My Tundra lease is ending in August with US Bank. My purchase option is $35,399. I want to buy the car with cash.
I got a text message from the original dealer with this amazing offer to save $5 a month!
Current lease: 36/12k, $415 due at signing, $415 a month
New offer: 24/12k, $5600 due at signing, $410 a month!
Trade in value: $45,500
This is my first leased vehicle. When should I call US bank to complete the purchase? Ideally I’d like to purchase it as soon as possible to preserve the equity and not run the risk of losing the equity in an accident before August but I also don’t want to pay a bunch of extra fees. I’m not sure what counts as early termination. Any advice would be helpful thank you!
As @trism tried to explain, and has been discussed here many, many times: the car you are driving belongs to HMF, you are renting it. They can decide who is allowed to buy it (besides the first party to the lease - you) and they have. Third party buyouts were a courtesy they stopped allowing.
As to how you can capture that equity, besides selling to a Honda-Acura dealer or the Equity Hacker link shared above, you can buyout your lease and resell it. Many here have been successful with LightStream, who does not put a lien on the car, and reportedly funds quickly. In your equity calculations, keep in mind that you will likely owe sales tax on the buyout.
If you are getting another car, that isn’t a Honda/Acura, others have also had success trading with a dealer who have a Honda/Acura store in their dealer group. So if Jones auto group owns a Chevy and a Honda store, and you want a Chevy, they can buy it for payoff through their sister store and apply that as your trade on the new Chevy.
Unfortunately, those are your options. And as @trism mentioned, most brands did lock that down in the past few years. Plenty of posts from people in your shoes if you search here.
Hi I was wondering if someone could help me out. I got a lease almost 3 years ago thanks to leasehackr!
2020 Tacoma 4 door, end of lease purchase price is 29k. Should I purchase it out and sell to the dealer? Wondering if there was any money that could be made by doing that. Has 30k miles
Odd question as I have always sold my leases back to the dealer for equity but due to limited and overpriced new cars I will just buy out my current lease since I only have 8,200 miles and almost two years of Jaguar warranty and free service left if my current lien holder does not change does it help me? I am located in California.
Chase who is the current owner of my lease will most likely also be the bank for the buyout on my lease loan. Since they will still be listed as the lender/lien holder and in California and the registration is paid for the entire year already does this help me in any way regarding sales tax since there will be no change of the lien holder? I know it is an odd question but Chase is offering me almost the same low interest rate for the buyout as I have been a customer for years and have a very high credit score.
The registration follows the car, so you don’t have to get a new reg if this one hasn’t expired. But when you buy out the car, you do have to retitle the car in your name, at which time you will owe sales tax on the buyout amount.
You will either still have to pay sales tax on the vehicle directly thru Chase if they are handling everything, or when you go to get the title changed if you have to go to the DMV. Hopefully chase can handle all of this for you and save you a trip.
I have a Volvo xc60 T5 AWD lease ends in 5 months. Over past 2.5 years, the total mileage is ~9000 miles, and the car is in excellent condition. My question is if I should consider buying out the car and reselling it in the market, or just return it? I am in NY, not sure if tax would just wipe out any potential equity. This is my first lease return, thanks for any advise in advance.
Am looking for advice on buyout, newlease or drop to 1 vehicle.
I have a 2020 cherokee lease that is coming to term on Jun 1 2023. The buyout price is $14K and the trade-in value of the car is estimated at $22k or so. It’s got 45k miles on it and is in good condition. My wife and I have 3 options and are seeking guidance on how to weigh them.
Option 1: Trade-in towards new car
We’d like to buy a new car outright, but want to invest in a brand that’s known for long-lasting vehicles. Were thinking Toyota or Volvo? Credit is good but we’d have to borrow the majority of the loan and prices and interst rates are high. Note that EV is not an option for us at this point for various reasons.
Option 2: Trade-in towards a new lease
Same deal - prices are high so is it better to lease at this point and postpone the new car buying for down the road? Any idea what is a good price/vehicle in the crossover category (ie. similar to a jeep cherokee?)
Option 3: Buyout lease and sell
Figured since the car is worth more than we owe on it, we can sell it and sit on the cash for a while. However, my wife and I are down to a single 2014 ford fusion so don’t want to do this for more than 1 year. Any prospects of the market improving in that time frame?
Does anyone have any general advice - I understand it all comes down to specific numbers, but just if you were in my position what you’d be looking at for a price point to make either of these options favorable?
Option 4: Try to extend the lease
Didn’t know this existed until this morning - is it a good idea to consider?
More details on my vehicle
2020 Cherokee limited
42 mo lease 15k miles per year (ie 52k miles total but only 45 on it)
Location: Pittsburgh Pennsylvania
Engine: 2.0 liter turbo
Option 2:
Do you want a Murano? Those are super cheap ($300) right now. You said similar to a Cherokee but you didn’t spec out your current car and payment.
I added a few more specs to the post - if you have any other suggestions I will add that.
I would be interested in that, sure. Moreso looking for the best financial option right than anything. That $300 price - what is that, the monthly lease price for a base model Murano? Not sure that I trust Nissan brand for long-term ownership or to retain value, but am not very knowledgable in that domain.
Nissan is a 18/10. Which means in 1.5 years you can look for a replacement car.
It’s currently the lowest lease for the size of car you are looking for. There will be ZERO value at the end, you turn it in and walk away. And the $300 is a monthly lease price. Search in Marketplace for the deal
Hello! I’m trying to get rid of my 2021 BMW 330i, and need help on what’s the cheapest way to do so. My current lease and car info:
Make and model: 2021 BMW 330i
Mileage: ~15,000
Monthly payment: 495.28 (FL tax included)
Residual value: 27,648.60
Disposition date: December 2023
Current payoff: 32,439.11
Payoff + FL Sales tax (6%): 34,385.46
Carmax offer: 34,600
Carvana offer: 34,102
So, my main question is the following: do I need to buy it out and then sell it myself to a private party/dealer? or is there a way to transfer the lease or having BMW itself take over it? I did research the forums but I still don’t understand how this part works.
But it looks like you have a little equity based on the Carmax and Carvana offers. You can sell it directly to any BMW dealer, so I would solicit a few quotes from BMW dealers to see if they can match or beat those offers before you offer it up for transfer.
