I’ve read through many topics but couldn’t find any answers to my question so I created a new topic. I’d greatly appreciate if anyone can give an advice.
My lease for 2016 Mazda 6 GT is ending in two months and I’m trying to figure out the smartest way to start a new lease.
The buyout price stated in the contract is $16,573.10.
I received an offer of $16,000.00 from Carvana and currently waiting on the appraisals from Vroom and Carmax.
My question is as following:
If I receive an offer of $17,000.00, would I have any equity on the car? As to my knowledge, I’d have to factor in the sales tax (California) to the buyout price stated in the contract. If that statement true, unless I receive an offer of $18,000.00 for my vehicle, I will have negative equity on the car.
I don’t have too much knowledge about trade-ins but if the new dealer, which I will be leasing a new car from, can match the trade-in value to the buyout price of the car, is it better to return the lease or trade it in for a new lease? What’s the logic behind it?
The true payoff probably includes a purchase option fee (vs a disposition fee). No tax. Call the lender (Chase?) and see if there’s any difference in payoff between you, a Mazda dealer, or a third party dealer.
Get the car inspected to see if the lender will charge you for any excess wear and tear or miles.
Yes. Some lenders offer the captive dealer to purchase the car at a lower price. GM Financial offered the Chevy dealer a lower price to buy our 2016 Equinox that gave us ~$300 in equity. Only works at the same brand though
Theoretically, if my payoff including purchase option fee is equal or greater, I should sell/trade-in my vehicle since it will get rid of the disposition fee and wear/tear?
If I was able to negotitate the payoff with the bank, does the offer stand same for the dealership and Mazda?
For example if I negotiate with the bank and the payoff is adjusted to $15K, will the dealer and Carmax be eligible to purchase the vehicle for $15K as well? This will result in an increase in equity assuming that I received appraisals over $16K.
They don’t negotiate with you 99.9% of the time. It is a special price that is ONLY valid to a Mazda dealer as I made clear (if Chase even offers this). Carmax or any other dealer will pay the standard payoff amount
Understood. I’ll give Chase a call and inquire about the payout price for dealers.
Additionally I still have 2 more payments on my lease but if there is a deal that I need to grab by end of October, should I grab it or wait until the end of Q4? Are dealers inclined to pay for the remaining balance to close on a deal? Do deals normally drastically improve during the holiday season?
I’m seeing decent numbers on Giulia since there is an additional $1000 incentive added until the end of October which means $4,250 including TrueCar Certificate.
I called several dealers for an appraisal of my car and also asked them if they can acquire the payoff amount but they’re telling me that is something not negotiable and their payoff amount will be identical to whatever is already stated in the contract.
Does the lender allow lower payoff to dealership only if I’m re-leasing another vehicle from the same brand, Mazda in my case?
