Thanks for the video just wanted to clarify. Did you buy the car and sell it at another dealer? Or just give it back to the dealer and ask for more money?
@@Nova1784 we turned in our lease to the same dealer we got it from and asked for money because the residual value was way less than what we could of sold it to another person for.
Happy Delayed New Year, Hi NJ Resident Kia SOUL 2021 5k downpayment and now just 10 k Miles, when to the dealer and say they pay the remaining and if i need new car need to give new Down payment, what is recommendation Really appreciate lease ends in July, they say the market is goin to normal but same inventory ?? Car seller if i have some Numbers to figure it out. i hope you can give me the Best tip.
Did a LOT of research. My Hyundai Finance lease isn't up until October 2024. For me, easiest task is to turn in the current Hyundai Kona I drive (a 2022 Kona Limited) and lease another Kona (maybe the EV this time?) and since I'm a 5-time loyal customer, I've been getting some sweet dealership loyalty perks (same local Hyundai dealership for all my leases). This time, in 2024, used car prices are dropping like blue ice from an airplane toilet seat, so selling my leased Hyundai this time is more trouble than it's worth.
I just did something similar about a week ago. I had a year left on my ‘22 Jeep Grand Cherokee Altitude lease. I was interested in a ‘24 Dodge Hornet R/ T. They bought my Jeep lease out from the leasing company with about $1,300.00 positive equity (on the low side lol since I see they are selling it for about $7k more than they bought it for), but that’s okay by me bc I got out of it and another year of payments early. I did something similar on a previous ‘20 Ram lease (with $7k equity) as I was able to get into the ‘22 Jeep lease but that was only 5 months early.
I always swap expensive parts before the lease end like the cats,alternator, ac compressor etc.iswap with older OEM original parts and this makes me about $5000 . They never detect the parts because the all work properly for the short term.
I was thinking about it, but i thought you can't sell your leased car. also you mentioned that you return your vehicle, is that at the end of lease and return to the same dealership you purchase, you it couold be any dealership
Hello, If you plan to go about it the way you did, does it make a difference if you have overage on your mileages? My lease up in July next year and mileage calculator says I’ll be over and owe $2500. The value of my Lexus is about $33k and residual value $16k? Any advice on what I should do?
I don't think that matters, you will just have to pay the fine for every mile you are over. So if your fine is 2k then you still have around 15k of profit there which is awesome for you. However if it's up next year in July the amount of miles you add onto it until then will reduce the sale value. Either way it sounds like you'll be able to profit similarly how I did or use that extra cash for your next down payment.
@blackluv032003 Interesting, my lease is up in a month and my residual value is 14K from 23K vehicle value new from lot 3 years ago. I really want to get a new vehicle leased out so I want to know how can I do. the best part is that my mileage is a joke with only 13k/30K so the value of my car should be well above the original new proce about today, I'm talking about a 25K car so I need more help to get a great deal towards a new lease and I don't want to pay more than what I already pay in my current lease and I don't want to put down nothing if possible.
Is the only way to get out of paying sales tax by selling to the actual dealership you leased from? I left the state I bought in. Or does that work at any dealership? Awesome video!!
Helpful, I have a Subaru ascent lease ending soon, and I’d like to trade it in, so I can use that residual value towards the new lease, right? I would appreciate your help
You can only leverage the residual value if it's significantly less than what you would be able to sell it for on the open market. Chances are it is and then the dealership can pay you extra money for it, or you can use that money for a down payment for a new lease
Looking for some advice, I'm turning in my 2019 leased Toyota Rav4 (pay $385/month), its in excellent condition, only has 18,000 miles on it, I've recently looked into purchasing it, the purchase amount on my contract is $18,387. I have gotten quotes for $30,000 from places like carmax. The car dealership contacted me well before my lease was up wanting my car, before I did my homework I just planned to turn my current car in and lease a new Rav4, they have a new 2022 Rav4 ready for me, initially they wanted $1,000 down and $420/month, I turned that down and said I'd wait until my lease was up since my current payment was cheaper and I'd reevaluate at the end of my lease. Now I'm at the end of my lease, I'm more informed after watching many videos like yours, I tell the dealership after much consideration that the best option for me is to independently purchase my vehicle. They come back saying they will do anything to keep my business, I tell them it will have to be pretty sweet deal for me to lease again at this time. They come back with a no money down $375/month 3year lease 2022 Rav4 XLE with heated seats, AWD, power liftgate, sunroof, and some kind of weather package offer . Is this a good deal? Or.... Should I purchase my current car? Do you think I could haggle and get a better monthly payment and how low do you think I could go?
Nice work doing your homework man. That sounds like a pretty good deal tbh. You probably have more value in just buying it outright at the $18k and then reselling it for around 10k profit and then getting a new lease, but you have to weigh the effort in that.
What’s up I have a less about a year a 3 yr lease I’m wondering if I can get out of it to get into a different car new lease so you think the leasing company I use in New York would buy the car and get me into one?
My lease is ending for a Honda CRV-EX 2020. Seems the value has gone up quite a bit but the dealership isn't offering to buy it out. What would be the best way to go about it?
Lookup what similar make and models are selling for in your area. If it is much higher than the residual value(what you can purchase your car for at the end of your lease) you can just buy it and sell it for profit.
@@SuitTV To make sure I understand: our Residual Value is $21,126. Offers for our make and model are ~$31k (about $2k more than the initial capitalized cost). Meaning that if we finance we could get ~$8k by reselling or trading in? Am I missing any other numbers that could factor in like our monthly payments / deposit? Thanks!
this is really helpful - thanks for sharing! My lease is ends next week and I will be returning the car. I am wondering if I can negotiate with the dealer on the sale price. If anyone has had any experience, please comment.
My lease is ending i want to do the same thing you are doing can i get profit for my car lease it is a 2020 Toyota rav4. What steps do i do? What do i tell them the dealer shop
@@nickdraper3856 in the spreadsheet from the video you can see the difference in the KBB vs what the dealership offered me (which was about $1,700 more). Obviously used car prices have dropped a decent amount from when I did this last year though
I have a 2020 Civic lease ends this december. Its supposed to be at 70000KM but so far its only 52000 km way under the mileage. Now can I go into VW and have them appraise it towards lets say a GLI? Or do I have to go to Honda again to return it? I ask because there is less mileage on it. The buyout price is $13458, If I do buy it I may finance it.
Great info. It’s just funny to see people complain about above sticker for new cars but take advantage of the used car market in their favor when selling their own car. You did it the right way for you though.
I have six months left on lease, and the residual is 25K, and used ones are going for 39-41K and KBB has it as 37-39K. It's a Volvo, and my dealership doesn't have any of these at the moment and very low stock in general. Seems like a pretty good situation to leverage, right? Either to buy it outright or get credit towards another lease or purchase? Great informative video. Thanks!
I have a 2020 Honda Accord EX-L with 16k miles. My lease ends this November. Do you think this is the perfect time for the dealership to buyout my lease and pay for the positive equity? I need the check for house expenses.
@@MrTacoma you do not have to wait till the end of the lease ,but then you have to paid the difference you owe on the auto from monies you get from the sell of your auto. Never paid in advance for your lease auto it works against you if the car is stolen/in an accident. Take the extra cash and use it to lower your own monthly payment VS the dealership placing it into your lease to lower your payment (at their hidden charges/advance lease payment).
I still don’t understand how you can sell a car you don’t own when it’s the bank or dealership that’s still owns it?im new to this so can you elaborate on it some more?
If i understand correctly; only you, (the lease holder) could purchase the vehicle at the residual value. The vehicle is still with X amount to the dealership or a third-party purchaser. So by selling it back to the dealership or 3rd party you'll get the difference. They want you to give it back so they could collect another down-payment and monthly payments from the next customer all while you're making payments on a new vehicle. So even though you don't own it, you have first dibs on owning it, so you have have the leverage.
The residual estimated value agreed to in your lease contract is the accepted offer part of a contract if you understand contract law a bit you have the RIGHT but not the OBLIGATION to purchase the car at the agreed upon buyout value at the end or before the term of the contract (your lease) in the event your cars current market value is higher than that agreed upon buyout value you have now essentially set yourself up for an arbitrage situation where you can literally exercise your contract at the specified value stated in the contract (residual value) and immediately turn around and sell the asset at the current market price (the spread... is your PROFIT). Happens ALL with financial contracts and instruments in all kinds of markets all over the world! it's a fascinating and a great way to manage risk by getting exposure to assets you'd like to enjoy or cash flow or get gain leverage from without actually assuming all the risk of owing said asset directly or laying out the cash/capital to acquire said asset fully. Think of it this way... it's very much similar to a down payment on a home as percentage of the homes value... once it appreciates you can sell it for a profit although you don't really own the home the bank does technically until it's fully paid off. It a strategy savvy investors and speculators have use for ages! The real key to this in the lease car market game is to find cars with VERY high residual value aka cars/trucks/suv's that have very little depreciation in the those first few years. That's the real hack! might not be the exact car you want but what's in demand will have lower depreciation allowing for opportunities like the car market is experiencing currently.
Hi, Question we have a 2023 jeep wrangler rubicon, we went to carmax and get an offer of 54k,we want to sell the car before we make the first payment. We have the on lease btw. Do we have to pay the total amount or the lease payoff? Please advice? Thank you
@@SuitTV that's not true ! The financial Company own the car not the dealership( they are the middle man). Whom ever you send your monthly payments to owns the car till your lease end or if before the lease end you chose to sell it. You can sell it before the lease end and just pay the difference of your sell price to the financial company which you owe 1st then keep the profit or get another lease auto
I know there are penalties if you go over but I don't think there are any bonuses if you are under. However having low mileage should make the car more valuable compared to the residual value. This gives you greater incentive to buy the car or do as I did and have the dealer write you a check if the market value is much greater than the residual value.
my new lease Honda CRV 2021 is only used for 5 months with 4.7kmillage to pay for 36months. Do you think I can return my lease car without completing the contract?
Possibly but because it's such a new contract you're not going to make any money off of it most likely and is a much different situation than I described in the video. If you really want to get out of the lease you'll have to call your dealership
Very interesting video, perfect timing. I'm literally going to the dealership this morning to order a new vehicle because there is no inventory and this is apparently the only way to get a new vehicle. My lease is up in July just about the time the new vehicle comes in. I'm gonna try and roll some money over from that lease turn in for the new vehicle. I'm also in NJ, great video man.
Awesome info🌱 thank you. Question do you have to wait until the lease is almost up? I still have my lease till August 2023 but not much millage left and I would like to do what you guys did with your lease. Also I've heard that Hyundai and Kia are the ones allowed to possible buy your lease. Is that correct? Thank you in advance🌱
No you don't have to wait until the lease is almost up but I think you have more leverage when it is closer toward the date of it being up. That way you can see what the car is selling for on the market and you know the value compared to what you can buy it for like I did. Any dealership can buy your car back.
You can tell them you want to put that 5K into your next lease with them and use it on your new lease to get rid of the initial down payment or make your monthly payments lower. I might first act like you are going to buy out the lease... This will get them much more likely to bargain with you.
@@SuitTV is it possible to start a new lease and get favorable payments and then sell the car to the dealer like you did and keep that equity separate (check) from the deal? And just keep the money
@@SuitTV ok yeah I guess I’ll have to weigh the options of is it worth using the equity on new lease or jus keep the equity and use it for something else.. thanks for you Time and reply’s
Very informative video. I plan on keeping my vehicle and researching what will happen. Will the value of the car decrease what is owed if I decide to purchase it. Any thoughts?
If you decide to purchase your car for the residual value, I'd just compare that residual value against what your car is going for on the open market and then that will tell you if you are getting a good deal or not. Just like I did in the video. New and used car prices are still very high right now so I'd bet buying it for the residual value would be your best bet
my elderly client is going to buy their leased 2020 Edge with only 11,000 old fart miles..I know the dealer will try to talk them into turning that low mileage gem in so they can sell it for a huge profit!
So did you have to pay off 17,000$ first then sell it to the dealer ship? Or would they just take the car and pay you the difference of you buying and then selling it to them?
Can I bring my car to another dealership and get an appraisal? And get the car I actually want ? And do I finance or lease it for lower monthly payments ?
If they want your lease back early you likely have accrued some value. 6,500 is pretty low, so I'm guessing you can profit either buying it from them or selling it back to them
The dealership knows your lease is ending and will likely call you first to try and get you to lease another car from them. That's when you can tell them you're considering buying it.
My lease is ending… like in a week. How do get money back? I was going to buy the car out but I’m not sure if that’s a good idea. I’m currently paying a really high amount for the lease(first time car owner). After seeing your video, I would love to get money back and returning instead of buying it.
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Is your lease ending and are you thinking about doing something similar? Feel free to comment below or ask any questions you may have.
Is this possible in canada?
@@justjessica8624 I'm not sure but I would think so.
Thanks for the video just wanted to clarify. Did you buy the car and sell it at another dealer? Or just give it back to the dealer and ask for more money?
@@Nova1784 we turned in our lease to the same dealer we got it from and asked for money because the residual value was way less than what we could of sold it to another person for.
Happy Delayed New Year, Hi NJ Resident Kia SOUL 2021 5k downpayment and now just 10 k Miles, when to the dealer and say they pay the remaining and if i need new car need to give new Down payment, what is recommendation Really appreciate lease ends in July, they say the market is goin to normal but same inventory ?? Car seller if i have some Numbers to figure it out. i hope you can give me the Best tip.
Great content! Very informative. Thanks for sharing great information to the consumers. My lease is up in 2 weeks 😊
Glad to help!
Did a LOT of research. My Hyundai Finance lease isn't up until October 2024. For me, easiest task is to turn in the current Hyundai Kona I drive (a 2022 Kona Limited) and lease another Kona (maybe the EV this time?) and since I'm a 5-time loyal customer, I've been getting some sweet dealership loyalty perks (same local Hyundai dealership for all my leases). This time, in 2024, used car prices are dropping like blue ice from an airplane toilet seat, so selling my leased Hyundai this time is more trouble than it's worth.
Hahaha never heard the blue ice one before.
@@SuitTV I have a sick brain! 😁
I just did something similar about a week ago. I had a year left on my ‘22 Jeep Grand Cherokee Altitude lease. I was interested in a ‘24 Dodge Hornet R/ T. They bought my Jeep lease out from the leasing company with about $1,300.00 positive equity (on the low side lol since I see they are selling it for about $7k more than they bought it for), but that’s okay by me bc I got out of it and another year of payments early.
I did something similar on a previous ‘20 Ram lease (with $7k equity) as I was able to get into the ‘22 Jeep lease but that was only 5 months early.
nice job! glad it worked out well for you
Why didn’t you do the car max offer?
It was easier to just do the dealership offer. Also that way there's no taxes involved because it's not technically a resale.
Can do the same thing with my car at end of my lease i am in new jersey . At the end of the lease
I always swap expensive parts before the lease end like the cats,alternator, ac compressor etc.iswap with older OEM original parts and this makes me about $5000 . They never detect the parts because the all work properly for the short term.
Haha, I never heard that one before.
That's cruel to do to the poor person that purchases your leased car. Not great karma.
I was thinking about it, but i thought you can't sell your leased car. also you mentioned that you return your vehicle, is that at the end of lease and return to the same dealership you purchase, you it couold be any dealership
Hello,
If you plan to go about it the way you did, does it make a difference if you have overage on your mileages? My lease up in July next year and mileage calculator says I’ll be over and owe $2500. The value of my Lexus is about $33k and residual value $16k? Any advice on what I should do?
I don't think that matters, you will just have to pay the fine for every mile you are over. So if your fine is 2k then you still have around 15k of profit there which is awesome for you. However if it's up next year in July the amount of miles you add onto it until then will reduce the sale value. Either way it sounds like you'll be able to profit similarly how I did or use that extra cash for your next down payment.
@@SuitTV I ended up just trading it in. Lexus got me In a choke hold lol! Just had to put a $800 down payment.
@blackluv032003 Interesting, my lease is up in a month and my residual value is 14K from 23K vehicle value new from lot 3 years ago.
I really want to get a new vehicle leased out so I want to know how can I do. the best part is that my mileage is a joke with only 13k/30K so the value of my car should be well above the original new proce about today, I'm talking about a 25K car so I need more help to get a great deal towards a new lease and I don't want to pay more than what I already pay in my current lease and I don't want to put down nothing if possible.
Is the only way to get out of paying sales tax by selling to the actual dealership you leased from? I left the state I bought in. Or does that work at any dealership? Awesome video!!
You can only avoid sales tax by selling it back to the dealership you bought it from, because technically they own it. Thanks!
Did you get your car detailed before you sold it back to the dealership? Thanks for the video!
Nope, it was decently clean though
Helpful, I have a Subaru ascent lease ending soon, and I’d like to trade it in, so I can use that residual value towards the new lease, right? I would appreciate your help
You can only leverage the residual value if it's significantly less than what you would be able to sell it for on the open market. Chances are it is and then the dealership can pay you extra money for it, or you can use that money for a down payment for a new lease
@@SuitTV how can I put it down without me buying and selling the car to get the money?
@@SuitTV If you put a down payment on a lease you would lose it if the car was stolen or totaled as the down is not equity.
If I sell my leased car to the same dealership where I signed the lease, do I have to pay Sales or Use tax in California?
@@SonyaAnson I'm not sure about California but in NJ I did not have to pay sales tax
Looking for some advice, I'm turning in my 2019 leased Toyota Rav4 (pay $385/month), its in excellent condition, only has 18,000 miles on it, I've recently looked into purchasing it, the purchase amount on my contract is $18,387. I have gotten quotes for $30,000 from places like carmax. The car dealership contacted me well before my lease was up wanting my car, before I did my homework I just planned to turn my current car in and lease a new Rav4, they have a new 2022 Rav4 ready for me, initially they wanted $1,000 down and $420/month, I turned that down and said I'd wait until my lease was up since my current payment was cheaper and I'd reevaluate at the end of my lease. Now I'm at the end of my lease, I'm more informed after watching many videos like yours, I tell the dealership after much consideration that the best option for me is to independently purchase my vehicle. They come back saying they will do anything to keep my business, I tell them it will have to be pretty sweet deal for me to lease again at this time. They come back with a no money down $375/month 3year lease 2022 Rav4 XLE with heated seats, AWD, power liftgate, sunroof, and some kind of weather package offer . Is this a good deal? Or.... Should I purchase my current car? Do you think I could haggle and get a better monthly payment and how low do you think I could go?
Nice work doing your homework man. That sounds like a pretty good deal tbh. You probably have more value in just buying it outright at the $18k and then reselling it for around 10k profit and then getting a new lease, but you have to weigh the effort in that.
What’s up I have a less about a year a 3 yr lease I’m wondering if I can get out of it to get into a different car new lease so you think the leasing company I use in New York would buy the car and get me into one?
My lease is ending for a Honda CRV-EX 2020. Seems the value has gone up quite a bit but the dealership isn't offering to buy it out. What would be the best way to go about it?
Lookup what similar make and models are selling for in your area. If it is much higher than the residual value(what you can purchase your car for at the end of your lease) you can just buy it and sell it for profit.
@@SuitTV To make sure I understand:
our Residual Value is $21,126.
Offers for our make and model are ~$31k (about $2k more than the initial capitalized cost).
Meaning that if we finance we could get ~$8k by reselling or trading in?
Am I missing any other numbers that could factor in like our monthly payments / deposit?
Thanks!
@@eldeived88 that looks right. If you sell to someone other than the dealer you leased it from you will have to pay taxes as well.
What was that $500 fee you mentioned for? The turn in fee?
Also, any content on the lease trade in process??
I returned my lease yesterday I bet I have quite can I go back and deal with them?
Great video, my lease is up in 4 months this information is really useful.
this is really helpful - thanks for sharing! My lease is ends next week and I will be returning the car. I am wondering if I can negotiate with the dealer on the sale price. If anyone has had any experience, please comment.
Yes you certainly can negotiate. You likely have a much lower residual value than what you can sell it for. That is your leverage
@@SuitTV that’s what I’m thinking too! Can’t wait to go home later and see what my residual value is on my lease agreement. Thanks again!!
Did you sell it back to the same dealership you bought it at?
Yes I did. One of the benefits to doing that is that I didn't have to pay taxes. If I sold it to another dealership or another person I would have.
When you talk about the Residual Value plus the $500
Was that $500 additional in the paperwork
I don't remember if it was in the original paperwork or if they told me about it, but bottom line is that most dealerships will have that fee.
My lease is ending i want to do the same thing you are doing can i get profit for my car lease it is a 2020 Toyota rav4. What steps do i do? What do i tell them the dealer shop
I need to know. Did you go through Honda?
Yea I did go through a Honda dealership
@@SuitTV was the appraisal pretty close to Kelly blue book?
@@nickdraper3856 in the spreadsheet from the video you can see the difference in the KBB vs what the dealership offered me (which was about $1,700 more). Obviously used car prices have dropped a decent amount from when I did this last year though
I have a 2020 Honda CRV do I have to trade it in to a Honda dealer or can I trade it in to any car dealership
I have a 2020 Civic lease ends this december. Its supposed to be at 70000KM but so far its only 52000 km way under the mileage. Now can I go into VW and have them appraise it towards lets say a GLI? Or do I have to go to Honda again to return it? I ask because there is less mileage on it. The buyout price is $13458, If I do buy it I may finance it.
Great info. It’s just funny to see people complain about above sticker for new cars but take advantage of the used car market in their favor when selling their own car. You did it the right way for you though.
Thanks man. Yea it works both ways.
I have six months left on lease, and the residual is 25K, and used ones are going for 39-41K and KBB has it as 37-39K. It's a Volvo, and my dealership doesn't have any of these at the moment and very low stock in general. Seems like a pretty good situation to leverage, right? Either to buy it outright or get credit towards another lease or purchase? Great informative video. Thanks!
Yea exactly. You're in the money and have great options.
Whatever did u do, did the dealership roll over any of that into the next deal?
I have a 2020 Honda Accord EX-L with 16k miles. My lease ends this November. Do you think this is the perfect time for the dealership to buyout my lease and pay for the positive equity? I need the check for house expenses.
Checkout what the residual value is and compare it to the current market price of your car like I did. That should give you a good estimation.
I have a question I just leased a scat pack this year back in February and I’m trying to get a hell cat can I upgrade / change to the hell xat?
Probably not if it was this year when prices were already high. It'll cost you a lot to change now I bet.
were the remaining months payments factored in?
There were none in our case. We waited for the end of the lease
@@SuitTV I think that’s where people are confused
@@MrTacoma you do not have to wait till the end of the lease ,but then you have to paid the difference you owe on the auto from monies you get from the sell of your auto. Never paid in advance for your lease auto it works against you if the car is stolen/in an accident. Take the extra cash and use it to lower your own monthly payment VS the dealership placing it into your lease to lower your payment (at their hidden charges/advance lease payment).
How many payments were left on your car when you sold it back?
Zero, the lease was up.
Is it possible to do this in the middle of the lease?
Noz you don't have the leverage if you are in the middle of the lease. You could always negotiate, but you're not likely to get as good a deal.
So did you have to pay off 17,000$ first then sell it to the dealer ship?
No they pay you the residual value plus the extra amount. You never have to front that 17k.
I still don’t understand how you can sell a car you don’t own when it’s the bank or dealership that’s still owns it?im new to this so can you elaborate on it some more?
If i understand correctly; only you, (the lease holder) could purchase the vehicle at the residual value. The vehicle is still with X amount to the dealership or a third-party purchaser. So by selling it back to the dealership or 3rd party you'll get the difference. They want you to give it back so they could collect another down-payment and monthly payments from the next customer all while you're making payments on a new vehicle. So even though you don't own it, you have first dibs on owning it, so you have have the leverage.
The residual estimated value agreed to in your lease contract is the accepted offer part of a contract if you understand contract law a bit you have the RIGHT but not the OBLIGATION to purchase the car at the agreed upon buyout value at the end or before the term of the contract (your lease) in the event your cars current market value is higher than that agreed upon buyout value you have now essentially set yourself up for an arbitrage situation where you can literally exercise your contract at the specified value stated in the contract (residual value) and immediately turn around and sell the asset at the current market price (the spread... is your PROFIT). Happens ALL with financial contracts and instruments in all kinds of markets all over the world! it's a fascinating and a great way to manage risk by getting exposure to assets you'd like to enjoy or cash flow or get gain leverage from without actually assuming all the risk of owing said asset directly or laying out the cash/capital to acquire said asset fully. Think of it this way... it's very much similar to a down payment on a home as percentage of the homes value... once it appreciates you can sell it for a profit although you don't really own the home the bank does technically until it's fully paid off. It a strategy savvy investors and speculators have use for ages! The real key to this in the lease car market game is to find cars with VERY high residual value aka cars/trucks/suv's that have very little depreciation in the those first few years. That's the real hack! might not be the exact car you want but what's in demand will have lower depreciation allowing for opportunities like the car market is experiencing currently.
You really made this plain. Thank you!
Hi,
Question we have a 2023 jeep wrangler rubicon, we went to carmax and get an offer of 54k,we want to sell the car before we make the first payment. We have the on lease btw.
Do we have to pay the total amount or the lease payoff? Please advice? Thank you
If you are in the middle of a lease you can't sell it. Technically the dealership owns the car.
@@SuitTV that's not true ! The financial Company own the car not the dealership( they are the middle man). Whom ever you send your monthly payments to owns the car till your lease end or if before the lease end you chose to sell it. You can sell it before the lease end and just pay the difference of your sell price to the financial company which you owe 1st then keep the profit or get another lease auto
I have a 2020 Toyota Tundra lease ending this month. I can buy it for 39k what should I do
Do as suggested in the video; lookup what you could potentially sell it for and use that as leverage when handing it back in.
I'm 2 years into my 3yr lease and I'm only at 14k miles and I get 12k miles a year. What will happen if I finish my lease way under the mileage?
I know there are penalties if you go over but I don't think there are any bonuses if you are under. However having low mileage should make the car more valuable compared to the residual value. This gives you greater incentive to buy the car or do as I did and have the dealer write you a check if the market value is much greater than the residual value.
I would buy the car, or buy it and sell it back to the dealer. You will get a pretty nice check if you do
my new lease Honda CRV 2021 is only used for 5 months with 4.7kmillage to pay for 36months. Do you think I can return my lease car without completing the contract?
Possibly but because it's such a new contract you're not going to make any money off of it most likely and is a much different situation than I described in the video. If you really want to get out of the lease you'll have to call your dealership
Wow great information really appreciate it one question so the have to send you a check or can you use it if they ask for a down payment
Want to make sure I understand, you sold the car to the same dealership you had originally leased it from?
Yes that's right. If I had gone to another dealer I would have had to pay taxes on the gains, so it made sense to sell to the dealer I leased from.
So I purchase it from the company same as the dealership, then offer to sell it to the dealership and see if they want to buy it?
How is it possible to sell the car to the company who leased you the car ?
Did you watch the video lol?
Very interesting video, perfect timing. I'm literally going to the dealership this morning to order a new vehicle because there is no inventory and this is apparently the only way to get a new vehicle. My lease is up in July just about the time the new vehicle comes in. I'm gonna try and roll some money over from that lease turn in for the new vehicle. I'm also in NJ, great video man.
Awesome, glad to help! You're smart to do your homework before going.
I’m confused.i don’t get the concept well
Awesome info🌱 thank you. Question do you have to wait until the lease is almost up? I still have my lease till August 2023 but not much millage left and I would like to do what you guys did with your lease. Also I've heard that Hyundai and Kia are the ones allowed to possible buy your lease. Is that correct?
Thank you in advance🌱
No you don't have to wait until the lease is almost up but I think you have more leverage when it is closer toward the date of it being up. That way you can see what the car is selling for on the market and you know the value compared to what you can buy it for like I did. Any dealership can buy your car back.
My wife also has positive equity in her car lease 5000$.. she wants a new lease, my question is. How does that equity help towards a new lease?
You can tell them you want to put that 5K into your next lease with them and use it on your new lease to get rid of the initial down payment or make your monthly payments lower. I might first act like you are going to buy out the lease... This will get them much more likely to bargain with you.
@@SuitTV is it possible to start a new lease and get favorable payments and then sell the car to the dealer like you did and keep that equity separate (check) from the deal? And just keep the money
@@viewhouse5 yea I don't see why not... But then they wouldn't give you a better deal on your new lease.
@@SuitTV ok yeah I guess I’ll have to weigh the options of is it worth using the equity on new lease or jus keep the equity and use it for something else.. thanks for you Time and reply’s
@@viewhouse5 np, glad to help!
Hey I leased a honda accord last yr on a 36 month lease what would be the best way to terminate my lease early the car is currently worth 30k
Great advice - My lease is up in 4 months and now i have some knowledge on my options
Very informative video. I plan on keeping my vehicle and researching what will happen. Will the value of the car decrease what is owed if I decide to purchase it. Any thoughts?
If you decide to purchase your car for the residual value, I'd just compare that residual value against what your car is going for on the open market and then that will tell you if you are getting a good deal or not. Just like I did in the video. New and used car prices are still very high right now so I'd bet buying it for the residual value would be your best bet
my elderly client is going to buy their leased 2020 Edge with only 11,000 old fart miles..I know the dealer will try to talk them into turning that low mileage gem in so they can sell it for a huge profit!
Nissan says I can not sell the vehicle
you can if you sell to a Nissan dealer for a trade in for another auto or sell it back to them without a purchase/lease.
a lot of states waive sales tax if it is transferred into anothers name in a couple days.
explain please?
@@TheCandilicous look up Motor Vehicle Sales Tax Exemption Certificate in your state
So did you have to pay off 17,000$ first then sell it to the dealer ship? Or would they just take the car and pay you the difference of you buying and then selling it to them?
Thank you so much for sharing this information.
great video.....one question: what state are you in??...maybe you said, but I missed it....THX 7-13-22
Trading it is more profitable because when you sell it its taxed Trading it in to dealership is not taxed
Can I bring my car to another dealership and get an appraisal? And get the car I actually want ? And do I finance or lease it for lower monthly payments ?
Flip those leases! It's not a certainty, but you can often walk away with money.
How?
what’s the advantage of you have 6500 miles and the dealership wants your lease early
If they want your lease back early you likely have accrued some value. 6,500 is pretty low, so I'm guessing you can profit either buying it from them or selling it back to them
So what do you do? Just contact the dealership you leased the car from and say “buy my lease back”? Lol like how does that process go
The dealership knows your lease is ending and will likely call you first to try and get you to lease another car from them. That's when you can tell them you're considering buying it.
My lease is ending… like in a week. How do get money back? I was going to buy the car out but I’m not sure if that’s a good idea. I’m currently paying a really high amount for the lease(first time car owner). After seeing your video, I would love to get money back and returning instead of buying it.
You lost almost 2k thinking dealers are your friend, and a few more steps are hard to do .. ok
Waste of time