vvvviper
Enthusiast
The bank notified me that I have 10 payments left before my 48 month lease on my '01 Sapphire Blue RT/10 is up. They're suggesting I convert the lease and buy the car now.
The company I work for has generously made all the monthly payments, and will continue to lease end. They're also allowing me to do whatever I want with the car when the lease is over. I can either turn the car in, buy it and resell it, or just buy it and keep it. Considerations include: 9K in mods that came out of my own pocket. I also recently bought a DC extended service contract. 15K miles on the car.
Residual on the car (in 10 months) is 38K. Seems a little low to me. Couple of questions:
1. If I decide to turn the car in, and it's worth more than the residual at end of lease term, does the recieving dealer cut me a check for the difference?
2. If I buy the car outright, am I responsible for any hidden costs above and beyond the payoff / residual? Sales tax?
3. If I want to move into a white Mamba, will I have any additional negotiating power at end of lease term of this vehicle?
4. I think turning the car in is really a poor choice. I'm inclined to just keep it. If I buy it, should I do it now (as the bank suggests) or should I wait until lease end? If the firm picks up the next 10 payments, it seems like I should wait.
Any and all opinions (positive or negative) are appreciated.
The company I work for has generously made all the monthly payments, and will continue to lease end. They're also allowing me to do whatever I want with the car when the lease is over. I can either turn the car in, buy it and resell it, or just buy it and keep it. Considerations include: 9K in mods that came out of my own pocket. I also recently bought a DC extended service contract. 15K miles on the car.
Residual on the car (in 10 months) is 38K. Seems a little low to me. Couple of questions:
1. If I decide to turn the car in, and it's worth more than the residual at end of lease term, does the recieving dealer cut me a check for the difference?
2. If I buy the car outright, am I responsible for any hidden costs above and beyond the payoff / residual? Sales tax?
3. If I want to move into a white Mamba, will I have any additional negotiating power at end of lease term of this vehicle?
4. I think turning the car in is really a poor choice. I'm inclined to just keep it. If I buy it, should I do it now (as the bank suggests) or should I wait until lease end? If the firm picks up the next 10 payments, it seems like I should wait.
Any and all opinions (positive or negative) are appreciated.