Author Topic: Dealer Lease buyout  (Read 11840 times)

Offline miles lover

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Re: Dealer Lease buyout
« Reply #30 on: October 28, 2020, 01:14:09 AM »
Also thought so, but your credit score goes down for terminating a lease so wandering if this is considered a lease termination
Yep big time. Just had my score get lowered a lot after terminating my lease.

Offline ~King Lake~

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Re: Dealer Lease buyout
« Reply #31 on: October 28, 2020, 01:41:49 AM »
I'm going crazy, wanna come along?

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Re: Dealer Lease buyout
« Reply #32 on: October 28, 2020, 01:42:53 AM »
Yep big time. Just had my score get lowered a lot after terminating my lease.
You did a really lease buyout?
Or termination for other reasons?
I'm going crazy, wanna come along?

Offline miles lover

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Re: Dealer Lease buyout
« Reply #33 on: October 28, 2020, 03:46:38 AM »
You did a really lease buyout?
Or termination for other reasons?
I finished making my lease payments. Now Iím selling it to vroom. It shows on my credit report as completed even though I technically still owe them money.

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #34 on: November 01, 2020, 04:29:54 PM »
So ALgo had given me an offer via e-mail of 15,800. After virtual inspection, which they said said car was flawless, they came back at 14,500. I questioned him, he said "oh the markets soft for your specific car......." bunch of baloney. As another commented above, they put in a higher offer than the others (carvana, Vroom) but then end up at the same place  :-\ Tried negotiating but they seem pretty firm.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #35 on: November 01, 2020, 04:38:13 PM »
So ALgo had given me an offer via e-mail of 15,800. After virtual inspection, which they said said car was flawless, they came back at 14,500. I questioned him, he said "oh the markets soft for your specific car......." bunch of baloney. As another commented above, they put in a higher offer than the others (carvana, Vroom) but then end up at the same place  :-\ Tried negotiating but they seem pretty firm.
:-\
So did you decline the new offer? Maybe they'll come back with their orginal offer if you decline the lower offer. Does that ever happen?

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #36 on: November 01, 2020, 04:42:03 PM »
I finished making my lease payments. Now Iím selling it to vroom. It shows on my credit report as completed even though I technically still owe them money.
So you completed your full lease term? Why would your credit score drop??

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Re: Dealer Lease buyout
« Reply #37 on: November 01, 2020, 04:43:53 PM »
So you completed your full lease term? Why would your credit score drop??
Having a car loan (any installments loan ?) is great for your credit score.

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #38 on: November 01, 2020, 04:45:16 PM »
:-\
So did you decline the new offer? Maybe they'll come back with their orginal offer if you decline the lower offer. Does that ever happen?
They keep calling and e-mailing how they want my business blah blah and they know I was not happy with the drop in their offer, a significant drop. He said the e-mail was never an offer, only an estimate. Maybe, but they can and should try to better align their offers and estimates of value, don't ya think?   ::)

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Re: Dealer Lease buyout
« Reply #39 on: November 01, 2020, 04:46:53 PM »
Having a car loan (any installments loan ?) is great for your credit score.
Well I intend to move into a new vehicle soon, financed though not leased. A loan nonetheless. How significantly did your score drop? My wife and I b'h have stellar credit (750-775 or so)

Offline Dovdovmoneytree

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Re: Dealer Lease buyout
« Reply #40 on: November 01, 2020, 04:50:51 PM »
:-\
So did you decline the new offer? Maybe they'll come back with their original offer if you decline the lower offer. Does that ever happen?
My lease also goes thru the end of this month. How much time do I need to give the process of selling it to these dealers (Algo, Vroom etc) without running into issues with my lease return? ALgo told me they need 3-4 days after the appraisal to pick it up. But then they need to send the check to the finance co (in my case, Nissan). I don't wanna sell it too soon but also not too late!

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Re: Dealer Lease buyout
« Reply #41 on: November 01, 2020, 04:52:29 PM »
Well I intend to move into a new vehicle soon, financed though not leased. A loan nonetheless. How significantly did your score drop? My wife and I b'h have stellar credit (750-775 or so)
I think financing  should have the same effect as a lease on your credit. I had 800 and I went down to 720 in one month. I had my lease terminated and I let a statement balance print with a high balance. I couldnít even pay it before it printed. It posted the same time the statement  printed. Iím assuming my score went down 50 points for the termination of the lease.

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Re: Dealer Lease buyout
« Reply #42 on: November 01, 2020, 05:00:32 PM »
I think financing  should have the same effect as a lease on your credit. I had 800 and I went down to 720 in one month. I had my lease terminated and I let a statement balance print with a high balance. I couldnít even pay it before it printed. It posted the same time the statement  printed. Iím assuming my score went down 50 points for the termination of the lease.

Wow, wow, wow!! I better look over all my CC statements, make sure to pay them down before they print. I don't usually bother much with that (though I do pay them up every month). I know this is discussed plenty on DD, but how do I know the statement print date? Is that the same as statement close date?

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Re: Dealer Lease buyout
« Reply #43 on: November 01, 2020, 05:03:57 PM »
Wow, wow, wow!! I better look over all my CC statements, make sure to pay them down before they print. I don't usually bother much with that (though I do pay them up every month). I know this is discussed plenty on DD, but how do I know the statement print date? Is that the same as statement close date?
Statement closing date is when it prints. I donít go crazy to pay up  the reg balances before closing date. Iím talking about very large  balances on cards that I always make sure to pay up before statements print. When it posts the same time as the statement closes, I get messed up.

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Re: Dealer Lease buyout
« Reply #44 on: November 01, 2020, 05:11:51 PM »
My lease also goes thru the end of this month. How much time do I need to give the process of selling it to these dealers (Algo, Vroom etc) without running into issues with my lease return? ALgo told me they need 3-4 days after the appraisal to pick it up. But then they need to send the check to the finance co (in my case, Nissan). I don't wanna sell it too soon but also not too late!
with Vroom it really went swift, from when I confirmed until Honda got the check was less then a week (although it took 14 days for the payment to show up online but it posted retroactively.)