01-10-2018, 11:19 AM | #23 |
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OP, trying to help also ...
Have you considered or is it an option for you to purchase it and then sell it or trade it in? Even if you have to pay 2-3 monthly payments you may be better off. The rates are low but the payoff is up there so mo pmt won't be much lower but you may end up saving a good chunk of your incentive to bring the lease pmt down. GL! |
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01-10-2018, 07:55 PM | #24 |
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For one, I'd suggest to fix your ad. You should clearly state full leather package and competition package in the list.
I would suggest you check Carmax as well but yeah expect a loss of at least $10k |
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01-11-2018, 08:33 AM | #26 |
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^ I thought the point had already been made, no need to kick him while he is down, he needs help...in the form of a buyer or some other means. In the grand scheme of things he's paying ~$300 too much for his lease...all things considered 3,600 a year isn't the worst thing to ever happen to anyone. Perspective is important. Best of luck with the sale, get creative and proactive to minimize your losses.
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01-11-2018, 09:41 AM | #28 |
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OP, Hope you find a buyer soon. As another posted suggested make sure to list all the options up front in your ad. as it stands right now it's hard to quickly scan and find out it has Comp pack etc. GLWS.
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01-11-2018, 10:48 AM | #29 |
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The thing is, you only financed a portion of the vehicle which is why the total payoff vs the value of the car is so off. Also, the lease is so premature that you will be in an inequitable situation for a while.
To answer someone else regard about not putting any money down. The money down on a lease does nothing for the payoff/buyout of the vehicles loan. The money down will only affect the payment on a lease because the payoff/buyout is set by the leasing company/lender which is called residual value or lease end value (LEV). Putting money down on a lease is much different than putting money down on a purchase. He could have paid the lease amount up front and turned in the car after 36 months if he really wanted to. This is called a one-pay lease. I have many years of dealership sales/leasing experience so I hope you can trust what I am saying is not just pulled out of thin air lol. Good luck with the sale. You may also try swap-a-lease. I'm not sure if you will have much luck but it's worth a shot. When I sold Mercedes Benz, I had clients that would list their vehicles on there and had success. |
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01-11-2018, 09:09 PM | #32 |
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Didn't know of the 1% rule on car leases, I have heard of the 1% rule for real estate...probably similar. I.E. if a 4 unit building rents out @ 1,000 a door...you could pay 400,000 for the building. I don't adhere to that method, but I have heard of it.
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01-11-2018, 10:30 PM | #33 | |
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If you can't afford it go to the dealer and tell them you can afford it and you will probably have to stop making payments on it. |
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01-12-2018, 07:40 PM | #35 |
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It'll look like a complete payoff on your account for the vehicle on your credit; you'll be 100% cleared and no negative effect on your credit!
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01-16-2018, 12:31 PM | #36 | |
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I have a 2015 F80 with an MSRP of 76.4k that I purchased in July of 2014. Back in June of 2017 I went to Car Max and they offered me 51k to purchase my F80 with 13,700 miles on the odometer. This past Nov. (2017) I was at the Porsche dealership looking at a new 2017 911 S, the dealership was taking 10% off the selling price of the 911 and offered me 49k for my F80 (just over 15,000 miles on the odometer). My F80 is a weekend driver hence the low mileage which I also believe helped with the F80 offers I was receiving. I live in San Diego County (North County) and the market can differ from yours. Good luck with selling your F80. |
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01-16-2018, 01:41 PM | #37 | |
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7,500 - 10k is WAY too much to give someone to take over your lease IMO. I'd just keep it until 2020 and give it back when the lease is up. If you REALLY need to sell it, try waiting a bit longer for the value / payoff to get closer to each-other and then just pay the difference when you trade it in.
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