have leased several cars in past and just bought one last week when lease was up. 2007 honda crv for wife; buy option was 13,348 which I sent them a check. retail value of car is 18,900. wife puts no miles on car as this one has 16,389 miles and is 3 years old. will drive till I sell car for what I want for it, never had to wait more than 2 weeks. have ended up buying all 4 cars I leased and sold each for 25% more than lease payoff.
my advise to you is to buy car at end of lease and sell it yourself; price should be in contract. they will be contacting you about 2 months before lease expires by mail giving you your options. you will not get the 2,000.00 you paid back but if you made a security deposit when you leased the car you will get this back normally 250.00 to 350.00.
here is how I do my leasing
1- pick a car, suv, or truck with a new body style this year.
2- ck around on lease deals by manufacturer
3- go to 3 different dealers and get quotes.
4- look up invoice price of car with options on internet to compare with
dealer quotes.
5- this is most important part; put difference between lease payment and payment for buying the car outright into the bank or a retirement account each month. I invest the difference in stocks each month. this figure should be around 250.00 to 300.00 each month; why not use the money for yourself instead of letting the finance company have it. at the end of the lease you have the money to buy car and be way ahead. do not skip a month of investing the difference if possible.
6- no longer than 3 year lease; if you got a car with new body style it will still be current and keep it's value.
7- do not lease if you are going to be over the mileage allowed.
this is just my opinion as I and my brother owned a chrysler,dodge dealership for 9 years in the mid 70's and have worked in industry for 17 years.
good luck
my advise to you is to buy car at end of lease and sell it yourself; price should be in contract. they will be contacting you about 2 months before lease expires by mail giving you your options. you will not get the 2,000.00 you paid back but if you made a security deposit when you leased the car you will get this back normally 250.00 to 350.00.
here is how I do my leasing
1- pick a car, suv, or truck with a new body style this year.
2- ck around on lease deals by manufacturer
3- go to 3 different dealers and get quotes.
4- look up invoice price of car with options on internet to compare with
dealer quotes.
5- this is most important part; put difference between lease payment and payment for buying the car outright into the bank or a retirement account each month. I invest the difference in stocks each month. this figure should be around 250.00 to 300.00 each month; why not use the money for yourself instead of letting the finance company have it. at the end of the lease you have the money to buy car and be way ahead. do not skip a month of investing the difference if possible.
6- no longer than 3 year lease; if you got a car with new body style it will still be current and keep it's value.
7- do not lease if you are going to be over the mileage allowed.
this is just my opinion as I and my brother owned a chrysler,dodge dealership for 9 years in the mid 70's and have worked in industry for 17 years.
good luck
I was in the same situation on my wifes lexus.. I went to CARMAX to get a price they will offer to buy it... They will pay off the buyout form the lease and send you a check for the difference. If you do it this way you do not have to pay sales tax... If you buy the car and then resell it you will have to pay the sales tax... In my state the sales tax is 8%. This was a huge amount on a 24K lease termination buy-out. Plus it saves you the hassle of selling it yourself.
