Advice on end of lease

Wranglers are 370 with $0? I thought the local Socal posts were saying around $450.

And why? Because he can get a Venue NOW, and not sometime in the future. (Aren’t wranglers 2-3 months out?)

yes, they are. But OP could extend current lease to wait for an order.

The sub-$400 would be a low-spec build with a one-pay lease (since OP would have the cash from the sale of the VW). Can vary some depending on acq fee. But even with one in place, the one-pay on a base Sahara hardtop is like $13k for 36/10k.

1 Like

hmm…13k for 36, so 362 if one pay. Ok.

Well I gave a suggestion and you gave one…but it does appear OP hasn’t checked his true values and the added ‘not a US resident’ does complicate a lot of things.

1 Like

I’m not following, can you elaborate on what you mean by “true values”, the two online quotes for my car were from yesterday if that’s what you are referring to?

I didn’t think not being a US citizen was relevant, until It was suggested applying for a loan. And even if i was a citizen… I don’t want a loan, regardless.

This is my 3rd lease with VW and they have been good/ easy to deal with. There’s plenty of cars I’d like to drive but as you said, may complicate things and in my case, I know I can secure a lease/new car with them. Side note: is the wrangler a good value vehicle currently or just a popular car or both? I was having a look at the marketplace post for that car and they seem really popular. I’m just not a fan of them….

One is real and one is ‘estimated’.

  • Carvana is real, that means you can go to a Carvana dealer and get cash (or they come to you) (Most of the time)
  • Edmunds is a website (owned by Carmax btw), but that does not mean you will be offered that number, or that Carmax provided Edmunds with that number. It’s an Estimate of what your car is worth, which means nothing really. It’s just a number.

Go to Carmax, Vroom (they will give you a number assuming you have bought it out), and a few others such as MyCarAuction without having a bank of numbers you don’t have the ‘true value’ of the car. Maybe Carvana has too many VWs and are lowballing you? You don’t know that until you get at least 3 ‘true’ estimates. Hence you have 1 Price and no ‘true value’

This does limit you to which other car companies they will suggest. VW isn’t the only game in town but a non citizen is limited. BTW a lease is practically a loan. (Well it’s a rental contract) They are hoping you pay them money and the car is the collateral. (Which they get back, hence the lease part)

The Wrangler 4xe is a supremely popular car here because of it’s ability to sell immediately and make some $$$ , so it’s both a popular car and a good value. It is a ‘great car’? Well…

Got it! Thanks for the explanation, I’ll take at look at what the offer are from the others.

Don’t exactly agree on this but, I get what you mean. Also not looking to start an argument on a post where I’m asking for help lol.

Interesting, fair enough!

My wife is from the UK and took out a 5-yr loan while on a work visa. She had no problems.

Sounds like you’ve already built up some credit with the lease(s), so I don’t see how being a non-citizen is a problem, especially if you take the loan from VW Credit, which is an option.

The part about not wanting a loan though? How is a $325/mo loan for 48-mo where you own it at the end and are always in positive equity somehow worse than another $325/mo for a 36-mo lease where you’re left with little other a bill for a disposition fee?

I mean it’s your choice your money your car, I’m just not understanding the logic. Feel like an unnecessary overcomplication for an already complicated situation.

Do you know who she used? The reason I said that was, I kept getting marketing letters from “Sofi” about loans and I had a read through of their t&c’s, and being a citizen was mentioned. Mind you, that is the only loan company/ t&c’s I’ve read, I guess there are companies that do approve them for those on working visas.

My credit rating hovers between 715-720. I built that also through a credit card; secured> offered unsecured etc so on paper I feel I would meet the criteria.

My circumstances could change tomorrow, and although selling a car you own is a lot easier these days, so is ending a lease, but if i were to end a lease at 12 months due to having to leave the US… I’d rather have to fork out the early lease fee/ disposition fee than continue to pay a loan for the next 36 months, for a car I don’t even drive. The hassle of the unknown isn’t worth it IMO.

Edit* after reading through my contract again, although it doesn’t specifically state I would need to pay all remaining payments after terminating early, rather “could be thousands of dollars”… I don’t think I would be in a better position either way, if my circumstances changed.

A lease is just a loan that’s structured differently.

Even if you do a one-pay to cover depreciation and rent charges, for example, you have exclusive use of the entire car, which you promise to return at the end.

And if you set up the lease with monthly payments, well… you aren’t exactly fronting your entire financial obligation at once. :slight_smile:

Yeah, i disagree. There’s similarities but, there’s still a difference between them, they’re two different concepts.

Not familiar with one-pay, will need to look into it. Sounds like what i’m doing now… paying monthly, not fronting big $, returning car at end of lease.

*to one of the previous posters, I received two more quotes, and am waiting on one from Rodo.

My Car Auction: $26,768.00
Carvana: $25,892.00

I understand. :slight_smile:

Hyundai Financial aka Hyundai Capital. SoFi started as a student loan company, so I don’t suspect their T&Cs are representative of all automotive loans out there. If you can get a lease, you can get a loan, especially the more you build up credit (ie: post auto lease like you’re currently at)

your general credit sounds sufficient, but specifically your auto loan credit history should be more than plenty assuming you always had on-time payments.

It is FAR easier to dispose of a vehicle with a loan vs a lease, especially since you’d pretty much always be in a positive equity position. You have far more unknowns with lease, frankly. For one, you wouldn’t have to deal with a bank that either refuses to let you sell the car to anyone but their dealers and be limited to whatever those dealers will offer or will charge a ‘market rate’ that could not only wipe out your positive equity but could put you in the negative. With a loan, you sell it to whomever you want (CarMax, Carvana, dealers, etc) and they’ll pay off the loan cutting you a check for the equity.

Nope. One-pay is paying all the lease payments up front, in exchange for lower rent charge, and paying nothing each month, but still turning car in at the end (unless selling or buying it). And, to head off the next question, there is no risk to the money like there would be in the event of a large cap cost reduction because one-pay money is essentially like putting it into escrow and draw upon it for the monthly. In the event of a total loss, you’d get a prorated refund.

1 Like

That’s a good point. I still have a few weeks to sort everything out, I will continue to do some more research. Thanks!

Hi, can you tell me a little more about your experience doing this with Rodo? Did your daughter own the car outright, or was she in a lease/ coming to the end of one?

Thanks!

She was coming to the end of her lease (1 month left). Rodo bought the car, picked it up, sent me a equity check and paid off the lease. It was pretty seamless. They have some affiliation with a VW dealer and that allows them to get the same payoff as the leasee. With other 3rd party companies like Carvana, VW bumps the payoff by thousands of dollars.