Author Topic: Dealer Lease buyout  (Read 44176 times)

Offline cozmohoot

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Re: Dealer Lease buyout
« Reply #340 on: May 16, 2021, 04:13:40 PM »
Isn't extending the lease just allowing you to continue to use it and pay monthly?
If that's the case, payoff shouldn't change
When extending a lease the payoff changes

Offline mod

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Re: Dealer Lease buyout
« Reply #341 on: May 16, 2021, 05:06:36 PM »
When extending a lease the payoff changes
Even if you don't pay another payment?
I had a Honda that they let me extend for a year..I just continued making the same monthly payments.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #342 on: May 16, 2021, 05:15:43 PM »
Even if you don't pay another payment?
I had a Honda that they let me extend for a year..I just continued making the same monthly payments.
During the extra year, each month that you pay, your payoff amount goes down by the payment amount.

Offline mod

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Re: Dealer Lease buyout
« Reply #343 on: May 16, 2021, 05:19:10 PM »
During the extra year, each month that you pay, your payoff amount goes down by the payment amount.
That I know.
I thought we were discussing a scenario where you ask for extension and then sell that same month.

Offline shmebeble

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Re: Dealer Lease buyout
« Reply #344 on: May 20, 2021, 09:27:31 PM »
Do you owe capital gains taxes on amount above payoff? Or only if it would be more than total purchase amount (ie lease payments made and payoff)?

Offline Shmulie

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Re: Dealer Lease buyout
« Reply #345 on: May 20, 2021, 11:55:54 PM »
That I know.
I thought we were discussing a scenario where you ask for extension and then sell that same month.

Be very careful with this. My lease was through Fusion Auto and they had my wrong address and phone number so I never got the lease ending information they finally googled my home number about 10 days before my lease expired and when I complained that it was such short notice and I still need to decide what I'm going to do they said they would give me a 10-day grace period which I agreed to. Now when I found my next lease and finalized with algo they gave algo a buy out price of 10K more than the original residual value and when I called them up they said sorry it's too late and they own the car and I have no options and when I told them that I was given extra 10 days they said that is only to return the car not buy it out.

This all happened this morning and I'm not really sure what to do. I was supposed to get a 6K difference from Algo.

I have an email from them from the original conversation that said they're giving me a 10-day grace period (where it does not say the 10 days is only to return it) and I replied to that email that same day asking for the lease buyout price and they never responded.
 


Offline shmebeble

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Re: Dealer Lease buyout
« Reply #346 on: May 22, 2021, 10:02:42 PM »
Selling two leases to algo
Do I need to contact Honda leasing at all? Or everything is taken care of by Algo?
One lease ends in one month and other in 3.
Thanks

Offline mod

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Re: Dealer Lease buyout
« Reply #347 on: May 22, 2021, 10:11:32 PM »
Selling two leases to algo
Do I need to contact Honda leasing at all? Or everything is taken care of by Algo?
One lease ends in one month and other in 3.
Thanks
In my experience, they handle everything. You just sign poa.

Offline shmebeble

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Re: Dealer Lease buyout
« Reply #348 on: May 22, 2021, 10:22:45 PM »
In my experience, they handle everything. You just sign poa.
Thanks. Did that already. They made this process so easy that I didn't bother with others. Also their price was very competitive.
Just dont want Honda contacting me saying I didnt say I was buying out like above post.

Offline whacked1

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Re: Dealer Lease buyout
« Reply #349 on: May 25, 2021, 02:49:33 PM »
Just spoke to ALGO. They said as of a week or two ago, they can no longer buyout leases with various companies. Not sure if this was mentioned up-thread yet. Honda they can still do now for the time being

Offline ben6952

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Re: Dealer Lease buyout
« Reply #350 on: May 25, 2021, 03:37:27 PM »
Just spoke to ALGO. They said as of a week or two ago, they can no longer buyout leases with various companies. Not sure if this was mentioned up-thread yet. Honda they can still do now for the time being
Iím with Nissan and was told they canít do it and Nissan finance said they donít make exceptions, they only do a buyout to the leasee. Even if I buyout and sell and pay the taxes algo told me it takes 6-8 weeks to get the title and they canít buy it from me until I have the title. Any way around this? Do any Nissan dealerships pay more than the contract says?

Offline mod

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Re: Dealer Lease buyout
« Reply #351 on: May 25, 2021, 03:39:56 PM »
Iím with Nissan and was told they canít do it and Nissan finance said they donít make exceptions, they only do a buyout to the leasee. Even if I buyout and sell and pay the taxes algo told me it takes 6-8 weeks to get the title and they canít buy it from me until I have the title. Any way around this? Do any Nissan dealerships pay more than the contract says?

I sold my Nissan to Vroom mid April.

Offline Redbull3

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Re: Dealer Lease buyout
« Reply #352 on: May 25, 2021, 04:21:39 PM »
Heard about this recently and glad I found this thread. Can someone explain in simple terms why this is a popular thing? If the secondary market is so hot, why are the dealerships consistently offering lessees low buy out amounts

Offline grodnoking

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Re: Dealer Lease buyout
« Reply #353 on: May 25, 2021, 04:25:00 PM »
Heard about this recently and glad I found this thread. Can someone explain in simple terms why this is a popular thing? If the secondary market is so hot, why are the dealerships consistently offering lessees low buy out amounts
The buyout amount was set 3 years ago when the lease started.
I'm not who you think I am.

Offline ben6952

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Re: Dealer Lease buyout
« Reply #354 on: May 25, 2021, 04:29:16 PM »
I sold my Nissan to Vroom mid April.
New policy from Nissan started may 10

Offline Fish Tank

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Re: Dealer Lease buyout
« Reply #355 on: May 25, 2021, 04:57:00 PM »
Even if I buyout and sell and pay the taxes algo told me it takes 6-8 weeks to get the title and they canít buy it from me until I have the title. Any way around this?
I'm pretty sure you can pay a fee to have the title released with expedited service, within 10 days. Call Nissan and ask them.

Offline pcgeek

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Re: Dealer Lease buyout
« Reply #356 on: May 25, 2021, 06:22:44 PM »
The buyout amount was set 3 years ago when the lease started.
Will they tell you how much the buyout price will be before you sign on the lease?

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #357 on: May 25, 2021, 06:23:43 PM »
Will they tell you how much the buyout price will be before you sign on the lease?
Its stated in the contract.

Offline Shmulie

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Re: Dealer Lease buyout
« Reply #358 on: May 25, 2021, 06:45:47 PM »
Will they tell you how much the buyout price will be before you sign on the lease?

Yes it's called the residual value

Offline sillypainter

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Re: Dealer Lease buyout
« Reply #359 on: May 25, 2021, 07:15:30 PM »
Most people don't know how leases work. There is the Purchase price, then there is the buyout price once the lease over. Lets say the purchase price is $30K, and the vehicle is worth $15K in 36 months. They lend you that 15K and divide it in 36 monthly payments, that is what you pay for the lease every month.