Automotive

Lease a pre-owned?

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  • Nov 18th, 2015 8:51 am
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Deal Addict
Jan 6, 2015
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Toronto, ON

Lease a pre-owned?

Has anyone leased a pre-owned vehicle before? specificially Audi or BMW?
18 replies
Deal Addict
Jan 8, 2007
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foodyforlife wrote: Has anyone leased a pre-owned vehicle before? specificially Audi or BMW?
I did way back in 2006. I leased a CPO BMW 330i that was 1 year old.
Deal Addict
Sep 10, 2008
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Ottawa
One key consideration: don't sign a lease where the term runs longer than the warranty. Do you want to be paying for repairs on a car you're just renting?
Deal Fanatic
Nov 9, 2013
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Edmonton, AB
Why would one lease a 1-2 year old car? Is it just to drive something newer with a lower monthly payment? Are the rates competitive?
Deal Addict
Jan 8, 2007
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treva84 wrote: Why would one lease a 1-2 year old car? Is it just to drive something newer with a lower monthly payment? Are the rates competitive?
I didn't think this was available anymore. I did it back in 2006 because the price of the car was around $15K lower than brand new. Lease interest rate was very low and residual was high. I ended up selling that car after about a year. I generally lease new cars with low interest rates as I like to free up cash to put in places that can make more in return that the interest over lease term I pay.
Deal Addict
Jan 6, 2015
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treva84 wrote: Why would one lease a 1-2 year old car? Is it just to drive something newer with a lower monthly payment? Are the rates competitive?
I was thinking of leasing like a CPO, off-lease or even demo car. Aslong as its under warranty, since I wouldn't be keeping it anyways after that! Especially for those luxury cars
Deal Fanatic
Nov 9, 2013
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foodyforlife wrote: I was thinking of leasing like a CPO, off-lease or even demo car. Aslong as its under warranty, since I wouldn't be keeping it anyways after that! Especially for those luxury cars
What are the rates you're finding? Are they nearly the same as leasing new?
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Jul 30, 2007
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foodyforlife wrote: I was thinking of leasing like a CPO, off-lease or even demo car. Aslong as its under warranty, since I wouldn't be keeping it anyways after that! Especially for those luxury cars
if that's the case, takeover a leasebuster lease. Have the current owner pay for inspection and lease transfer fee and look for a lease that the owner has put down a fair amount of down payment.
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Jun 10, 2011
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Plenty of 3rd Party leasing companies where you can lease 3-4 year old luxury cars.
Deal Fanatic
Jun 3, 2009
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durrsak wrote: Plenty of 3rd Party leasing companies where you can lease 3-4 year old luxury cars.
Just in time for warranty to run put after 4 years?
Sr. Member
Aug 29, 2004
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If you structure these correctly and don't mind being ether slightly out of bumper to bumper warranty (or can find a CPO) you can get ridiculous deals by doing this.

That's how I leased a 1 year old Audi R8 for $600/mnth.
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Jul 30, 2007
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$600 for r8. You got show us your paper with details to back up your claim
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Jan 21, 2009
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scarface wrote: If you structure these correctly and don't mind being ether slightly out of bumper to bumper warranty (or can find a CPO) you can get ridiculous deals by doing this.

That's how I leased a 1 year old Audi R8 for $600/mnth.
Yeah, okay.
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scarface wrote: If you structure these correctly and don't mind being ether slightly out of bumper to bumper warranty (or can find a CPO) you can get ridiculous deals by doing this.

That's how I leased a 1 year old Audi R8 for $600/mnth.
I think you have a typo.

$600/ WEEK is more likely (even this # is already considered to be on the low side)

A base V8 R8 at $160,000 + car with $0 down and 3 yrs lease at 4.9% will run you about $3000 per month + taxes.

I am really interested in seeing your takeover lease doc.
Sr. Member
Aug 29, 2004
952 posts
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booblehead wrote: I think you have a typo.

$600/ WEEK is more likely (even this # is already considered to be on the low side)

A base V8 R8 at $160,000 + car with $0 down and 3 yrs lease at 4.9% will run you about $3000 per month + taxes.

I am really interested in seeing your takeover lease doc.
Wasn't a takeover. It was a unit that was being voluntarily repossessed and I was able to buy it for the outstanding loan balance, after a year of payments.

I paid $135,000 and was able to assign a $124,000 residual after 3 years. 3.5% rate. Feel free to check my numbers.

The $3k payment you use is correct, if you buy a new one. The black book residual doesn't go down that much over a year (or two), but the residuals that the dealers use tend to be different because they want equity in the cars when they come back. If you want to start guaranteeing residuals, you can do even more ridiculous stuff, like $1 monthly lease payments.
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Dec 1, 2013
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Do you think I could possibly get a 0% lease by getting a CPO BMW and using the single payment lump sum option?
¯\_(-.-)_/¯ A wise RFD'er once said, "Buy now, think later."

༼ つ ◕_◕ ༽つ Behold!
Deal Addict
Oct 17, 2010
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scarface wrote: Wasn't a takeover. It was a unit that was being voluntarily repossessed and I was able to buy it for the outstanding loan balance, after a year of payments.

I paid $135,000 and was able to assign a $124,000 residual after 3 years. 3.5% rate. Feel free to check my numbers.

The $3k payment you use is correct, if you buy a new one. The black book residual doesn't go down that much over a year (or two), but the residuals that the dealers use tend to be different because they want equity in the cars when they come back. If you want to start guaranteeing residuals, you can do even more ridiculous stuff, like $1 monthly lease payments.
I thought residual is set by the company not dealer
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Jul 30, 2007
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scarface wrote: Wasn't a takeover. It was a unit that was being voluntarily repossessed and I was able to buy it for the outstanding loan balance, after a year of payments.

I paid $135,000 and was able to assign a $124,000 residual after 3 years. 3.5% rate. Feel free to check my numbers.

The $3k payment you use is correct, if you buy a new one. The black book residual doesn't go down that much over a year (or two), but the residuals that the dealers use tend to be different because they want equity in the cars when they come back. If you want to start guaranteeing residuals, you can do even more ridiculous stuff, like $1 monthly lease payments.




Since you did not say what trim model of the R8, therefore, it is difficult for me to analyze your #. Assuming the car when brand new is $250,000 (before taxes) and you said you paid $135,000 (tax included) as down payment and residual of 124000, with 3.5% and 36 months lease term. Yes, then I can see you are paying $600 a month all included.

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