Automotive

I Laugh At People Trying To Get OUT Of Leases

  • Last Updated:
  • Dec 10th, 2018 1:12 am
Deal Addict
Jul 14, 2002
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tmkf_patryk wrote:
Dec 6th, 2018 7:08 am
Uhhh yes it is. Very easy. Maybe your not looking at the right spots or are limiting what your looking for.

Every vehicle I buy I drive for a while (up to 3 years even) and then sell AND make a profit off it.
I used to do that too. But things have changed in the GTA in the past decade+.
Removal of the private PST sale exemption, more stringent safety tests, growing population and less DIY'ers mean more cars head to the dealership in 2018 compared to 2008.
Last edited by dantey on Dec 6th, 2018 9:02 am, edited 1 time in total.
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Sep 8, 2007
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Swerny wrote:
Dec 6th, 2018 8:17 am
quality thread OP, i would downvote it again if i could.

:facepalm:
I haven’t voted yet. Simply because basically this thread’s existence provided 1.5-2 mins of entertainment.

What should I do?
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Jan 8, 2007
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ES_Revenge wrote:
Dec 6th, 2018 4:10 am
That's not what's happening at all here. OP's example is of a guy that leased a car for a while and then somehow wants someone else to pay for what he already paid for and take over the rest of the lease.

Doesn't work like that. When you lease, you are paying to use the car for a specified amount of time. If the guy used the car for xx months then guess what? He should have paid for those months. Anything after that is simply trying to get out of the car before the lease comes to the end. In that case, if the guy were really "down on his luck" he'd just glad to pay the transfer fee, and let the car go so he's not financially burdened by the payments any longer. Not ask for someone else to pay for the time he used the car already.

In fact most people that try to get rid of their leases put in a cash incentive to the person that takes over the lease. I.e. they pay them to take the lease off their hands. Not the other way around.

I mean there are exceptions to this such as when the original lessee placed multiple security deposits, or if they put in a downpayment. In this case the original lessee may want to get some or all of that money back by asking the person taking over to pay them, however this does not seem like that kind of thing.
At $450/m it seems like the guy put $9,000 down up front and is trying to get it back now. First rule of leasing, NEVER put money down on a lease. OP should build that same car on Infiniti's website and see how much the equivalent lease would be per month. My guess nowhere near $450...

Let's say someone was to prepay the whole lease for 36 months for whatever reason (you can if you want). Now this person wants out of the lease after 24 months for whatever reason. Lease payment is $0/month for remaining 12 months. OP comes along and wants to take over the $0/month lease and thinks he should not put any money up front. That's not how it works.
Member
Dec 22, 2007
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Mississauga
Treat it as any used car at this point. all the lease costs until the end vs market price of car
Newbie
Dec 5, 2018
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Only time it’s good to lease is...

If you can write off the payments thru your business. Or if you have money to waste on a vehicle you’re most likely to send back.

Leasing is good if you’re not sure if you want to keep a vehicle. Drive it for a couple years, if you decide you want to keep it, cool.

Leasing can help someone who wants lower payments. But is willing to stretch the **** out of their payments(buying out after too).

The only time you want to take over someone’s lease is when they are desperate to get rid of the lease because they can’t afford it. You’ll most likely get the best deal that way.

NEVER pay someone for their lease lmao. People who put down payments on leases then try to get rid of their lease on Craigslist and ask for $10k back lmaoooo. Idiots. They’ll never ever get it back.

A good lease deal will have less than 1-2 years remaining, lots of mileage left, SERVICE HISTORY, seller paying for all paper work, sometimes they are willing to give a few grand for you to take over their lease.

There are so many options when it comes to leases. You just have to be smart.
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aleks wrote:
Dec 6th, 2018 10:39 am
At $450/m it seems like the guy put $9,000 down up front and is trying to get it back now. First rule of leasing, NEVER put money down on a lease. OP should build that same car on Infiniti's website and see how much the equivalent lease would be per month. My guess nowhere near $450...
That's not entirely true.
The only reason you should not put money down on a lease is when you are intentionally not planning to finish the full term.
For 1 of the cars we were considering at 2.9% lease rate, putting $5000 down will indeed reduce your monthly payment by about $120/month for 48 months (around $5760). So yes, you would save $750 on interest over 4 years.
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Nippalo wrote:
Dec 6th, 2018 12:37 pm
Only time it’s good to lease is...

If you can write off the payments thru your business. Or if you have money to waste on a vehicle you’re most likely to send back.

Leasing is good if you’re not sure if you want to keep a vehicle. Drive it for a couple years, if you decide you want to keep it, cool.

Leasing can help someone who wants lower payments. But is willing to stretch the **** out of their payments(buying out after too).

The only time you want to take over someone’s lease is when they are desperate to get rid of the lease because they can’t afford it. You’ll most likely get the best deal that way.

NEVER pay someone for their lease lmao. People who put down payments on leases then try to get rid of their lease on Craigslist and ask for $10k back lmaoooo. Idiots. They’ll never ever get it back.

A good lease deal will have less than 1-2 years remaining, lots of mileage left, SERVICE HISTORY, seller paying for all paper work, sometimes they are willing to give a few grand for you to take over their lease.

There are so many options when it comes to leases. You just have to be smart.
Not all true. If you have a vehicle that demands high dollar on the used car market, you can still give someone money for that vehicle and still save a lot of money buying it out in the end as supposed to getting it from a CPO dealer. People can actually profit from leasing by selling them to others as I just mentioned.

But that is not always the case and you are right that there are options when leasing, be smart after all, these are used cars.
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Mar 23, 2004
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aleks wrote:
Dec 6th, 2018 10:39 am
At $450/m it seems like the guy put $9,000 down up front and is trying to get it back now. First rule of leasing, NEVER put money down on a lease. OP should build that same car on Infiniti's website and see how much the equivalent lease would be per month. My guess nowhere near $450...
Really? Because a low-end/base Q50 seems to come up near that price, before tax but at MSRP, with like $4k down... Figuring a good negtiation/reasonable discount I think you'd get there with less in that $9k. However you're correct a downpayment on a lease is never a good idea. Much better use of that money is to simply do something else with it or put in multiple security deposits instead. Also the security deposits are always paid back to the original lessee, unless they sign those over on a lease takeover.
aleks wrote:
Dec 6th, 2018 10:39 am
Let's say someone was to prepay the whole lease for 36 months for whatever reason (you can if you want). Now this person wants out of the lease after 24 months for whatever reason. Lease payment is $0/month for remaining 12 months. OP comes along and wants to take over the $0/month lease and thinks he should not put any money up front. That's not how it works.
That's a different story. In this case it's fairly pointless to get rid of that lease unless the lessee wants to rid themselves of insurance payments and possible storage costs. In that case yeah you'd want to get paid for what you put in and how many months are remaining. The problem there is very few people are going to take them up on that offer because the vast majority of car "buyers" (people who lease OR finance) are doing so via a payment plan, not purchasing or leasing outright. Some people do, sure, but relatively few. So paying for a lease outright when there's a chance you might have to get rid of it, is as stupid as putting in a downpayment.
Nippalo wrote:
Dec 6th, 2018 12:37 pm
Only time it’s good to lease is...

If you can write off the payments thru your business. Or if you have money to waste on a vehicle you’re most likely to send back.
The first part is 90s thinking. The second part is nonsense. The money cannot be considered "wasting". You are paying money to use the car (and a car that starts out brand new in the majority of cases) for a period of time. You can't expect anyone is going to give you a car for free just because you're going to give it back in a few years. You're paying to use a brand new car and use it as if it were yours with less much less risk, at the cost of what is likely more money paid in the long run. However some people that lease don't care and prefer to pay a bit more and keep paying perpetually in order to drive something new every few years.

I dunno if you've ever been to suburbia in the GTA but places like Brampton, Mississauga, etc. where average cookie-cutter subdivision homes are generally in the near million dollar range (at least that's where prices have gone these days) most of these folks don't keep cars longer than a few years and they treat cars as disposable "things" to just get them from A to B. Any car older than 4-5 years is considered a "classic" in parts like these, lol, because almost nobody keeps anything that long. For these folks, they don't have time for buying and selling and keeping cars and finding a mechanic or even doing something as simple as an oil change themselves. They just want to get the generic lux car (most often a BMW, MB, or Audi SUV) from a stealership, do all the maintenance there, and then toss them the keys after 3 years and get another one--rinse & repeat another few years from then. These ppl don't even give a crap to ever hand wash a car or detail it or even park it in the garage. Trust me I can go down my entire street and I'm one of only 2-3 houses where people put any of their cars in the garage. In the past 10 years I'm not even sure how many different cars my neighbours have had.
Sr. Member
Dec 16, 2008
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Richmond Hill
Not sure if you have noticed when playing with down payment numbers on automobile websites or not. The money that you put as down payment for a financed car, fully goes toward reducing your payments (i.e., 10K down on a 40K car, ends up you financing 30K).

In a lease, only a portion of that goes toward reducing your payments (i.e. 10K down on a 40K car, will not result in lease payments for a 30K car, but more expensive one). Not sure why, I guess to discourage people from paying less interest when leasing. In fact if you increase down payment on the website significantly, you receive error message or some weird negative APR values.

If one puts a significant down payment on a lease, he/she is better off to finance the car.
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kooroshkabir wrote:
Dec 7th, 2018 8:42 am
Not sure if you have noticed when playing with down payment numbers on automobile websites or not. The money that you put as down payment for a financed car, fully goes toward reducing your payments (i.e., 10K down on a 40K car, ends up you financing 30K).

In a lease, only a portion of that goes toward reducing your payments (i.e. 10K down on a 40K car, will not result in lease payments for a 30K car, but more expensive one). Not sure why, I guess to discourage people from paying less interest when leasing. In fact if you increase down payment on the website significantly, you receive error message or some weird negative APR values.

If one puts a significant down payment on a lease, he/she is better off to finance the car.
I've read about refundable security deposits that lowers the interest rate on leases.
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konsensei wrote:
Dec 6th, 2018 2:39 pm
That's not entirely true.
The only reason you should not put money down on a lease is when you are intentionally not planning to finish the full term.
For 1 of the cars we were considering at 2.9% lease rate, putting $5000 down will indeed reduce your monthly payment by about $120/month for 48 months (around $5760). So yes, you would save $750 on interest over 4 years.
Personally I would never tie up $5,000 in a lease up front to save $190/year. Lot better ways to use that cash with such low interest lease rates.
Sr. Member
Dec 16, 2008
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Richmond Hill
@aleks not all leases have low interest. There are special cars whose lease rates are over 5.99%. A down payment in this case can help to lower the monthly payment significantly.
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Apr 15, 2014
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Toronto, ON
pinkdonut wrote:
Dec 5th, 2018 3:33 pm
OP do you also make a post and complain about every ads and products you think are overpriced out there?

If you don't like it, just walk away...
No one force you to buy and look at it...a canada goose jacket for $1.5K might be ret*rded to you or some, but bargain for others.

Stop whining about stuffs that doesn't even affect you
We found the guy selling the infinity.
Please respond
[OP]
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Dec 15, 2017
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Toronto
aleks wrote:
Dec 6th, 2018 10:39 am
At $450/m it seems like the guy put $9,000 down up front and is trying to get it back now. First rule of leasing, NEVER put money down on a lease. OP should build that same car on Infiniti's website and see how much the equivalent lease would be per month. My guess nowhere near $450...

Let's say someone was to prepay the whole lease for 36 months for whatever reason (you can if you want). Now this person wants out of the lease after 24 months for whatever reason. Lease payment is $0/month for remaining 12 months. OP comes along and wants to take over the $0/month lease and thinks he should not put any money up front. That's not how it works.
So in your opinion I should up front thousands of dollars to take over a car that has been broken and abused for 2 years and then continue paying $450 month? I can lease a spanking new 2019 Elantra for $269/month and I will break it in, its a no-brainer.

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