lenny037

Okay so I am currently leasing an 04 vert black mn6. It is in mint condition and only has 4000 miles on it. I got an early termination sheet from gmac and spoke to them about buying it out. The buyout good until April 1st is 40964.60. I looked up on Kelly blue book and I seem to be off by 1000.00 in diffrence between trade in an my purchase price. I need some help here I really want to buy this car so I can start my mods. Is this a good decision in the minds of the corvetteforum gods. Let me know and I appreciate all the help.

dunbindun(tov)

Did they give you a phone number for contact? If so, they may be able to deal somewhat. On two occasions when my 2 sons totalled cars, I was able to quickly negotiate better settlements on the phone. Give it a try, but assemble some info to support your point. This would not be it: http://www.rogerscorvette.com/car.php?CarID=1923
Remember, you'll probably have to pay your local sales tax as well.
DBD

lenny037

I actually got that buyout directly from GMAC. Its good thru april 1st. From the research ive done i found that Im in the ball park. I also am looking for a someone to finance with. I was told that 6.9% is the best that my dealership can do on a used car. I think that sounds kinda high based on the market. Maybe someone knows a better lender where i can get a better rate. Thanks for all the help.

dunbindun(tov)

6.9% is a little high. Our local credit union (you have to be a member) quotes 5.5%/72 mos on a used car. They only consider 05/06 as "late models" which get a slightly better rate (4.9). Look around.

DBD

steve8

I have an 04 CE vert with every option, and I hate to say it but that seems a tad high. I would also have to know how the car is optioned. You have the advantage of knowing the cars history which is a huge plus. It's not high by much, so I'd see if they had a lttle room. Good luck.

Yello95

Thats a fair deal for a mint condition '04 Vert with low milage...just hurry up and buy it before its too late and don't look back...

blacksedan87

Based on what I've seen for ultra clean low mileage C5 convertibles, $41K isn't a horrible price. You have the distinct advantage of knowing exactly how this used car was treated - if there are any issues and if they have been fixed. To me - that "insider" knowledge is certainly worth a grand.....

jimmie jam

Corvette1996LT1

Doesn't sound like a bad price for a nice low mile vert. and since you know the driver I would say good deal. I wouldn't put much stock into KBB it is only good for the buyer looking to low ball. Your problem is going to be the % rate. That will hit you more then anything. If your a member of a credit Union or in good with a bank try to get them to give you a better rate or See if GMAC will work with you on the buy out and give you a rate more in line with new car since the lease was with them The 6.9% rate your posting above sounds real high to me. That makes me feel good about the 2.9% I got from my Credit Union when I bought mine in 2004 Best of luck with your deal

lenny037

Wow, Thanks so much for all the advice. After speakin with one of my buddies i have come to the following conclusion. It doesnt make sense to buy the car out right now and take a higher payment of $785.00. Rather keep it at a lease until next july at $558.00 at which time my buyout will be 32,859.14. Im really only kicking my payment up 200.00 by going that route for no reason. My Buyout is 40964.60 right now. It just makes me realize how much I stole the lease for. Thanks again for all the help I think ill go get those 19"s and 20 motorsports. Oh yeah and I think i might put some Borlas on there as well..

PHeeew I almost thought I lost her for a second.