Anyone ever buy their leased vehicle?

[JasonK94Z]

My truck is leased, and I'm thinking about buying it. Residual value on it is about 10k less than book value.
My question is, at the time if purchase, can I have the dealer add some custom wheels/tires to it? Add the cost to the price if the truck?

 

[quietpeen]

not sure, I think that technically when you buy out your lease you are buying it from the leasing company, not the dealer (could be wrong...having done it yet. My lease is up in october.)

 

[Burla]

No way you should do that with a 2011, think about the upgrades you will miss out on. I think I'd opt to lease a new truck. What exactly are the numbers, how much to purchase the truck versus what you think the value is?

 

[iam_canadian22]

I bought out a civic I had leased only because I was WAY over my mileage lol, would cost me nearly 7g's to return it, 10 to buy it

 

[birdman05]

its a toss up to keep the truck or get a new one id say let them take it back and buy a brand new one so u get somthing instead of basically renting the truck

 

[JasonK94Z]

It's 15 and change to buy it. Book value is 25.
Another option is to trade it in and I get the 10k equity towards a new one. However, I tend to keep vehicles 10+ yrs. I like to enjoy no car payment for a little while.

Lease is up in august. 3 yrs. truck only has 24k miles on it

 

[Burla]

I changed my mind, with what you are saying in the last post, I say buy it. I'm sure your dealer can add wheels depending on value versus loan amount and credit. But no biggie of not, that is what Visa is for. Besides you will get a better deal on wheels and tires using a tire store then the stealership. At least see what that credit will do for you if you buy a new 8 speed.

 

[JasonK94Z]

I changed my mind, with what you are saying in the last post, I say buy it. I'm sure your dealer can add wheels depending on value versus loan amount and credit. But no biggie of not, that is what Visa is for. Besides you will get a better deal on wheels and tires using a tire store then the stealership. At least see what that credit will do for you if you buy a new 8 speed.

Yep. At this point, just turning it in would screw me out of 10k in equity. It's either trade it in or buy it. I'm looking at new trucks while I'm at it too. With 10k of credit at trade, plus rebates going on trucks right now, I might be able to swing a decent deal.

 

[baum]

IMO either buy it from the leasing company or trade it in ans take the equity as a down payment on a new truck.

say you take a 1500 slt crew cab new for 32k- your 10k equity and thats like a 250-300/mo payment. the have them add the wheels to the new truck. If you were to buy out your current lease i would just go directly through a credit union. there is no advantage of going through the dealer. with that kind of equity you should be able to get a few k more than the payoff for the wheels.

 

[JasonK94Z]

with that kind of equity you should be able to get a few k more than the payoff for the wheels.

Would a bank give me more for a loan than I'm actually paying for the truck?

 

[saintsreturn]

Would a bank give me more for a loan than I'm actually paying for the truck?

It all depends. I took a loan against one truck I bought but when I refinanced my ram this week (shortened my payments versus buying a new one) they approved me for me but only paid the pay off

Sent from this thing in my hand

 

[0212353]

I bought mine out of lease.

Leave the dealer out of it. Here's what I did..........called Ally (my leasing company), found out the pay off. Called my local credit union. Got a loan. I took more than the payoff, bought a warranty. So, figure you owe 15K, get 18K. No biggy.

OH........so, why do I say leave the dealer out? Oddly enough........I found this out when I went to reregister the truck (as its mine, not Ally's anymore) - if I would have had the dealer facilitate the purchase, I would have purchased from an in state location, thus getting charged state sales tax. I bought it out of state, no tax other than local. Saved me about 8-900 bucks!

 

[JasonK94Z]

I bought mine out of lease.

Leave the dealer out of it. Here's what I did..........called Ally (my leasing company), found out the pay off. Called my local credit union. Got a loan. I took more than the payoff, bought a warranty. So, figure you owe 15K, get 18K. No biggy.

OH........so, why do I say leave the dealer out? Oddly enough........I found this out when I went to reregister the truck (as its mine, not Ally's anymore) - if I would have had the dealer facilitate the purchase, I would have purchased from an in state location, thus getting charged state sales tax. I bought it out of state, no tax other than local. Saved me about 8-900 bucks!

Dang. I certainly appreciate this advice! So buying from Ally directly makes it an out of state purchase? Just making sure I understand completely.

 

[0212353]

As long as Ally isn't in KS.....sure.

I don't remember where they are from. Just found out when I walked in to get the registration done......and it was a LOT lower. I did ask (because.......I'm a curious ******* at times) - makes sense.....didn't buy it in state.

 

[Westwind1124a]

As long as Ally isn't in KS.....sure.

I don't remember where they are from. Just found out when I walked in to get the registration done......and it was a LOT lower. I did ask (because.......I'm a curious ******* at times) - makes sense.....didn't buy it in state.

I think Maine has form for that to make sure you get boned…

Good info for other states though!

 

[jcat]

IMO, it'd be silly to walk away from 10k in equity.


However, I don't think I'd buy that truck and keep it. I would buy it for the residual 15k and then go trade it toward a newer, better model at a different dealer.

If the trade is worth 25k, and you only owe 15k, that means you can get into a more expensive truck with more options and better resale for probably a lower monthly payment.

Dealer incentives are better on purchases anyway. And especially since you say you like to keep vehicles 10+ Years, you shouldn't be leasing to begin with, at least in financial terms.

 

[JasonK94Z]

And especially since you say you like to keep vehicles 10+ Years, you shouldn't be leasing to begin with, at least in financial terms.

I leased to lower my payment so I could get into the truck. I was in a hard place 3 yrs ago.

 

[jcat]

I leased to lower my payment so I could get into the truck. I was in a hard place 3 yrs ago.

I'm right there with ya buddy. but still, I wouldn't buy that truck that you leased and keep it. You'd still be overpaying for it, technically. Most people are seeing 8-10k off sticker for new rams, add your 10k trade equity and you will be in good shape in a better truck.

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