Anyone switched from a lease to a buy situation?
05-13-2004, 11:15 AM
#3
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You can usually buy your Audi toward the end of your lease. And depending on the situation...
you'll end up getting the extended warranty because it will become Audi Assured.
05-13-2004, 11:26 AM
#5
Uhmmm, NO!
You can buy your car at ANY time during the lease, you just have to pay the payoff balance, which is generally cost prohibitive, or doesn't make financial sense.
As for the car becoming "Audi Assured" is BS. That costs the dealer about $1k to do and they will not do in unless you actually returned the vehicle to them under your lease obligation and you can buy it off their lot for a premium. If you buy out you lease, that is just that. You buy out your lease. Buying a CPO Audi off the dealer lot is a completely different story.....
As for the car becoming "Audi Assured" is BS. That costs the dealer about $1k to do and they will not do in unless you actually returned the vehicle to them under your lease obligation and you can buy it off their lot for a premium. If you buy out you lease, that is just that. You buy out your lease. Buying a CPO Audi off the dealer lot is a completely different story.....
05-13-2004, 11:33 AM
#7
Here is the bottom line.
I don't know how deep you are into your lease, probably not that long. You have to call Audi Financial and ask for a buyout quote. They will tell you how much money you have to pay them to get the car ownership transferred to you. It will not be cheap.
Then you will have to add Tax to that cost and go to your local credit union or an on-line lender and look for a used car refinance deal. Then just pay it off under the new terms. That is all.
However:
What has changed that made you reconsider the car and decided you want to buy it? Are you ready to pay the higher monthly payments for ownership? Are you planning on keeping the car for longer than your lease period? If you just want to have the car titled in your name but you will still turn it back in after 3-4 years, it is absolutely stupid to buy it, you will lose big bucks!
Do you want to buy it so you can mod it? It might make financial sense to keep leasing it even then and buy it at the end of the lease or do a third party buyout if it is allowed by your contaract.
By doing what you are planning on doing you will lose all the benefits of the lease you have entered into (high residual value, low monthly payments) yet you will not get the promotional captive finance rates you could have gotten had you financed the car through Audi Financial in the first place.
This purchase will cost you a lot more than it could have in the first place.
Do as you wish, but I would sleep on it a couple more nights to make sure this is what you really want to do.
Then you will have to add Tax to that cost and go to your local credit union or an on-line lender and look for a used car refinance deal. Then just pay it off under the new terms. That is all.
However:
What has changed that made you reconsider the car and decided you want to buy it? Are you ready to pay the higher monthly payments for ownership? Are you planning on keeping the car for longer than your lease period? If you just want to have the car titled in your name but you will still turn it back in after 3-4 years, it is absolutely stupid to buy it, you will lose big bucks!
Do you want to buy it so you can mod it? It might make financial sense to keep leasing it even then and buy it at the end of the lease or do a third party buyout if it is allowed by your contaract.
By doing what you are planning on doing you will lose all the benefits of the lease you have entered into (high residual value, low monthly payments) yet you will not get the promotional captive finance rates you could have gotten had you financed the car through Audi Financial in the first place.
This purchase will cost you a lot more than it could have in the first place.
Do as you wish, but I would sleep on it a couple more nights to make sure this is what you really want to do.
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05-13-2004, 11:48 AM
#9
Heard what? High buyout?
What is wrong with you guys!?!?!?!
High buyout is GOOD! That's what keeps the monthly payments down! If you don't like high residuals, get a Ford!
Sounds like neither of you is a good lease candidate!
If you want to buy your car out at the lease term and the only reason you have leased is so you can keep your monthly payments down, you're insane and screwed up royally with leasing in the first place!
Geez! What is wrong with people?!?!?!
High buyout is GOOD! That's what keeps the monthly payments down! If you don't like high residuals, get a Ford!
Sounds like neither of you is a good lease candidate!
If you want to buy your car out at the lease term and the only reason you have leased is so you can keep your monthly payments down, you're insane and screwed up royally with leasing in the first place!
Geez! What is wrong with people?!?!?!
