Archive for October, 2008
Plans change and circumstances are shaped by them. This applies to any situation, whether you’re about to go off with the man of your dreams to the Caribbean or simply getting rid of your leased car, which you might realize soon are more like the same.
To strategize is the name of the game; that’s why they came up with the word street-smart in Webster. You need that cause you sure would have to pay a hefty sum for early termination fee, if not.
So what will you resort to? It’s called lease trading. What you’re doing is transferring the lease to a new lessee by finding one in an actual bidding site. Caution: it may take some time but rest assured you have a legitimate buyer; more importantly, you have more time searching for a new car.
In lease trading, the new legitimate lessee will assume the responsibilities that go with car maintenance and other fees imposed on the car at lease end. The new lessee can take advantage of not paying down payment while you, well, you are free from the lease!
So how should you go about lease trading? You have to look for a professional trading site like tradecarlease.com. They can manage all lease trades there. You only have to post your car lease and personal information on the site and they will store that in their database, showing them to potential lessees. However, you need to be informed that you’re on your own in the actual transaction. You would have to contact the person and manage the paperworks. So you should take time doing it.
For everything it is for, it’s all for the glory of freedom from an old car!
Most drivers who go down the long, winding road occasionally by over speeding are easily put off by leasing; their reason, “No way is any leasing company milking me out of my pocket.” However, unknowingly, they have options to avail of a lease even if merely to test if it would somehow fit their lifestyle, considering it’s cheaper. We have come up with three work-around techniques for any fast and furious driver to use in getting around excess mileage issues.
Manipulating the lease deal is not prohibited; it’s an option. If you, in all intents and purposes, want to buy out your leased car at the end of the contract, then go for a low-mileage car cause it’s relatively cheaper. By then you won’t have to pay for the excess mileage at lease end since you’re buying it anyway. Cunning? Nah, I’d call it initiative.
Go for other parts of the lease where savings is a premium. Any leased car with high mileage means low resale value, which upsets your leasing company. These companies usually look for other means to offset the high mileage and as eye-candy for possible buyers. You can take advantage of this. Occasionally, also, a low purchase price is set on the leased car that the lessee can benefit from, as stated above.
When I say you use diesel on your engine, it usually paints up a picture of muck, eardrum strain, bad performance, well, think again ’cause diesel has changed over the years. In fact it is highly advisable for high-mileage drivers because of its relatively lower cost. It can also give you 30-40% more mileage than petrol.
Mileage has always been a pain in the neck for most drivers, but there sure is a way to go around it. So drive on, fast!
Whenever car enthusiasts, especially shoppers, are around, some questions continue to pop up about car leasing. Time-tested questions time and again are thrown at dealers and even YahooAnswers groups. Same old questions, same old answers. But then maybe it pays to repeat things, particularly if they’re as important as influencing them to believe in leasing as a good form of car ownership.
The following are the most significant questions and the hardest to answer, but they’re answered for you, nonetheless.
How can I get out of this lease even before the contract ends?
At times, things don’t work out the way we want. They drift into detours; then you find yourself not needing your car. This is true when your wife suddenly adopted two Asian kids from UN and the whole family won’t fit into your sedan. To make things easy, there are three options you have: find someone to assume the lease, sell the car yourself, or hand in the keys and walk away. The first option needs you to call the leasing company and ask if they would allow somebody else to “assume.” You might be needing $300 for fees. And be sure that the mileage does not go beyond what’s allowed. The second option will demand research from you. You need to check on the standard market price of your car. Even if you’re short by $1,000 or $2,000, you’re still better off with a new car. The third option is simply not a good choice. It will show as a “repo” on your credit record.
How can I buy out my leased car at the end of the contract?
When it happens to you, like to many, who went love struck with their leased cars for the comfort and familiarity and other times memories that go with it, the first thing to do is check its residual value. If, unfortunately, it’s higher than what you can afford, remember one thing: it’s negotiable. Next move is, call the leasing company.
How can I avoid extra expenses at lease end?
When you’re counting the days for Judgment Day, you secretly wish you’re not going to pay for your car’s after-life. To give you a clue, most leasing companies are bent on earning from returned leased cars. Good thing, there are maintenance tips that can help you with that: Get a car wash and have it detailed. Keep maintenance records as evidence. Have it serviced at regular intervals. Fix damages. Stay on regular mileage.
Okay, I got it. I heard you, people. And I will answer your questions now. But please, don’t bowl me over, okay?
Here’s what you need to ask yourself when you’re thinking of leasing and everyone tells you no. Oh well, not just plain and simple “no,” but “NO!!!” You need this, buddy, ’cause it all boils down to what you need and want: not what THEY tell you.
First question: Do you have the cash, or can you afford a monthly payment without losing a house or something to that effect?
If your answer is no, then leasing is for you.
Do you keep the vehicle for more than five years?
If yes, then go buy a car instead. Leasing is usually good for two to three years only.
Do you drive a lot?
If you drive more than 20,000 to 25,000 km per year, leasing can be such a pain in the ass. So go get a used car instead.
Does your dealer show you “full disclosure” lease agreement?
If no, go find another dealer somewhere else. All contracts no matter how tough are fair. Be sure you see that in your dealings with any lessor.
But, hey, the most important question to ask is this:
Have you done your part? Go ahead and do some reading before you say leasing sucks.
When you face the dealer, be sure you know your trade-in value. Don’t stand there and act dumb. You are inviting hell to break loose.
Keep that dealer invoice price for the car you want in your pocket always. Let nobody tell you, you don’t know the trade.
Don’t pretend that you know how to calculate monthly payments unless you really know; negotiate for the price, not the monthly payments for your own peace.
Feel comfortable to walk out when the negotiations don’t work for you.
Let the dealer know that you know leasing and that you know what you are doing.
If the salesperson seems to be playing games with you, tell that person to stop. But restrain yourself from kicking his butt.
Don’t give the dealer any deposit during the negotiations.
You can always ask for another salesperson to negotiate with; if not, then walk away, right away!
Never give a dealer what you can afford for monthly payments. Give him an exact price instead.
Never agree to bring home a car for a night without settling a deal.
Make sure your well-being is intact during negotiations. When you feel tired, confused, or pressured during these times then you’re doomed.
When that dealer starts telling you that lease prices are not negotiable that means he is bluffing. Same as when he says that your source of invoice price is wrong.
Say no to extended warranties, add-on services, credit insurance, and other “miscellaneous fees.”
Always compare the dealer’s calculated monthly payment with your own, to make sure it’s accurate.
A slow day, like when it’s rainy or on a weekday, is a good day to negotiate. Always negotiate the price up from the dealer’s cost.
You are now a certified lease negotiator!
What goes inside your head when you’re about to sell a car?
A lot of things: how is the most basic though.
Here are some ways to make it a tad easier for you to start a process every car owner seems to avoid:
- Get the professional details of your car’s make-up. You can ask for professional assistance that will cost you $75 to $100. This will bring out the best in your car and make it a show-stopper for shoppers.
- Write a classified ad, focusing on the car’s strong points. You may include the phone number and price but not the address. Simply put, protect your privacy unless you want somebody knocking on your door when you’re still in your nighties.
- Know the retail value of your car at Yahoo!Autos and other reliable sources. Just bear in mind that there’s no fixed price. You have to come up with a price you can settle for.
- As much as possible, pay off the car first before you sell it; but if in case this is not the case, just make sure that you don’t use the pay-off price as the selling price; or you’ll never sell it.
- When you still have a pending payment on the car and you’re itching to get rid of it, then you can have the amount carried over to the new car loan.
- Make sure the fluid levels of your car are intact, take special consideration of the oil. Oil is the greatest measurement of cleanliness for your car.
- When there’s an outstanding loan on your car, bring the buyer to your bank. Let the buyer pay the loan and sign off the title to be transferred to the new owner.
You may want also to increase your car’s online presence by listing it in high-traffic sites. It’s a proven tactic.