Selling leased 2013 Camaro ZL1

[driv3none]

Originally Posted by dshep214

Actaully I have 800 credit score I've had the numbers ran for me to buy a zl1. And with only putting 6k down I was at 798. Decided to pass since I pay 500 a month on the ss and it only has 11k miles in two years. So sorry yes 1k payment on a lease to me is ridiculous.

I'm sorry but the only way you'd see a payment like that was if you dragged it out over 72 or 84 months and bought the base model, with absolutely no options, and a manual transmission. That is also assuming you can find it for MSRP with no additional dealer markup. I just ran the numbers on the base model (MSRP: $55,250) at 72 months with 4% APR and $6k down and the payment is $850/mo. If you drop the loan term to 36 months, comparable to my lease, your payment goes up to $1600/mo.

But anyhow, if anyone is truly interested, I'll let them run the numbers themselves and see if it makes sense to them.

The SS is a nice car as well, so congrats and thanks for your input!

[dshep214]

Yes the payment was ran out. Had 1.9% interest and yes I had it at Msrp with sunroof and manual like I wanted. I have bought 10 cars from them and got a deal on my ss and on the z. Payments went to 84 months just as a rough estimate and yes 84 is alot longer than your 36 month lease but u still owe 30k plus at the end of three years then have to finance the rest later. I could pay 100 over the payment and still be less than your lease. Just saying a 1000 dollar lease is a rip. u will never find anyone to take that off your hands.

[dshep214]

Sorry for the thread jack ill let u try to lay your lease on someone else now.... Good luck.

[JasonK]

Just remember that the lease might only be for 10,000 miles a year, but in terms of rear tires that equals 350,000 - 500,000 miles.....

[whistle pig]

36 month lease.......$36,000
down pay........$4300
residual..........34,000

$74,300

- One lese payment of 1,000

$73,300 for a used ZL1 with 800 miles.

Nothing wrong with leasing because you want to trade frequently.....assuming you can also afford it, But for a guy that trades frequently to only get $4,300 trade in on this lease?

something dosent add up.....

[driv3none]

Originally Posted by dshep214

Sorry for the thread jack ill let u try to lay your lease on someone else now.... Good luck.

You're not thread jacking anything. You feel strongly that an 84 month loan is the way to go. And I'd rather just lease it for the bumper to bumper then get something else. I have absolutely no idea why you feel this is a bad lease, and it's really confusing that you keep mentioning the payment as if that even matters. All that matters with a lease is the miles per year, money factor, and residual value. 56% residual on this car is good, most other places only offer 55%. I don't have the paperwork in front of me but the MF was decent as well. And as I mentioned, 10k a year is plenty for me. So, bottom line is, if you understand the benefits of a lease and want an awesome deal on a ZL1, this is it. But, at least in your case, it's clear that you've made up your mind and are a financing die-hard (or are just trolling) and so I don't think there is much else to be said. This is a lease and you'd be extremely hard pressed to find a better lease offer elsewhere.

[driv3none]

Originally Posted by JasonK

Just remember that the lease might only be for 10,000 miles a year, but in terms of rear tires that equals 350,000 - 500,000 miles.....

Yeah I've already budgeted for having to replace the tires within the 30k mile range... from what I've read they don't last too long

[driv3none]

Originally Posted by whistle pig

36 month lease.......$36,000
down pay........$4300
residual..........34,000

$74,300

- One lese payment of 1,000

$73,300 for a used ZL1 with 800 miles.

Nothing wrong with leasing because you want to trade frequently.....assuming you can also afford it, But for a guy that trades frequently to only get $4,300 trade in on this lease?

something dosent add up.....

I said I lease frequently. And in fact, I used to be a financing die-hard and thought leases were for suckers. Now, after having financed several times before and always getting rid of the car well before it financially made sense (usually around the 7 year mark), I completely understand the reason for leasing and have chose to go this route in my past 3 vehicles. In the case of the ZL1, I had an older car that we had previously financed and owned for 8 years that I traded in. Not sure how that doesn't add up for you?

Remember, you don't lease a car that you intend on buying at the end. While this is an option, it is usually always better to just finance it if this was your intention. Leasing, for the most part, is for people that don't want to own the car or deal with any major maintenance of it. That's me.

Now, I'm not sure if you guys are trying to argue that leasing is bad, or that my particular lease is bad. But please do clarify, because I'm happy to help clear up either misconception.

[whistle pig]

I thought thats what warrantys were for?

Anyway, The biggest advantage to a lease is the tax advantage....Most are not in a position to use it though....and even fewer could make it work on a ZL1.

Good luck with your sale...er......getting out of your lease........or whatever.

[Angrybird 12]

From money crashers website
http://www.moneycrashers.com/seven-r...is-a-bad-deal/

Let’s take a look at the pros and cons of leasing so you can make the best decision for your situation and circumstances.

Pros of Leasing a Car

New car, all the time. Leasing a car means you always get to drive around in a sweet new ride. For many people, this is an emotional boost that can’t be ignored. If you love cars and driving, this is a big perk.
Less maintenance issues. Because you’re always driving a newer car, you usually don’t have to deal with the regular maintenance issues that car owners face as their vehicles age. You turn in your car before all those problems start showing up (e.g. bad brakes or shot transmission). If you lead a very busy life, or you’re on the road a lot, this is one less stress you have to deal with.
Leases are tax deductible for small businesses. If you’re self-employed or you own a business, you can write off your lease as a business expense.
“Afford” a nicer car. If you’ve ever wondered how it is that so many people can afford to drive BMWs and Range Rovers, then wonder no more. According to LeaseGuide.com, around 75% of all luxury cars are leased. The reason is because banks don’t like to loan out more than $30,000 for a car loan. If you want a car that’s worth more than that and you don’t have the money to make up the difference, leasing is your only option. On the upside, your monthly payment will be lower than if you actually bought a car. Leasing allows you to “afford” a nicer car than you’d get if you had to buy it.
Few upfront costs. Speaking of costs, leasing allows you to get into a car with very few “upfront” costs. You often don’t need a down payment (or if you do, it’s fairly low), your monthly payments are lower, and your sales tax is going to be a lot lower since you only have to pay tax on the value of the car you actually used. According to Edmunds.com, this means that during the life of your lease, you’re going to pay roughly half the sales tax you would if you bought the car.




Cons of Leasing a Car

Lease contract amount doesn’t change, even after an accident. If you get into a car accident and the vehicle is totaled, you’ll still be responsible to pay back the full lease contract amount. Even if the insurance company gives you back less than what you owe to the dealership, you’ll be responsible for the full amount. If you do go with a lease, at least be smart enough to buy gap insurance which covers you for that difference that you would owe to the dealership.
Limits on time and distance. Many times, the lease agreement will be for 5 years/60,000 miles. So, if you go over that 60,000 miles and keep it until the 5 years is up, you’ll pay a penalty for every mile over 60,000. Think about how many miles you put on a car each year. Most people use well over 12,000 per year. Leasing a car means you have to really “budget” your miles, which can add stress and frustration to your life. Of course, you can negotiate your mileage, and you should, but budgeting miles is a major drawback for many people. On the flip side, if you do a good job budgeting your miles, and stay under your yearly allotment, you don’t get any credit for the miles you didn’t put on the car.
Liability for payments. If you lose a job or experience a heavy time of financial hardship and cannot afford the payment anymore, the dealership will recover the car and sell it on auction. If they sell it for less than you owe for the lease agreement, you will be legally responsible to pay the difference.
No ownership, but still responsible for repairs. Leasing a car means it’s not yours; any repairs that aren’t covered by the warranty are your responsibility. But when you turn in the car, you don’t benefit from the investment you made into that car. Leasing a car also means that you can’t modify it like you’d be able to if you’d bought it (e.g. adding a custom paint job or spoiler). And if your kids spill paint on the backseat, or your dog nibbles a bit of the upholstery, you’re going to have to pay extra for “wear and tear” when you turn the car in. Not fun.
Can’t claim vehicle as an asset. Again, you can’t claim the car as an asset. It is technically still an asset of the dealership that leased it to you.
Steep car payments and opportunity cost. A lease starts a trend of perpetually paying a car payment. If you never paid a car payment and the average car payment in the U.S. was $350 a month, putting that $350 a month in a mutual fund that made 10% would become $791,171 in 30 years.
More expensive to buy after lease. If you decide to take the option to buy the car at the end of the lease term, you’ll have paid much more than the cost of the car even if you had financed it.
Stuck in lease after signing. Another common complaint with leasing is that once you sign a contract, you’re “stuck” in that lease until your term expires. However, sites like Swapalease and LeaseTrader allow you to “sublet” your lease to someone else, just like you’d do with an apartment.


Read more: http://www.moneycrashers.com/seven-r...#ixzz2Kp2437Gm

[speedmon]

Originally Posted by driv3none

MSRP was $60,760 and the buyout at the end of the least is $34,025.60, making the residual value 56%.

I've leased all of my past few vehicles because I enjoy having a new car on a frequent basis. Plus, if you do 36-month leases, everything is always covered by the bumper-to-bumper warranty. And, I've always found that 10k a year is more than enough for me.

Will be posting up more pics soon. Let me know if you guys have any more questions.

Thanks!

I think the most valuable point here is the bank is expecting only a 56% residual....to cover their risk.
So for anyone considering buying a new ZL1 that equates to an average annual depreciating rate of almost 15% which is HUGE!

Looks like there are few faster ways to lose money than to buy a new ZL1. Better to wait for the 3 year old.

[speedmon]

I'll agree to buy it when you have 1 payment left.....
Banks are usually accurate about keeping you locked in a lease til the end.
They run models and sh*t.

So with my luck it'll only be worth $30K when I agreed to pay more.

[Angrybird 12]

Originally Posted by speedmon

I'll agree to buy it when you have 1 payment left.....
Banks are usually accurate about keeping you locked in a lease til the end.
They run models and sh*t.

So with my luck it'll only be worth $30K when I agreed to pay more.

I know from when I checked on leasing a 86 Fiero it used to be if they specified it was actually worth less that they estimated at the end of the lease the leaser had to either buy the car for the estimated residual or they had to pay the difference between estimated and actual value. But if it was actually worth more that their estimated value you could still buy it for the estimated residual value. It was in the fine print of the lease. I didnt want to rish it so that's one reason I never leased a car.

[newmoon]

To the Op, I can understand your scituation, I had purchased a new SRT8 Challenger, at the time side business was great, fast forward 8-months and business is down, and my wife had her hours cut at work. I wasn't upside down my payment was $420.00 a month but I needed to reduce that expense for essentially a toy.

Fact is life changes happen, when we purchase these cars at the time we feel we can afford them. Throw a few financial curveballs in there and that changes. I sold my 392 Hemi and purchased a used much less expensive 5.0, it's still fast, fun to drive, and costs 1/2 of what the 392 was.

Although a $1000.00 month lease payment would be tough to swallow I am sure there is somebody interested, best of luck to you..