2010 legacy lease is up

[stupidaznmunkey]

So my 2010 Legacy lease is up in August, so I called in to ask if I were able to turn it in early (since I am already over the allotted miles) and they said I can up to 6 months early.

 

If I were eye-balling a used car they had at the dealer I bought my car from, is there leverage there for negotiating?

 

Secondly, the man I talked to on the phone mentioned I may have "equity" in my lease - which I went on KBB to check - and it seems that the margin for my "lease buy-out" option and my car's current actual worth is quite different (positively different)

 

so this bring me to my next question - can I bring my car in, buy it out and trade-it-in and use the remaining amount in-between as downpay for the car in their lot?

 

what are your guys' experiences?

 

I definitely do not want to buy and keep the legacy - but wanted to see what my best bet in this scenario would be

 

thanks y'all

[blaze741]

I had a 2009 Legacy 2.5i SE as a lease. Turned it in back in June of last year, but was given a few options 1-2 months ahead of time when I called to ask about it.

 

1: I was eyeing a 2012 WRX on the lot of this dealer. Being I was 2 months ahead of my lease turn in, I could roll the remaining payments of my lease into my new car and pay it off that way.

 

2: Get it appraised, if I had equity, I would buy it out, then trade it in for the new car, and start a new loan that way.

 

3: (What I did) Place a deposit on the new car, and hold the delivery as long as possible on the new WRX. Roughly 15 days of the lease end before I turn it in.

 

 

Try making a deal on the used one you see, but watch out since not all dealers tell you this. You are 6 months early, so those payments aren't just going to disappear. Your equity has to be equal or greater to your 6 months worth of payments to be worth it, which is rare. I've read somewhere that people have gotten off their lease early to buy a new car, but I have no clue if they rolled their payments or not.

 

Don't forget about the 300 dollar disposition fee chase bank charges you for your lease return. I really didn't want to pay it and tried to get them to waive it, esp buying a new subaru.

 

I ended up not buying a new subaru at all after my lease end. Turned in my Legacy a few days before the lease end, paid the 300 dollars, walked away without owing any more. They tried to charge me 60 bucks in mileage, but I sent them a picture of my Odometer at 35,600 and got it waived.

 

As for leverage, there isn't much leverage regarding a leased car unless you return it to the same dealer you leased it from. They might play the loyalty card on you and give you a slight discount, but in their opinion they don't care. You can return a lease to any Subaru dealership in the nation. Chase still owns that car. (I'm not sure how other dealers treat lease returns) My legacy went straight to an auction after I turned it in. Which made me hit myself for detailing it for them before I returned it.

 

Hope this helps, I know its a lot, but it should help a little. * Some of this might not be true everywhere, I'm just quoting my own experiences so use caution.

[stupidaznmunkey]

Thanks.

 

I've figured out a more "manual" process to all this. Since my buy-out that Subaru gave me was way lower, I am probably going to buy-out the car and try to sell it on my own, pay off the new buy-out loan amount, and use the margin for down-pay on a new lease or a used car or something and separate the 2 processes

 

I am way over my mileage, so I don't think it would the best to return the car

[TTG]

Here is what I did on my 2008 Legacy Limited. It had a residual of $14,300 but I was way over the miles.......40K on a 36K lease.

 

I knew my car was worth more than $14K (it was in outstanding condition). I called Chase, got the pay off and started advertising the car. One of my coworkers jumped on the car and purchased it directly from Chase.

 

All I had to do was give him the keys at work one day..... No fees, bill of sale & etc. Easiest transaction ever.

 

Him and I had to be on the phone with Chase once and he sent a check to Chase directly.

 

Then I went and negotiated the heck out of another lease for the 3.6R :-)

 

Keep in mind that if you choose to purchase the car, you will have to pay CA tax which will be a waste of money. If you "allow" someone to use your buyout rate, it will be between the new buyer and chase.

[stupidaznmunkey]

Here is what I did on my 2008 Legacy Limited. It had a residual of $14,300 but I was way over the miles.......40K on a 36K lease.

 

I knew my car was worth more than $14K (it was in outstanding condition). I called Chase, got the pay off and started advertising the car. One of my coworkers jumped on the car and purchased it directly from Chase.

 

All I had to do was give him the keys at work one day..... No fees, bill of sale & etc. Easiest transaction ever.

 

Him and I had to be on the phone with Chase once and he sent a check to Chase directly.

 

Then I went and negotiated the heck out of another lease for the 3.6R :-)

 

Keep in mind that if you choose to purchase the car, you will have to pay CA tax which will be a waste of money. If you "allow" someone to use your buyout rate, it will be between the new buyer and chase.

 

Thank you for the advice. I will try this process out and see what I can do. Time to do some "tidying up"