Leasing A Car

Defying · Apr 13, 2010

I hope there is knowledgable poster about returning a leased car. My lease ends the end of August. I want to know the best thing to do. I am currently 7K UNDER the millage restriction with bout 4 months to go... Will I get money back for being so far UNDER? If I understand it right, a lease is an estimate of what the car would be worth when I return it. So it's worth more since it has less miles right?

Also, I put $2000 down. I remember reading that the money down on a lease is a deposit for damages, is that true?? It's not a downpayment? So do I get that back? I know I have a ding on the side that they will have to fix. A couple scratches ect..

So what do I do when I return it? Do I consider buying it? I do like the car, but I think I want something bigger. However, if it saves me fees, should I buy it back and drive it another 2 years or so. Or Should I just give it back and go on for my next car search? Or Do I try to sell it to another buyer to avoid the wear n tear fees?

I know they usually give you big incentives when you trade in the car and get another car with them. It's a Nissan Altma Coupe. And I want to get an SUV, but don't care for any of the SUV Nissans. I don't think ill be able to take advantages of any of the incentives for buying with them again...

I would apperciate any advice that you have. I will provide more information if needed.

@):toast:

bigbet1234 · Apr 13, 2010

Leases are scams. you pretty much rent the car for a period of time, all while putting down a hefty down payment, then they turn around and sell it to you at a high price.

run the 4K in miles up, burn the tires off and go BUY a nice used car

Cherrio

bigbet1234 · Apr 13, 2010

Also, cars are the worse investment ever

D2bets · Apr 13, 2010

Defying said:
I hope there is knowledgable poster about returning a leased car. My lease ends the end of August. I want to know the best thing to do. I am currently 7K UNDER the millage restriction with bout 4 months to go... Will I get money back for being so far UNDER? If I understand it right, a lease is an estimate of what the car would be worth when I return it. So it's worth more since it has less miles right?

Also, I put $2000 down. I remember reading that the money down on a lease is a deposit for damages, is that true?? It's not a downpayment? So do I get that back? I know I have a ding on the side that they will have to fix. A couple scratches ect..

So what do I do when I return it? Do I consider buying it? I do like the car, but I think I want something bigger. However, if it saves me fees, should I buy it back and drive it another 2 years or so. Or Should I just give it back and go on for my next car search? Or Do I try to sell it to another buyer to avoid the wear n tear fees?

I know they usually give you big incentives when you trade in the car and get another car with them. It's a Nissan Altma Coupe. And I want to get an SUV, but don't care for any of the SUV Nissans. I don't think ill be able to take advantages of any of the incentives for buying with them again...

I would apperciate any advice that you have. I will provide more information if needed.

@):toast:

First of all, read your contract. That basic stuff should be speclled out in your lease contract. That's the only way you're gonna know.

I doubt you get money back for being under mileage....take a road trip or something.

D2bets · Apr 13, 2010

bigbet1234 said:
Also, cars are the worse investment ever

That's why nobody buys them as investments. They buy them to get themselves from Point A to Point B.

Betallsports · Apr 13, 2010

Defying said:
I hope there is knowledgable poster about returning a leased car. My lease ends the end of August. I want to know the best thing to do. I am currently 7K UNDER the millage restriction with bout 4 months to go... Will I get money back for being so far UNDER? If I understand it right, a lease is an estimate of what the car would be worth when I return it. So it's worth more since it has less miles right?

Also, I put $2000 down. I remember reading that the money down on a lease is a deposit for damages, is that true?? It's not a downpayment? So do I get that back? I know I have a ding on the side that they will have to fix. A couple scratches ect..

So what do I do when I return it? Do I consider buying it? I do like the car, but I think I want something bigger. However, if it saves me fees, should I buy it back and drive it another 2 years or so. Or Should I just give it back and go on for my next car search? Or Do I try to sell it to another buyer to avoid the wear n tear fees?

I know they usually give you big incentives when you trade in the car and get another car with them. It's a Nissan Altma Coupe. And I want to get an SUV, but don't care for any of the SUV Nissans. I don't think ill be able to take advantages of any of the incentives for buying with them again...

I would apperciate any advice that you have. I will provide more information if needed.

@):toast:

The $2000 that you put up is Not for wear & Tear....You put that money Up front to bring Your Monthy Lease payment Down.

You won't get any money back because you are Under the Number.
It Only will Help the Dealer, because Now they will be able to get a Better price for the Car when they sell it.

Defying · Apr 13, 2010

So I been doing a little research. My Residual Value once I turn in the car will be $15k... From what I understand this is what I can buy the car for based on what I been paying...

I did a quick KBB and my private party value of selling this car is $18000...

If I am understanding this right, I should sell this car, for around the price (as close to the end of my lease as possible, right?) and then take the 3K difference or so as a down payment to whatever car I want.. Is that right..

Would love more advice

krk1030 · Apr 13, 2010

You can't sell it while it's under a lease, you don't own it.

Defying · Apr 13, 2010

krk1030 said:
You can't sell it while it's under a lease, you don't own it.

Can't get a loan, buy it out from lease company the contracted amount + fees, then sell it and take the profit?

TheShotDoctor · Apr 13, 2010

Def.....

Can I Ask You Just One ?...........

Why Were These Questions Not Asked/Answered When You Were Leasing The Vehicle???

NW:think2:

ConansHammer · Apr 13, 2010

Ah memories of doing collection for Ford moter credit on leased car contracts that go bad.

Dude you have scratches and dings....... I can not say this in stronger terms.

"Make sure you understand the process of returning a leased car ..READ YOUR CONTRACT!!!

Any work you can do your self to a make this car look ready for the lot you need to do yourself. Otherwise someone making a buck over minimum wage is going to clean your car and the dealer is going to charge you " shop rates"for doing so.

If you dispute the charges that the dealer claims are needed to get your car ready for the lot then get a lawyer. Otherwise your bill will double as the car is sent to a rigged auction and surprise the car fetched well below what the auction should have raised.

Wanger · Apr 13, 2010

I leased a car once and would never do it again, even if you have step down a notch or two on what you can afford for monthly payments you will much better off in the long run and you won't feel like you just flushed 36 months of payments down the toilet.

Doug · Apr 13, 2010

My take on leasing a car.....

I can see it for a company needing to give company cars, like a new Benz ( leased) to a lawyer/partner, as a perk.

With a private party, you don't save much leasing...lease the car for 3 years, maybe 36k mile limit....kind of need to turn it in at exactly 36k, too not get FUCKED !

Take something ordinary, like a PT Cruiser, I'd say buy , instead of lease it.

Any car should go 100k + miles with very little maintenance...oil changes, some fluid stuff changes, tires at 60k, etc.

You own the thing after 4-5 years, should go 10+ years easy if you only drive 12k miles a year. Sheet 20 years is reasonable.

I have a 2000 F-150 paid $4800 a few years ago, about 115k on the clock....that will go to 200K.

A fucking $5000 , 1998 Honda with 100k miles will go 250k miles, just get maintence records. That be up to date, car goes another 100k with just minor BS, like a battery and brakes, maybe tires, for $1,000, then good for 100k more miles.

leases are for suckers !

Defying · Apr 13, 2010

MR. NEWLYWED said:
Can I Ask You Just One ?...........

Why Were These Questions Not Asked/Answered When You Were Leasing The Vehicle???

NW:think2:

Mr. That is a fair question. I am very good at researching things before I get involved. However, Nissan caught me at a weak moment. I was actually ready to buy a particular GM car. I did all the researching on it, got a nice downpayment ready, had the financing somewhat in line. I knew the exact car I was going to get, and I was very comfortable with this purchase.

I last test drove the car at 5pm.. I told the guy I am going to buy it and come the first thing in the monring. I got there when they opened the next day, ready to buy that car. Unforunately, they sold it late the previous night! I was willing to chalk it up to bad luck... You can't expect the one car you want to sell in 4 hours... I just wanted them to get the same car elsewhere, so I could purchase it.

Well the dealership was doing NOTHING to get me the same one. They just kept trying to upsell me something else.. I knew what I wanted... They barely made an effort... The cars that were close they still wanted to charge me some insane transportation fee... I was in disbelief...

My old car was already sold, The guy I sold it to was nice enough to allow me to keep it until later that day when I bought mine so I would never have a period of time without a car... In a rush, I was going to all dealerships trying to find a car.. As stupid as it sounds, I didn't want to make the huge finanical investment of buying a car without looking into it.. The sales guy posed the idea of leasing... I never thought about it before, and I figured i would take the opportunity to treat myself with something I wouldn't want forever but I would love to have for a couple years... Here comes in my pretty little coupe...

So you asked, I told.. I know it's very naive.. but being as fustrated as I was, I just wanted to make sure I had a car.. I didn't want to buy something that I would be stuck with for 5+ years ... So I leased knowning Ill be in a better position in 2 years, and more ready to make a committment to a car I plan on having for 5 to 7 years.... I know it was foolish to jump into a lease without knowning more about it...

Defying · Apr 13, 2010

If it makes a difference this was a 24 month, 24k lease

Doug · Apr 13, 2010

Sheet, if you qualify to lease a new vehicle...you should qualify to buy new one, also.

If you qualify for that, can't you qualify for a loan to buy a used car ?

Can't you even just settle for a 2K car, if that's the down payment, and you got no credit ?

I can see a 65 yo female real estate agent leasing a Caddy , to carry her buyers to show properties, ....but not most people.

Having a nice new car is a good image, for a realtor.

I say , a lease isn't great for most....I buy and keep a car/truck....sometimes too long, though...I've kept them too long, more than once !

I'll keep past 200k miles, or even buy. I'll keep a car close to 10 years, sometimes.

Doug · Apr 13, 2010

This is a big part of why I want a divorce....I don't want no new fucking car, but she wants to drive my 10 year old Ford truck like a car. and it's a like a new car to her !

Crazy Sheet, Sell the 2007 CR-V, I'll drive your (2000) F-150 , 4X4, I'll drive your truck....

Don't work for me, then I got gots no vehicle. WTF !

I ain't too far behind Kenny , myself, actually !

I just need a divorce

Kind of kidding, but I don't take my pet with me, or my wife.

I would need my cat provided for....iF leaving

Doug · Apr 13, 2010

jgrif33 said:
who keeps a car for more than 3 years anyway? I don't lease but there is no way I'd keep a car for longer than 36 months anyway. I get sick of them and need to upgrade.

I Dont consider than normal.....

If you grab a new car every 3 years,,,,cool !

I'm like a guy . that keeps a car, for 10 years.

Defying · Apr 13, 2010

19 post and very few answers...

I think this a rare situation... My residual value is so much less than the current market value...

So I should 100% buy this car, either now or later, get the title and resell it.. Or am I missing something.. The Residual is $14,851... It's worth 18k from private party, and dealers in my area are selling this for $20K.... That's a net of 3 K ill make, correct??

Or am I missing something

punter · Apr 13, 2010

jgrif33 said:
who keeps a car for more than 3 years anyway? I don't lease but there is no way I'd keep a car for longer than 36 months anyway. I get sick of them and need to upgrade.

I hope you buy used, or are independently wealth.

Leasing A Car

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