Marauder Gets $17,900 At Auction

[Directedby]

my lease is up on the Marauder -

i called my lease company and they tried to convince me to return the car rather than buy it.

for me to buy the car, I owe $14,500.

the lease guy told me that the current 'auction price' that they get for the car is $17,900.

i am buying, but not sure if I will keep it or sell it for a profit.

i do have $9,000 of goodies on it.

[teamrope]

I'de keep it if I was happy with it. :)

[MENINBLK]

Of course they want it back.
They can make more money on it than you owe !

[DEFYANT]

Keep it.

You can not buy a MM for 14K anywhere!! If you are tired of it, buy it and seel for a profit. Even if you sold at 17.5K you'd make money.

Congrats at being right side up in a car deal. Stick it to'em!

[GAMike]

Keep it.

You can not buy a MM for 14K anywhere!! If you are tired of it, buy it and seel for a profit. Even if you sold at 17.5K you'd make money.

Congrats at being right side up in a car deal. Stick it to'em! ^
^
What DEFYANT said ^ Its rare for any lease at its full term to be to the benefit of the consumer. If you sell it, don't count on getting all your Mod money back( it would be nice, but you should not count on it.)

When I looked at KBB.com the other day, there were some 180 Marauders for sale in the U.S. and Canada. Some had mods most were stock, or cosmo upgraded.

Hopefully its a good car for you and you will keep it, but if you can sell at a profit, and buy another one cheaper........ Kinda hard to knock equity.

Regards,

[whoskal]

:D KEEP IT:D

[Merc-O-matic]

my lease is up on the Marauder -

i called my lease company and they tried to convince me to return the car rather than buy it.

for me to buy the car, I owe $14,500.

the lease guy told me that the current 'auction price' that they get for the car is $17,900.

i am buying, but not sure if I will keep it or sell it for a profit.

i do have $9,000 of goodies on it.

If you can get $17,900 consider yourself lucky!:banana:
Gotta Love It!

[ctrlraven]

Keep it! :D

[sailsmen]

On a lease you are paying for the estimated depreciation and money cost. The residual is typically what you can purchase it for at the end of the lease.

You have already paid for the depreciation down to $14,500. If you sell it for more than that, ( up to the original price) you are not making a profit only recouping money you have already spent, which reduces your cost of ownership.

[Cheeseheadbob]

Basically, in this scenerio, you drove your car for free (minus gas, air fresheners, car cleaning supplies, etc) for the duration of the lease. You would not be making a profit.

You have already paid for the depreciation down to $14,500. If you sell it for more than that, ( up to the original price) you are not making a profit only recouping money you have already spent, which reduces your cost of ownership.

[Directedby]

Just spoke to the bank again. They will allow me to extend the lease for 6 months.

Then in 6 months my payoff is 12,500 -

I hope in 6 months I can sell the car for at least $18,000 - then I will be getting back some $$

stay tuned and if you live in LA and you are interested in buying it in a few months, please let me know...

[KillJoy]

Just spoke to the bank again. They will allow me to extend the lease for 6 months.

Then in 6 months my payoff is 12,500 -

I hope in 6 months I can sell the car for at least $18,000 - then I will be getting back some $$

stay tuned and if you live in LA and you are interested in buying it in a few months, please let me know...

What is your monthly payment? If you are paying $500 / Month.... you are gonna pay $3000 to lower it $2000.

That doesn't make good math.

Keep it, or give it back, or buy then resell.

Don't keep extending a lease.....

KillJoy

[Directedby]

Monthly is $500/mo but only $400 goes towards purchase price.

[Rider90]

If you factor in your initial down payment, plus your monthly payments up until now, are you really making any money?

[jgc61sr2002]

Paul - Keep it you won't be sorry.:D

[Directedby]

If you factor in your initial down payment, plus your monthly payments up until now, are you really making any money?

Big time.

My car is leased from my company - so it is 100% tax deductible - as is my car insurance, gas and all parts (including hi-po) for the car. I put $2,500 down and got back a $3,500 rebate.

When I leased the car, I got an amazing deal - I couldn't beleive it. Then a week later the dealership called and said that they made a mistake on the lease and my payments would be $650/mo.

Long story short, they had to keep my deal and they lost money. The dealership had to pay the bank a larger downpayment to keep my monthly at the agreed upon price.

I lucked out. Based on my monthly payment, the residual (buy back) should have been $20,000.

[kj31067]

i gotta hand it to you. you do well with dealers. being able to deduct mods.........sweeeet....:2thum bs:

[hwy73]

Keep the car! Offer them the 12,500 now to buy the lease out. The bank doesn't really want you to bring that car back. Then they would have to dispose of it. Banks are in business to sell loans, not cars.

[jaywish]

Hi,

Alot of this depends on you current ability to pay off the car. Do you have the cash? Can you get a low cost note?

Always negotiate, It can only improve your position.

As far as the discussion of profit or loss goes. The past is the past. You have had an expense to use the car. Yours was offset by a tax savings but in any case it was a net expense of some amount. That amount is past and gone & generally should not influnce your current decision.

If you can buy the car for $14,000 you should evaluate that only on that basis. Would it be worth it to you to buy a Marauder, exactly like yours, for $14,000?

If you bought the car and sold it you would likly now make a profit on the actions of buying and selling the car. I say that in ignorance of any sales tax laws in your particular location which could come into the equation. Some may look at is as a decrease in the total expense of ownership but the dollar effect of your action (buying and selling now) would be the same either way (profit or expense decrease).

I think it sounds like a great deal, especially give your personalization efforts. It is already set up the way you personally like it.

Good Luck,
Jay

[superford3]

get out of the lease and refinace if you cant pay it off

[SergntMac]

IMHO, the difference between what you pay for the car today and what you can sell it for today, is never going to change. Buy it for 14, sell it for 18, today, not your usual spread in leasing.

Six months from now, it will be buy it for 12, sell it for 16...Maybe. Remember, it will be an older car with higher mileage in six months.

Take your shot now, Paul.

[mercmatt]

i made about 4500 when i totalled my 03 in feb. it had 28000 on it and i owed 16k. the ins co gave me about 21500. i used some of the money on a down payment on an 04 and some of it (plus bank money) to buy a condo

[magindat]

Get a note against it for 15K. Payments should be in the low 4's for a 48 month. Keep it and put it up for sale here. Someone will buy it for over 20 if it's got all those mods. Pay off the note, keep the change.

Most lease co's will hold a note at teh end of the lease. You already have good cred with them. Drop your payment, keep the car!!!!!