Is it even worth BUYING OUT your Lease or should you just turn it in?

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Is it even worth BUYING OUT your Lease or should you just turn it in?

Рет қаралды 16,201

Күн бұрын

Is it even worth BUYING OUT your Lease or should you just turn it in and walk away? In this video, I am going to be discussing how to know if it is a good idea if you should buy out or return your current auto lease by taking you on a step by step process I typically go through.
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Пікірлер: 39

@randsipe224 Ай бұрын

If you buy the car at lease end with equity in the resale value you will have to pay the sales tax on the buy out amount. Plus you would have to have enough cash. Otherwise go through the hassle of financing it. Hardly worth it. However there may be exceptions if the lease is through the manufacturers finance arm, for example, say a a Honda or Acura leased through Honda Motor Credit. In that case the Honda or Acura dealer might be able to buy the car and apply the equity to the down payment on your next lease. You would not have to pay the sales tax on the car in that case. Could you talk about that option in your next video?

@MrBiggie7979 Жыл бұрын

Thanks bro!! This video helped me and made me KNOW my decision was the right one- They had my car, after an extension on the lease and bye bye beat up car w/ 40k miles, hello into a new one. Thanks for all again. Al’s always, very informative!!

@ProdigalBeard 9 ай бұрын

watching this a year later and had about 4-5k equity in my 21 crosstrek which I've used to get into a rav4 hybrid - definitely a great page I'll be following even if I need 5+ years to buy the next vehicle (I am leasing the new car as well with intent to buy but things may change by 2026)

@CaptainFantastic222 Жыл бұрын

Right now residual values are high, which is good for lowering monthly lease payments. Bad for if you want to buy your car after lease is up. You will most likely pay up to 130% of the value of the car. Especially with the high money factor dealerships are charging Lessening to own is a thing of the past. You are essentially paying rent on the vehicle

@OutlandishWayZ Жыл бұрын

Totally wrong with that. Your residual value was determined at the initial signing of your lease. That being said your residual value for the 36 month lease that you signed three years ago is way lower that it's value today. You actually probably have a little equity in the car. Facts. I bought my 2018 Accord Sport back in 2021. Only had 15k miles at the time. Dealer wanted it for 10k more than the residual value I bought it for at the end of my lease. I laughed at the salesman . My car back in 2021 was value at 28K. Do I look like Boo Boo the fool I asked the salesman, he laughed back.

@CaptainFantastic222 Жыл бұрын

@@OutlandishWayZ yes. But with high residual values and how much dealers are charging for monthly leases you are better off buying the car and selling it off in 2 or 3 years. For example I know multiple people who have bought trucks, and sold there trucks 2 or 3 years later and made a profit. When does that ever happen! Leasing is for suckers. At least in the current market

@heatherlovesclay Жыл бұрын

I’m in a similar situation, my lease is up pretty soon. Not looking forward to it, I don’t particularly love my car, but I can’t see myself paying double for some thing else

@lisaflores2016 Жыл бұрын

Sell it to CarMax and walk away with a profit

@heatherlovesclay Жыл бұрын

@@lisaflores2016 Yes but I need to get another car which is the problem

@lisaflores2016 Жыл бұрын

@@heatherlovesclay true .... I have that problem right now... 😂 I sold my leased Mercedes Benz AMG 35 last week for $44.... Now I'm in search for another vehicle..... I'm probably going to pre-order a new Mercedes SUV or Audi SUV... Every night I search and I already built two of them.. 😂... I just don't know which one I should order....it's hard

@henryw5762 13 күн бұрын

What if it’s just a minor accident as per CarFax

@LobisAnthony Жыл бұрын

My lease is ending around 12 month im thinking in keeping it it’s a Kia k5 gt line my buyout it’s around 12000 would be worth it buying it ? I love the car to be honest 0 problems … right now I try to find a value for the car but in car max say it’s pretty rare my car and need a local car max to evaluate ..

@fdecubellis Жыл бұрын

Great video! I am a fan of the beret!

@nybornbread7474 Жыл бұрын

Hey Ari. Been a sub for a while now. Glad you are back. Hope all is well. Here's my scenario. 2019 gle coup amg. Lease coming up in 3 months. Buy out 38k plus tax obviously. I have a minor accident on record. Damn 🦌.Right Headlight and front bumper. How do I negotiate with dealers to sell it to them. Or should I just buy it out. Maybe sell on my own. Imo there's a lot of equity? Thanks. Keep up the good work 👏

@GIORGIKOBALADZE Жыл бұрын

In the same place. Thanx for the video

@eddiemo2748 Жыл бұрын

When is the best time to turn in a 22 Honda Accord LX with 26,000 mi on a 36,000 mi lease

@RFJersey Жыл бұрын

Magnum PI stach!

@SCJFamily Жыл бұрын

Hey Ari, new to your channel. Great info, I have a question do you thinks it's worth leasing a hellcat redeye 2022 and I'm planning on keeping it?

@franklabarca8734 Жыл бұрын

What about taxes on you buying the lease out? You would have to pay taxes on the car then sell it to a 3rd party? Doesn’t that come out of the profit?

@dmytrobur 8 ай бұрын

Thank you, when finished with with tittle transfer, do i need to also reregister? My current registration (during lease) is under my name already. Thank you

@syoon22 Жыл бұрын

Is windshield replacement considered as an accident?

@MrNewsitall Жыл бұрын

@loreensarkis4028 Жыл бұрын

How does it work with Audi, im leased with US Bank. I have a 48 month lease and hoping in 2-3 years that I can sell the lease. Will I be able to? Or Whats the best way for me to get out of my lease early without any termination fees.

@Ruffychu Жыл бұрын

US Bank won't let dealer buy :(

@ivancacic79 Жыл бұрын

Another great video Ari! I have a 2019 Jeep compass lease that is due back the end of October have less than 8,000 miles on it, it's in excellent condition. Was told the buy out price would be a little over $15,000 with taxes and fees. My issue is I don't have $15,000 laying around to buy it out. So I guess I'm going to have to pay this off. My issue is going from paying $210 a month to over $300 a month?? is going to be difficult. Any suggestions? I would like to keep the car and this is also my first lease/ new car

@intermestic1 Жыл бұрын

It is either accept the $300 per month, or turning in the vehicle and have no car.

@emerc267 Жыл бұрын

Im confused - u can stretch that 15k buyout to whatever terms u want: 3, 4 or 5 years. U dont have to dish out 15k out of pocket

@ivancacic79 Жыл бұрын

@@intermestic1 thanks for info!

@ivancacic79 Жыл бұрын

@@emerc267 true! thanks for info!

@devontorres6449 Жыл бұрын

Get your lease buyout from your account and shop around to credit unions, online and with other banks to get the best terms. At the end of the lease you get that fixed buyout amount and it’s as if you are buying the same car used. I’d say 30 days before your lease is up check a few places to get financing and pic the best one with the terms you are ok with. Side note once you go shopping for bank rates and terms you have about 14 days or so for all the hits to your credit to be counted at 1 instance so go hard on credit inquiries within 14 days for auto loan shopping. For instance if you wanted to shop around on October 1st do all your shopping for credit pulls by October 14th so it’ll counts as 1 hard pull

@derekvoskanyan Жыл бұрын

Thumbs up Genjo!!!!!!!!

@dirkmason174 Жыл бұрын

Very insightful video. Lots of good information. I currently have a 2020 Honda Accord Touring 2.0T with approximately 6700 miles. My lease is up in May 2023 and would like to get something else. Honda says I cannot sell to a third party but it states that lease purchases are only available to the lessee or authorized Honda and Acura dealerships. Does this mean I can sell the car to a Honda/Acura dealership and potentially get the equity and use that to either purchase or lease another vehicle? Any guidance you can give is appreciated.

@brysal100 Жыл бұрын

Honda or Acura will only do that is you're staying with the brand. if you want a different brand you will need to buy out the vehicle and then either trade it in or sell to carmax after you buy it out -my sources, i did it last year

@dirkmason174 Жыл бұрын

@@brysal100 did you do a separate deal to sell the car back?