If you leased your Evo, step inside
May 16, 2014, 10:41 PM
#31
you technically cannot negotiate the lease buyout price at the end of your lease because now all leases are clsoed ended leases.. back in the day you could but thta was when they had open ended leases but that could be very bad for the consumer.. plus the lease residual value is not worked off of what you paid for the vehicle, the residual value is going to be based of off the msrp of the vehicle, not the sale price
May 17, 2014, 10:32 PM
#33
Lease buyout price is the remaining balance on your lease to pay off in order to complete your lease agreement. Residual value/price is the value that the leasing company estimates for the vehicle after the lease is over (what they think the car will be worth). Once you complete the lease and you tell them you want to buy the car if the price is right, they will give you the residual value price (or value they think the car is worth). This is the point where you can typically negotiate with the leasing company just like you can negotiate the price of a used car with a dealership. Again, there is NO guarantee MMCA will negotiate with you, but many leasing companies do and you can certainly try.
May 19, 2014, 04:11 AM
#35
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Residual value/price is the value that the leasing company estimates for the vehicle after the lease is over (what they think the car will be worth). Once you complete the lease and you tell them you want to buy the car if the price is right, they will give you the residual value price (or value they think the car is worth).
May 19, 2014, 12:57 PM
#37
after leases became regulated in the 2000's after the Jeep lease disasters, they have become really popular. On cars like Evos, Hondas, other things that retain value well, your buyout is frequently LOWER than the car's used value
I've leased lots of Honda's over the years, and it always works out to buy at the end then just turn around and sell it a week later, make $$
May 19, 2014, 02:09 PM
#39
My next step was to get a loan, pay the car off, receive title, then finally sell it. Ended up just giving it to my brother and had him pay the monthly on it. Lease ends in May 2015. It was a lot easier for me.
May 19, 2014, 02:13 PM
#40
I called and talked to them about this when asking about getting out early. If you're leased through MMC, they have the payoff price on your monthly invoice. If you want to sell, trade, or secure your own financing and purchase it at any time, there is no fee through MMC selling it to YOU (because you have to pay that leftover tax, you can't sell it to someone else). Of course at that point, you can turn around and sell it to someone else. The lady just said to call in advance and let them know what you're planning on doing.
May 19, 2014, 02:57 PM
#41
I called and talked to them about this when asking about getting out early. If you're leased through MMC, they have the payoff price on your monthly invoice. If you want to sell, trade, or secure your own financing and purchase it at any time, there is no fee through MMC selling it to YOU (because you have to pay that leftover tax, you can't sell it to someone else). Of course at that point, you can turn around and sell it to someone else. The lady just said to call in advance and let them know what you're planning on doing.
May 19, 2014, 03:10 PM
#42
Evolving Member
Noize, I'm surprised you didn't reach out to me, but here is the easiest way to go about this. It seems there is no point in waiting until the end to buy it. Since you have the payoff, walk into your local Chase (or equivalent in TN) and see what they're used auto rates are. If they are acceptable, have them pay off your car and get the loan. Car is yours. (when you pay it off)
May 19, 2014, 03:20 PM
#43
Noize, I'm surprised you didn't reach out to me, but here is the easiest way to go about this. It seems there is no point in waiting until the end to buy it. Since you have the payoff, walk into your local Chase (or equivalent in TN) and see what they're used auto rates are. If they are acceptable, have them pay off your car and get the loan. Car is yours. (when you pay it off)
May 19, 2014, 03:26 PM
#44
I called and talked to them about this when asking about getting out early. If you're leased through MMC, they have the payoff price on your monthly invoice. If you want to sell, trade, or secure your own financing and purchase it at any time, there is no fee through MMC selling it to YOU (because you have to pay that leftover tax, you can't sell it to someone else). Of course at that point, you can turn around and sell it to someone else. The lady just said to call in advance and let them know what you're planning on doing.
However, as long as MMC owns it on the lease, I *cannot* private party sell it?
Ugh, silly me for not looking into this more before I leased the gorilla.
May 19, 2014, 03:57 PM
#45
Evolving Member
Seth,I'm in the same boat... The babysitter for my son is $1600 per month and that includes no food or anything.....