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      03-23-2011, 09:29 PM   #1
tricksterr24
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Question Help, I Need Advice

I AM CURRENTLY LEASING A 2009 328I COUPE SULEV SPORT PACKAGE. I HAVE A YEAR AND A HALF LEFT. THE PAYOFF AMOUNT IS 31023.21 AND THE RESIDUAL IS 25K. AND IM THINKING OF REFINANCING IT. I TRIED TRADING IT IN AND NOW MY CAR IS WORTH 24K. MY PAYMENT NOW IS 500 AND IF I REFINANCE IT FOR 5 YEARS MY PAYMENT GOES UP ABOUT 40 BUCKS. IF I KEEP IT FOR 2 YEARS THE REMAINING BALANCE WILL BE ABOUT 19K IS THIS WORTH IT TO PURCHASE OR JUST TURN IT IN AT THE END. I NEED ADVICE.
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      03-23-2011, 10:03 PM   #2
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So first of all, absolutely don't buy it right now. When your lease is coming due you can negotiate the purchase price of your car lower than your residual. For example, my lease is up now and the residual is $31k. The dealer will actually sell it to me for $27k. That is a $4k swing in my favor. See what I mean?

I elected not to buy my lease out and ended up leasing a new one, but that is besides the point. Make sense?
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      03-24-2011, 10:23 PM   #3
tricksterr24
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thank you. it does make sense but i do like my car. see this is the thing i want to start getting performance parts for it. then again if i keep it til the end of my lease and finance it for 5 years then pretty much it took me 8 years to pay it off. thats the reason y i am confused. its like having a car payment for 8 years or just refinance it now and it'll be like i payed it off in 6 years.
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      03-24-2011, 10:41 PM   #4
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i'd wait til the end and negotiate the price, nothing like being the first owner of a car. You know what happened to it and how it was taken care of.

I would personally trade it in for the 2011.
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      03-25-2011, 01:34 AM   #5
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Quote:
Originally Posted by tricksterr24 View Post
I AM CURRENTLY LEASING A 2009 328I COUPE SULEV SPORT PACKAGE. I HAVE A YEAR AND A HALF LEFT. THE PAYOFF AMOUNT IS 31023.21 AND THE RESIDUAL IS 25K. AND IM THINKING OF REFINANCING IT. I TRIED TRADING IT IN AND NOW MY CAR IS WORTH 24K. MY PAYMENT NOW IS 500 AND IF I REFINANCE IT FOR 5 YEARS MY PAYMENT GOES UP ABOUT 40 BUCKS. IF I KEEP IT FOR 2 YEARS THE REMAINING BALANCE WILL BE ABOUT 19K IS THIS WORTH IT TO PURCHASE OR JUST TURN IT IN AT THE END. I NEED ADVICE.
So you are saying you can refinance the $31,023 plus tax (what is your tax rate?) for 5 years and your payment is $540 a month? You should re run your numbers. You are probably missing something (tax). Good luck.
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      03-25-2011, 05:17 AM   #6
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Quote:
Originally Posted by tricksterr24 View Post
I AM CURRENTLY LEASING A 2009 328I COUPE SULEV SPORT PACKAGE. I HAVE A YEAR AND A HALF LEFT. THE PAYOFF AMOUNT IS 31023.21 AND THE RESIDUAL IS 25K. AND IM THINKING OF REFINANCING IT. I TRIED TRADING IT IN AND NOW MY CAR IS WORTH 24K. MY PAYMENT NOW IS 500 AND IF I REFINANCE IT FOR 5 YEARS MY PAYMENT GOES UP ABOUT 40 BUCKS. IF I KEEP IT FOR 2 YEARS THE REMAINING BALANCE WILL BE ABOUT 19K IS THIS WORTH IT TO PURCHASE OR JUST TURN IT IN AT THE END. I NEED ADVICE.
its worth it...you are earning good for that kind of money
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      03-25-2011, 11:34 AM   #7
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I am not sure Stan Betz is trying to say. So take a hard look:

Buy Out Now Scenerio- Payment Jumps to $640/month.
You owe 31K plus 9.75% tax (3K)your payoff around $34K.
Assume a 5% car loan for 5 years would equal a payment of $640 month. After 18 months you would owe 24K.

Lease Buy Out Scenerio- Payment is $500/month
Buy Your Lease in 18 months keeping payment at $500/month.
Residual is 25K. But you can probably negotiate a 22K buy out plus tax is around $24K. So in 18 months you would owe 24K (but paid $160 less per month).

Using these numbers, you are saving $2,800 by waiting to negotiate your buy out at the end of the lease.

Make Sense?
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Last edited by 67R60; 03-25-2011 at 11:36 AM.. Reason: d
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      04-13-2011, 11:00 PM   #8
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got some scenarios. my payment is going to be 580 a month with a 3.5% interest for 5 years putting 1500 down. good deal?
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