So how do I get out of my 05 lease to get an 07?
#16
10-20-2006, 10:54 AM
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Is the payoff that they give me going to be the adjusted payoff?
Awesome, Thanks. That is what I needed. I will get the payoff and cross my fingers. The back of the lease talks about an adjusted payoff. Is the payoff that they give me going to be the adjusted payoff?
Originally Posted by MDE83
The payoff that you get from the lease company includes the residual, so that IS the total amount of debt you owe to get out of the car. Again, don't expect full kbb trade value when you trade your car in unless you pay nearly full MSRP. For instance, lets say you call your lease company and they tell you your payoff is $26,000. Then you look up kbb good trade value and it is $24,500. That means you have at least $1500 in negative equity in your trade. (the numbers above are ficticious and just for illustrative purposes)
Now lets say the 2007 you want is $36,000 MSRP. Your dealer may give you the full $24,500 value for your car, but will expect you to pay close to MSRP for the new car or charge you a bunch of fees. Or the dealer will give you less on your trade and come down from MSRP a little.
So the payoff that the lease company quotes you is the TOTAL amount that needs to be paid for you to walk away from the car...
Now lets say the 2007 you want is $36,000 MSRP. Your dealer may give you the full $24,500 value for your car, but will expect you to pay close to MSRP for the new car or charge you a bunch of fees. Or the dealer will give you less on your trade and come down from MSRP a little.
So the payoff that the lease company quotes you is the TOTAL amount that needs to be paid for you to walk away from the car...
#17
10-20-2006, 11:00 AM
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I think they mean it is adjusted for an early termination fee...it should be. Just ask the rep when you call... Tell them that you are considering trading and ask them if this is the amount the dealer will have have to pay to purchase the car from you... When you go into the dealer, if you are not sure, the dealer will call your lease company to find out.
#19
10-20-2006, 11:18 AM
#20
10-20-2006, 01:49 PM
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It was fun dreaming about it though.
Originally Posted by da mayor
just to let you know the first few months the lease rates are high -- that goes for any car company so you got some time before u get some impressive numbers
#21
10-20-2006, 04:37 PM
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I just got the payoff from IFS. It looks like it is actually only $28000. My car is worth around $26000 so I don’t think the trade is feasible right now. However, I will definitely give it a try in about 5 months when the 07’s are plentiful and my trade should be equal to my payoff. What happens if you have positive equity in your leased car and you decide to get out of the lease early? Do you get the difference between what your payoff is and what they give you in trade?
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