Buy out my lease?

[Ricflair]

If I knew how much I would love my SHO I would have bought it rather than lease it.

I have a 2015 black sho with the performance package (suede seats/sunroof). I pay $490 with no money down. The buy out currently is ~33000. I have ~14000 miles on the car and get 10,500 miles per year (I will stay under 10,500 miles a year easily). It is a 36 month lease and I have 19 payments to go. I want to buy the car-but it seems like I would save maybe $200 by doing so. The buy out at the end of the lease is ~23,000.

Is there any reason to buy out the lease? Would I be crazy to do so... Thoughts/suggestions please. Thank you

 

[markathome]

Just wait until you take it back to the dealer for turn in.
Often, manufacturers will put money in the hood to try and entice you to buy it.
When I returned a Nissan Leaf that I leased for $199/month, Nissan put an additional $6,500 on the hood to try and get me to buy it.


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[Ricflair]

Just wait until you take it back to the dealer for turn in.
Often, manufacturers will put money in the hood to try and entice you to buy it.
When I returned a Nissan Leaf that I leased for $199/month, Nissan put an additional $6,500 on the hood to try and get me to buy it.


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Thank you for the info. Much appreciated

 

[sholxgt]

Agree with Mark. You have very little to lose by waiting. By the end you may change your mind and be glad to just had over the keys. Flip side is they may offer it to you for less. At the least, you know you can buy it for ~$23k then if you want to.

 

[OmaHahn]

You have to wait until near end of lease or at lease end to buy. Sure, you can buy it out at anytime but they will stick you with all the remaining lease payments PLUS the buyout or Purchase Option Price (POP) and good luck trying to find someone to give you a loan - because the price will be way higher than fair market value. I'm buying mine off lease and tried to buy early but as I explained it makes the car too expensive. I just have to wait 4 months and reach my buyout price and as mentioned go in and then negotiate for lower price if possible. I know a lot of dealers/manufacturers don't haggle on the POP.

 

[rubydist]

ok, a few things need cleared up here:

Nissan offered to put tons of money on the Leaf to get markathome to buy it because the Leafs were not selling and they (Nissan) knew they would take a bath trying to resell the vehicle. That is a very rare situation and you would not be advised to expect anything like that to happen with a SHO.

You do not have to wait until near the end of the lease to buy it out - there is a buyout figure every month, just like there is for a purchase loan, and that is the buyout amount. It is just as set in stone as the purchase loan payoff.

However, it is not in your best interest to buy out the lease at this time. There are several reasons for this, including a) what if it gets wrecked between now and the end of the lease (in that case you would get it fixed, turn it in, and get another), b) what if life changes such that you need a truck or no vehicle between now and the end of the lease, etc. etc.

Keep in mind that the end of lease buyout price is supposed to be a wholesale price. Once in a while, when you reach the end of the lease the actual wholesale value is significantly less than the buyout price. In that case, there were times when we would have the client turn in the vehicle, we would buy it back from Ford at the lower price and certify it and sell it back to the client certified for the same price as they would have had to pay to just buy out the lease. That option will only possibly exist at the end of the lease because, as OmaHahn has pointed out, during the lease the buyout is almost always higher than wholesale (and often higher than retail.)

Also keep in mind that if you know you are going to buy out the vehicle at the end of the lease, then the miles you put on it are not relevant - you will pay the ~23k whether the car has 200 or 200,000 miles on it. But, if you turn it in then the miles do matter if you are over.

So, there are several things to consider when you analyze whether to buy it out or turn it in. In any event, my strong recommendation is to keep your options open until near the end of the lease.

 

[Shohobo]

I used to work for Ford Credit and not only supervised the lease liquidation department for the branch for a while but I also sat at the desk that was responsible for approving loans and leases as well as used cars loans and lease buyouts. So I will say that I never saw or was allowed to lower the lease end purchase price. I was allowed to stretch on iffy credit and lower the interest rate if it helped keep the vehicle out of the auction at lease end to avoid losses. Personally I always looked at lease end like if it was a good car and the miles are low consider the POP. My POP is a tinge over $21K after 36mos because it was leased on X-Plan and there was $6K of rebates used. So I might be able to sell it on the open market at lse end and make money if I don't buy it out which depends on what the value of a low mileage well cared for SHO is worth in 20mos from now . The other variables to consider are what is the current lease pmt on a new or different/better vehicle? Buying out a lease early is a rip off for sure and not advisable...but always consider all the options available. Unless ur flush with cash ur most likely always gonna have a car payment. Also...this post assumes u leased ur SHO through Ford Credit....but it does apply somewhat to Bank leases as well...although they may be more open to negotiating the buy out @ lse end. Anyone wanna buy a well cared for 2015 SHO..INGOT SILVER...401A...DRIVER ASSIST PKG...OPTIONAL LOW GLOSS EBONY 20" WHEELS...PWR SUNROOF AND VOICE ACTIVATED NAV..<30K miles.....FOR SALE MAY 2018...maybe???