So current lease is up Dec 23.
Roughly 800 miles over and ticking. Not that worried about that but just a FYI.
Been looking for an Alfa and was willing to go out of state but might have found one in my county for a huge discount. Going tomorrow to check it out. Would love not to have to deal with shipping or traveling.
I need to schedule my return lease inspection soon but lets say I work a deal this week, what’s the best way to go about it?
Can/Should I put a security deposit on the new ride, while I hand in my current car a few weeks early?
I don’t want to lose the new car but don’t want to insure two cars (even for a few weeks) and don’t want to store them either.
I’m pretty sure you can return your old lease as soon as the final payment is made, which I’m guessing would be 23rd Nov? I would get some quotes for the old lease on Vroom, Carvana, etc and see if it’s worth more than the lease payoff, you might be able to make some money, or at least pay less to get rid of it and do it sooner.
If you do go through the normal lease return process you’ll pay the disposition fee, any excess wear and tear, and the excess mileage cost. It might well make sense to trade it in or sell it separately.
At the very least, you can draw up paperwork now, put deposit and have the dealership date the contract as of nov 30 which is when theyll give you the car. That way you can lock it up now but not take possession or pay insurance until end of month. Or if they’re nice they’ll just hold the car with a deposit until nov 30 without doing paperwork, just explain the situation about not wanting to pay for 2 cars
I am in the same boat here. Going over miles on my current lease.
I have 2 dealers that are willing to defer 2 months payments so that my current lease ends and I don’t have double car payments. I would have 2 cars but I would drop the old lease insurance and wait till lease end maturity and turn her in.
This makes sense for me as I need to stop putting miles on the old lease and let her sit in the garage for 2 months and then at that time when I turn her back in, I will be under miles.
Ask the dealer about a deferment.
@lukeb321 - worst-case scenario is you can make the last payment on the current lease and turn it in now. If you have a good idea of the excess wear and tear on it (including tires if less than 4/32" tread), you can let the inspection happen after it’s turned in. How soon can an inspection be done AND you get the results, anyway? Sometimes that takes 2 weeks or more to schedule, especially if it’s a formality. Did you buy an excess wear and tear policy on the current lease? If you do that, you’ll stop the mileage penalty and get it off your insurance now.
As mentioned above, see what Carvana, Vroom, Carmax, even the Alfa Romeo dealer will give you for it. Compare that to a payoff quoted by your lender for a third party dealer and make sure it doesn’t include tax. Compare the positive/negative equity to the cost of turning it in.
Don’t expect the Alfa Romeo dealer to hold the car for an extended period of time to maybe give the car away to you. A deposit binds them, not you.
@ajgraham - he should be able to turn in the car now and get billed for the final payment and everything. The only unknowns are excess wear and tear.
@305Hackr - I don’t picture a dealer holding a car long-term pending a maybe deal, especially if the car is being cheap sold. In CA it is illegal to backdate or postdate a contract. It’s unenforceable and at a later date an attorney can invalidate it. I’m sure there are similar laws in other states. I’m certain that in all states a deposit is refundable- so what does a dealer really have? Just a mild commitment from a buyer- nothing binding. Just the hassle factor for the buyer to get the deposit back. This isn’t an ordered car, it’s a car in stock. The deposit only ties up the dealer. Asking a dealer to hold a car for 3 weeks I doubt is going to be accepted.
@4sallypat - if 2 dealers are willing to cover your last 2 payments, that means they’re making more money than the need to, unless their manufacturer has a conquest program of some sort and that is paying the bill.
If you have your old car in your garage, you’ll still need to pay the insurance. Aren’t you able to turn in the old car now and make the last 2 payments? Just get billed for them along with the disposition fee, excess miles, and excess wear and tear (unless you have an excess wear and tear policy)?
No, the dealer uses their captive bank to defer the first 2 payments, I just pay for the very small interest charges those 2 months to the new leasing bank. I still owe the entire 36 months but it’s extended out 2 months. I don’t think the dealer makes a penny more.
This way I don’t turn her in early which if I ground her now, I am subject to excess miles. But if I turn her back in on time 3 months later which makes the miles drop to below contracted total miles.
Basically I am avoiding double car payments and getting the miles on the old lease to go under as I won’t drive her for 3 months.
Never heard of this deferment before. Which bank allows this? And how does mileage work? If you sign for 12k/yr, do you get to drive 36k or 38k for the lease term?
Also, paying off your current lease early and in 2 months, your contracted miles is the same, so there’s no need to wait to turn it in.
done it many times, if you go to deal and say “look, my other car isn’t up until next month, i wanna lock it up but let’s push the contract date so i don’t pay for two cars”, a dealer who wants to sell the car is going to play ball.
I agree with Jon. If, for example, you’re at 36,000 miles now and it’s 2 months early, if you turn it in now and make the payments, you’ve still got 36,000 miles allowed.
You’re not avoiding double payments- you’re just paying some of them later. And you still have to insure the old car. I can’t imagine a downside to turning in your old car now other than the money you might save by having one car at a time minus the cost of the excess miles.
@305Hackr - more power to you if a dealer will hold a car for 3 weeks before selling it, especially if it’s a giveaway deal. A dealer with common sense would agree to the same kind of deal on another car at the end of the month if they still had one/could get one. Tying up merchandise for a low gross deal for 3 weeks isn’t good business practice. And oftentimes buyers like that flake out when it comes time to get the car.
Doing a post dated contract sounds awful and at least in CA, is illegal. The buyer/lessee can come back later with an attorney and get his money back. Crap like that happens to dealers that play games. The risk is on the dealer’s side, not yours. So, if they’ll agree to it- great. Let’s see if lukeb321 has luck with that strategy.
This thread seems way too long, you’re already over miles, get the new lease asap and return the other after having it inspected(no surprises that way). Just post your numbers here before signing and negotiate everything remotely
I agree with that, and have done it a few times. For me, it needs to be a no big deal car and if we have adequate stock. Postdating or predating a contract, no.
