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I bought out one of my leases. It was financed through 5th3rd Bank. I contacted them and asked them how was the buy-out on my lease. They gave me price. It was surprisingly good and I borrowed the money to buy them out.

The colateral to the new bank the car title. Then you can finace for what ever your choices.
 

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Damn, $568 a month - What were the terms? Did you put $0 down?

You probably could have bought the car for 5 years and had around the same payment? In any case I remember when you first bought it and how happy you were (Remember the good times) and honestly if you pull out now you will probably have to come up with a big chunk of change. It will also be hard to find someone to take over the lease with such a high payment so you might be stuck.
 

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Discussion Starter #7
RobertCTS said:
Take my advice Chuck. Call the leasing bank about a buy-out. It was really easy for me.

So how exactly does that work? If the car is worth $35,000 for example, I would borrow that amount, pay the dealer (seller), and make monthly payments on the loan for about the amount I had been paying on the lease? Any fees involved?
 

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There is NO SUCH THING as a lease "buy out". The terms of the lease control. Add up your remaining payments plus the lease end purchase price, that is your lease "buy out".


Leases are a def No-No for anyone that ever wants to get rid of the car early.

That lease payment seems awefully high, I could have leased a brand new V for a little more than that. Are you sure they didn't screw up on it or something??

What is the end of lease buy out? How many payments do you have left??
 

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i dont think anyone here will try and convince you to stay with that lease price for a cts. its a great car.....but not worth $570 a month, just to give it back in 3 years.
 

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Chuck C said:
So how exactly does that work? If the car is worth $35,000 for example, I would borrow that amount, pay the dealer (seller), and make monthly payments on the loan for about the amount I had been paying on the lease? Any fees involved?
The Dealer is out of the picture. It's between you and the Lease Bank. You can use your Bank to pay them off for a more user friendly enviroment.
 

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Discussion Starter #12
jteolis said:
There is NO SUCH THING as a lease "buy out". The terms of the lease control. Add up your remaining payments plus the lease end purchase price, that is your lease "buy out".


Leases are a def No-No for anyone that ever wants to get rid of the car early.

That lease payment seems awefully high, I could have leased a brand new V for a little more than that. Are you sure they didn't screw up on it or something??

What is the end of lease buy out? How many payments do you have left??
Actually we did the math and $568/mo aint bad for 35 payments w/ 0 down 15,000mi and $45,400 sticker. Consider this: my uncle's new base STS ($45k as well) 36mo/12k mi came in at $660/mo!

Anyway, I have 32 payments left. Car has 3,100 miles (I've averaged about 750mi/mo so far, but that's gonna skyrocket). Took receipt of car on June 8th. Kinda wish I went with a base 2.8L if anything!
 

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You need to call your leasing company to get the buyout info. If it's GMAC it's an automated system. You will find the lease buyout quite a bit less than multiplying the remaining payments. For instance the total of my remaining payments is 24,559 but the GMAC early lease temination figure is 18,461. To buy the car out right would be 46,779.
I am toying with the idea of getting out of an 05 STS lease. I have been talking to un-lease.com. If they can't find someone to assume your lease after 90 days they will buy it.
 

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:tisk: Keep the car. Cut back in other areas to make up an extra couple hundred dollars. See if you can buy out the lease, get a good interest rate spread out over 48 to 60 months if that would help. Don't forget to enjoy the car, don't look at it as being an anchor. Good luck!
 

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Damn man you got taken for a ride, I leased my 2005 CTS 3.6 LS in april for 2years/15k miles/ 0 down and am paying 368/month. $400 was my cap or i would of gotten a V

just pray for a pull ahead deal. :)

Think you can transfer the lease?
 

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Kgomoll said:
Damn man you got taken for a ride, I leased my 2005 CTS 3.6 LS in april for 2years/15k miles/ 0 down and am paying 368/month. $400 was my cap or i would of gotten a V

just pray for a pull ahead deal. :)

Think you can transfer the lease?
I am sure there is quite a difference in the price of your LS and the fully loaded white diamond with Navigation that Chuck has. The navigation alone is a $3000 option. You need to compare apples to apples.
 

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I got a quote on a new V, $680 no money down and that sticker was 52K

It all depends on the residual value, if its low enough then that;s makes a difference.
 
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