Its looking like her buy out would be more than the car is worth. Shes just gonna have to stick it out for a while unless she wants to put up some money.
Leasing is a great idea if you have money to burn, and have a need to perpetually drive a new car
I’d start it on fire, possibly next to someone’s house you hate.
That’s probably the most reasonable way to handle something like this. 2 birds with one stone and all that.
Where are you getting this? Lots of people I know lease, I’ve done it once and I’ve never heard of random “owed money” at lease end. You sign a contract and pay X per month for Y months and you’re allowed Z miles. As long as you don’t damage the vehicle beyond the pre-described normal wear and tear allowed or go over the miles at the end of the lease you walk away. In my case I hit the Ranger with some red color match watch to help cover up any little scratches, threw the shittiest 4 tires walmart had for sale on it, and dropped off the keys. A week later I drove to Detroit and came home with my Expedition. The only money you “owe” is if you want to keep the vehicle, at which point you pay the amount you and the dealership agreed the vehicle would be worth when you started the lease and you keep it.
I have seen people get into trouble owing a lot of money at lease end because they went over on mileage though.
However it wouldn’t surprise me if some shady dealers had found a new way to sell cars people can’t afford by offering them a really low monthly lease payment with some balloon payment due at the end. “Oh, you mean I can get this BMW for $200 a month, sign me up! Something about crippling balloon payment in 3 years? I’ll worry about that in 3 years because I’m baller and drive a BMW now!”.
The money isn’t “owed”…I’m stating that if at the end of your lease you decide to keep the car because you don’t want to get tied up in another new lease or be without a car you essentially have to buy the car. There is a “buyout” to end your lease early but that does not give you ownership of the car. That only removes you from the loan…am I right or not even close? I could be wrong.
How do you go from having a leased vehicle at dealer 1 and then buying a car at dealer 2? Other than perfect timing you better hope to have another means of transportation during the transition period.
Buy car at dealer 2 a few days before lease end. Turn in your lease there if they’re the same make, or if not just have two cars for a few days and then drop off the lease.
Or you buy the new car just before your lease expires? It’s not like you don’t know when the lease it up. If you’re not interested in buying the vehicle you’ve been leasing you start shopping before the lease expires. Maybe you end up with an overlap where you have 2 cars for a couple weeks but so what?
That is a very valid point. You’re right. It doesn’t matter to overlap.
Thanks Jay.
Sorry to derail the thread from the OP.
More info the better.
Good luck getting her squared away…I’ll report back with her situation how it was handled. Should be March time frame.
Just take a car on a test drive from the turn in delaership to drive over and buy a car at a different dealer
Long term rentals are fun.
Most leases nowadays have a disposition fee at the end of the lease which is typically is 200-300 dollars. Beyond that the only charges you can incur are any excess damages.
bump
Stopped at a few dealers over the weekend to talk and look for a new Edge
I was really surprised in the difference between them. All of them said ford would not by it back. Thousands down, roll in rest of payments… Town Ford was the worst, 2500 down, roll in remaining payments, and wanted $503/month to lease a Edge. Basil and West Herr were not much better.
Last stop of the day was Delacy ford. This is the dealer she bought the car from. Talked to the salesman that sold her the car. Went through the details, lease up in march, wanted a Edge… He walks away for a bit then comes back with his offer. Ford buys back the lease, no money down, 3yr/36k, pick up tomorrow $383/month. So she picks up her new car today or tomorrow.
Edit: Town sucked
$503 a month lease on a edge holy shit :lol:
I hope im wrong and dont want to burst your bubble but thats a $6820 difference between Towne and Delacy between the difference in payments/cash down. I hope it all goes as planned but i have a feeling something may change when you start signing the paperwork.
this is great - roll debt into more debt, own nothing at the end.
AMERICA
woops, sorry meant town was the worst.
She just picked up the car. $383/month, no hidden crap in the paper work.
:tup: