to help you, you might as well aim to help yourself!
I'm being persuaded to lease instead of buying to lower the overall cost to save taxes. Is their any truth to this? What factors do I need to consider?
I watch a lot of you video I want you to tell me the following decision that I have to made I have a 2021 Jeep Compass I did the lease in April 2021 for my daughter I am going to buy a house and to get the loan the bank tells me I have to get out of debt from the lease I have 29 months to pay 12.000 dollars and I already called the bank of the car to send them the check next week what do you recommend ? Thank you
And if the dealer is jerking you around just say that you will go to your bank and get a buyout loan. I have a good record with my bank and getting a loan for should be no trouble. The dealer will see you walk out unhappy with a car they will be able to flip and lose a potential customer.
Hello all I'm hoping somebody can help me out. I have a Honda civic sport 2020 my lease is up in July of 2023 i have about close to 7,000 miles on it, I wanna get a Toyota highlander or kia carnival can I go to those dealership and go thru them or do I have to return the lease to Honda first and then go to Toyota or kia ? It might sound like a stupid question but I know nothing this was my first car. Also would it make sense to buy my lease or get something from Honda ? Thanks all 🙏
I have a Leased 2017 Infiniti QX80 Limited Fully loaded with every available option including 22” Wheels. Majestic White with Beige interior in show room condition with only 12,200 miles . Still smells like new inside . Lease is up in three months and the buy out is $45K ( MSRP $82K) which I know it’s not worth that much today and I tried negotiating the buy out with Infiniti but they said they can’t do anything about it . The lease contract stands the way it is at buying out the car at $45K but the market value is less . Should I still buy the QX80 or just return it to the dealer and walk away? . I will love to keep it but I know for sure the market value is much less .
My 2019 Avalon Limited Hybird is due in January to turn end. The car has 15k on it and runs great. Are there any hinnden charges beyond the 22k residual stated on contract
Great vid ! have you ever done a video about trading in a lease early to a different dealership? (like my case is i’m over on my miles , and my lease ends in a few months, i’m getting a bunch of stuff in the mail from different dealers about buying me out of my lease. how do things like this work?)
When they buy it earlier … the dealership usually finds a way to work in excess wear and tear into your new lease. Dealership always finds a way to profit
@@LittleBits0fIce how much did you put down? What are your monthly payments? How many more months are left in your current term? What’s the buyout/residual value on your lease contract?
@@LittleBits0fIce you have 5 payments to go. Which means 5 x 685 =3,425. So if they buy the car from you 3425 - 2000= 1,425. Depending on how much you put down in the beginning. If they save you 1,425 … you’ll have to see what kind of deal they give you on another car and make sure they don’t make up the 1,425 in your next car
would they ever give more than the buyout? for example i leased a vehicle i had 32500 miles in the lease and have only driven 20000 miles the vehicle is still like new
I've got a 3 yr lease that I have 2 years left on. On my lease contract, it gives me a price that I can buy it for at the end of the lease. If I was planning on buying it at the end of the lease(buying it after lease end was my original plan, I just did a lease to get super low payments, $190/mo, for 3 years) do they have to sell it for me for the price that is stated on the contract?
From my understanding yes they can't change that price that will be the price plus taxes and fees mines seems like it will be overpriced to buy after lease wish I would have know that we have to negotiate buying cost from the start since it's set after. Wish I new alot of things before leasing my payments are way high 380 with 2k down and good credit. I should have just bought from start.
@@aliciac.5292 that's funny just called mbfs last night. I have 2 payments left. I'm waiting to the end of my lease. Since I plan on buying it. . Since you have 5 payments left. They are going to add that in. Make sure you get a good interest rate. Or go to a credit union, or a bank that will give you the best rate. Good Luck!
@@aliciac.5292 hey question if we want to buy after lease do we still have to take it back to dealer and get it inspected for damages? First time buying lease and I went in blind not knowing anything smh
Hey great video! I have a question, my aunt has a 2020 traverse premier her lease end this year her OTD price for the lease was 50k with a residual of 26k, when she goes back to return it can she say that she wants to keep the car and have it financed under my name? Or will it have to be under hers, also is there anything that can be negotiated?
I have a leased car I plan on turning in at the end of the lease and then buy another make of car somewhere else. My car is mint and less miles that I signed up for. So when I do that will I be losing money?
What if at the end we want to keep the car ? Can we negotiate the residual? Cus they told me if I decide to keep car that would be the price to buy plus tax and lic fees again
You cannot negotiate down from the residual again because that was in the orignal lease contract. They can charge you a dealership fee and you maybe get a percent increase when financing through the dealership (not sure if it's capped in your state etc). Get your own pre approved finance through a credit union or somewhere else.
I really need your guidance. I’m in AR. I have a 2017 Civic EX that has a balloon pmt that is up 11/04/2020. It’s like brand new. Only 11,600 miles right now. Burgundy Night Pearl color. Beautiful car that I love. Balloon pmt is $13,500. I have great credit. Only problem is I’m on SS and can only make a limited pmt which is under $200 pm. I don’t know what to do without getting screwed. Do I do another balloon pmt, or try to buy this one. The dealership quoted me to buy it I could finance for 72 months for $215 mo. Well don’t want to be making payments on a 10 year old car. I need warranty cuz I don’t have extra cash to fix anything. I’m totally lost and worried. Any help would be appreciated.
I would lease a Civic so you would have a warranty and low payments... Buying with a 6 yr payment plan you will have maintenance in that time period... Plus your car will depreciate down anyways... I feel i save money leasing with a lot less stress as well.
Maybe lease a new car? Because the older car might need repairs down the road or try to buy a newer used car with factorry warranty still active ? Ugh this whole car thing sucks.
Well done but what if the car is in excellent condition and has only been driven 23,000 miles on a 36,000 mile lease. And used car prices have skyrocketed during the pandemic. That's the situation I'm in right now.
@@Pertplus I did the dumb thing and turned it in for a new lease. Didn't want to go through the hassle of buying it to sell it. I did my best to prove to the dealership I had equity but they worked equally as hard not to give me a penny for it. So I just surrendered my lease and signed a new lease.
@@gm1937 My car will be 10k under miles when I turn in my lease this Oct. I have no interest, however, in buying a vehicle - none at all. I've bought all my life and I'm over having the guy in the white shirt at the "service desk" tell me all the tune up things they need to do to my vehicle. I will be releasing the exact same vehicle. I don't think you're dumb at all - if it meets what you need. Leasing may be a slight luxury. I'm willing to pay it. It has been the most STRESS FREE thing I've ever done in car ownership. Sorry I waited until 54 to do it. I have walk away wear tear warranty - even less stress. I think you did GREAT!!
Excellent video, I have a 2019 ford ranger, 1 year left on lease. The buy out in the contract is 18k, I am thinking it will be worth more than that, so if it is, I will buy out the lease, then most likely sell it or trade it.
I hope someone can help me in this but what happens if I can no longer pay my lease do to financial issues, but I’m a 3 year lease and only 8 months in, what can I do?
Hey question what do you mean they bought your lease? Like we can sell our car to anyone? I thought we had to take it back to dealership? Or is it if we want to trade it in for another car after lease? Sorry this was my first time buying lease and went in not knowing anything and they didn't explain in detail just said low monthly if i lease and I have option to buy if I want after lease. Now I'm just so confused.
@@84848AR when you lease the car, you have an option to buy out the car. Call your leasing company and get that figure, once you have that then go to Carvana and get your car appraised. During covid it seems used cars have gone up in value, so you might be able to sell the car to Carvana and pocket any difference.
@@84848AR Values on used cars are at an all time high so if you're planning on getting a new car, trading in your lease could provide you with a lot of equity (car is worth more than payoff) which is generally treated as money down on your new vehicle. However, because inventory on used vehicles is low and demand is high, several leasing companies are not allowing payoffs from third party vendors right now. For example: Nissan won't allow anyone but a Nissan dealer or the current owner to payoff the vehicle. So if you don't want another Nissan, you have to buyout your lease before you can re-sell it or sell it to a Nissan dealer. You can find a comprehensive list of leasing companies not allowing third party payoffs floating around on the internet right now.
@@Monce08 oh wow good to know but question can I trade in my lease if I have only had it for one year? Or would I have to wait for the lease to be up to be able to trade for a different car? Thanks.
This is a great video for me. I have a VW 2017 e-gulf which I'll either need pay the residual or turn in. The Purchase option is $10,056.40. The blue book for this vehicle is closer to $20K. I feel like I'm going to get the shaft if I trade it in. Your Recommendations.
I'd just sell lthe leased car to a 3rd party like Vroom, Carvana, local companies, especially in this insanely hot used car market. The buyout for the car will be insnanely lower in most cases then what the dealerships will be seeling your car for, and if they refuse to waive the return fee, then i'd say deal with the hassle and inspection and sell the car on your own and make a decent profit and tell the dealership to go pound sand.
Dealerships are called “STEALERSHIPS” for a reason. They stole a lease return/drop off from me; a beautiful Honda Civic with only had 20K miles, not the usual 36K or more. Hate stepping foot on stealership lots for any reason.
If you returned a lease with 16,000 miles you were then what you should’ve had on at the end of your lease… The dealership didn’t steal shit you walked away and it’s a Honda so you walked away with probably equity a lot of equity. Dude I’m sorry but take responsibility for your dumb ass mistake
I am leading a f150 lariat ending in 1 month . Went in to release another lariat they didnt even want to work with me on my turn in lease which has ultra low miles and is worth about 10,000 dollars above residual
Update:
So I just did my lease buyout yesterday (Cadillac, through GM Financial who stopped 3rd party buyouts) and actually benefitted tremendously with lease equity due to this market.
Best finance rate ever and now have a car well under current market value. Dealer is contractually obligated to lease buyout price, which was just over $10k in plus equity on a lease, to where I paid far less than purchasing price in the first place.
Residual utopia. I'm elated.
(Some people aren't understanding this rare advantage.)
:15 - 11 Fake Car Fees you should not pay at a Car Dealership
0:51 - Car Dealers dislike informed Customers
1:24 - Two Rules to know about Dealer Finance
1:53 - The only legitimate fees you must pay at a car dealership
2:37 - The Finance Office is the Number 1 Profit Producer in the dealer.
3:25 - Don't Pay Dealer Prep Fees
4:26 - Don't Pay Dealer Advertising Fees
5:06 - Don't Pay Additional Dealer Mark-up
5:37 - Don't Pay Delivery or Destination Fees
6:12 - Don't Pay for Nitrogen Filled Tires at a Car Dealership
6:51 - Don't Buy Credit Life Insurance from a Car Dealership
7:12 - Don't Pay for a Vehicle Enhancement Fee in Dealer Finance
7:37 - The most commonly abused charges in Dealer Finance
7:49 - Don't pay for Window Etch Theft Protection at a Car Dealer
8:46 - Don't pay for Dealer Document Fees
10:10 - Don't pay for E-Filing Fees, Electronic Filing Fee, or Processing Fee
11:16 - Don't buy overpriced GAP insurance from a Car Dealer
I've lost 1000% trust in dealerships. Thank you Ari.
I understand take it from someone who used to work at car dealerships… What Carvana and Tesla and vroom are doing is the future
I'd add a couple more zeros onto that number..... dealers a thugs now. I got ripped on VW and Hyundai.....BIG TIME.
I’m glad I found this channel. When we leased a year ago we definitely put down too much and made a lot of the mistakes you talk about. Due to COVID-19 and working from home we are way under mileage. Glad to have this knowledge before the lease turn in. I know we will be in a better position on the next one. Thanks for the top notch content.
Same with me. As Ari once said. We’ve all been there. Will be wiser next time around.
Another helpful video, Ari. My 39 month lease was ending in June. Due to low mileage I had significant positive equity. I also looked up the value online and against comps on dealer lots. It took numerous visits to different dealers, but I finally found one willing to give me the market value. It was a 2 month process, so give yourself time 😅. Also, at least here in Canada, the Nissan dealers wanted to charge me $1000 to process the lease turn-in if I was not going to get a new car with them. I found out I could arrange to end or buy-out the lease directly with Nissan Canada and there was no fee required!
Great video! Just a little bit of extra info… some dealerships state in their contract that you cannot sell to a third party when leasing. They used to let it slide when they had a ton of inventory but now that inventory for pre-owned vehicles has gone down, they make you turn in or sell/trade in to them only.
Good explanation Ari. But what I feel like people don't understand is this is part of the beauty of leasing. Let's say you are right at your mileage limit. And you've been in an accident so the car has a 'bad' Carfax report. And, when you originally leased the car, the residual value that your lease was based on was higher than it should have been. In that case, the car is probably worth way less than market value AND the contracted buy out. The beautiful thing is, you can just turn it in a walk away. All done with it. BUT, what most people don't realize is that it works the other way too. If the residual value was right on and you had a 15k miles per year lease and you only put 12k per year on the car and your car is worth more than what the buyout is, that equity is yours!!! Most people just turn it in and walk away from that equity. That's the biggest mistake people make and don't seem to understand.
So if the equity is yours how do you get that?
@@TheFrnchrn99 what I've read is, you could go to (for example)a carmax and see how much they'll give you for your car. If their offer is higher than the payoff or residual value, then sell the car to them, they'll pay off the car, the amount is owed (payoff amount) and the additional amount is your profit, carmax will cut you a check for the amount that went over the payoff amount. That's your profit, now you could use that money to help you get the car you want.
I hope it makes sense.
@@rme5531 but how do we sell it if it's not out car? Will the finace company and dealership let us sell it to a different dealership? Also can I trade a lease car to a different dealership? And get a car from them Or no? I'm so confused.
@@84848AR same. I just went through this today. Its a vehicle I'm intrested in but its way out my budget and they were explaining to me a buy back lease. I mean I was so confused 😕 and I ended up asking the guy the same questions especially when he said " we'll right you a check for the equity you made on the vehicle " 🤔 im like equity? We only know of equity on a home. So he had to explain it all over again. Basically I would be bringing the car back every 3.5 years and Basically tieing myself into a new vehicle without ever owning it. Because when you lease you don't own. So its like this hamster wheel keep happening. Also the newer the vehicle the higher the car note.
@@msve3730 yes it's a cycle for sure. I think leasing is good if you want the newest vehicle out every 3 yrs. Or if you don't want to maintenance it longterm and just rather get a new car instead. Or in my case I wasn't sure if I wanted to keep this car and wasn't sure what car I want to buy and keep longterm. So my plan is turning this one in (didn't like it) once my lease is up and hopefully by then I can make up my mind and just buy to own one that I do like. Or save up and just buy me a used car that I like. Also I just got my first registration statement it's so expensive $400 to register in California. I have never paid more than $323 max on a car registration. So I'm thinking maybe because it's a lease it's so expensive. So maybe take that into consideration and ask, because I sure didn't and now I regret it even more 😑 ugh oh well.
Hey Ari, your older videos are popping up on my feed and I'm very appreciative. When my 2022 Hyundai Kona lease is up this fall, I will probably turn it in at my dealer, and lease Hyundai #5 from them. They will love the loyalty and since my Kona just turned 8700 miles and looks brand new and the top trim (kept in my garage, I treat it with kit gloves), it will probably sell as a great used Hyundai very quickly (plus, I'll have a Carmax or KBB used car price to make sure dealer gives me proper equity). Meanwhile, I'm smarter now and know how to take control of the new deal and lease a new Kona for below MSRP.
You’re always a great source of info on exactly how dealerships work and their motivations when you are buying or trading in vehicles. I always thought they just automatically turned in leased vehicles to whichever company carried the lease.
Glad I looked for a video like this. Lease ending and I was gonna turn it in. I kept my 2018 civic flease is in good condition and under milage gonna negotiate more off this pilot im looking for. A dealership I visited actually called me to get my car. They messed up now, gonna leverage it to get more for my deal.
what happens if your dealer wants it early and said it’s because they are having a sale on there used cars and they want your car to add to the lot.
When you are over milage, does the dealership charge you as a one time payment or it can be arranged as payment plan?
You can negotiate not to pay for the excess mileage as part of your deal on a new leased vehicle. Also don’t get roped in to a drop off fee. All part of the new deal
I know the Subaru dealership didn't like it very much when I went to turn in my vehicle and then chose to buy it. They kept trying to push the newer model on me and it was the same thing, just newer. So I didn't care. As a result I was able to avoid a lot of the milage fees etc. And I walked away with a reasonable financing plan. Granted, you always lose more money when you lease, but the payments are easier to swallow which makes it appealing.
I just recently went to a subaru dealer to see my options. Im 7 months early and I didn't know I was this early for one thing. And so I had to make the 7 remaining payments and also buyout my legacy at $18,300. As well as buy the new model at roughly 17k (after money down and "trade in"). So my total price was 35k!!! Because I was going to be buying 2 cars essentially. I told them to pound sand. And im just going to be buying my lease at the end.
@azure so you basically turned your lease in, and then after that, you financed the same car? Did you have an estimate of how much the difference would have been?
@@otonielaburtobermejo4774 I didn't have them dig too much into the numbers because I already had planned on financing my turn in anyways. But it definitely cost me more doing it the way I did it. It was my first time leasing a vehicle and while I enjoyed the very low monthly payments, I still cannot justify doing it again in my head. I can't say I recommend doing it.
I would have owed a good bit on the mileage, because we used the vehicle for 3 vacays - now that I remember it a bit better. We were over our mileage by a good bit.
2 years of a three year lease on an RX350 with under 5K miles. Older me and retired the RX is bigger than needed. Wondering if the dealer is interested in an early lease termination for a new vehicle smaller, sale or lease? Pitfalls? Penalties? Do not need to end lease but 12 months from now, I still will let the RX go back. Any insides will be appreciated.
Good info, I have a 2018 A4 with a stick. My lease is up in a year and I'll likely have 24k miles miles on a 30k mile lease. I have one wheel ding I'm going to get fixed. I'm hoping to hand keys and walk away my lease buyout is way too high and I rather move on.
Same, my SUV is way under miles, but the residual value was set about 4K higher than what its worth on carfax ect. So I'm not buying it, and I cant sell it- but I dont know how to get any value out of it being such a good deal for THEM, I dont want to just walk away but I guess thats all I can do
@@mp9564 Start using delivery service apps to run up the miles and make money (ubereats or dasher or whatever)- then claim those miles next year as a business tax expense. (.51 per mile according to the Federal Govt)
The wind is affecting the quality of your video. Please do indoor video if it is possible.Thanks for good information.
Or buy better mic!
Crybaby
I wish I saw this a week ago before renewing my lease
What about equity? Aren't you suppose to get a check from the dealer if the car you leased has a higher market value than the residual value?
My lease just had one accident but insurance fixed it up like it never happened so its in good condition only thing is i did pass my mileage limit .. is that considered and upper hand on my end ? Cuz i still want to finance a stinger from them ...? Or should i third party this returning lease ? Idk if im the one in control or they are ...thanks to your videos i just found out i can third party it also so now im really lost as to how i can finance a car from the same dealership i dont want taking advantage of my lease return
Turning in my 2021 Tacoma TRD Off-road tomorrow. This was super helpful! Thanks!
I got a 2018 Acura RDX Base with about 28k miles less is gonna end in Feb 2021. So I got a accident on it not at fault but still on the car fax regardless. I want to keep the vehicle but I know the dealership will rip me off citing that I will have to pay for the vehicle reconditioning they will ask me to pay the tire replacement fees etc. I wanna keep the car what should I do ?? Should I buy out the car from the financing company or should I wait until the lease is over and negotiate a new deal giving this car as a trade in maybe?
Hope you don’t mind that I ask but what did u end up doing after all
@@DanielMartinez-sr7te I refinanced the car decided to own it. The car is a tank and will last for a long time
Thanks Again, Ari. Alot of great information about this process that all of us "Lease'asz" eventually end up at. Didn't 100 percent go over my particular situation, but, ticked off alot of boxes of questions that I generally had. Good job, as always.
Still didn't mention how MUCH the Dealer will have to pay Honda to keep the vehicle vs putting it on the auction block at the mrfgr expense. So I had an Acura MDX in VG condition & under lease miles allowed with no expense charged at end of lease, it would have cost me $35K to buy it out. What would the Dealer have to pay to keep it? Carfax says its worth $29-32K as trade-in value.
Ari, can you talk about high mile leases? I am thinking about leasing a car but need about 20,000 a year. I believe it's a waste of money but need some confirmation. Maybe that can be a topic for another video?
It is a waste of money. I have had my current car (leased) for almost 3 years and barely have 14,000 miles. If i had to put about 20,000 miles on it yearly, i would buy, over leasiing.
I have 2 years left on my lease. I love my car and want to keep it. Will BMW let me convert my current lease to a 5 year finance obligation. Should I not do this and wait till lease is up? What's the best approach
Did you ever figure it out? I like to know as well.
Quick question for anyone I know the answer please when I go ahead and turn my three-year lease in and I decide to go ahead and finance it would they give me the option to finance it for three years or is it six years ? thank you
Wen you traded in can you get a car right away? If it’s your only car can you get a car that day and will the lease be enough money for down payment on another lease how much money will you at least be at the end of your term?
My mom hit my lease twice and I wanted to bring it back for the 400z and now I feel like I have no leverage cause it has a record on carfax like a damn criminal 😭
I love these videos you and everyone else doing . I am considering on leasing my first car. I have always financed and owned my last car 21 years , but vehicles are getting like a mortgage payment if financed for 5 years or more . I want luxury . I like th idea of getting vehicle for 3 years and maintains it with basic stuff and no long term expensive repairs transmission etc . Belts sensors they all add up . I will definitely make sure to stay 12,000 miles a year it seems leasing is about mileage and cars maintenance. Thanks for sharing.
Leasing is just like a mortgage payment. I never ending one at that
My lease ends on 4/30/21. I’ve had it with dealerships & leasing tactics, so I’ll be buying a used, reliable vehicle from a private seller once I turn my leased car back in.
Dealerships all suck
How will i know if the dealership is gonna sell it at the auction when they take it or keep it in the lot ? Is that something they have to tell me ?
So I am inquiring about equity in lease vehicles and residual value ? I’ve been researching . My research says it is a thing and there’s a basic math formula . However the sales managers don’t like that you know that and they shoot me down every time . My family has been leasing for 15+ yrs , I’ve watched them walk in a dealership turn their lease vehicle in and walk out with equity checks for their vehicle . During Covid dealerships were overpaying $5k or more for a lease turn in vehicle . Crazy . Any information I can obtain on this topic would be greatly appreciated!
So my car is leased from original dealership in great shape except a scratch miles are low. So I can turn my car in somewhere else? And not the dealership?
Ari, you are invaluable source of info. The advice offered in your video is spot-on. I leased a Base Macan in Nov 2018. Sold it to a used car dealer last week for 42K - 10K over my payoff. My local Porsche dealer offered 32K. Doing my homework and shopping the car literally put thousands in my pocket. Happy Passover!
How did you determine what the truck is worth? How far into your lease ?
What if you wanna negotiate a deal to purchase the vehicle?
Question. I have a 2021 GLC 300 Benz Lease that I got in December. want to return it to a different dealership to get into another lease. The return of the Benz can be used as a downpayment?
I don't understand. How can I return a leased car to another dealership? I have to return it where I leased it. Isn't it?
With the prices of used cars now, is it best to turn in a lease early? I want to get out of this lease and get a SUV (different dealership) and it would be a brand new SUV.
i have a year and a half left on my lease of my 2020 Cadillac CT4. I have an allowance of 45,000 miles over 3 years. With how much i drive i expect by the end of my lease to only use about 30,000 miles so i am going to assume im going to have equity in my vehicle. Can i would like the same model but just newer when time comes to return the car, any suggestions?
My question is, what would you recommend.. I have a Subaru crosstrek 2018 and my lease is up in March 16,2021. Leased it for 3 1/2 years. It's in perfect condition and it has only less than 17k miles in it. I like it and I don't know what to do to keep it or not? And wondering if I get credits back since I'm below my 10k a year. Thanks..
I just signed a lease and on my paperwork it says no credits back
I was wondering what would be the best thing for me to do. My lease is up next month but no carfax or anything I’m just over my miles like 16k miles and I want to get a new car from the same brand. What should I do to try to get rid of that excess miles that I’ll
Be charged
Should I trade in my lease? I have a 2021 c300 with 5k of negative equity. I want to upgrade to a e350. Help! I want to roll all mileage overage and any other expense into a new lease
Dealers say that 2021 is a new era of auto marketing. To me it has not changed since my dad bought a Chevy from Curhan chevy in Randolph MA in 1955
I don’t understand. You have a leased car,how can you take it to Car Max to see if you can get a better deal when it isn’t your car?
Car leases have a buyout option, so if your car is worth more than what the buyout price is, the 3rd party will buyout your lease to obtain your car and you get the positive difference.
@@B1G_Hawk is this done after lease is up? Or can it be done anytime during lease? And how do we know the buyout price is this the residual? Also if I want to keep the car can I buy it cash or do I finace the price or how does that work? Also if I decide not to buy it after lease what happens dealership keeps it? Or how does all this work sorry for all the questions this is my first time leasing and they didn't bother to explain and I didn't know what to ask.
@@84848AR Values on used cars are at an all time high so if you're planning on getting a new car, trading in your lease could provide you with a lot of equity (car is worth more than payoff) which is generally treated as money down on your new vehicle.
However, because inventory on used vehicles is low and demand is high, several leasing companies are not allowing payoffs from third party vendors right now. For example: Nissan won't allow anyone but a Nissan dealer or the current owner to payoff the vehicle. So if you don't want another Nissan, you have to buyout your lease before you can re-sell it or sell it to a Nissan dealer.
You can find a comprehensive list of leasing companies not allowing third party payoffs floating around on the internet right now.
When you turn in your lease and bring it to the dealership, the leasing company tells the dealership how much they want for the car. Usually it’s just as much as market value. So how does that give you any leverage?
Right, this. This happened to me today, and I have 20k less miles on my lease than I should for it to be near term. The dealer I went to undervalued it by 2-3k compared to the Carfax buy in and all the lease holder thinks the car is worth 1k more than anyone is offering, despite the great condition it is in an mileage I have preserved from the lease.
Your lease should have spec'd what the buyout number is for the car. My 2018 for instance the buyout for me would have been $11,500 if a dealership or say Vroom was to buyout the car they don't have to pay certain taxes so for Vroom their buyout was $11k even or so. The bank cannot artificially say your buyout is going to be $14k if the paperwork states $11,500. The dealership in my case refused to waive the return fee of $400. So I sold my leased Mazda to Vroom for $15k, they sent the bank a check for $11k to take ownership of the car then arranged a delivery pickup service to pick up my car then moment I signed the waybill from the pickup service Vroom sent me a check for the difference via FedEx, got it the next day. When the dealership called to find out when I'd bring the car back, I told them I had asked them to waive my return fee and that they would make an 8k profit off these lease they were greedy and said no, I did my research and I was able to sell my leased Mazda to a 3rd party dealership and that's what I did.. Because it comes down to this. you return your leased car if the market is hot for used cars the dealership will buy the car and flip it for a huge profit, if the used market is dead they'll take the car back with your $400 return fee, call the bank and tell them their car has returned. The bank will then sell the car back to the dealership at a loss or pick it up and sell it to an auction house at a loss. But the market now with the global chip shortage your used car is worth more then many new cars.. The dealership will attempt to strong arm you into beleiving you are doing something illegal, but you aren't you are just going to make the profit and not them, if they aren't willing to help you, you might as well aim to help yourself!
I'm being persuaded to lease instead of buying to lower the overall cost to save taxes. Is their any truth to this? What factors do I need to consider?
I watch a lot of you video I want you to tell me the following decision that I have to made I have a 2021 Jeep Compass I did the lease in April 2021 for my daughter I am going to buy a house and to get the loan the bank tells me I have to get out of debt from the lease I have 29 months to pay 12.000 dollars and I already called the bank of the car to send them the check next week what do you recommend ? Thank you
Can you please address lease equity and prohibited 3 party sales to Carvana and CARMAX ?
Can I return my lease in less than a year or in a year Bc I’m paying almos 800 dollars monthly for a Honda passport 2021
Turning my lease in 6 months early. Can i get the dealership to buy back my lease?
And if the dealer is jerking you around just say that you will go to your bank and get a buyout loan. I have a good record with my bank and getting a loan for should be no trouble. The dealer will see you walk out unhappy with a car they will be able to flip and lose a potential customer.
Hello all
I'm hoping somebody can help me out.
I have a Honda civic sport 2020 my lease is up in July of 2023 i have about close to 7,000 miles on it, I wanna get a Toyota highlander or kia carnival can I go to those dealership and go thru them or do I have to return the lease to Honda first and then go to Toyota or kia ? It might sound like a stupid question but I know nothing this was my first car. Also would it make sense to buy my lease or get something from Honda ? Thanks all 🙏
I have a Leased 2017 Infiniti QX80 Limited Fully loaded with every available option including 22” Wheels. Majestic White with Beige interior in show room condition with only 12,200 miles . Still smells like new inside . Lease is up in three months and the buy out is $45K ( MSRP $82K) which I know it’s not worth that much today and I tried negotiating the buy out with Infiniti but they said they can’t do anything about it . The lease contract stands the way it is at buying out the car at $45K but the market value is less . Should I still buy the QX80 or just return it to the dealer and walk away? . I will love to keep it but I know for sure the market value is much less .
If the market value is a lot less I'd walk away. You don't want to overpay for something that people are paying less for.
My 2019 Avalon Limited Hybird is due in January to turn end. The car has 15k on it and runs great. Are there any hinnden charges beyond the 22k residual stated on contract
Great vid ! have you ever done a video about trading in a lease early to a different dealership? (like my case is i’m over on my miles , and my lease ends in a few months, i’m getting a bunch of stuff in the mail from different dealers about buying me out of my lease. how do things like this work?)
When they buy it earlier … the dealership usually finds a way to work in excess wear and tear into your new lease. Dealership always finds a way to profit
@@LittleBits0fIce how much did you put down? What are your monthly payments? How many more months are left in your current term? What’s the buyout/residual value on your lease contract?
@@LittleBits0fIce you have 5 payments to go. Which means 5 x 685 =3,425. So if they buy the car from you 3425 - 2000= 1,425. Depending on how much you put down in the beginning. If they save you 1,425 … you’ll have to see what kind of deal they give you on another car and make sure they don’t make up the 1,425 in your next car
@@LittleBits0fIce find out what the kelly blue book value is. Or give me the make model year and mileage and I’ll look it up for you.
You literally answered every question I had this is really helpful!!!
would they ever give more than the buyout? for example i leased a vehicle i had 32500 miles in the lease and have only driven 20000 miles the vehicle is still like new
I've got a 3 yr lease that I have 2 years left on. On my lease contract, it gives me a price that I can buy it for at the end of the lease. If I was planning on buying it at the end of the lease(buying it after lease end was my original plan, I just did a lease to get super low payments, $190/mo, for 3 years) do they have to sell it for me for the price that is stated on the contract?
I'd like to know as well.
From my understanding yes they can't change that price that will be the price plus taxes and fees mines seems like it will be overpriced to buy after lease wish I would have know that we have to negotiate buying cost from the start since it's set after. Wish I new alot of things before leasing my payments are way high 380 with 2k down and good credit. I should have just bought from start.
Read the thread on Reddit, I gained soooo much knowledge and information.
What about buying your lease if it's a perfect lease return (low miles/ great condition)?
I did just that. I like to keep quality cars for many years.
Yes, my lease is up in 3 months. 2018 glc 300. Going on the lot for 35,000 now. My buyout is 28,000. I'm seriously thinking about buying it.
I have 5 months left and I want to buy it online through Honda financial with a check . Any ideas because I want to do it this month Sept?
@@aliciac.5292 that's funny just called mbfs last night. I have 2 payments left. I'm waiting to the end of my lease. Since I plan on buying it. . Since you have 5 payments left. They are going to add that in. Make sure you get a good interest rate. Or go to a credit union, or a bank that will give you the best rate. Good Luck!
@@aliciac.5292 hey question if we want to buy after lease do we still have to take it back to dealer and get it inspected for damages? First time buying lease and I went in blind not knowing anything smh
Hey great video! I have a question, my aunt has a 2020 traverse premier her lease end this year her OTD price for the lease was 50k with a residual of 26k, when she goes back to return it can she say that she wants to keep the car and have it financed under my name? Or will it have to be under hers, also is there anything that can be negotiated?
I have a leased car I plan on turning in at the end of the lease and then buy another make of car somewhere else. My car is mint and less miles that I signed up for. So when I do that will I be losing money?
Yes
What if at the end we want to keep the car ? Can we negotiate the residual? Cus they told me if I decide to keep car that would be the price to buy plus tax and lic fees again
You cannot negotiate down from the residual
again because that was in the orignal lease contract. They can charge you
a dealership fee and you maybe get a percent increase when financing
through the dealership (not sure if it's capped in your state etc). Get your
own pre approved finance through a credit union or somewhere else.
Ari, thank you for the great video. Can you please do video on whether I should purchase or lease vehicle?
I really need your guidance. I’m in AR. I have a 2017 Civic EX that has a balloon pmt that is up 11/04/2020. It’s like brand new. Only 11,600 miles right now. Burgundy Night Pearl color. Beautiful car that I love. Balloon pmt is $13,500. I have great credit. Only problem is I’m on SS and can only make a limited pmt which is under $200 pm. I don’t know what to do without getting screwed. Do I do another balloon pmt, or try to buy this one. The dealership quoted me to buy it I could finance for 72 months for $215 mo. Well don’t want to be making payments on a 10 year old car. I need warranty cuz I don’t have extra cash to fix anything. I’m totally lost and worried. Any help would be appreciated.
I would lease a Civic so you would have a warranty and low payments... Buying with a 6 yr payment plan you will have maintenance in that time period... Plus your car will depreciate down anyways... I feel i save money leasing with a lot less stress as well.
Maybe lease a new car? Because the older car might need repairs down the road or try to buy a newer used car with factorry warranty still active ? Ugh this whole car thing sucks.
Well done but what if the car is in excellent condition and has only been driven 23,000 miles on a 36,000 mile lease. And used car prices have skyrocketed during the pandemic. That's the situation I'm in right now.
Buy it
@@Pertplus I did the dumb thing and turned it in for a new lease. Didn't want to go through the hassle of buying it to sell it. I did my best to prove to the dealership I had equity but they worked equally as hard not to give me a penny for it. So I just surrendered my lease and signed a new lease.
@@gm1937 My car will be 10k under miles when I turn in my lease this Oct. I have no interest, however, in buying a vehicle - none at all. I've bought all my life and I'm over having the guy in the white shirt at the "service desk" tell me all the tune up things they need to do to my vehicle. I will be releasing the exact same vehicle. I don't think you're dumb at all - if it meets what you need. Leasing may be a slight luxury. I'm willing to pay it. It has been the most STRESS FREE thing I've ever done in car ownership. Sorry I waited until 54 to do it. I have walk away wear tear warranty - even less stress. I think you did GREAT!!
How often will a lessor contact when your lease is about to expire to offer you a discount to buy your lease?
Excellent video, I have a 2019 ford ranger, 1 year left on lease. The buy out in the contract is 18k, I am thinking it will be worth more than that, so if it is, I will buy out the lease, then most likely sell it or trade it.
In the video I thought he was implying that you can sell it without buying it first…
I hope someone can help me in this but what happens if I can no longer pay my lease do to financial issues, but I’m a 3 year lease and only 8 months in, what can I do?
What did you do?
Sold my lease to carvana, they cut me a check for the difference between their appraisal and the buyout from Dodge.
Hey question what do you mean they bought your lease? Like we can sell our car to anyone? I thought we had to take it back to dealership? Or is it if we want to trade it in for another car after lease? Sorry this was my first time buying lease and went in not knowing anything and they didn't explain in detail just said low monthly if i lease and I have option to buy if I want after lease. Now I'm just so confused.
@@84848AR when you lease the car, you have an option to buy out the car. Call your leasing company and get that figure, once you have that then go to Carvana and get your car appraised. During covid it seems used cars have gone up in value, so you might be able to sell the car to Carvana and pocket any difference.
@@ECrespo175 oh I see ok thanks for the reply
@@84848AR Values on used cars are at an all time high so if you're planning on getting a new car, trading in your lease could provide you with a lot of equity (car is worth more than payoff) which is generally treated as money down on your new vehicle.
However, because inventory on used vehicles is low and demand is high, several leasing companies are not allowing payoffs from third party vendors right now. For example: Nissan won't allow anyone but a Nissan dealer or the current owner to payoff the vehicle. So if you don't want another Nissan, you have to buyout your lease before you can re-sell it or sell it to a Nissan dealer.
You can find a comprehensive list of leasing companies not allowing third party payoffs floating around on the internet right now.
@@Monce08 oh wow good to know but question can I trade in my lease if I have only had it for one year? Or would I have to wait for the lease to be up to be able to trade for a different car? Thanks.
This was really helpful! Thanks!
Thanks for the insight, I'm running into the end of my lease at the end of the year and under 36k miles by time it will need to be turned in.
Wow, thanks for this information!!!!
Wow thank you!
This video needs an update due to the chip shortage going on
Thank you. I totally followed you!
bad sound and wind noise. :(
Please make GLC 43 couple 2020 lease man
Well articulated and disseminated pro information! Thanks for sharing Ari. 👍
Ari! Dude! Do something about the wind noise!!! Great info but horrible sound!
This is a great video for me. I have a VW 2017 e-gulf which I'll either need pay the residual or turn in. The Purchase option is $10,056.40. The blue book for this vehicle is closer to $20K. I feel like I'm going to get the shaft if I trade it in. Your Recommendations.
Have you looking into selling it privately, or get appraisals through carmax, carvana etc. that could leave you with positive equity.
Buy it.
I'd just sell lthe leased car to a 3rd party like Vroom, Carvana, local companies, especially in this insanely hot used car market. The buyout for the car will be insnanely lower in most cases then what the dealerships will be seeling your car for, and if they refuse to waive the return fee, then i'd say deal with the hassle and inspection and sell the car on your own and make a decent profit and tell the dealership to go pound sand.
🤔 Always wanted to see behind the curtain.
Windy Weather!
The wind noise 😩😩
"4/32 of an inch" I thought it was 1/8 inch. 😂
Who pays him?
Thank you for this video.
Ari, I enjoy your videos. Thanks. This particular Video with wind noise is tough. Please don’t do this again,
Plain simple they don’t care !!!
Dealerships are called “STEALERSHIPS” for a reason. They stole a lease return/drop off from me; a beautiful Honda Civic with only had 20K miles, not the usual 36K or more. Hate stepping foot on stealership lots for any reason.
😂 how did they stole a lease return lmao you’re an idiot my guy
If you returned a lease with 16,000 miles you were then what you should’ve had on at the end of your lease… The dealership didn’t steal shit you walked away and it’s a Honda so you walked away with probably equity a lot of equity. Dude I’m sorry but take responsibility for your dumb ass mistake
@@finnellwilliam hi what do you guys mean by equity and how do we get it? Do we have to lease or buy again? What if we just don't want it after lease
@@84848AR exactly right leasing is like a rental. Period
So confused 🤔
Never lease without owning a business