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Unread 01-14-2012, 09:32 PM   #1
kinked29
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Need some car leasing advice

Hey everybody! I have been leasing a VW for about 2.5 years. My lease is up in the fall and I've been thinking about getting a wrangler. I still owe $16,000 on the car as of right now. I was thinking about buying out the car from VW (with a bank auto loan) and then finding a buyer for my VW. (my car is worth more than 16,000 so I'd have a little left over.) I would use the money from selling my car to pay off the bank, and then get my Jeep.

I just want to make sure this makes sense and is do-able. I heard from someone that I can't sell the car unless I have the title (the bank would have the title since I would take out a loan.)

Thanks for any advice!

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Unread 01-14-2012, 09:51 PM   #2
Sandlapper3396
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Car leasing advice? Don't lease unless it's a business vehicle that you can write off.

How much do you think this car is worth?
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Unread 01-14-2012, 09:55 PM   #3
kinked29
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its worth about 19,000. its a 2010 gti
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Unread 01-14-2012, 11:29 PM   #4
bigred33
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Your car is not worth more than what you owe. Finish that lease and be done with leasing forever.
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Unread 01-15-2012, 12:45 AM   #5
alex725
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You can trade the leased vehicle in on the Jeep if you feel you have value in the VW.
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Unread 01-15-2012, 09:14 AM   #6
kinked29
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Quote:
Originally Posted by bigred33 View Post
Your car is not worth more than what you owe. Finish that lease and be done with leasing forever.
Yes it is. I owe 16k and they sell for about 19-20k
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Unread 01-15-2012, 10:37 AM   #7
WindsorRenegade
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I only leased once and it was a waste of money. Never again. I leased an 08 Charger in 07 with a sticker price of like $27K. I leased it for 3 years, and only put 27,000 kms on it. I payed around $17K worth of "renting" this car in those 3 years, and when it came time to buy it or give it back I asked how much to buy. They said $17,000.
So....I gave them the keys and walked away.

I was taking alot of guesses here, but I looked up the BB price for a 2010 Jetta S Sedan 4dr in DC, 20001 (is that a real zip code? lol) with 27,500 miles on it.

Condition:
Excellent
$12,358
Very Good
$11,908
Good
$11,558
Fair
$10,333
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[QUOTE=ruthole;13615845]I just bumped it around till it was in the hole and she went right in. But my hands were hard to fit in there. [/QUOTE]
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Unread 01-15-2012, 11:41 AM   #8
thunderdan2000
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I look at it this way, If you buy a new car for an investment than you are an idiot. Buy or lease you waste money. If you don't keep cars that long than a lease is not a bad idea.

I would just turn the car in. Keep in mind if you buy it you will have to pay sales tax and other paperwork fees. Than you have to find a seller that will not beat you down on a price. You won't walk away with as much as you think.
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Unread 01-15-2012, 11:52 AM   #9
turtlerace
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Quote:
Originally Posted by kinked29 View Post
Yes it is. I owe 16k and they sell for about 19-20k
You mean that is what dealers ask for them?
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Unread 01-15-2012, 11:59 AM   #10
WindsorRenegade
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Oops....I didn't see the GTI part. You're right. With the same miles as before, 27,500m.


turtlerace....I'm getting these numbers from kelly blue book.

Private sale:
Excellent
$20,030
Very Good
$19,430
Good
$18,880
Fair
$17,130


trade:

Excellent
$17,905
Very Good
$17,555
Good
$16,805
Fair
$14,905
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[QUOTE=ruthole;13615845]I just bumped it around till it was in the hole and she went right in. But my hands were hard to fit in there. [/QUOTE]
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Unread 01-15-2012, 12:06 PM   #11
turtlerace
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Quote:
Originally Posted by WindsorRenegade View Post
Oops....I didn't see the GTI part. You're right. With the same miles as before, 27,500m.


turtlerace....I'm getting these numbers from kelly blue book.

Private sale:
Excellent
$20,030
Very Good
$19,430
Good
$18,880
Fair
$17,130


trade:

Excellent
$17,905
Very Good
$17,555
Good
$16,805
Fair
$14,905
KBB is notoriously high. Occasionally I have found their trade values to be correct.

Selling Private Party I would be surprised to see him get anywhere near 18,000 out of it.
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Unread 01-15-2012, 12:19 PM   #12
WindsorRenegade
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I agree. Plus we have no idea how many clicks are on the thing or its condition.
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[QUOTE=ruthole;13615845]I just bumped it around till it was in the hole and she went right in. But my hands were hard to fit in there. [/QUOTE]
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Unread 01-18-2012, 12:14 PM   #13
Sandlapper3396
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Quote:
Originally Posted by kinked29 View Post
Yes it is. I owe 16k and they sell for about 19-20k
No, actually he is right. Your car is worth what you owe not a penny more. If you "sell" your car right now only an utter moron would give you money period without you holding the title. Not to mention this is probably illegal, have to do some digging.

Truth of the matter is you are practically out of the loop as far as price negotiations are concerned because you don't own the vehicle. The bank does. They have the title and talk of buyouts will be between the bank and the prospective buyer. You would see no funds. Zero. All you would be doing is consenting the sale. And honestly I'm not sure banks even do this anymore. Now you have no down payment for the jeep, and 3 years of money spent on a lease with nothing to show for it.

Your best bet as another poster said, other than never getting in another lease, is to buy the vehicle at the end of the lease and then trade it in for the jeep. You won't get anywhere near the 19-20k because dealers need to make money on your vehicle. But it's probably the closest you'll come to breaking even in this scenario.
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Unread 01-18-2012, 12:27 PM   #14
AKABOB
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You can sell a car that the bank owns. The buyer just cuts the check to the bank and the bank gives the "owner" the difference (if any).

I just did the exact same thing on my wife's car. We bought the lease out early, and then sold the car.
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Unread 01-18-2012, 08:01 PM   #15
thunderdan2000
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Quote:
Originally Posted by Sandlapper3396 View Post
Your best bet as another poster said, other than never getting in another lease, is to buy the vehicle at the end of the lease and then trade it in for the jeep. You won't get anywhere near the 19-20k because dealers need to make money on your vehicle. But it's probably the closest you'll come to breaking even in this scenario.
Why in the world would you buy out a lease and than turn it into a dealer for a loss?
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