Looking to “buy” and ID.4 since we don’t qualify for the 7500 tax credit. Here’s the lease terms we got before we’ve done any negotiating on price. Can someone let me know if I’m calculating the buyout amount correctly if we assume we’re buying out the lease before the first payment?
Residual Value: 29092
Lease Cost (785*38mo): 29830
Purchase Price: 58922
Less: Rent Credit (38 mo): -8588
Effective Purchase Price 50334
Is it possible to get the dealer fee any lower?
There’s 995 related to some BS Lojack add on that there’s no way I’m paying for in the number. The dealer fees excluding that are 347.26. When they sent the lease terms over initially, they did not tell us about the 995 which made it impossible for me to tie out to their Adj Cap Cost of 50606.
Ive tried calling US Bank a few times and never got a hold of anyone. I was going to ask for an extension on my lease. My car was due back yesterday. Ive decided to buy it out. In WI do I need to go a dealer or can I go directly through US Bank or my bank?
Does CCAP send you a new contract when you extend month to month? They told me over the phone the payments would continue to cut down the buyout with an extension but I’m not sure how much of each payment. I want to just extend month to month for 6 months and buy it out if trucks stay too high. Just passed the 64 day until lease end today though so I gotta extend soon if I want to work on finding a deal next month.
Is there any downside to doing this instead of buying out at lease end? Not sure if theres anything to think about other than the possibility of it no longer having equity and maybe having to pay for tires if this goes 5-6 months before finding a deal.
What is your advice?
Just following up to check why you had asked that? Appreciate any advice/tips that you may have for me. Thanks.
Weren’t you planning on buying out the lease and keeping it?
I only asked cuz if you’ve had issues then it wouldn’t be the smartest to buy and keep
Extend the warranty and buy it out.
Brand-specific forums often have sponsors who offer much better pricing on OEM warranties than the local dealer.
Got it. Thanks!
Thank you, max_g. Did you mean brand-specific forums on LeaseHackr?
No.
This is the main forum for volvo
Get the warranty from here
https://www.steingoldvolvocars.com/-vip--extended-warranty.htm
Thank you so much!
Hello all!
I have a decision to make by next Wednesday.
I have been leasing an Equinox for 3 + years (I extended the lease, my lease actually was scheduled to expire in Feb).
I have a 12,000 mile a year lease, and I’m at 46,000 miles, so 10,000 miles over. 10,000 X a quarter per mile = $2,500 dollars. I called GM Financial a few times about mileage forgiveness, and every time I called, I got a different answer about what I qualify for.
The buyout price is a little over $17,000, before tax. I have enough saved up to buy it outright, without financing.
Looking at lease prices for an Equinox, it seems the best I can get is $219.00 a month (and this appears to be questionable), with approximately $2,100 down, before taxes, dealer fees, etc.
I took care of the leased car that I have, but I live in the Rust Belt, so it was exposed to salt over the winters.
With 46,000 miles on a three-year-old car, is it wise to buy the car? How do Equinoxes hold up over time? I’ve had bad luck with my cars, everyone has crapped out once it gets near 100,000 miles.
Thank you in advance!
Let me know where you can get one for 219 a month
Dump it and run. A GM economy car isn’t holding its value or making it past 100k without issues. It would be a different answer if you said RAV4 and not equinox.
Have you gotten quotes for trade in value on your car? For $219 a month either the dealer is stealing any equity, if there is some, or their numbers are way off. $219 a month with 2100 down is borderline run of the mill pre Covid prices.
Either way, if you are on the hook for over mileage, you probably will be better off selling to an autonation or some other place that can buy out GM financial cars.
Is this from an ad?
You’re not giving us a ton of information here. I.e. what is the trim level and what is the vehicle worth?
It terms of reliability, the Equinox is a GM eco-box, so it isn’t the most well built unit. It also isn’t going to hold value all that well. I personally hate the Equinox so I would never buy one or recommend them, unless (maybe) it were a cheap beater.
Regardless of the vehicle you need to know the value of it vs your buyout before you can make any decisions. For example even if it were a Honda accord. If you could buy a similar used one for cheaper than your lease buy out would you buy out your lease?