Hey, as some of you may know I rushed into leasing a G coupe...

Now, I know sticking with my initial lease is my best bet, but I am wondering if there is any "re-leasing-to-finance" (re-working my contract and switching over to finance to own the car) type of plans?

thanks

 

once you are in your are kinda stuck ... unless you are willing to take the hit!

anyways see what your pay-off amount on the lease is.... if you think thats a good price (highly unlikey) .... finance it and buy it.

also... the g coupes had pretty good money factors.... which is basically the interest rate (APR).

if your lease is good... then ride the lease till the end and reasses if you want to buy it then ....

and the reason i brought up the money factor point is ... that if the money factor for example was .00048 is nothing but 1.15% apr (.00048 * 2400).
which translates into a pretty good rate... so taking advantage of that ... once your lease is due ... finance the residual amount and invariably buy it.

and ofcourse there is leasetrader.com or swapalease.com .. etc.

 

Its simple, call up your leasing company and ask for your payoff amount, then get a loan from any bank/lending company you like for that amount (I would try E-Loan, Lendingtree or credit union before Banks).

 

His issue here is going to be taking a big hit on the taxes... and the interest he has paid (which is factored in the payoff amt) and the interest he will pay from the lending banks (which will be surely in the 5-6% range). looks like a double whammy to me.

but if he has to do it then he has to... i would still say ride the lease till the end and then buy it at the end of the lease (if you need to). In a dollar to dollar comapre that will be a better approach.

LET ME POST - what is your lease deal?? that way we might be able to better assess it.

 

He was asking "can" he not "should" he, but I understand what you saying tho...

Thread he posted about his lease deal (58% residual, around 8% interest from what I can figure)...

https://g35driver.com/forums/buying-selling-leasing-discussion/152882-another-lease-question-indepth-input-needed.html

 

Hey thanks limeG for the link!

I initially wanted to finance-to-own a car, but lease it in anyway... I sorta got pressured into it and made a mistake.

I had planned to trade in my leased G for another car. However, the finance manager said I'd be taking a big hit on my G. True?

Secondly, I want to OWN my cars not lease it, so in the end to purchase my leased G would equal to be taking a big hit, right?

Thanks again those who have replied, all your responses are very insightful!

 

You can easily find it out yourself, I have post this few times already...Call up your leasing company and ask for your payoff amount and then shop around few dealerships and see what they would offer you for your trade-in and you can see exactly how much of hit you going to take!...At this point, regardless wheather you financed or leased your car? you will be taking a hit for trading it in. But if everything is same (interest/sales tax rate, selling price...) you'd come out bit ahead when you trade in an leased vs financed car after about one year, maybe two, in amount of money you paid overall!

You taking hit becasue the amount of interests you've paid (5 year loan vs 39 months lease plus another 3 year loan for the residual), in your case cause the high interest rate(8~8.5%), you would be paying about 2.5~3k more to lease it and then purchase it rather than just financed it to began with.

It is your interest rate that makes your lease deal "bad", cus you did get 2k off MSRP and 58% residual isnt that bad. So if you want to trade it in for other car? I would check if you can find an lower interest loan.

 

ouchie ur deal seems to be really bad..even on a fully loaded g coupe..u could always try to sell it privately..take that money and use it for the payoff..and take the hit on the difference between what you get for it, and what the payoff is..or u could pay the early term fee which will be a lot and get out of it..or try putting it on leasetrader or one of those sites...dont know why u didnt go for the 12 month lease programs since it was in last august..i got my '06 coupe then for $420/month with $1800 out ofpocket at signing.