Lessee experts out there
04-22-11, 08:34 PM
#1
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Lessee experts out there
I'm planning on trading my Evo x GSR with SSS Package with 17k miles for a IS 250 RWD with F sport package. They said they will buy my evo for $26,500 then I need to put down $3k.
I still owe 36k and they said monthly payment is $746 for 48 months 15k miles/year lease. residual value is I think around 22k.
Is this good? I'm not too familiar with lease cars
I still owe 36k and they said monthly payment is $746 for 48 months 15k miles/year lease. residual value is I think around 22k.
Is this good? I'm not too familiar with lease cars
04-22-11, 08:43 PM
#2
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I'm not expert but......I don't beleive you have to put $3,000 down. They always want you to put down more because it's more money in their pocket.
But damn, howd you end up owing 36k and it's only worth $26,500?
But damn, howd you end up owing 36k and it's only worth $26,500?
04-22-11, 08:50 PM
#3
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I had a lancer gts before I got the evo, and when I got the evo it was 36k OTD due to the SSS package, I was upside down on the lancer GTS before, it was actually not a bad deal. I want more luxury in my car now, getting old LOL
04-22-11, 09:01 PM
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just seems way too high for a 250.. Even if it was a 350 it's till high.. I'm paying $639 for my 350 fsport 12k/yr 48 month. Only put $1500 down. My score was 755 at the time..
I guess the lease market must be different here in NY..
I guess the lease market must be different here in NY..
04-22-11, 09:10 PM
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04-22-11, 10:55 PM
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I brought in about $10k of negative equity on my first IS250. Put $1500 down and ended up with a $562/month payment. Even with an F-sport package, I can't see paying $746/month as reasonable. Residual value has nothing to do with YOUR lease unless you are buying/leasing a used vehicle and want to determine a fair MSRP. Are you looking at a CPO vehicle?
04-22-11, 11:02 PM
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Brand new. Aren't the residual value determines how much will be your lease payment? That's what Edmunds.com calculator shows. So what would be a good monthly payment for this situation?
04-23-11, 05:57 AM
#11
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I think your $9,500 upside down on your trade? You owe $36,000 and they will give you $26,500 for it.
In my state I pay license fees.....but I only pay sales tax along with my monthly payment. So it's about 20 bucks a month or so.
The general rule of thumb for a lease is.....for every $1,000 you put down up front it takes off $20 on your payment. So with $9,500 in negative equity it looks like you may have to pay about $200 more a month ($20 x 10) than you would with no negative equity.
$200 a month times 47 months for your lease puts you at about $9,500 for the full lease term that you will be paying back for the EVO. Equals out, but still I'd have to try and sell that EVO on my own and have them give me more for it than take a hit like that.
In my state I pay license fees.....but I only pay sales tax along with my monthly payment. So it's about 20 bucks a month or so.
The general rule of thumb for a lease is.....for every $1,000 you put down up front it takes off $20 on your payment. So with $9,500 in negative equity it looks like you may have to pay about $200 more a month ($20 x 10) than you would with no negative equity.
$200 a month times 47 months for your lease puts you at about $9,500 for the full lease term that you will be paying back for the EVO. Equals out, but still I'd have to try and sell that EVO on my own and have them give me more for it than take a hit like that.
04-23-11, 06:24 AM
#13
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Yes.
You should be able to write a lease with less than $3K down. License, acquisition fees, 1st month, possible security. But you don't want to put any $$$ into cap cost if it can be avoided, all this does is put cash into a car you don't own to reduce the monthly.
My impression is that if you go through with this you will be paying on 3 cars at the same time because you are rolling the old car into the new ones.
If they won't/can't just pick up your lease keep driving the current car.
You should be able to write a lease with less than $3K down. License, acquisition fees, 1st month, possible security. But you don't want to put any $$$ into cap cost if it can be avoided, all this does is put cash into a car you don't own to reduce the monthly.
My impression is that if you go through with this you will be paying on 3 cars at the same time because you are rolling the old car into the new ones.
If they won't/can't just pick up your lease keep driving the current car.
04-23-11, 06:50 AM
#14
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They will try and tell you "when you do this lease, you will be out from under your EVO." Because your paying off the difference over the four years. Now if you don't keep that Lexus for the 48 months.....you may be even further upside down. You will pretty much have to keep the car for the term of the lease while paying $35,000 for four years, plus your $3,000 down and you will finaly be out from under the EVO, yet you will still have no positive equity in anything unless you purchase the Lexus at lease end.