Payoff/residual is $32K and has about 22K on it so far, with $700 in MSDs to put towards payoff. As far as I’m aware, there is no way for me to get less than residual. Been looking around the used market and residual is about right, same with KBB.
Really like car and know I cant get another since BMW stopped making the i3. Battery warranty is great (10yr/100K) and REX warranty even greater (15yr/150K). Spoke to a few BMW salespeople who had i3s before and regret letting them go.
The end of my lease is coming up in March of 2024. Although I still have some time left and with the inflated market prices, I’m trying to at least have an idea on what I should do at the end of my lease. In terms of buying-out, or leasing a new vehicle. I have a 2021 Acura RDX and at the end on my lease the pay off amount will be approximately $25,964.86 and the residual value according to my contract is $24,617.75. With such an inflated car market my questions are:
If my payoff amount is more than the residual value what happens?
I have a mileage allowance of 36,000 for the lease term and I’ve only used $15,000 as of today. What happens if I have extra mileage left over?
How does the process work if wanted to sell my lease to a 3rd party? And how would I know if that’s the best decision?
I’m basically trying to determine if I should keep the vehicle, turn it in for a new lease or sell it to a 3rd party. My current monthly payments are $400 and regardless of what I decide to do I would like to stay in that pay range. I would appreciate some feedback on what is the best way to be able to stay in that payment range without having to put a huge chunk of money on a new car. Thanks in advance.
Those were my exact thoughts! I was interested in leasing a new Lexus es300 but I know I won’t get a payment anywhere close to $400. Thanks so much for your feedback!
Thanks…that’s what I was thinking. I just wasn’t 100% sure how it works in terms of if I wanted to get a new car! But I’m leaning more towards just keeping what I have now! Thanks for your feedback.
If you’re curious, check the top of the thread for links to value how much your car is worth and therefore how much equity you have.
Apparently Lexus has decided to drop any attempt to be competitive with their leases. You can always check the #marketplace for pricing on other makes/models that are similar in size etc, an Acura TLX for example:
I’m looking for some advice on my current lease-end situation. So I currently have a BMW 330i that is coming to an end this month. My lease RV is $27k but the value of the car on KBB is $33k. I went to CarMax and other sites and I’m being offered between $29-30,500 for my car. I guess I’m just looking for advice. I will obviously need a new car/lease, but I was going to buy the lease out and then figure the situation out if I have to. I was also thinking I could use my car’s value as leverage at dealerships to find the best deal. I’m no where near as knowledgeable on the finance side of things as so many on here so I’m asking what you experts would do in my situation. I could go into more detail as to what type of new car I’m looking for but I didn’t know if that was necessary. Thanks for your input!
Kbb is a guess. It’s not real or binding to dealers.
Carmax / Carvana give real world estimates if what your car is worth to them.
So $29-30 is what a BMW dealer will offer you.
If you buy the lease assume you just lost ~$2000 in value due to taxes.
(I don’t know if BMW makes you go to a dealer in FL, if so, add $1000 in BS fees)
If you are low miles (<20k) then buy it and wait till a good deal shows up.
Otherwise , Extend your BMW for a few months and see if the market is any better (Doubtful but incentives will probably show up)
Hey fellas, just wanted to get a confirmation on something: Audi does not permit third party lease buy backs correct? Meaning any early lease termination options would be (I’d assume): pay off the remainder or some type of early lease turn-in program in exchange for a new lease?
I still have like over 2 years on my lease, but may have to seek early lease termination options because I might have to move outside the U.S. for work/family next year or so. So just wanted to get a sense of what I’d be working with in a situation like that.
Hi all,
This car came off lease end of April. I extended it for another 6 months since I will probably never be able to get a payment near current payment ($263.96). My monthly payment did slightly go up to $281.45 which is slightly annoying but can’t complain too much after reading some other folks’ stories on leasehackr. Kia Sales rep won’t even call me back when I left a voicemail saying I wanted to get into a K5 (or Forte) for a similar lease payment lol.
My residual value is $12,698.10 (but Buyout Quote is currently $14,956.51 according to my KIA Finance Online account) and I currently have 53xxx miles on the car as it is my wife’s almost-daily driver (she goes in to office twice a week). Additionally, when I spoke to KMF on the phone, they said if I want to do a lease buy out through KMF, I HAVE TO go into a Kia dealership (is this true???). I am just worried that they’ll try to play games when I do try to go in the dealer since my dad had a very horrible experience when buying out his off-lease Pathfinder a few months back.
Question I have for the Hackrs: Does it make sense to even try to get into another similar sedan (open to other brands just need similar options and 15k miles/year allowance) and try to get close to current monthly payment or will all my efforts be in vain?
Also, I have serious trust issues with Carvana as every time I’ve ever put in my car’s info, it spits out a seemingly random number and I worry that once they find out residual, they will lowball me (not sure if this is even possible, but still have an irrational fear of it happening).
I really don’t want to get into another car with a huge payment increase since I just financed a Kia Carnival in Oct 2022 for $974.60 a month for the rest of my life (or seemingly so) (4.99% APR, if anyone is curious).
A bigger car would be great as I have two car seats and the minivan has been an absolute hit with the fam, but I havent heard of any crossover or smaller SUV being remotely around the payment I am currently paying for my Optima. Not entirely sure what to do.
Yeah chances are you will not be able to find those prices you signed a few years back on your 330i, I would say life change, that to say, if you are ready to move on and get something else, sell to carmax or even Autonation and use your equity to lease or simply put back on your packet, you dont need to register the car for this, you will end up paying taxes if you do, equal less money.
DO not try to leverage the equity on a new deal with BMW or any other, 10 out 10, they will screw you with a bugus numbers, better selling to Carmax and go on your own and securing a new deal.
Hello Hackrs - I’m also looking for some advice on how to handle my lease end.
I am leaning towards buying out the lease myself and then figuring out next steps. I am exploring all options though. Please share any opinions you have on what the best option is!
Details:
Make & Model: 2020 AUDI Q5 Premium
Trim: + Convenience Package
Lease End Date: 8/7/2023
Miles: 14,812
Remaining Payments: 2 @ $552 for $1104 in Total.
Buyout Amount: $26,027.28, All-In with NY Taxes
I have a 2020 Hyundai Ioniq PHEV SEL that I’m paying $148.99/mo for 10k/36, and the lease end is 3/17/24. I think I could extend this 6 months? It only has 11,200 miles on it and the buyout price is $17,949.19. Kelly Blue Book estimates it’s worth $25,956, do you think that’s accurate?
I’m trying to figure out my best option for selling this car. I think Hyundai Motor Finance doesn’t allow lease transfers, right? So my other option is to buy out the car and resell it. Problem is I’d have to pay 6.25% sales tax ($1,121.82) on the buyout price.
1) Is it possible to buy out and sell the car without paying for sales tax similar to what’s described in this post? I’m in Mass not Cali. Hyundai Third Party Lease Buyout / Transfer - Double Sales Tax in NY? - #5 by lease_buyout 2) Could the dealership buy it from me? Would the price be competitive? 3) I got an offer of $21,000 from Equityhackr, which seems low. Vroom offered $24,514 and even if I pay sales tax when buying out the vehicle, it still beats $21,000. Unless I’m misinterpreting this quote, I don’t think transferring the lease to them is ideal. 4) Since HMF owns the car and not my local dealership, could I bring it to a dealership in New Hampshire and buy it there with 0% sales tax then resell it?
