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    Any new car dealers here

    Suffolk preferred. Daughters lease is up on her Jeep and looking to lease another small SUV. I wish she would just take out a loan and buy the dam thing. It’s like new and apparently worth more than the buyout. Not to many vehicles to choose from out there and the dealers want this jeep bad. They won’t extend her lease like I did with my Ram.

    #2
    They wont extend bc they NEED the used vehicle to sell for a huge profit. Tell her to buy it! Worse case, sell it privately and come out ahead. She can use the extra coin for more of a down payment when she finds something new. This bubble will burst soon. Dealers are making a literal killing off lease returns from 2-3 years ago. 30K vehicles - they're making an easy 10K selling them for 40. Buying a friends lease return later this week direct and saving a ton.
    The escape is nowhere near complete. The inventor of LIBERAL fishing. (soon to be seen on ESPN 45 because the 44th never worked.)

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      #3
      Heard from buddy in similar situation, but the Jeep, if it’s a keeper, good luck finding stock, and negotiating is dead

      Comment


      • FastPhil
        FastPhil commented
        Editing a comment
        Yep they have nothing that’s why they’re offering $,1000 to turn it in 2 months early.

      • Scottso
        Scottso commented
        Editing a comment
        Exactly, Buddy is a butcher, leased a new truck every few years, he’s keeping this one after lease is up, as cannot find a replacement, and prices are what they are. Buyout is cheaper than used on lots with more miles, crazy

      #4
      Originally posted by Diesel1 View Post
      They wont extend bc they NEED the used vehicle to sell for a huge profit. Tell her to buy it! Worse case, sell it privately and come out ahead. She can use the extra coin for more of a down payment when she finds something new. This bubble will burst soon. Dealers are making a literal killing off lease returns from 2-3 years ago. 30K vehicles - they're making an easy 10K selling them for 40. Buying a friends lease return later this week direct and saving a ton.
      yeah this is a 2019 Cheeroki limited. Thing is loaded with 25,000 miles . Literally like new. Buyout is almost $21k. Sounds like a deal to me. When I got it they took $7k off for incentives. No incentives available on anything now. Put $3 k down an payments were on $260 a month. Get get anything close to it now

      Comment


      • Diesel1
        Diesel1 commented
        Editing a comment
        I'll save you the trouble - not happening. Tell her to be smart and buy it.....then she can peruse at her leisure for another vehicle if she chooses. She will be giving up equity by turning it in. I'm going through similar to buy my wife a friends explorer off lease. They make it difficult but a 28K buyout on a car the dealerships are selling for 35-40K would is a no brainer. I can pick this up for now and not be in a hole, especially when she wants to trade it in for the Bronco in a couple years. Your daughter already has her buyout price in contract and that can't change

      #5
      My daughter was looking at a Hyundai. Leasing company called them and to them the buyout is $5,000 more than my contract. Hyundai assumed the equity in the new price negotiations so now that’s deal is dead

      Comment


        #6
        The market is wild. I sold my lease a few months before it ended for $3k over the payout. If I didn’t qualify for X plan with Lincoln I would have got exactly $0 off my new car.

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          #7
          Kelly’s blue book trade in value is $6,000 more than my buyout . Keeping it is a no brainer that’s finally sinking into my daughters head. Looking into bank loans now. Amalgamated. TFCU and bethpage unless someone knows better ?

          Comment


          • Shotgun
            Shotgun commented
            Editing a comment
            I used Suffolk Federal Credit Union
            I had to open an account... $5.00.. Then had an allotment sent from my paycheck directly into the account to cover the payment...

          • oshwan
            oshwan commented
            Editing a comment
            BFCU was painless and a good rate for us.

          • Diesel1
            Diesel1 commented
            Editing a comment
            BFCU I believe she can still get a new car rate - very easy to deal with as well

          #8
          Where ever you go, make sure you get a check for that extra value over what the lease buyout is.

          NEVER return a lease. Always have the new dealer buy the car out and give you the difference in value as a trade-in.

          I have always done it like this my entire life. Never once returned a lease, always had dealer buyout and trade in and I keep the difference in equity.

          Also, you buying it out now is a rip off. Used prices are SUPER inflated and you are basically ripping yourself off by buying it out. Have the dealer take the hit and you reap the reward.

          Comment


            #9
            Originally posted by -vanguard- View Post
            Where ever you go, make sure you get a check for that extra value over what the lease buyout is.

            NEVER return a lease. Always have the new dealer buy the car out and give you the difference in value as a trade-in.

            I have always done it like this my entire life. Never once returned a lease, always had dealer buyout and trade in and I keep the difference in equity.

            Also, you buying it out now is a rip off. Used prices are SUPER inflated and you are basically ripping yourself off by buying it out. Have the dealer take the hit and you reap the reward.
            We were going to use the equity as part of the down payment. Problem is the leasing company Cal Automotive increased the buyout price to the Hyundai dealer by $5,000 over the buyout price on my original lease agreement. I don’t understand how they can legally do this . I would need to buy it out myself probably and then trade it in.
            Not sure yet how that works with sales tax and insurance. Need insurance to get the loan and need registration to get insurance. Imagine sales tax get paid at registration like buying a used car.

            Big question is the sales tax already included in the buy out price. This is all new to me but I don’t think so. Think I only paid tax on the amount they figured the car would depreciate when I first leased it

            Comment


              #10
              Whats the buyout for the jeep? I was going to start looking for a used one after 10/15 when i can take a break from working every day.

              Comment


                #11
                Originally posted by MikeM View Post
                Whats the buyout for the jeep? I was going to start looking for a used one after 10/15 when i can take a break from working every day.
                21k + $500 in fees. I think I talked her into keeping it at least for a few months. Lease up in November and can extend it for 3 months. New prices are just crazy. New vehicles are selling more than the MSRP. It’s all China holding back on the chips. I truly believe they’re doing it on purpose to hurt our economy.

                Comment


                  #12
                  I hear Security Doge has some awesome deals.
                  Giza Development: Building and Renovating Pyramids of Distinction Since 2435 BC 631-427-1691 (Beware the Sea People)

                  Comment


                  • FastPhil
                    FastPhil commented
                    Editing a comment
                    Yeah yeah. I actually did by a new Durango from the back in 2002. I told them what I was paying over the phone

                  #13
                  I believe that we used to have one member who worked at a dealership. Chrysler /Dodge?? I know he kept it under wraps for the most part, but did help a couple of people out in the past.

                  Comment


                  • Barnslayer
                    Barnslayer commented
                    Editing a comment
                    I gave the info to OP

                  #14
                  Originally posted by bigbore44 View Post
                  I believe that we used to have one member who worked at a dealership. Chrysler /Dodge?? I know he kept it under wraps for the most part, but did help a couple of people out in the past.
                  I remember that guy.
                  Giza Development: Building and Renovating Pyramids of Distinction Since 2435 BC 631-427-1691 (Beware the Sea People)

                  Comment


                    #15
                    FYI, Jeep dealers will always get a discount off the lease buyout price for a Jeep.

                    I traded in a Grand Cherokee lease back in 2018. It had a 28K buyout and the dealer paid 25K for it.

                    Also, no taxes are not included in the buyout. Dealer's don't pay taxes if they buy out, however, you will.


                    I change my cars way too often and am way too aware of all these processes lol. In my 30's and probably have had 15+ cars by now.

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