Well here is the deal ive had my 37 for 16 months now, i leased the car for 39 months... I pay around 600$$ a month, but ive put a lot of money into the car maybe around 5 grand. Now im thinking about flipping my car over to a finance, but i have no clue how to approach my dealer or what i should say. Can someone give me a ideal figure that id probably be looking at if i do flip this over to a finance...

Thanks Guys

 

the residual, plus all remaining payments. Just go to the dealer and tell them you want to buy the car. Talk to the finance guy. It's not an uncommon thing to do. I would wait though if I were you. Right now your payments are coming off your principal interest free. You are paying tax on these payments, but if you buy the car, all that tax will be charged up front, so no difference really. The longer you wait to buy out the lease, the better. Plus, once you buy it, you lose the ability to walk away from it. Parts can always be removed, and sold off. Since you already paid for them, you will make money selling them no matter how little you get for them. A car on the other hand, is not as easy to get rid of as you need to sell it for a certain amount to lose as little as possible (if you're upside down)

 

Thanks zach i apprecaite the help...I did a bit of math and basically i put about 10k in payments into so far...maybe ill wait another 6 months i guess the longer wait the better, but i feel that t he g37 will have real good resale value in the next couple years..im sure i can get at least 25k back from it

 

No problem. I'm sure it will hold it's value well. If you look at your current payoff on the car, every payment comes directly off of that payoff, minus taxes. If you buyout and finance the vehicle, each payment will initally have way more going to interest, then to the amount owed on the vehicle. In other words, in order to pay it down faster, you want to stick with the lease longer. Then buy that **** out.

*edit* If you want to sell the car, you can at any time. Like I said, it's just the residual, plus any remaining payments. And sometimes a dealer will charge a fee when the vehicle is bought out, but I don't think they always do. Not sure on that one.

 

Thanks Zach your the man, I guess its best to wait a bit longer

 

Spot on.

You can actually go to your own bank and tell them you'd like to finance as well, or go to your local credit union. Typically, a dealer can get you a better rate since they can shop the rate with multiple banks and save you the footwork. You'll also have the opportunity to buy an extended warranty through the factory, etc. etc., and throw it into the financing.

Wait until you're close to the end

There is a $150 buyout feel.