My car lease...
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- CincodeMayo
sucks. And it's my fault. I've gotten out of 2 leases early and every time I do so my lease rates go up. I'm happy with my car, and I'll deal with my lease (for another 3.5 years) but have any of you ever taken advantage of those radio commercials where dealerships say they'll pay off your current lease no matter what you owe? Is there a catch?
- jonnyquest0
yes they trap you in yet another lease and sell your old car on their used lot...
the outstanding balance of your old lease is hidden in your new car's lease/financing... hence your lease rate always going up...
- CincodeMayo0
But if I opt for a cheaper car, it's possible it could decrease my current lease?
I figured they do the same thing as if you were to go to the current dealer and try to get out of it, but I was hoping they may have a better deal.
- -sputnik-0
there's always a catch :[
- Seff0
i will never lease again.
i got so screwed on my last one
fuck all that
i had to roll the negative equity into the purchase price of my current ride. but in a few years it will be payed off and i'll own the fucker.
leases suck man
- lvl_130
i drive way to much to ever even consider a lease.
would be nice to get a new car every few years but i would get so fucked at the end of it because i would probably put 3 times the allowable mileage.
- CincodeMayo0
I'm all for leases, actually...yeah, they kinda suck, but it's nice not really having to worry about your car all that much. Plus every 2-4 years you get a brand new car.
I just rolled the equity one too many times and now I'm paying for it. Totally my fault I know, just curious if there's a way to get out of it.
- Soler0
you can still get a new car every 3 years if you buy
- woodyBatts0
Hey!
JohnnyQuest is totally right.
I used to sell cars and my whole fam is in the biz. My dad now has his own lot.
Cinco, I know you wanna get out of the lease, but if you've rolled over a few times, you may just want to stick it out, as opposed to getting a cheaper car with less amnenities.
3 and a half years seems pretty long for a lease, is this one lease then purchase?
How long have you been on it? The only way of really getting out of it, and we did this when I worked for Chrysler is roll it again and ( this would be a purchase ) finance it with a special interest rate ( like 0.9% ) the overall balance would be incredibly high, but the payment fairly affordable with the interest rate...
...but this brings issues all it's own.
- joyride0
I use that site as a guide to see if my lease price is a good one or not.
When I got my last car, they handed me a check to pay off my lease, it was only 2 months. But i got a check from them and paid it off and handed it in. And since i got my new one on s-plan (employee price) i didn't see any xtra add ons. Could there have been, maybe, but at the end of the day, i was happy with the price before i told them i had a lease i needed to pay off. I guess that is the trick, get the price, then tell them you want the lease pay off deal.
- CincodeMayo0
Thanks for the tip Woody.
I'm in a 48 month lease. Way too long, but it was the only way to get out of my last lease, which at the time needed about $1000 work done to it, and I was broke, so I just opted for a new lease instead.
I got it last January, so I still have a good amount of time left. But rolling it into a finance to own doesn't sound like a horrible idea.
I do like my current car, I'm just paying way more than I should be.
- woodyBatts0
Sounds like you will pay more than you should be no matter what.
Even if you buy a car you will want another before you are finished paying it off, when I sold cars we learned that most people want a car every 3 years.
If I was you i'd hold tight and cut your losses. Because your payments are likely to go up and you'd probably have a lot less of a car, whatever you would get.
In the future i'd consider a lease only if you :
-don't drive a lot
- want a nicer car then you can buy
-want a new car every 2 years.
-do not see your lifestyle changing during the lease, e.g. have 2 kids, get a enormous dog, etc...
- CincodeMayo0
Yeah, I'll stick it out.
I like the leases cause I don't drive all that much (less than 10K a year) and I like nicer cars than I can buy. I should've just stuck out the last one, but I was broke at the time. I'll wait out the next 3 years and then come out clean.
- woodyBatts0
cool beans...
I miss having a car, BMW has a killer lease program.
oh well
- subversve0
i leased a car recently. mostly for the tax write off. i paid the whole lease up front (i know, not the best idea, but it lowered the rate), and as long as i can claim that i used it 100% for business purposes between last month and the end of the year, then i can write the whole lease payment off (have my own business). after that, i can use it for whatever i want for the remainder of the time. if i decide to buy the car after the three years, then i can write off the purchase of the vehicle at standard vehicle deductions (which isn't much). it sounded like a good plan, but i hope it doesn't end up screwing me over.
- tkmeister0
wait, woody used to be a car salesman?
- CarlClay0
I am leasing for the first time right now with Audi. If I want to get into a BMW next am I not really able to because Audi wants me to remin in their family? Will they make it harder for me and more costly?
- woodyBatts0
yeah I didn't tell you that?
That's how I put myself through college.
I have stories...man i have stories.
- tkmeister0
damn!
to think of woody as a car salesman... that's kinda hard to put together.
next time we have drinks, i will have to hear your stories!