want to get a G, can dealer buy out old lease?
10-22-2008, 05:29 PM
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want to get a G, can dealer buy out old lease?
well i was waiting for the new awd coupe to come out and wanted to lease it. problem is i still have 14 months on a TSX lease. i was told by acura financial that dealers can buy out your lease. never heard that before. any sales guys have any info on that?
i put a lot down and have a rediculously low payment now so it wouldnt make sense for me to get new lease unless i can get someone to take over mine, i found a freind to do that, but because of my very low payment i thought maybe i can make out better at a dealer.
i put a lot down and have a rediculously low payment now so it wouldnt make sense for me to get new lease unless i can get someone to take over mine, i found a freind to do that, but because of my very low payment i thought maybe i can make out better at a dealer.
10-22-2008, 05:50 PM
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Pick a friend who's a safe driver and let him take over your lease, because you'll still be liable for any damage to the car until the end of the lease term, even if someone else is on the lease.
DON'T let the dealer "take over" your lease. There's no profit for them in having someone else's leased car on their lot, so what they'll do is build the total price of the next 11 lease payments into your new lease (11 month total / your new lease term = amount to be added to your payment). As you can see, that would be a HORRIBLE deal for you.
DON'T let the dealer "take over" your lease. There's no profit for them in having someone else's leased car on their lot, so what they'll do is build the total price of the next 11 lease payments into your new lease (11 month total / your new lease term = amount to be added to your payment). As you can see, that would be a HORRIBLE deal for you.
10-22-2008, 06:37 PM
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Pick a friend who's a safe driver and let him take over your lease, because you'll still be liable for any damage to the car until the end of the lease term, even if someone else is on the lease.
DON'T let the dealer "take over" your lease. There's no profit for them in having someone else's leased car on their lot, so what they'll do is build the total price of the next 11 lease payments into your new lease (11 month total / your new lease term = amount to be added to your payment). As you can see, that would be a HORRIBLE deal for you.
DON'T let the dealer "take over" your lease. There's no profit for them in having someone else's leased car on their lot, so what they'll do is build the total price of the next 11 lease payments into your new lease (11 month total / your new lease term = amount to be added to your payment). As you can see, that would be a HORRIBLE deal for you.
as for the dealer, they can sort of take over the lease as well, as i understand, its like they buy out the car from the leaseing company, not just add payments to your new lease, which your right would make no sense for anyone to do.
10-22-2008, 07:02 PM
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You know what? You're right about the wear and tear. I just looked it up and it seems that whoever takes over your lease is responsible for the wear and tear. However, you want to double check to make sure that when a dealer offers to pay your lease off (which there are often penalties for, btw, so check you lease agreement) they are actually putting their names on it, instead of your's.
As for the dealer buying the car from the leasing company, it usually doesn't make financial sense. Leases are generally written to cover the financial company's ***, not your's, and as such, they leave themselves a nice cushion so that if the economy suffers, they don't lose too much money on the car. Figure the guy who "buys" your lease is also buying the 5% interest rate you're paying (money factor x 2500) along with the depreciation for a car that has been losing its worth since the day you bought it. You're most likely upside-down and you don't even know it and when the dealer "takes over" your lease, he's going to pass these losses straight to you.
As for the dealer buying the car from the leasing company, it usually doesn't make financial sense. Leases are generally written to cover the financial company's ***, not your's, and as such, they leave themselves a nice cushion so that if the economy suffers, they don't lose too much money on the car. Figure the guy who "buys" your lease is also buying the 5% interest rate you're paying (money factor x 2500) along with the depreciation for a car that has been losing its worth since the day you bought it. You're most likely upside-down and you don't even know it and when the dealer "takes over" your lease, he's going to pass these losses straight to you.
10-22-2008, 07:29 PM
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ok, I have an answer !!!
Fooz<SCRIPT type=text/javascript> vbmenu_register("postmenu_2441773", true); </SCRIPT> , his answer is right but some parts are wrong!!
Acura financial leasing contract is not tricky as BMW, MB, and Lexus.
I have leased MB and Acura.
For MB you will have to keep your car untill lease contract is due or you will have to pay rest of your lease term!!
For Acura, They are pretty easy to get out from lease contract.
First check on your payoff amount at Honda financial services. and go to Edmonds.com or KBB.com check what is your TSX value is(Trade in value).
If the value is almost same(either less or more), then go to dealer, and ask for buy out!! they will do for you.
If the value is more than what you owe, then go to Acura dealer, and say you want to buy out. this case, let say; the pay off amount is $ 15000, and trade in value is $18000. then you have $3000 credit.
you said you have down paid a lot to lower your payment, then I pretty sure you will have some credit. they what i did for my 07 TL-s and now I got G37 6MT.
Might be wrong in other state, your situation or dealership.
just sharing my experience info.
Fooz<SCRIPT type=text/javascript> vbmenu_register("postmenu_2441773", true); </SCRIPT> , his answer is right but some parts are wrong!!
Acura financial leasing contract is not tricky as BMW, MB, and Lexus.
I have leased MB and Acura.
For MB you will have to keep your car untill lease contract is due or you will have to pay rest of your lease term!!
For Acura, They are pretty easy to get out from lease contract.
First check on your payoff amount at Honda financial services. and go to Edmonds.com or KBB.com check what is your TSX value is(Trade in value).
If the value is almost same(either less or more), then go to dealer, and ask for buy out!! they will do for you.
If the value is more than what you owe, then go to Acura dealer, and say you want to buy out. this case, let say; the pay off amount is $ 15000, and trade in value is $18000. then you have $3000 credit.
you said you have down paid a lot to lower your payment, then I pretty sure you will have some credit. they what i did for my 07 TL-s and now I got G37 6MT.
Might be wrong in other state, your situation or dealership.
just sharing my experience info.
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