Lease Question

[3587]

I have a lease question...

I owe $28K on my current '05 Chrysler 300C (big time upside down)... The Hyundai dealership has offered me $15,500 for it. I'm interested in leasing the V8 Tech Package Genesis... I have NEVER leased a vehicle before. What is a good deal? What should I look out for? How can I lower my monthly/down payments? I don't mind bickering with the salesperson on the price, I just need to know how to go about doing it.

I know I will have to come up with the $13,300 to pay of my current vehicle loan, regardless, what do I do?

Thanks in advance!

 

[Sal Collaziano]

Hi, 3587. Just letting you know that I broke this out of another discussion and make it it's own. It'll get more attention that way... Good luck with your Genesis lease!

 

[EdVoylesHyundai]

I have a lease question...

I owe $28K on my current '05 Chrysler 300C (big time upside down)... The Hyundai dealership has offered me $15,500 for it. I'm interested in leasing the V8 Tech Package Genesis... I have NEVER leased a vehicle before. What is a good deal? What should I look out for? How can I lower my monthly/down payments? I don't mind bickering with the salesperson on the price, I just need to know how to go about doing it.

I know I will have to come up with the $13,300 to pay of my current vehicle loan, regardless, what do I do?

Thanks in advance!

Go here and put in your zip code. They will list the special offers, if there are any currently. Make sure you check the dates and verify that you are looking at the right model year. Incentives vary by region, so they could be very different in NY than they are in TX, for instance.

Just a side note, we are selling the Genesis 4.6's faster than we can buy them. If you are in the Atlanta area and you can get one under MSRP, its a good deal. If you are in the NorthEast and you can get one at all, you are lucky.

Before you hook up, make sure that the ending terms of the lease are clearly laid out and all of your questions are answered. Ask about a disposition fee and make sure you know the price they are figuring the lease payments from. For more info, go here. It's a gov't site, so the information should be unbiased and "accurate". You can find a TON of info by Googling around.

 

[krnxwestsider]

in many cases, the dealership will pay off your current loan on the trade and the negative will roll over. you're going to have to come up with some extra cash to cover a portion of the negative since the banks will only allow up to certain amount to be rolled over.

every 1000 is about $30 +/- in your monthly payment, give or take a few dollars.

so you're negative alone will be $390/month on top of what kind of deal you get.

the deal i got was on a fully loaded V6 for $3800 $452 per month including tax. you can expect a deal close to this or a little less.

Good luck on your purchase.

Brian K.

 

[3587]

Great help Brian. I'm going for the V8 Tech Package, so I might have to roll the extra in and just do a LARGE monthly payment for a couple of years... Of course I will have to drop some $$ up front... Just not sure how much to drop...

So, figure out FIRST what the top dollar they are using for the lease terms... So, if some here are paying $38,500, would I be able to get them to drop the lease down to that, then go off of that number?

I'll have to check out those websites as I have NEVER leased before...

Thanks!

 

[PriorityHyundaiVA]

depending on your negative equity situation which looks like quite a bit (and ppl have nerve to try and talk about hyundais resale, which is expected to be higher than any other car in its class in the next 3 yrs, remember resale is based on % lost of original value not numeric value..ex. a 60,000 car thats worth 25,000 3 yrs later doesnt make it have better resale than a car thats 42000 thats worth 20,000 three years later) but, anyway leasing is tuff when you have alot of negative equity because those leasing programs are all based of MSRP and alot of manufacturers dont like or just plain wont finance no more than 2-3000 dollars over msrp for leases much less 10-15g's. you may have to go with a straight purchase to have any hope as in most banks will finance up to 125% of msrp example(40,000 you can finance 50,000). so you may do it that way. i just had a guy who was flipped in his expedition and got out of it that way. hope this helps.

kenny

 

[PINGGOLF]

Not trying to spoil the excitement for ya but in the long run it will probably be cheaper for you to keep your 300C and continue to pay it down as fast as you can. Then, when you get your loan payoff closer to NADA value you can just trade it in. Maybe by then, the 5.0's will be out!!!

Some things are worth the wait.
--I waited for the Genesis 4.6 over a Lexus Es350 and it was the best move I have made.

Anywho, good luck with everything and think smart. I hate to see people get themselves in a financial bind...because I have been there and it is NOT fun. Keep in mind, I have no clue as to your financial situation and dont need to know, I just threw in my 2 Cents for others to read as well.

You know we are ALL here to help you out and anytime you have questions please do not hesitate to ask!

Matt

 

[3587]

Let me ask you this... Would this work... They give me $15,500 for my car... Would they put this towards my current loan? That way, I refinance the remaining $13K left on the loan, which the bank already said they would... I then lease this vehicle with NO negative in it... Would this be a better option? On this $42K car, what should I be able to talk them down to in order to lease the vehicle? How much down? Monthly payments?

I really need out of my current vehicle... I can afford it, but I want the best deal/rate on both of them... What are my options other than keeping my garbage 300C?

 

[DanTheMan]

Let me ask you this... Would this work... They give me $15,500 for my car... Would they put this towards my current loan? That way, I refinance the remaining $13K left on the loan, which the bank already said they would... I then lease this vehicle with NO negative in it... Would this be a better option? On this $42K car, what should I be able to talk them down to in order to lease the vehicle? How much down? Monthly payments?

I really need out of my current vehicle... I can afford it, but I want the best deal/rate on both of them... What are my options other than keeping my garbage 300C?

I would guess that since you'll no longer be the owner of the car, that the new owner (the dealership/bank, etc.) would want an unencumbered title--no liens against it. That would mean it would have to be paid off entirely--either in trade value or cash down (or a combination). To get the most from your current ride, you would have to sell it on the open market. Of course, that involves time, which you may not want to invest in.

You're caught between the proverbial 'rock and a hard place.' I wish you luck...and a lot of it!

Dan

 

[sandy]

After all my negotiating and agreement on a price, when I showed up to sign the lease I was then told about a $400 disposition fee due at lease end if I didn't purchace the car. Was that fee included in leases you folks signed up for?

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[EdVoylesHyundai]

After all my negotiating and agreement on a price, when I showed up to sign the lease I was then told about a $400 disposition fee due at lease end if I didn't purchace the car. Was that fee included in leases you folks signed up for?

This fee is in most (if not all) leases, but many people are so excited to get into their new car they don't see it. That amount does not sound out of line at all.

 

[BigTrace]

Sell the car yourself either via autotrader or go to CarMax (if you have one nearby) to get a better deal than $15,500. If you can't, keep the car. I don't want to be disrespectfull here, but in my opinion, you're on a downward financial spiral as you're just piling up debt. If the 300C is serviceable, keep it, it's not worth your upside down headache. There will be other cars down the road when you get into a better financial situation. Dropping another $13,300 on an asset that will also 'devalue" is not a smart move unless you have the $13k in the first place.

 

[03clyde]

Sell the car yourself either via autotrader or go to CarMax (if you have one nearby) to get a better deal than $15,500. If you can't, keep the car. I don't want to be disrespectfull here, but in my opinion, you're on a downward financial spiral as you're just piling up debt. If the 300C is serviceable, keep it, it's not worth your upside down headache. There will be other cars down the road when you get into a better financial situation. Dropping another $13,300 on an asset that will also 'devalue" is not a smart move unless you have the $13k in the first place.

Good point.

 

[GS300rich]

Bigtrace speaks the truth. I would wait and pay more of the car off, whether it takes you 6 months, 1 year, 2 years, and then when you arent upside down in this loan then think about making a move. One thing to consider, add what you pay monthly on a lease and what you would pay monthly to repay the remaining value of the loan on your 300c. Subtract what your monthly payment is now on your 300c and put that amount toward the principal of your 300c each month and see how it goes in a year. Youd be surprised how fast the amount owed drops