Author Topic: Dealer Lease buyout  (Read 45906 times)

Offline yelped

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Re: Dealer Lease buyout
« Reply #20 on: October 14, 2020, 12:04:23 AM »
Iím not sure I fully understand this. Why would anyone return car to the dealer if they can go through one of these companyís and make money off of it?
It doesn't always or even usually turn out this way. It's only now because of the crazy high used market that people are getting high offers. But, yes, it never hurts to get a quote.

Offline Yef

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Re: Dealer Lease buyout
« Reply #21 on: October 14, 2020, 12:06:45 AM »
Does it affect your next lease price?

Offline thaber

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Re: Dealer Lease buyout
« Reply #22 on: October 14, 2020, 12:18:42 AM »
Does it affect your next lease price?
no. unconnected.

Offline Saver2000

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Re: Dealer Lease buyout
« Reply #23 on: October 25, 2020, 10:34:01 PM »
@yossig
Thanks for the write up. Very helpful.

When selling my lease to algo/carava, there is no sales tax charge on the buyout price since essentially it's being sold directly to another dealer?

Offline yossig

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Re: Dealer Lease buyout
« Reply #24 on: October 25, 2020, 11:41:59 PM »
@yossig
Thanks for the write up. Very helpful.

When selling my lease to algo/carava, there is no sales tax charge on the buyout price since essentially it's being sold directly to another dealer?
correct

Offline ~King Lake~

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Re: Dealer Lease buyout
« Reply #25 on: October 27, 2020, 07:30:10 PM »
no. You can do a buyout mid lease.
Does it effect your credit?
I'm going crazy, wanna come along?

Offline avromie7

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Re: Dealer Lease buyout
« Reply #26 on: October 27, 2020, 07:38:48 PM »
Does it effect your credit?
If anything, it should have a positive effect because you paid off your lease.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline ~King Lake~

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Re: Dealer Lease buyout
« Reply #27 on: October 27, 2020, 07:40:26 PM »
If anything, it should have a positive effect because you paid off your lease.
Also thought so, but your credit score goes down for terminating a lease so wandering if this is considered a lease termination
I'm going crazy, wanna come along?

Offline avromie7

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Re: Dealer Lease buyout
« Reply #28 on: October 27, 2020, 07:43:59 PM »
Also thought so, but your credit score goes down for terminating a lease so wandering if this is considered a lease termination
Why?
I wonder what people who type "u" instead of "you" do with all their free time.

Offline LNS

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Re: Dealer Lease buyout
« Reply #29 on: October 27, 2020, 07:50:58 PM »
great info here ... glad i came across the thread! thanks OP

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?

Offline ~King Lake~

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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??

Offline miles lover

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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?   ::)

Offline Dovdovmoneytree

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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)