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lease ending soon... buy?

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Prettybg
Contributor

Re: lease ending soon... buy?


@Prettybg wrote:

@Remember0 wrote:

Wait, DCU has 1.29% posted on their website? They have a higher rate if you use it to buy out your lease?!

 

You could also look into other banks or local CUs...What's your FICO look like?

 

@Also even 35k @ 65 months @ 4% can't be much higher than what you pay now? I imagine you MUST be paying 600-ish at least now?


I called them last Friday. Just checked the site, you are right. Must have posted after I called. I'm paying 560 rite now total (I know I probably won't get that low again.) I'm on with mb now asking about special financing.


Ok so that was quick! Smh.. The rep said the buyout is what it is no room for negotiating (sucks) he did say I can try to see if the dealer can try to sell it to me for less but that's strictly on the dealer side of it but if I go thru MB financial I will have to do a credit app first and then they can tell me how much I will be paying monthly and all that good stuff. I'll try the dealer tomorrow And see what they say. Should I just talk with a finance manager? 

 

Oh oh and the only score I know rite now is my TU from walmart 712.. Guessing I should buy all my scores?

Trumark signature visa 20K, Nfcu signature visa 15K, Lowes 10K, Care Credit 9K, Old Navy Visa 5K, Walmart 4K, Lord and Taylor 4K, Amex Everyday 2K, Capitol One QS 1,800, Capitol One QS 1K
Message 11 of 16
Remember0
Valued Contributor

Re: lease ending soon... buy?

No need to buy all your scores as long as you know there's no extra baddies on the other reports. You can get just the reports for free once a year from annualcreditreport.com . If there's no extra baddies on EX and EQ, your score for those will be in and around TU.

 

You can go to the dealer, but just don't sign any turn in paperwork or any paperwork really lol till you're sure you want to turn in. Also you can call a bunch of dealerships around you and outright state your situation instead of going in person to see their attitudes first (ask for a finance manager, tell them it's anout lease turn in). With dealerships, state that you KNOW that manheim MMR (use KBB good trade in value + like $500 as MMR, but call it MMR) is FAR below what your buyout is. If they ask how, tell them your friend is a car dealer/works at one or something. Tell them you UNDERSTAND they need to profit, but you'll go to the next dealer to turn-in if they want more than a reasonable number above MMR. Tell them you'll do the deal immediately (aka they have no risk) if they agree to a reasonable value over MMR.

 

THEN discuss financing if you get a figure. Also I'd maybe call DCU again...their website does say 1.24%. Specify it'd be used to buyout a lease. There's a small chance that rep didn't know what he was saying...

Message 12 of 16
Prettybg
Contributor

Re: lease ending soon... buy?

Smiley LOL


@Remember0 wrote:

No need to buy all your scores as long as you know there's no extra baddies on the other reports. You can get just the reports for free once a year from annualcreditreport.com . If there's no extra baddies on EX and EQ, your score for those will be in and around TU.

 

You can go to the dealer, but just don't sign any turn in paperwork or any paperwork really lol till you're sure you want to turn in. Also you can call a bunch of dealerships around you and outright state your situation instead of going in person to see their attitudes first (ask for a finance manager, tell them it's anout lease turn in). With dealerships, state that you KNOW that manheim MMR (use KBB good trade in value + like $500 as MMR, but call it MMR) is FAR below what your buyout is. If they ask how, tell them your friend is a car dealer/works at one or something. Tell them you UNDERSTAND they need to profit, but you'll go to the next dealer to turn-in if they want more than a reasonable number above MMR. Tell them you'll do the deal immediately (aka they have no risk) if they agree to a reasonable value over KBB Good trade.

 

THEN discuss financing if you get a figure. Also I'd maybe call DCU again...their website does say 1.24%. Specify it'd be used to buyout a lease. There's a small chance that rep didn't know what he was saying...


Great info! Will do! Thanks for your input, I really appreciate it! I'll def be calling vs going there, they never let me leave lol  I'll also call dcu if I don't get anywhere with the dealers. Also, don't go too far I may need more advice! Lol.. I'll post back with any updates, thanks again!

Trumark signature visa 20K, Nfcu signature visa 15K, Lowes 10K, Care Credit 9K, Old Navy Visa 5K, Walmart 4K, Lord and Taylor 4K, Amex Everyday 2K, Capitol One QS 1,800, Capitol One QS 1K
Message 13 of 16
Prettybg
Contributor

Re: lease ending soon... buy?

Remember0, I was thinking about waiting until the end of the month (this month or next) to contact the dealers in hopes of them needing to make the sale for end of the month quotas. Good idea or dosen't really matter in my case?

 

Thanks!

Trumark signature visa 20K, Nfcu signature visa 15K, Lowes 10K, Care Credit 9K, Old Navy Visa 5K, Walmart 4K, Lord and Taylor 4K, Amex Everyday 2K, Capitol One QS 1,800, Capitol One QS 1K
Message 14 of 16
Remember0
Valued Contributor

Re: lease ending soon... buy?

End of the month (heck last day) is always the best day to shop for cars. Only better day is December 31st. Good idea in your case. Just don't do it till your home equity refi closes.

 

EDIT: If you're refi'ing your lease and buying it out, I think it matters much less than if you were looking for a new car/lease.

Message 15 of 16
Prettybg
Contributor

Re: lease ending soon... buy?

lol, thanks so much Smiley Happy

Trumark signature visa 20K, Nfcu signature visa 15K, Lowes 10K, Care Credit 9K, Old Navy Visa 5K, Walmart 4K, Lord and Taylor 4K, Amex Everyday 2K, Capitol One QS 1,800, Capitol One QS 1K
Message 16 of 16
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