Take over lease: 2016 Z51 2LT with all options - Under 1,000 miles
01-15-2016, 12:09 AM
#21
Race Director
Exactly. I guess I'm not sure if others really "don't get the math" or just "don't like leasing." That being said, if someone has another C7 lease it would be great to see how these compare to help anyone who actually does like the idea of a lease, but simply wants to know how this lease holds up to others.
01-15-2016, 02:49 AM
#22
Racer
There are a lot of things to consider here. Tax is included in lease payment not in residual value.
Someone has to basically buy this out or go to the dealer and have them buy it out and release it or car can not be insured in drivers name.
With that in mind you are looking at roughly:
$1,032.74: Base scheduled payment
+ 90.36: Estimated tax
Or
1123.10 x months left on lease (32) + res and the tax and reg in your state.
For me is my part of California:
35935.20 payments
45917.75 residual
3673.42 tax on residual
453 Registration
350 lease fees generally
Total approx based on 8% tax and California Registration =$86329.37
To buy same car new without your discount:
72,582.80 Car Price before discount
5806.62 Tax
453.00 Reg
350.00 Dealership prep and doc fees (bare min)
________________
79,192.42 Total
So $86.3K vs 79.1K is going to be a hard sell. Hate to say it but, you are upside/down and will need to come up with cash difference or take it with you. I recommend the latter for a couple of years so you do not need to come up with the difference and can enjoy the car.
Yes, it may cost you another $3-5K to ship it... but, you might as well get your money's worth out of enjoyment. I have been there and I feel for you.
Unfortunately, when you leave the showroom floor you lose about 10K on these cars.
It is a beautiful car.... Maybe the lease swapping company can help you finance the difference or you can find someone that is willing to pay to get exactly what you have.
I did to get my LRG Vette. I had to have the color so the $'s were secondary to me.
Best of luck
Someone has to basically buy this out or go to the dealer and have them buy it out and release it or car can not be insured in drivers name.
With that in mind you are looking at roughly:
$1,032.74: Base scheduled payment
+ 90.36: Estimated tax
Or
1123.10 x months left on lease (32) + res and the tax and reg in your state.
For me is my part of California:
35935.20 payments
45917.75 residual
3673.42 tax on residual
453 Registration
350 lease fees generally
Total approx based on 8% tax and California Registration =$86329.37
To buy same car new without your discount:
72,582.80 Car Price before discount
5806.62 Tax
453.00 Reg
350.00 Dealership prep and doc fees (bare min)
________________
79,192.42 Total
So $86.3K vs 79.1K is going to be a hard sell. Hate to say it but, you are upside/down and will need to come up with cash difference or take it with you. I recommend the latter for a couple of years so you do not need to come up with the difference and can enjoy the car.
Yes, it may cost you another $3-5K to ship it... but, you might as well get your money's worth out of enjoyment. I have been there and I feel for you.
Unfortunately, when you leave the showroom floor you lose about 10K on these cars.
It is a beautiful car.... Maybe the lease swapping company can help you finance the difference or you can find someone that is willing to pay to get exactly what you have.
I did to get my LRG Vette. I had to have the color so the $'s were secondary to me.
Best of luck
01-15-2016, 03:19 AM
#23
Racer
BTW - I love leases ... The best way to get a lease is on what they call national lease programs.
I have leased a couple of Volts this way and it has worked out great. The trick is to add all the monthly payments together and the residual. If that number equals less than the MSRP you are doing well. If it is like $7K less then you have a real deal....
Example: O down $212 a month for 36 / residual $27,300 = $34, 932 for a Volt with a retal of $42,400... Plus in that case rebates of $1500 from State of California. Or $25,800 for a $42,400 MSRP Volt.
The kicker is I save about $200(edited) a month in gas and if I had not liked it I could just turn it back in at the end of 36 months. But, I did not... I released at 30 months for another 36at $240 a month a new and improved Volt (0 down again) and residual will be $17,200 at the end of the lease.. plus I got another $1500 rebate from the State. which makes that effectively $15,800 residual.
There is a lot more to the formulas ... However, I basically get to drive the Volt with my gas savings for six years for free (except insurance) and can buy a three year old Volt with 36K on it for $15,800 at the end of this lease....... Or do it again on a 2018 Volt.
On a Volt lease works really well using the national lease program as they come up.
On another car it can work as long as the payments and residual do not exceed the MSRP in my opinion.
Forgive my grammar... During my time off... I just write well enough to convey my ideas.
The Volt is my Avatar is my 2015 lease. Picked it up in May just as happy with it as my first Volt. Beats the heck out of my old 2012 Prius (leased also)
I have leased a couple of Volts this way and it has worked out great. The trick is to add all the monthly payments together and the residual. If that number equals less than the MSRP you are doing well. If it is like $7K less then you have a real deal....
Example: O down $212 a month for 36 / residual $27,300 = $34, 932 for a Volt with a retal of $42,400... Plus in that case rebates of $1500 from State of California. Or $25,800 for a $42,400 MSRP Volt.
The kicker is I save about $200(edited) a month in gas and if I had not liked it I could just turn it back in at the end of 36 months. But, I did not... I released at 30 months for another 36at $240 a month a new and improved Volt (0 down again) and residual will be $17,200 at the end of the lease.. plus I got another $1500 rebate from the State. which makes that effectively $15,800 residual.
There is a lot more to the formulas ... However, I basically get to drive the Volt with my gas savings for six years for free (except insurance) and can buy a three year old Volt with 36K on it for $15,800 at the end of this lease....... Or do it again on a 2018 Volt.
On a Volt lease works really well using the national lease program as they come up.
On another car it can work as long as the payments and residual do not exceed the MSRP in my opinion.
Forgive my grammar... During my time off... I just write well enough to convey my ideas.
The Volt is my Avatar is my 2015 lease. Picked it up in May just as happy with it as my first Volt. Beats the heck out of my old 2012 Prius (leased also)
Last edited by Mecinoid; 01-17-2016 at 06:07 PM. Reason: shift key missed
01-15-2016, 07:21 AM
#24
Instructor
BTW - I love leases ... The best way to get a lease is on what they call national lease programs.
I have leased a couple of Volts this way and it has worked out great. The trick is to add all the monthly payments together and the residual. If that number equals less than the MSRP you are doing well. If it is like $7K less then you have a real deal....
Example: O down $212 a month for 36 / residual $27,300 = $34, 932 for a Volt with a retal of $42,400... Plus in that case rebates of $1500 from State of California. Or $25,800 for a $42,400 MSRP Volt.
The kicker is I save about 4200 a month in gas and if I had not liked it I could just turn it back in at the end of 36 months. But, I did not... I released at 30 months for another 36at $240 a month a new and improved Volt (0 down again) and residual will be $17,200 at the end of the lease.. plus I got another $1500 rebate from the State. which makes that effectively $15,800 residual.
There is a lot more to the formulas ... However, I basically get to drive the Volt with my gas savings for six years for free (except insurance) and can buy a three year old Volt with 36K on it for $15,800 at the end of this lease....... Or do it again on a 2018 Volt.
On a Volt lease works really well using the national lease program as they come up.
On another car it can work as long as the payments and residual do not exceed the MSRP in my opinion.
Forgive my grammar... During my time off... I just write well enough to convey my ideas.
The Volt is my Avatar is my 2015 lease. Picked it up in May just as happy with it as my first Volt. Beats the heck out of my old 2012 Prius (leased also)
I have leased a couple of Volts this way and it has worked out great. The trick is to add all the monthly payments together and the residual. If that number equals less than the MSRP you are doing well. If it is like $7K less then you have a real deal....
Example: O down $212 a month for 36 / residual $27,300 = $34, 932 for a Volt with a retal of $42,400... Plus in that case rebates of $1500 from State of California. Or $25,800 for a $42,400 MSRP Volt.
The kicker is I save about 4200 a month in gas and if I had not liked it I could just turn it back in at the end of 36 months. But, I did not... I released at 30 months for another 36at $240 a month a new and improved Volt (0 down again) and residual will be $17,200 at the end of the lease.. plus I got another $1500 rebate from the State. which makes that effectively $15,800 residual.
There is a lot more to the formulas ... However, I basically get to drive the Volt with my gas savings for six years for free (except insurance) and can buy a three year old Volt with 36K on it for $15,800 at the end of this lease....... Or do it again on a 2018 Volt.
On a Volt lease works really well using the national lease program as they come up.
On another car it can work as long as the payments and residual do not exceed the MSRP in my opinion.
Forgive my grammar... During my time off... I just write well enough to convey my ideas.
The Volt is my Avatar is my 2015 lease. Picked it up in May just as happy with it as my first Volt. Beats the heck out of my old 2012 Prius (leased also)
Last edited by KT.VETTE; 01-15-2016 at 07:24 AM.
01-17-2016, 06:06 PM
#25
Racer
01-18-2016, 03:26 AM
#26
7th Gear
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Member Since: Jan 2016
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There are a lot of things to consider here. Tax is included in lease payment not in residual value.
Someone has to basically buy this out or go to the dealer and have them buy it out and release it or car can not be insured in drivers name.
With that in mind you are looking at roughly:
$1,032.74: Base scheduled payment
+ 90.36: Estimated tax
Or
1123.10 x months left on lease (32) + res and the tax and reg in your state.
For me is my part of California:
35935.20 payments
45917.75 residual
3673.42 tax on residual
453 Registration
350 lease fees generally
Total approx based on 8% tax and California Registration =$86329.37
To buy same car new without your discount:
72,582.80 Car Price before discount
5806.62 Tax
453.00 Reg
350.00 Dealership prep and doc fees (bare min)
________________
79,192.42 Total
So $86.3K vs 79.1K is going to be a hard sell. Hate to say it but, you are upside/down and will need to come up with cash difference or take it with you. I recommend the latter for a couple of years so you do not need to come up with the difference and can enjoy the car.
Yes, it may cost you another $3-5K to ship it... but, you might as well get your money's worth out of enjoyment. I have been there and I feel for you.
Unfortunately, when you leave the showroom floor you lose about 10K on these cars.
It is a beautiful car.... Maybe the lease swapping company can help you finance the difference or you can find someone that is willing to pay to get exactly what you have.
I did to get my LRG Vette. I had to have the color so the $'s were secondary to me.
Best of luck
Someone has to basically buy this out or go to the dealer and have them buy it out and release it or car can not be insured in drivers name.
With that in mind you are looking at roughly:
$1,032.74: Base scheduled payment
+ 90.36: Estimated tax
Or
1123.10 x months left on lease (32) + res and the tax and reg in your state.
For me is my part of California:
35935.20 payments
45917.75 residual
3673.42 tax on residual
453 Registration
350 lease fees generally
Total approx based on 8% tax and California Registration =$86329.37
To buy same car new without your discount:
72,582.80 Car Price before discount
5806.62 Tax
453.00 Reg
350.00 Dealership prep and doc fees (bare min)
________________
79,192.42 Total
So $86.3K vs 79.1K is going to be a hard sell. Hate to say it but, you are upside/down and will need to come up with cash difference or take it with you. I recommend the latter for a couple of years so you do not need to come up with the difference and can enjoy the car.
Yes, it may cost you another $3-5K to ship it... but, you might as well get your money's worth out of enjoyment. I have been there and I feel for you.
Unfortunately, when you leave the showroom floor you lose about 10K on these cars.
It is a beautiful car.... Maybe the lease swapping company can help you finance the difference or you can find someone that is willing to pay to get exactly what you have.
I did to get my LRG Vette. I had to have the color so the $'s were secondary to me.
Best of luck
That being said, I'm actually already moving forward with a local buyer. The process was pretty straightforward and Ally (the leasing company) has already approved them for the transfer.
Thank you all for your input and help as I prepare for the big move!
01-21-2016, 12:49 PM
#27
Race Director
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2016 Corvette of Year
2015 C6 of Year Finalist
You know you can sell a leased vehicle right?
you call get the payoff and then see if you can sell if for the payoff. Works the same as a financed car. I have sold/traded in leased vehicles before.
If I were you I'd get the payoff and see what similar Vettes are selling for and see which is the best way to go.
you call get the payoff and then see if you can sell if for the payoff. Works the same as a financed car. I have sold/traded in leased vehicles before.
If I were you I'd get the payoff and see what similar Vettes are selling for and see which is the best way to go.
01-21-2016, 01:43 PM
#28
Instructor
You know you can sell a leased vehicle right?
you call get the payoff and then see if you can sell if for the payoff. Works the same as a financed car. I have sold/traded in leased vehicles before.
If I were you I'd get the payoff and see what similar Vettes are selling for and see which is the best way to go.
you call get the payoff and then see if you can sell if for the payoff. Works the same as a financed car. I have sold/traded in leased vehicles before.
If I were you I'd get the payoff and see what similar Vettes are selling for and see which is the best way to go.