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Has anybody turned in a lease lately? 

I still have another year, but because of the inflation, my contracted buyout looks like it's going to be almost $8k under its value. I'm obviously thinking about buying out the lease and then turning around and selling it, pay the taxes and take the profit. 

That said, I'm wondering how much dealerships are willing to deal because for once I'm in a stronger position. I'm going to guess they'll want my car back, but i'm sure as hell not going to turn it in without a significant credit on a new lease. 

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1 hour ago, tdhoosier said:

Has anybody turned in a lease lately? 

I still have another year, but because of the inflation, my contracted buyout looks like it's going to be almost $8k under its value. I'm obviously thinking about buying out the lease and then turning around and selling it, pay the taxes and take the profit. 

That said, I'm wondering how much dealerships are willing to deal because for once I'm in a stronger position. I'm going to guess they'll want my car back, but i'm sure as hell not going to turn it in without a significant credit on a new lease. 

Seems simple. YOu have the $8k # to talk to the dealership about. Make a deal or not. If not move on to the next buyer. This is gold mine territory that will only last a few more months. It's just business. 

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20 hours ago, tdhoosier said:

Has anybody turned in a lease lately? 

I still have another year, but because of the inflation, my contracted buyout looks like it's going to be almost $8k under its value. I'm obviously thinking about buying out the lease and then turning around and selling it, pay the taxes and take the profit. 

That said, I'm wondering how much dealerships are willing to deal because for once I'm in a stronger position. I'm going to guess they'll want my car back, but i'm sure as hell not going to turn it in without a significant credit on a new lease. 

You can trade a leased car to another company as long as you aren't brand loyal.  I had a Honda and Toyota bought out my lease.  I was going to be upside down so they did me a solid.

In this case, say the car is worth 15k but your payoff is 10k.  A dealer would probably give you 12-13 on a trade in???

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2 hours ago, NotIThatLives said:

You can trade a leased car to another company as long as you aren't brand loyal.  I had a Honda and Toyota bought out my lease.  I was going to be upside down so they did me a solid.

In this case, say the car is worth 15k but your payoff is 10k.  A dealer would probably give you 12-13 on a trade in???

This was the type of info I was looking for. I prefer not to go through the hassle of buying it out and then reselling because I’d like to get into another lease. But lease deals are dreadful right now.

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40 minutes ago, tdhoosier said:

This was the type of info I was looking for. I prefer not to go through the hassle of buying it out and then reselling because I’d like to get into another lease. But lease deals are dreadful right now.

All car/truck deals are dreadful right now. 

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On 5/17/2022 at 2:16 PM, tdhoosier said:

Has anybody turned in a lease lately? 

I still have another year, but because of the inflation, my contracted buyout looks like it's going to be almost $8k under its value. I'm obviously thinking about buying out the lease and then turning around and selling it, pay the taxes and take the profit. 

That said, I'm wondering how much dealerships are willing to deal because for once I'm in a stronger position. I'm going to guess they'll want my car back, but i'm sure as hell not going to turn it in without a significant credit on a new lease. 

I know somebody that did that last year and my neighbor just did it. He is waiting on his title as he bought it and then will go trade it in somewhere else. as @NotIThatLives said, you can trade in with another dealer but not all dealers. Call and ask up front if they will buy out the lease of XYZ.  This is a case where the 30% rise in used vehicles over the past year is working out to your benefit!

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What is it with Fords and fires? Just saw the NTSB is recalling 2021 Ford Expeditions and Lincoln Navigators because they catch fire when turned off. People are advised not to park them indoors until the recall work is done...

I was considering one of the new Broncos, but I just bought a new gas grill last year...

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8 minutes ago, IUFLA said:

What is it with Fords and fires? Just saw the NTSB is recalling 2021 Ford Expeditions and Lincoln Navigators because they catch fire when turned off. People are advised not to park them indoors until the recall work is done...

I was considering one of the new Broncos, but I just bought a new gas grill last year...

I think those Broncos look cool. They are everywhere around here - they're the new Telluride. I have heard that the cabin noise with the ragtops is super loud though. 

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11 minutes ago, tdhoosier said:

I think those Broncos look cool. They are everywhere around here - they're the new Telluride. I have heard that the cabin noise with the ragtops is super loud though. 

I have considered ordering a 4 door Raptor version in the "Area 51" color. Friend of mine who's a general manger of a car dealership said to order it, and it'd be August or September before I'd get it. Hardtop is mandatory for me.

Only thing holding me back is I don't know if I'll like driving something that big while I'm still commuting...

 

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5 hours ago, IUFLA said:

What is it with Fords and fires? Just saw the NTSB is recalling 2021 Ford Expeditions and Lincoln Navigators because they catch fire when turned off. People are advised not to park them indoors until the recall work is done...

I was considering one of the new Broncos, but I just bought a new gas grill last year...

On behalf of all former and current Pontiac Fiero owners.....it's about damn time.  Ya'll can redirect the "fire" jokes elsewhere now. 

And yes, I used to own a Fiero.  Yes, it was about as safe as a go-kart on the highway but damn was it fun to drive.

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2 hours ago, Zlinedavid said:

On behalf of all former and current Pontiac Fiero owners.....it's about damn time.  Ya'll can redirect the "fire" jokes elsewhere now. 

And yes, I used to own a Fiero.  Yes, it was about as safe as a go-kart on the highway but damn was it fun to drive.

The Fiero was actually on the higher end of the smaller GM cars I thought...

Compared to earlier winners like the Vega, Monza (I had a 78 Monza Spyder with a 305 V-8 that was fun to drive, but practically fell apart in 18 months), and Pontiac Sunbird, it was a gem...

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22 minutes ago, IUFLA said:

The Fiero was actually on the higher end of the smaller GM cars I thought...

Compared to earlier winners like the Vega, Monza (I had a 78 Monza Spyder with a 305 V-8 that was fun to drive, but practically fell apart in 18 months), and Pontiac Sunbird, it was a gem...

Ahhh Nothing says 19 yr old exotic dancer single mother like the Pontiac Sunbird. It was over valued at half the price. 

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2 hours ago, IUFLA said:

The Fiero was actually on the higher end of the smaller GM cars I thought...

Compared to earlier winners like the Vega, Monza (I had a 78 Monza Spyder with a 305 V-8 that was fun to drive, but practically fell apart in 18 months), and Pontiac Sunbird, it was a gem...

Actually, mine was very reliable. They’re just tiny and built with 1980s GM crash technology…lol.

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  • 4 weeks later...

So I got to see how well an automatic emergency braking system works first hand Friday...

Coming home from work, doing about 75 mph on I-69 North when this lady in front of me jams on the brakes. I was probably about 4-5 car lengths back, but as I went for the panic brake, I knew I was going to get her...

A nanosecond before my foot hit the brake pedal, I heard the 3 beeps of the Nissan AEB going off... It started before I got my foot up there... And I missed her by about a foot...and thankfully there was no one close behind me... 

She has stopped because of a large piece of plastic wrapping in the road...it's against forum rules to tell you what I said when I saw that... 

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7 hours ago, IUFLA said:

So I got to see how well an automatic emergency braking system works first hand Friday...

Coming home from work, doing about 75 mph on I-69 North when this lady in front of me jams on the brakes. I was probably about 4-5 car lengths back, but as I went for the panic brake, I knew I was going to get her...

A nanosecond before my foot hit the brake pedal, I heard the 3 beeps of the Nissan AEB going off... It started before I got my foot up there... And I missed her by about a foot...and thankfully there was no one close behind me... 

She has stopped because of a large piece of plastic wrapping in the road...it's against forum rules to tell you what I said when I saw that... 

That's awesome.  It should be standard but the price jump to pay for the tech would be substantial.  However the insurance companies should make deals with the auto makers and get it done.  

I have been contemplating trading in and trading up.  The dealers send me text, email, and mailers saying they are giving 4 k over blue book.  I told my guy the last time, rates aren't low enough and there are no rebates and incentives on new stuff.  

Anyone have recent experience on trades and new purchases? 

 

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9 hours ago, NotIThatLives said:

However the insurance companies should make deals with the auto makers and get it done.  

Weirdly, the safer my vehicle gets the more my insurance goes up too. The safety probably does a good job of reducing bigger/more dangerous crashes, but if you get in a minor fender bender it is expensive to fix! Think about what’s in your bumpers now - all the radar and tech to trigger that emergency breaking system. 

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45 minutes ago, tdhoosier said:

Weirdly, the safer my vehicle gets the more my insurance goes up too. The safety probably does a good job of reducing bigger/more dangerous crashes, but if you get in a minor fender bender it is expensive to fix! Think about what’s in your bumpers now - all the radar and tech to trigger that emergency breaking system. 

Yep, windshields too... When I bought my wife's Tacoma, they advised us to put independent insurance on the windshield... Said it'd cost 5K to replace with all of the stuff it's got in it. 

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Any thoughts on selling vehicles through a vendor/platform rather than private/direct?

I'm looking to upgrade from my '15 Jeep Grand Cherokee (paid off) but don't want to do a trade-in, so I'm considering selling first (as current comp prices seem to be at a high point right now), and then leasing a higher end vehicle through my S Corp.

Curious what others have done, and if there are any considerations I need to be thinking about. I've only previously traded-in and gotten a decent, not great deal, so looking at alternatives.

 

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6 minutes ago, MoyeCowbell said:

Any thoughts on selling vehicles through a vendor/platform rather than private/direct?

I'm looking to upgrade from my '15 Jeep Grand Cherokee (paid off) but don't want to do a trade-in, so I'm considering selling first (as current comp prices seem to be at a high point right now), and then leasing a higher end vehicle through my S Corp.

Curious what others have done, and if there are any considerations I need to be thinking about. I've only previously traded-in and gotten a decent, not great deal, so looking at alternatives.

 

Not sure if this would apply or help you but my wife just sold her 2018 Jeep Cherokee directly to a dealer for 6K above her payoff value. We took it to 3 different and they all offered the same within $100. They are very short on used cars and I think it was more than we could have gotten any other way. 

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16 minutes ago, MoyeCowbell said:

Any thoughts on selling vehicles through a vendor/platform rather than private/direct?

I'm looking to upgrade from my '15 Jeep Grand Cherokee (paid off) but don't want to do a trade-in, so I'm considering selling first (as current comp prices seem to be at a high point right now), and then leasing a higher end vehicle through my S Corp.

Curious what others have done, and if there are any considerations I need to be thinking about. I've only previously traded-in and gotten a decent, not great deal, so looking at alternatives.

 

I was planning on doing the same but an attractive offer from the dealer and the ability to not pay sales tax (in IL) on the trade in value overcame that hurdle. I'd go to the dealer very educated on your vehicles as well as what you are buying  and see what happens.

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