It wasn’t $600/mo for the Tiguan, it was $490/mo.
I do have a non-binding Order Doc (See attached).
490/mo with $1500 das and $3000 in equity gobbled up is $600ish/mo
They basically said that the $3000 would bring the monthly down…Also, I was over in miles ($1641.21 worth)…I thought it was the best I would get there…I did check another VW dealer that same day…and they quoted me about $570+ for the same Tiguan R-Line (diff color but same trim)…And those were within the vicinity…I did not try out of state or different parts of the state tbh…given the timeline…
Ahhhh…I see…I didn’t get that part…thanks!
does it have to be a vw? feels like they’re robbing you blind on that lease return, even if it is over miles.
Doesn’t HAVE to, but with my lease due to return tomorrow, I don’t have many options tbh.
Will they cut you the check for the equity, or have you tried another VW dealer? Maybe take the equity and start trying to find something else?
Being overmileage is irrelevant because they are buying the car based on current condition and mileage, same as Carvana or someone else.
It’s effectively over $600/month because you are putting $4,500 down taking into account the equity.
It’s a terrible deal for a $36k car even for todays standards…. call VW to extend your current lease another month and shop around some more. I still think buying it out is your best option especially if you can get upwards of $24K and tax hit on $17k is only a little over a grand. Order a X3 from one of the brokers here and it would be a similar payment for a $50K since they are offering 6% off or so.
Might be even more if the trade is undervalued.
No check for the equity. The only other dealer offered me a deal not even worth considering ($570/mo)…Trying to find something else was the challenge. The wishlist I came up with was with the intention of bumping up in car/style… 1)BMW X3 2)VW Atlas 3)KIA Telluride…After a long time doing research and given the market I told myself I could get the same car, jsut a better trim (hence the R-Line) OR just keep the car…but i didnt see the point of paying monthly for the same car (higher monthly probably) and then with no warranty dealing with repairs (in 2 years thats almost a guarantee with VW’s)…
@Britten440 Yes the over mileage is irrelevant you are absolutely right. However, shopping around while extending the lease would mean adding MORE miles and the value of the car decreasing…The market isn’t going to change anytime soon I feel. As for a BMW X3 (see attached image) I tried! and look at what they offered me and basically said to come back when I have more $$$$ .
I would fight for the equity check. Tell them you’re going to buy it out and keep the car unless they want to cut you the check for the equity.
Take the $3,000 and start elsewhere. The market sucks, but your budget is ok. You should be able to find something you’re comfortable with instead of feeling trapped into the deal available.
You made your own point… used car market is worse than the new car market and not changing soon… not sure why you would want to leave $4k on the table. The dealer isn’t your friend and will put it on the lot with a $27K price on it.
I suggested ordering through a broker as that’s the best way to get a deal and keep yours temporarily. Then take the highest offer in 3-4 months on your current Tiguan.
You seem like you want to justify this deal and no one is going to agree with you.
Call the dealer and tell him you sold your current car to a different VW dealer and see how quickly the lease deal changes.
If it included the equity, isn’t more like an effective of $450/mo (assuming 36 mo lease)?
It’s ~$220/mo pre-tax. And yes I probably should sell it to the dealer, take the equity and go shopping but I’m doing this for my daughter who is 1,500 miles away and this was the easiest process to get her in a new car. And tbh, inventory is super low in her area and the equity in her car is ‘found money’ because of the crazy market so at the end of the day it translates to an affordable payment for her and an easy transition to complete from long distance.
I’m not questioning whether it was a good decision or not (the market is indeed crazy). I’m just stating that it’s important (esp for your daughter) to know what her actual cost of ownership is.
Don’t put $7,000 down.
How can we find a credible/competent third-party broker on LH? I have dealt with a Broker in the past, the experience was hassle-free (it was my first lease and first VW) and easy. It would be interesting to hear what one could do for me given my circumstances. One of my favorite buying experiences I have to say.
I did speak to VW and my buyout amount (including taxes) has changed slightly…it’s now $18,000.
I do have a 3 day grace period before VW Credit charges me a prorated fee per day or lease for the month(s) until I sort it out. Dealer hasn’t communicated with me at all today and I have no clear date of expectation for the delivery of the car (they did say sometime later this week).
I need an easier way out of this challenge due to the demanding time it takes to continuously look for a better deal and I just don’t have much more time to deal with getting the next car. I don’t want to buy a car with 53K miles on it and I feel the value will depreciate but I will try to leave a window open in the next few days (until the dealer comes back with the actual car) to see if there is a better alternative solution.
Again thank you all for your comments/insights…
The marketplace here has a ton of reputable brokers covering all brands especially in the NJ area. Easy to compare looking at their threads/spreadsheets. Best deals today are via ordering in most scenarios.
Your buy out includes tax which a dealer wouldn’t pay. So it’s under $17K thus the dealer is giving you less than $20K which seems really low. Get a quote from RODO as I believe they can buy out third party contracts including VW.
If you don’t want to buy it out, extending it seems like a no brainer so you can do you due diligence vs an impulse purchase.