Topic is Sleeping.
Lionne (original poster member #25560) posted at 8:34 PM on Wednesday, March 23rd, 2022
Throughout my life I have always driven cars into the ground. My last purchased car was a Mazda Millenia and it died after 300,000+ miles. When we became more financially stable, I started to lease. I loved it. I never had to bleed brakes at 3AM or change alternators in the rain.
My lease is up in June. It is likely to be impossible to lease this same car again, due to the shortages. Unless a dealership pulls it out of a hat, I'll opt to buy this one at a very reasonable residual value. And I'd pay cash.
There is the rub. The local dealership wants me to (briefly) finance and then pay it off in a month or so. They make money on that transaction. In addition, they will charge me for the preparation of the document for the new registration and tags (I'm pretty sure I can do that on my own) and they are charging a $300 "safety check" as well. This seems like a real cash grab.
Has anyone bought out a lease with substantially less hassle and do you have advice for me?
TIA
Me-BS-65 in May<BR />HIM-SAFWH-68<BR />I just wanted a normal life.<BR />Normal trauma would have been appreciated.
wifehad5 ( Administrator #15162) posted at 10:31 PM on Wednesday, March 23rd, 2022
You should be able to work directly with the leasing company to buy it out, then there's no reason to involve the dealership.
FBH - 52 FWW - 53 (BrokenRoad)2 kids 17 & 22The people you do your life with shape the life you live
sisoon ( Moderator #31240) posted at 10:19 PM on Thursday, March 24th, 2022
The finance deal probably will use the 'rule of 72' in computing interest, so that month of the loan will probably cost a lot more in interest than just 1/12 of x%.
What is the dealer going to give you in return for the money into their pocket and the money out of your pocket?
What does the lease say about charges at termination?
My advice is to pay not one penny more than the contract requires. That includes getting new plates if you have to do that - and you may not have to. I'd probably go as far as threatening a lawsuit if they don't live up to their end of the contract.
Of course, it's easier to tell a person what to do than to do it....
[This message edited by SI Staff at 10:20 PM, Thursday, March 24th]
fBH (me) - on d-day: 66, Married 43, together 45, same sex ap
DDay - 12/22/2010
Recover'd and R'ed
You don't have to like your boundaries. You just have to set and enforce them.
Lionne (original poster member #25560) posted at 11:00 PM on Thursday, March 24th, 2022
I called the department that actually handles the lease. Nissan financing. I can do it all myself and save on those ridiculous fees. I will have to navigate the mess at a MVA but I'll be happy to do that for a several thousand $ worth of fees. They wanted to charge $300 for an unnecessary "safety check" and $1200 to walk the paperwork to the MVA. I'll still owe sales taxes.
The newer model of my car is virtually identical to the one I have now. Maybe in a few years I'll sell it and buy and EV if the logistics of that seem logical.
The lease agreement clearly states the residual value that I owe. It's about $5000 less than I could buy the same car on the open market.
Thanks!
Me-BS-65 in May<BR />HIM-SAFWH-68<BR />I just wanted a normal life.<BR />Normal trauma would have been appreciated.
Shehawk ( member #68741) posted at 1:43 AM on Saturday, April 2nd, 2022
Glad this all worked out for you!!!!
"It's a slow fade...when you give yourself away" so don't do it!
Topic is Sleeping.
