Lease with old lease trade in

[tabbibus]

Hi all, I've been trolling the forums for a while. I'm looking into a FFE in the Atlanta area and have been in talks with a local dealer. I currently have a lease for a Kia that ends in march. The Ford dealer is offering me a FFE for 399 / month, O down. That includes all taxes, fees and whatnots... swaping keys with my Kia as well.

Deal or horrible deal?

Thanks!

 

[Richmond72]

How many miles a year? That seems high to me. I think it should be a little closer to $330/month.

 

[tabbibus]

10.5k
The issue is that my payoff from my current lease is a bit higher than the value of the car. The only reason to so this is for the 5k Georgia tax credit

 

[v_traveller]

The issue is that my payoff from my current lease is a bit higher than the value of the car.

How much higher is the lease payoff vs. value of the Kia? Knowing that would help determine if you're getting a fair deal or not. Is it less than $2400? If so, I'd say the dealer might be gouging you a bit.

Accepting Richmond72's assertion that $330/mo is a fair deal for the Atlanta area (roughly equal to the website offer on Ford.com), that's a $69/mo difference when compared to $399/mo. Over 35 payments, that's roughly $2400.

 

[Richmond72]

Which dealership?

If you are trading in a car, the taxes are decreased some so even $330 might be a little high. How much is the difference on the trade in?

 

[hybridbear]

So the issue is that you're trying to get rid of the Kia before its lease is up, right? So the Ford dealer has to pay off the lease in addition to putting you into a new car? Why not just wait until your Kia lease is up?

 

[tabbibus]

Richmond, it is Hennessy Ford. They said they have one, but they need to flat bed it in. Also, my payoff is 10.5 and they are offering me 8.5 (way low ball)

Hybridbear, you are right. That is the issue. And I will likely just wait, and look at the 2015 FFEs. I thought I'd give it a try, see what the dealer had to offer. Specially because that 5K Georgia tax credit would be greatly appreciated this current year

 

[michael]

If your car is worth more than the current payoff, and if your dealer wants to sell (lease) a car, they can and sometimes will take the old car off your hands and even give you money.

My wife returned an Acura with six months left to go on its lease to a Chevy dealer and they gave her about $1000 credit toward the lease on a Volt.

It all depends on your exact circumstances. If you are running under the lease miles, there's a better chance of making this work. It also depends on how smart is your dealer.

The Ford dealer where I got my FFE offered to try to do the same on the Focus ICE I was returning, but the numbers didn't make sense since it was right at mileage.

 

[tabbibus]

I'm barely at 60% of allowed miles with 6 months left on the lease. I'm hoping for 350 per month, zero down (not even taxes), take my lease and we'll talk. Otherwise I'll just wait.

 

[Richmond72]

Try Sandy Springs Ford. I bet they can meet that monthly lease payment for you. I would also see how much Carmax would buy your car for... that gives you a good starting point and an idea of how much it is worth.

 

[Gigi]

They said they have one, but they need to flat bed it in.

If they have to flat bed it in, that means they have to find one and then transport it in.

I'm with Richmond, go to Sandy Springs Ford. See what they have on the lot, (Sometimes they are the only dealer in the southeast with cars actually on the lot.), and see if you can get a better deal.

 

[tabbibus]

Got the lease! 350, no money down, and they took my Kia Rio lease. I feel it was fair

 

[v_traveller]

Got the lease! 350, no money down, and they took my Kia Rio lease. I feel it was fair

Woohoo! Congratulations, tabbibus!!!

 

[Richmond72]

Awesome, congrats! I will look for you around town.