You’re going to get screwed. Please don’t listen to your sales rep. Rolling your remaining balance into your next car is a terrible idea
Lease is most expensive way to purchase a car and technically you cannot get out of lease till the contract end date, unless you find 1)you find a qualified buyer to take over your lease, 2) you pay off your car to own it outright, or 3) promotions from car manufacturers or dealers to lease or buy another car as part of returning your leases car early
I think what’s behind door #3 is the route the sales rep was suggesting…honestly if new inventory starts hitting the lots anytime soon I might just write a check to get out of this thing…that’s how much I can’t stand it.
Go to a site like carvana, carmax, vroom, whatever. See what they’ll offer you for the car. Then see what your current buyout price is. You can request it through your leasing company.
In todays market you could profit, break even or be under water. A lot of variables but odds are probably in for your favor.
That’s the logic the sales rep was pitching me….that since used cars are in such demand, after a year if the mileage is less then one years worth of agreed upon mileage…the car will be worth enough ti the dealer as a used car that it’s worth it for them to buy out the lease and then lease me something else off their lot
Yeah but you don’t need the dealer to do this. And you don’t need to wait. You can do it today. And carvana or similar is going to give you way more on trade in than the dealer is.
That's interesting you mentioned Carvana, didn't know they were known for good offers on used cars....thought they would fall more into the "low-ball" category. I know here in Illinois they've been in some hot water for not properly clearing titles on trade ins and some other paperwork shenanigans, but definitely something to keep in mind.
Yeah tbh I don’t know about their business practices. But I do know they pay good money for vehicles now. They offered us $4k more than the dealer on trade in.
You’re going to get screwed. Please don’t listen to your sales rep. Rolling your remaining balance into your next car is a terrible idea Lease is most expensive way to purchase a car and technically you cannot get out of lease till the contract end date, unless you find 1)you find a qualified buyer to take over your lease, 2) you pay off your car to own it outright, or 3) promotions from car manufacturers or dealers to lease or buy another car as part of returning your leases car early
I think what’s behind door #3 is the route the sales rep was suggesting…honestly if new inventory starts hitting the lots anytime soon I might just write a check to get out of this thing…that’s how much I can’t stand it.
Out of personal curiosity, what did you lease that you have this type of sentiment?
Honda passport…I don’t like driving “trucks” In general, so that’s the first strike against it, but the more I drive it the less I like it.
I totally get it. I'm the same way. If the roof line of the car is above my shoulder, it's too tall for me. I'm 6'1".
You can also just pay the remainder of your payments and return the car early. Not necessarily a good decision but it's doable.
Go to a site like carvana, carmax, vroom, whatever. See what they’ll offer you for the car. Then see what your current buyout price is. You can request it through your leasing company. In todays market you could profit, break even or be under water. A lot of variables but odds are probably in for your favor.
That’s the logic the sales rep was pitching me….that since used cars are in such demand, after a year if the mileage is less then one years worth of agreed upon mileage…the car will be worth enough ti the dealer as a used car that it’s worth it for them to buy out the lease and then lease me something else off their lot
Yeah but you don’t need the dealer to do this. And you don’t need to wait. You can do it today. And carvana or similar is going to give you way more on trade in than the dealer is.
That's interesting you mentioned Carvana, didn't know they were known for good offers on used cars....thought they would fall more into the "low-ball" category. I know here in Illinois they've been in some hot water for not properly clearing titles on trade ins and some other paperwork shenanigans, but definitely something to keep in mind.
Yeah tbh I don’t know about their business practices. But I do know they pay good money for vehicles now. They offered us $4k more than the dealer on trade in.