What's the best way out of a lease?

[xrinnenganx]

Originally Posted by Donroy

I would really stick to mods that can be reversed. Once you do that rocket bunny idea you're stuck with it from there on. You never know what might come out or if you even decide to change your mind, it'd be too late.

Just food for the thought. It's your car/choice

yea i know its irreversible, but i honestly do LOVE the "bolted on" look of the fenders and the whole wide body kit itself! Besides, I plan to get a beater anyways, especially for winters haha

[ashtray]

Originally Posted by xrinnenganx

I really don't see what all the hate about leasing a car is about. I am currently leasing my FR-S and I couldn't be happier. I get cheaper payments during the lease, and I can buy out at the end for the remaining value of the car. I got into my lease deciding that I am going to buy the car afterwards, so why not enjoy the lower payments for 3 years and pay the same if not less the last 2 years? Plus, I'm always under warranty, which is a HUGE plus.

Lease payments, like loans, have built in interest rates. In leases, those interest rates are usually not disclosed but are typically around 10%. If after 3 years your lease buyout is $15k - on a 2 year loan at 3.9% interest rates, you're looking at near $650-700/mo in loan payments. Stretch it to 3 years, and it drops to under $500/mo. (I don't have a calculator handy - but essentially your payments will go UP if you buy the car at lease end with a 2 year loan. They'll go down with a 5 year loan, but then you'll be out of warranty for most of your loan term - which sucks if the car needs repairs AND you gotta cover the monthly loan payment.

Originally Posted by poison1916

I'll end up going over on mileage and still won't buyout the car despite putting ~400$ in mods into the car (all minor cosmetic like knee pads), and than $600 for the remote/push start. I'll pay the mileage overage in cash, but the mods will cover my next lease down payment.

Sent from my LG-V500 using Tapatalk

Are you referring to selling the mods and returning the car to stock? If not don't assume the dealership will GIVE you money for your mods - in fact they may charge you for modifications to the point of their cost to bring it back to stock. Remember, when they resell the car if that push button starter fails, they're on the hook (assuming they sell it CPO) - most dealerships would prefer the stock equipment on the car.

[djmm]

Don't think it will be easy or financially wise to get out of lease. As they said just eat it and enjoy the car especially if you can afford it.

[BlueDubbinTDI]

Originally Posted by djmm

Don't think it will be easy or financially wise to get out of lease. As they said just eat it and enjoy the car especially if you can afford it.

My thoughts was to just eat $3000 and pay cash for my next car. I'd make that up in less than a year unleased. But you're right, that's only saving myself a year of payments driving a fantastic car. Not all that worth it, especially if I don't act soon.

[xrinnenganx]

Scion had a lease special going on when I got my car, which was 2k down, and 1.9% interest, which i did get approved for actually

[tahdizzle]

... You mean to tell me there are tons of people like you Modding leased cars?

[ftc~brz]

I'm always shocked to see how may people mod leased cars. Usually that's a big no no in the lease.

GL to you, hope everything works out in your favor.

[BlueDubbinTDI]

I spoke to the service manager and he said word for word "I don't care as long as it's stock if you decide to turn it in". That sounded like an open invite to me.

[Rayme]

Originally Posted by BlueDubbinTDI

I spoke to the service manager and he said word for word "I don't care as long as it's stock if you decide to turn it in". That sounded like an open invite to me.

I re-read your original post, and I thought you might benefit from my experience in buying cars.

I sold 2 cars so far because of the same reason you have, I thought the monthly payments were too high, too long and all that reasoning in your head makes you think lesser of your car, you tell yourself you don't need a big car like that, etc..

I bought a used 350z a few years back, 19 000$, I kept it less than a year, I sold it for 17 000$ the next year. Total cost of ownership in that short period? Probably around 6000$ adding the monthly payment and tax at purchase price, without any downpayment. Hardly worth it when you have to pay out of your pocket to close a loan, then you have to go BUY another car because you are on foot! All that money spent and gone to buy a "downgraded" cheaper car that will need maintenance anyway.

If you take the time to sit down and do some quick math, keeping your current car at least to the end of the lease is usually a good thing, buying it out is even better.

If you really want to change car, remember the faster you can pay the car, the faster you can sell it and get the remaining value cash from a private sale. Keeping the car for a long time is the best way to get most out of your money. My 0.02$.

[BlueDubbinTDI]

Originally Posted by Rayme

I re-read your original post, and I thought you might benefit from my experience in buying cars.

I sold 2 cars so far because of the same reason you have, I thought the monthly payments were too high, too long and all that reasoning in your head makes you think lesser of your car, you tell yourself you don't need a big car like that, etc..

I bought a used 350z a few years back, 19 000$, I kept it less than a year, I sold it for 17 000$ the next year. Total cost of ownership in that short period? Probably around 6000$ adding the monthly payment and tax at purchase price, without any downpayment. Hardly worth it when you have to pay out of your pocket to close a loan, then you have to go BUY another car because you are on foot! All that money spent and gone to buy a "downgraded" cheaper car that will need maintenance anyway.

If you take the time to sit down and do some quick math, keeping your current car at least to the end of the lease is usually a good thing, buying it out is even better.

If you really want to change car, remember the faster you can pay the car, the faster you can sell it and get the remaining value cash from a private sale. Keeping the car for a long time is the best way to get most out of your money. My 0.02$.

Absolutely agree. Who knows, this might be the last new car I'll ever get my hands on. But you're right, keeping it til the end is actually the better way to go. If only by a slight margin. I'll work the math a little smarter my next go round. But at least I'm not forced to eat Roman or whatever just to afford this thing lol. I've seen people do that...

[stugray]

Since it is a FR-S and not a BRZ limited, I wonder what would happen to it if you "accidentally" left the keys in the ignition at a football game?

[xrinnenganx]

Originally Posted by ftc~brz

I'm always shocked to see how may people mod leased cars. Usually that's a big no no in the lease.

GL to you, hope everything works out in your favor.

I asked my salesman and dealership manager as well. They said as long as I either return it back stock (assuming I have it back) or decided to buy at the end of the lease, I wouldn't have any penalties. My salesman actually said the only thing I would have to do would show him the work I've done on the car and give him a test ride! Haha

[gily25]

Easiest and most cost effective way to ditch a lease is to trade in for a different car at the dealership that wrote the lease. It's even more finacially sound if your car is something desireable. Unfortunately I don't think any Scion dealer has people lined up for a CPO FR-S, but if they happen to have a Corolla or tC sitting around in your price range it could work out.

Last fall my brother traded his SRT8 Charger (owned) in on a lease for a new MDX. He realized the SUV wasn't what he wanted and he started looking at Acura's sedan line-up. He was able to get out of the lease for no cost by buying with the same dealer, especially since they had people lined up for CPO MDXs in the new style. Ironically he bought back his old Charger but that's a story for another day, lol.

[BlueDubbinTDI]

Originally Posted by gily25

Easiest and most cost effective way to ditch a lease is to trade in for a different car at the dealership that wrote the lease. It's even more finacially sound if your car is something desireable. Unfortunately I don't think any Scion dealer has people lined up for a CPO FR-S, but if they happen to have a Corolla or tC sitting around in your price range it could work out.

Last fall my brother traded his SRT8 Charger (owned) in on a lease for a new MDX. He realized the SUV wasn't what he wanted and he started looking at Acura's sedan line-up. He was able to get out of the lease for no cost by buying with the same dealer, especially since they had people lined up for CPO MDXs in the new style. Ironically he bought back his old Charger but that's a story for another day, lol.

My parents would literally take me out back and shoot me if I traded this in and then bought it back hahaha I'd actually like to hear how that happened. I have thought about doing that though. I'll probably keep on eye on their used lot here and there. If a used GTI, Tiguan, Cooper S, or any Audi or BMW come up that's affordable without a bajillion miles I'll likely get a conversation started with them about it. Bringing it back to stock would cost me like $250 but it would only take a day so that whole process I'm not worried about at all if it seriously happened early.