My math must be off. (Person wanting out of a lease)

Discussion in 'The Okie Corral' started by larry_minn, Jan 19, 2020.

  1. CAMSDADDY

    CAMSDADDY

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    Be careful. We leased a Ford Explorer a few years ago. When it was time to end the lease we decided to buy a 2019 Camry. Our pay off was 19k and the dealer who had the Camry offered us around $21k. I was the only person who could purchase. I had to go to the ford place write them a check and then drive across town and trade it in a write a check for the difference. It was the type of lease. I don't remember the name but don't get caught if the owner is the only person who can purchase.
     
  2. larry_minn

    larry_minn Silver Member Millennium Member

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    As said no interest in the truck. I have heard the ecoboost is not lasting as long as they thought. ( or maybe about what they planned) It seems " get me out of my lease that in 3 months I realize I can't afford" is too dang common. Yes there are buyers who realize they bought more car then they could afford. But many can get out relatively undamaged. (Or they hide, drive it till it gets reposed. ). Somehow not realizing that's a bad option.
    The Internet is great. I can find sub 10k miles cars of type I want to try. Look up area dealers to see what similar new ones are actually being sold for. (As well as sticker price) compare, check NADA, KBB... Figure top price before I even set up time to look at the unit.
    So sticker @$32kone yr newer at dealer @$28k 2019 owner had to quit driving, 9500 miles, no accidents, scratches asking $19k. KBB $14-18k. Just need to check if 5 yr warrenty transfers... If so I can live with last yr model, with 10k miles for @$10k off price. That's @30% off
    Dang iPad keeps changing miles to mikes??
    Hope to get rid of a couple cars next month. Need room inside.
     

  3. Tackle

    Tackle

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    Larry, if it's the 2019 stx f150 I called on the truck 30 minutes after it was posted last month. I was ready to go buy it.

    The ad is deceiving and the guy not good at math. I see now he has the actual buyout price posted but originally did not, just posted 20k lease buyout for a 2019, figured he had put half down and needed to get out of lease but no. He traded in a Tahoe or some car, I forget, but was underwater on it and had a Silverado with many issues the dealer was not willing to work with him on so he sold or traded it? Something silly.
     
    Last edited: Jan 19, 2020
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  4. Rinspeed

    Rinspeed JAFO

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    The Ecoboost has been the best selling motor in the F-150 for eight years, don't listen to whoever the twit was that told this.
     
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  5. larry_minn

    larry_minn Silver Member Millennium Member

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    Like I said the numbers didn’t make sense. Even before I checked prices. If you are so far behind why not get a more basic unit? Or a 6+ yr old 50k miles one?
     
  6. Tackle

    Tackle

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    Because this is America. You buy things you don't need with money you don't have to impress people you don't like.
     
  7. sciolist

    sciolist On the Border

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    A New Yorker should know to take the A Train.
     
  8. Mayhem like Me

    Mayhem like Me Semper Paratus

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    mechanics with the two Ford dealerships we use to service our fleet told me don’t buy the 35 eco-boost in a personal vehicle I’ll take the word over the guys that work on them every day.


    Sent from my iPhone using Tapatalk
     
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  9. larry_minn

    larry_minn Silver Member Millennium Member

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    Just a couple of folks who work for FORD. My sis’s FIL, (many states away) and a local mechanic at dealership.
    Both think it’s a great engine but it’s not near as long lived as it should be... I did some YouTube on the unit I was interested. Heard similar comments. They actually explained how the complexity that gave wonderful power, response was not quite built up enough. Then showed how changes have been made by FORD.
     
  10. TxGator33

    TxGator33

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    If I had to take a guess it sounds like he rolled in some negative equity into his lease to get rid of it but now can't afford the inflated lease payments. This would also explain why the buyout is so high still.
     
  11. larry_minn

    larry_minn Silver Member Millennium Member

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    Tackle actually called the guy. Yep


     
  12. Dukeboy01

    Dukeboy01 Pretty Ladies!

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    Seems like an ice fishing "accident" might be that poor schmuck's best way out from under that deal. Those are pretty easy to arrange this time of year in Minnesota, aren't they?

    Even then he's probably still upside down after the pay off.
     
  13. SC Tiger

    SC Tiger As God as my witness, I thought turkeys could fly.

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    I confused.........

    So you have the options of
    a) paying $650/month for 30 months = $19,500 total
    b) Paying a lump sum of $20,000
    c) Buy it out (ie pay a lump sum) of $45,000?

    B and C make no sense. Which is it? Were options a and b supposed to be combined, where you pay 20k lump sum PLUS $650/month?
     
  14. larry_minn

    larry_minn Silver Member Millennium Member

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    It is confusing. We likely added to confusion. By rounding $19500 as $20k. I THINK he ment @$650 a month, or lump of $19500. I THINK paying $45k ends lease, you own the truck. But this guy it might actually mean you pay $19500 PLUS @$45k then you own the truck.
    The first is bad. The 2nd WOW.
     
  15. larry_minn

    larry_minn Silver Member Millennium Member

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    Now that would really be the height of stupidity. First fraud. Second. Many insurances will not cover you doing stupid things. Such as driving on a race track, ice, demo derby, I have heard people complain about insurance trying to get out for farm trucks that get damaged in the field.
    So I asked. IF you had full coverage. You still have to pay to recover it. Deductible, if they total it, plus thousands in legal when you are caught.
    Smarter move is he needs to beg place he got the lease. Find someone to take it over at normal rate. (I figured @$380 IIRC) and he has to pay the difference. So @$270 a month or @$8100. And be done. That is his best choice.

    Sadly most who lease are not smart. A in-law leased a car. They went over miles quickly so they parked it. Bought a used car to drive. There were @10 months left on the lease.
    I suggested they go to where they leased the car. Ask if any deal if returned by end of the month. “It’s not worth it they won’t do anything”.
    That’s likely true. But as it would be a calendar yr newer. They might offer $$ for early return. At minimum they wouldn’t have to pay full coverage for 10 months.
    They brought it back on the last day. Had to charge battery to start after sitting in their garage a yr.
     
    Last edited: Jan 22, 2020
  16. SC Tiger

    SC Tiger As God as my witness, I thought turkeys could fly.

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    $19.5K, $20K - I could figure that as "close enough is close enough."

    What has me confused is it almost reads like you can have the truck by either paying $19.5K ($20K - whatever), OR you can pay $45K.

    It's like there's two different amounts for the same ending. Is it that the lease requires ~$20K, but he's wanting $45K total?
     
  17. larry_minn

    larry_minn Silver Member Millennium Member

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    Again what I assume is ment. @$20k you get remaining lease of 30 months. Then walk away. OR you pay @45k$ and you own the truck. Lease is closed. (But I could be wrong that you also have to pay @$20k first.
    I enjoy playing with broad numbers. I worked with them and kept getting dragged into office to recheck everyone’s math, outcome. I could spot ones that didn’t make sense in seconds. It took a while to find mistakes. But easy to see “that makes no sense”