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Buy out our Lease??

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Epic Contributor

Buy out our Lease??

Just want someone else to double check me please.... I kind of feel silly if looking at this and it's all true!

 

Current Lease taken 2-18-13 for 39 months (5-18-16)

$296.33/month

$16,287.04 to buy at end of lease

 

Currently able to buyout lease for $24500.

 

Navy is currently offering 1.99% for 72 Months.

Payment would be $355 basically.

 

Fast forward to what we would owe on this new 72 month loan at the 5-18-16 which would be current lease end would be just over $12k.... meaning a difference of over $4k.  If I add in the $50/monthly difference that still leaves a difference of over $2k we would save through 5-18-16.

 

Are my numbers close?

I feel like Navy just had .79% for new cars a couple months agoSmiley Tongue

Am I missing other things that would make a huge difference? I know $24k would start to report to credit vs. current like $8k or something because of lease and i know mentally being that much closer to my Infiniti Payment will make me grouchy to have the Kia (love the car, but when I step on the gas I have to convince myself the gas savings is worth the noise I hear!)

Message 1 of 22
21 REPLIES 21
Valued Contributor

Re: Buy out our Lease??


@Creditaddict wrote:

Just want someone else to double check me please.... I kind of feel silly if looking at this and it's all true!

 

Current Lease taken 2-18-13 for 39 months (5-18-16)

$296.33/month

$16,287.04 to buy at end of lease

 

Currently able to buyout lease for $24500.

 

Navy is currently offering 1.99% for 72 Months.

Payment would be $355 basically.

 

Fast forward to what we would owe on this new 72 month loan at the 5-18-16 which would be current lease end would be just over $12k.... meaning a difference of over $4k.  If I add in the $50/monthly difference that still leaves a difference of over $2k we would save through 5-18-16.

 

Are my numbers close?

I feel like Navy just had .79% for new cars a couple months agoSmiley Tongue

Am I missing other things that would make a huge difference? I know $24k would start to report to credit vs. current like $8k or something because of lease and i know mentally being that much closer to my Infiniti Payment will make me grouchy to have the Kia (love the car, but when I step on the gas I have to convince myself the gas savings is worth the noise I hear!)


What was the MSRP of the vehicle?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 22
Regular Contributor

Re: Buy out our Lease??

Not happy with your Optima?  I'm actually looking at the SXL's right now.

Message 3 of 22
Epic Contributor

Re: Buy out our Lease??


@Siopao wrote:

Not happy with your Optima?  I'm actually looking at the SXL's right now.


Actually Love the Optima, it's just that we went with fully loaded EX, the 4 cyl. of 170 just isn't my 337 hp of my Infiniti I got rid of.  REALLY wished could have found or squeezed out for the SX but compromise was to get my Navigation and Back up Camera and keep payments under $300 with partner.

But literally the car has everything... not sure anything else really comes on when moving up to SX.... 19" instead of 18", different fog lights (which are hot!), some different sport seats... but otherwise think that is it.

The air conditioned seats is the bees knees! Heated Rear seats is pretty hot when you think about it being a Kia! Folding Side Mirrors... it's got so much stuff my Infiniti does not have... the touch screen nav is way easier and faster to use than infiniti was... but the voice tech sucks to me.... also miss having some sort of call in system for personal assistant and stuff like I had with infiniti but gas mileage jumped from like 11-13 mpg (yes i drive that fast!) my neighbors are probably much happier!) to now proably 35ish!

Insurance also dropped about $60/month.

Otherwise just not happy that it's 39 month lease and my Infiniti was 24!

Message 4 of 22
Regular Contributor

Re: Buy out our Lease??

That's great to hear that you love it.  It's funny, I remember reading your posts about buying the Optima.  I too was looking at a G37, but wanted the coupe with a 6 speed manual transmission.  But those things are rare as it is so I had no real way to haggle with the dealers.  And I didn't want an outrageous payment.  Then I looked at the Optima and like you said, these things have a ton of features (I'm a gadget freak) and look sharp.  You're right, there really isn't much more if you get a loaded EX compared to the SX or SXL.  It's just the extra ponies from the forced induction!  You do miss out on the LED driving lights, LED brake lights, and the electronic E-brake.  But all the other stuff is there!

 

I wish you the best of luck with whatever direction you go with your lease!

Message 5 of 22
Epic Contributor

Re: Buy out our Lease??

Think MSRP was around $30kish.... think in end, it was like $27-$28 on our lease after deductions and such... id have to go to other computer and pull up lease... ill get back to you on that!

Message 6 of 22
Valued Contributor

Re: Buy out our Lease??

Is there any negotiation room on a buy out? Maybe you could go chat with the dealer about it and see if they can find a way to get you even a few hundred dollars off.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 7 of 22
Regular Contributor

Re: Buy out our Lease??

Those lease contracts are pretty firm.  At least they were when I had a lease with Lexus.

Message 8 of 22
Epic Contributor

Re: Buy out our Lease??


@Dustink wrote:

Is there any negotiation room on a buy out? Maybe you could go chat with the dealer about it and see if they can find a way to get you even a few hundred dollars off.


I have no idea... That is just what i can pull up online when logged into the finance account.

I wouldn't imagine negotiation since it does them no good.... especially if im not trading in for newer or something but you can't go newer, could only go higher Turbo model but that aint happening! and I see the new 2014 will be even hotter! lol

 

but think next car might be back to Lexus so just want to figure out what is best for now and for later to get rid of this thing. Smiley Tongue

Message 9 of 22
Valued Contributor

Re: Buy out our Lease??

Most importantly, do you want to own or lease this vehicle? 

 

With a 72 month loan, you will have negative equity on trade in for a long time. At $24,500 you will already have negative equity if you wanted to trade it in, but you should be okay as far as LTV at NFCU.

 

Can you put anything down when you do the buy out? Can you handle a higher payment, get a 60 month loan for a better rate and pay extra on the car each month.

 

It is so nice having a car paid off when walking into the dealer to trade it in. So, ideally can you get the car paid off before you are sick of it?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 10 of 22
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