Getting out of s2000 lease
11-04-2007, 02:39 AM
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Getting out of s2000 lease
<sorry for the long post>
As you would think, I put $0 down on my s2000 last year and leased it on the $299 lease special. I upped the mileage to 15,000, put nothing down, etc and wound up with a payment of $387/mo for 3 years...21 months left - should be an attractive deal for many.
Well, I'm 15 months in, and I've got the itch to get this M Coupe down at the dealer.
It's a sickness.
Anyways, if I terminate the lease early, I'll get raped since I owe something like $26,500, and the real market value is significantly lower than that (probably low 20s). Honda makes you pay the difference when you return the car. Honda doesn't let you sell the car, you have to return it to them or buy and title/register it yourself. So my options are:
1) Leasetrader or similar - AHFC doesn't actually allow full transfer of leases (son of a!) - you maintain some sort of liability. I don't know what it is - anyone know?
2) Keep the s and make my wife learn to drive stick (great for our marriage, not)
3) Let BMW take care of it and rape me, and turn an otherwise smoking deal into a mediocre one...they already threw a number out there like $20k for a trade...lol...that is like my 3-year residual! And I'm at 15 months!
4) Lease the car back to myself via lowermylease.com, and then get it assumed on leasetrader (PITA, plus the costs of reregistration, etc)
5) Buy the s and keep it until I'm not backwards on it and sell it (not as attractive as option 2, IMO, since the payment goes up and the end result is the same)
6) Crash the s
7) Trade in my wife's old subaru on the M coupe, then take the s down to the acura dealer, and trade it in for a new RDX for the wife (she thinks the MDX is too big)....I figure they're much more likely to forgive a current lease if you get a new one, right? The only problem with this approach is I'll go from a $387/mo car payment into like $1,250 of monthly payments... it can be done, but...I'd almost rather eat the cash on the s, rather than get myself into a hefty monthly payment.
Any other ideas I'm not thinking of? Also, if you have experience with getting a Honda lease assumed and know the details of the liability you maintain, let me know.
As you would think, I put $0 down on my s2000 last year and leased it on the $299 lease special. I upped the mileage to 15,000, put nothing down, etc and wound up with a payment of $387/mo for 3 years...21 months left - should be an attractive deal for many.
Well, I'm 15 months in, and I've got the itch to get this M Coupe down at the dealer.
It's a sickness. Anyways, if I terminate the lease early, I'll get raped since I owe something like $26,500, and the real market value is significantly lower than that (probably low 20s). Honda makes you pay the difference when you return the car. Honda doesn't let you sell the car, you have to return it to them or buy and title/register it yourself. So my options are:
1) Leasetrader or similar - AHFC doesn't actually allow full transfer of leases (son of a!) - you maintain some sort of liability. I don't know what it is - anyone know?
2) Keep the s and make my wife learn to drive stick (great for our marriage, not)
3) Let BMW take care of it and rape me, and turn an otherwise smoking deal into a mediocre one...they already threw a number out there like $20k for a trade...lol...that is like my 3-year residual! And I'm at 15 months!
4) Lease the car back to myself via lowermylease.com, and then get it assumed on leasetrader (PITA, plus the costs of reregistration, etc)
5) Buy the s and keep it until I'm not backwards on it and sell it (not as attractive as option 2, IMO, since the payment goes up and the end result is the same)
6) Crash the s
7) Trade in my wife's old subaru on the M coupe, then take the s down to the acura dealer, and trade it in for a new RDX for the wife (she thinks the MDX is too big)....I figure they're much more likely to forgive a current lease if you get a new one, right? The only problem with this approach is I'll go from a $387/mo car payment into like $1,250 of monthly payments... it can be done, but...I'd almost rather eat the cash on the s, rather than get myself into a hefty monthly payment.
Any other ideas I'm not thinking of? Also, if you have experience with getting a Honda lease assumed and know the details of the liability you maintain, let me know.
11-04-2007, 06:37 AM
#4
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Keep the S
You got your good deal on the lease.
I had the opportunity to trade my S2000 in on a C5 Z06. This was back in 04 when my S2000 was like 13 months old. I owned the car (didn't lease) owned it outright no loan. But the trade-in was not worth the savings I would have got on the Z06.
You could have a lease or a purchace either way you will be out money if you flip a new car in 14 months. I did this with a Z3 I got sick of it after 18 months and traded it in and lost a lot of money but that car was half a lemon it was in the shop constantly so I wanted to get rid of it.
If you get the M coupe you may be in the same situation 14 months from now you will want something different, something better.
The new car honeymoon only lasts a short while.
Best case is for you to enjoy your nice deal you got on the S2000 and if you have extra money lest over every month put that in a savings account and when your lease is up get something different.
You got your good deal on the lease.
I had the opportunity to trade my S2000 in on a C5 Z06. This was back in 04 when my S2000 was like 13 months old. I owned the car (didn't lease) owned it outright no loan. But the trade-in was not worth the savings I would have got on the Z06.
You could have a lease or a purchace either way you will be out money if you flip a new car in 14 months. I did this with a Z3 I got sick of it after 18 months and traded it in and lost a lot of money but that car was half a lemon it was in the shop constantly so I wanted to get rid of it.
If you get the M coupe you may be in the same situation 14 months from now you will want something different, something better.
The new car honeymoon only lasts a short while.
Best case is for you to enjoy your nice deal you got on the S2000 and if you have extra money lest over every month put that in a savings account and when your lease is up get something different.
11-04-2007, 06:51 AM
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Originally Posted by Bboy AJ,Nov 4 2007, 07:42 AM
Wait
You put $0 down and walked away with an S2k for only $387 a month? Nothing else other than that? Am I reading this right? Throw me some money and I'll take over that lease
You put $0 down and walked away with an S2k for only $387 a month? Nothing else other than that? Am I reading this right? Throw me some money and I'll take over that lease
11-04-2007, 10:45 AM
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Originally Posted by Tyraid2K,Nov 4 2007, 07:04 AM
6 is the best option, if you can get it done...
Its bad enough we had noobs getting S2000s that don't belong in them and wrapping them around poles and boulders doing "mad drifts yo!" Besides...blatantly crashing your car is fraud...which is a felony.
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11-04-2007, 11:07 AM
#9
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Oh
I vote get the wife a RDX and keep the S2000 for another 21 months (horror of horror) and then your wife is happy
and 21 months you can get a M coupe or 135i etc..
My wife has a new MDX and it's a great car, I have not driven a RDX but I imagine it's got many features (bluetooth, XM etc..) that makes it a nice DD
I vote get the wife a RDX and keep the S2000 for another 21 months (horror of horror) and then your wife is happy
and 21 months you can get a M coupe or 135i etc..My wife has a new MDX and it's a great car, I have not driven a RDX but I imagine it's got many features (bluetooth, XM etc..) that makes it a nice DD
11-04-2007, 12:44 PM
#10
Bottom line, don't lease a car that you won't be happy to keep for at least the lease term! The lessor has incurred more depreciation than the lessee has paid for, so it's going to cost him to "catch up". I'd just wait it out through the lease term - at the rate those M Coupes are selling, that same car may still be available then!