Is it possible to obtain this data for free? it looks like Automotive News has a subscription fee.
Why donāt we see more certified pre-owned leasing programs? Is it lack of consumer demand, wariness on behalf of manufacturers, or a bit of both? With better car reliability and longer warranty periods, I would have thought a market opportunity here would emerge.
I personally would lease a vehicle from month 37-72 of its life. Instead, Iām stuck buying certified pre-owned cars and selling them every three years.
No there is no free source for this data.
Alright, who wants to split the membership costs with me 
time to make LH a paid subscription site with access to those insider tools 
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Exactly. Blackbook and Automotive News subscriptions for all donors 
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I have 4 payments remaining on a 2014 VW Jetta SE that has 56,000 miles. It is 16,000 miles over the allowance and the current buyout is $11,800. We want to turn it in a lease a 2017 VW Jetta SE (same car). The best offer we could get was $299 / mo with $1700 down for the new Jetta. That includes the over miles penalty and 4 remaining payments.
What would you do? Would you turn it in now for a new lease or wait until expiration? Would you expect the offers on the new to get better as we get later into the year?
Interesting question. What are the current specs on your lease that you are in now? Term, mileage band, RV, selling price, net cap cost, MF. And what are the specs on the new one?
Itās my girlfriendās lease and I wasnāt involved when she initially entered it so iāll need to look up the details. It was kind of a strange deal. This is what I know:
Current lease:
- 48 month term but payments were prepaid and we are about 3 years into the lease now with only 4 payments remaining. The book value on the lease to buy it out today is $11,800.
- 10,000 miles per year
- Currently has 56,000 miles
- Payment is $270 / mo (it appears there were penalties from previous lease wrapped into this one)
- 2014 MY Jetta SE
New lease:
Dealer would not give me copy of his quote. This is what I recall before I walked out.
- $3,200 in over mileage penalty (16,000 miles)
- $1,080 in remaining payments
- MSRP was around $25,000 - not sure why because after checking later on the car MSRPs in the high $23s
- Discounts from MSRP dropped cost to around $19,500
- Best verbal offer after salesman spoke with manager was $299 per month with $1700 down on 36 month term and 15,000 miles per year.
- Edmunds has the residual at 46% with MF of .00001 and they state that there is $2250 in lease cash. The dealer mentioned a program where VW would pay 3 remaining payments to get a customer into a new vehicle. Upon further inspection they said our lease did not qualify because it expired some time in 2018 (even though the last payment was due in 2017 - kind of a strange situation).
How many miles is she driving a month now? You can figure our the cost of overage by multiplying $.20 times the miles driven monthly. How much will the penalty be if she waits until she qualifies for a pull ahead? If you can avoid making the remaining payments ($1080) you will be in a better position. The pull ahead date will be pushed back as time goes on. Just wait a month or 2 if you can to qualify.
Right now sheās driving my lease because iām well under the miles allowed. Iām driving hers because I only drive a few miles each day. We can probably limit the additional miles driven on the car over the next 4 months to 600.
Iām wondering if they would be more willing to negotiate something on the over mileage penalty (roughly $3200 currently) if I turn in the car now, or if I wait until the lease has expired? Or is this something that they really donāt negotiate? I find it hard to believe that the extra miles truly erodes the value of the car by $3,200. Likewise, will the lease offers on the 2017 Jetta SE get better in 4 months, or worse?
The penalty will be higher at the end of your lease, obviously.
Easy to check: apprise your car on kbb.com with and without extra miles and see the difference.
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@kendo
Mileage is a fact so it is very easy to collect on. Donāt expect VW Credit or the dealer to slide the mileage overage under the rug. This is an easy moneymaker for the lender. Your best option is to wait for the payment waiver program to open up when you have 3 months remaining. Iām not sure if VW Credit offers it to all lessees or a select group.
How is the wear and tear on the car? You donāt want any other surprised come turn in. Perhaps there are some conquest lease deals if you are open to getting something other than a Jetta?
They already inspected the car and the only thing they noted was wear on the rear tires which they said could be fixed for $40 per tire.
Definitely open to leasing a different car. Any suggestions? The HR-V is similarly priced and has a strong residual but it doesnāt appear they offer heavy discounts from MSRP.
@kendo What is your zip code? That will determine various options. Some major new models are coming out soon so there might be some serious discounting on the outgoing MY. 17MY Camry/Accord should be heavily discounted in August and September. Utilities are enjoying strong natural demand so donāt expect to see the same level of discounting but there are opportunities depending on your region.
@RVguy: Hello, I have a basic leasing questionā¦can any lease cash available from the manufacturer be used for CCR? Example, a vehicle has an MSRP of $40,000 and dealerās listed selling price of $36,000. The manufacturer is listing a lease cash of $3,000 for the month. So can the final selling price be negotiated at $36,000 - $3,000= $33,000? Thanks!
@Sai1 Most likely that dealer is giving the $4k discount with the $3k lease cash and a $1k price reduction. You should first start the negotiations w/o any incentives applied. Just get the dealer as low as you can as if you had a wad of $100s in your pocket. Then drop the cap cost with any incentives that are available.
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@kendo I would suggest going to a Toyota, Honda, Subaru and Mazda store to see if you like any of their products. Sedan demand is incredibly low right now and the 18s are starting to launch so there should be some decent deals through those brands and their captives. I have heard that Florida dealers are tough to get big discounts from because so many people will just walk in and lease without haggling. Toyotaās ācaptiveā in FL is Southeast Toyota and they arenāt as aggressive as TFS is on the rate support. They also set RVs with their own model so the deals on Toyotas in Florida (and other SET states) isnāt usually as good as with TFS.
@RVguy not sure if you can help, but I need to get into a lease (company car, under the company name) with no additional Guarantor being involved. Itās a known 90 year old corporation (not a small mom and pop business) - had no issues with my previous lease (Nissan Altima) but would like a Honda Accord this time around. Any ideas or help? Seems like all Honda dealers in my area (SoCal) are requesting a personal guarantor, which Nissan did not require.