Stuck with a very expensive lease!

[daganster]

someone i know might be able to take it over.
details please

Did you get discouraged by the details?

[Centurion]

somethin' like that.

[daganster]

somethin' like that.

Its fine as I didn't think anyone on DDF would be interested in car, I was simply looking for advice.

[Centurion]

always good when details provided..

[daganster]

always good when details provided..

Details weren't provided because I didn't that anyone on DDF would pay $1300 a month for some bling bling. I have a dealer offering them to buy out the car, but he wants $8k from them. They're really considering it at this point.

[Ergel]

Details weren't provided because I didn't that anyone on DDF would pay $1300 a month for some bling bling. I have a dealer offering them to buy out the car, but he wants $8k from them. They're really considering it at this point.

Seems like a no brainer, car is gathering dust and he's willing to take on 24 months at a cost of six and change. Why wouldn't they do it?

[daganster]

Seems like a no brainer, car is gathering dust and he's willing to take on 24 months at a cost of six and change. Why wouldn't they do it?

they're trying to negotiate with him for a better deal.

[plane.love]

I see you are looking into offers from a dealer, I was going to suggest something along those lines.
Its seems like a tough situation considering that it is way overprices and there is no mileage.
Cars in that range are worth like 1K, less in this scenario being that it is used and an allowance of only 500 miles a month.
In order to get ride of the car they prob would have to contribute 500 to bring the payment closer to 800 *24 months is more than $10k so the dealers offer might not be crazy.
You should look into the buyout and see what the KBB value is and if its worth it buy it back and resell privately,

[DrDanny]

I see you are looking into offers from a dealer, I was going to suggest something along those lines.
Its seems like a tough situation considering that it is way overprices and there is no mileage.
Cars in that range are worth like 1K, less in this scenario being that it is used and an allowance of only 500 miles a month.
In order to get ride of the car they prob would have to contribute 500 to bring the payment closer to 800 *24 months is more than $10k so the dealers offer might not be crazy.
You should look into the buyout and see what the KBB value is and if its worth it buy it back and resell privately,

wouldn't that require more capital than a guy who can't afford1.3K a month has?
Maybe I don't understand what you're saying

[plane.love]

wouldn't that require more capital than a guy who can't afford13K a month has?
Maybe I don't understand what you're saying

You are correct.
I did not make any assumptions, but the person in this pickle is someone who stepped in to help and might or might not be in a position to do this. There are auto loans that might work as well, but cost money. You can also try and find a seller privately and sell it direct with out buying it out.

Another option might be to buy and finance the car over 60-72 months, that would give you more millage and probably lower your payment.

[Centurion]

2 items
somebody in lakewood is now paying for a car he can no longer use due to mileage he had 12k a year that goes until april he already drove 40k its cheaper for him to keep his car than to pay for the miles / penalties

also the opposite a friend has a lease thats up in 60 days with 45 k allowance he only drove 20k should he buy it and sell next day or just return to leasing comany?
(this thread??)

[michael]

a friend has a lease thats up in 60 days with 45 k allowance he only drove 20k should he buy it and sell next day or just return to leasing comany?
(this thread??)

Depends on the amount he must pay to the leasing company to purchase the car. If it's much less than market, he should buy it and then flip it. If not, don't bother.

[Centurion]

within 2k but probably taxes...

[Saver2000]

also the opposite a friend has a lease thats up in 60 days with 45 k allowance he only drove 20k should he buy it and sell next day or just return to leasing comany?
(this thread??)

The buy out price is same whether he used 20k miles or 100k miles. With that said, id assume he can make a couple bucks if he's buys it especially since used car prices just went up in NJ-NY area.

[Centurion]

and some people in new jersey assume that anyone selling must of had water damage from sandy..

[ash]

ya how do you cause a total car accident ......

[Centurion]

ya how do you cause a total car accident ......

?? drove into a wall?

[michael]

The buy out price is same whether he used 20k miles or 100k miles. With that said, id assume he can make a couple bucks if he's buys it especially since used car prices just went up in NJ-NY area.

I assumed that the buyout price may be somewhat lower as OP mentioned that 45k miles were purchased. As monthly payments were probably somewhat higher, the buyout price may be somewhat lower to make up for it. Is that not correct?

[Centurion]

true!
the car we are talking about is a 2011 toyota seinna payout rate 23k
because his payments were higher to get the mileage package
very good condition. street value 25k

[Saver2000]

within 2k but probably taxes...

That's it? Even after the recent price surge?
(Buyout price was set at time of lease)

If 'buying out' is an option,  you can list it now, and if/when you find a buyer, you can initiate the sale at that timr. AAMOF, the buyer can buy it directly from the bank - leaving out the middleman - which would save some money.