Date: Mon, 13 Sep 1999 18:01:17 -0400 From: Gerard <g.kielynopsamdnet.att.net> Subject: Re: Liquidating a Lease: used to be 1999 9-3 lease question
I forgot. I have not had any problem with people not having papers in hand. I show them the letter requesting that title be transferred into their name, the bank check for the residual amount, and offer to take them to the post office to overnight the letter and check to the finance company. I also encourage them to call the finance company to confirm that everything is on the up and up. No problem. Gerard johnmorgannopsameja.com wrote: > Thanks for the advice. I was wondering how to structure this. I > thought I would call Subaru Credit Corp. and ask them but I think I > will try your approach first. > > Have you had any resistance from a buyer who wants the title papers in > hand? I would wonder about that. > > Thanks! > > In article <37DAEBEA.FDCDD30Enopsamdnet.att.net>, > Gerard <g.kielynopsamdnet.att.net> wrote > > > John, > > > > One bit of advice. I typically try to sell my cars when they come off > > lease if I think I can come out ahead. If you sell your Subaru, you > need > > to think about how you are actually going to do the deal. What I've > done > > is require a certified check for the full amount. As a receipt for > the > > check, I give the buyer the car. I then overnight a check for the > residual > > to the lease company along with a request for them to transfer title > to the > > buyer (I've done this with Subaru of America). That way I pocket the > > difference between the selling price and the residual and, at least > in New > > Jersey, I escape the 6% sales tax on the residual, since I never > owned the > > car. I merely sold the option to buy. It works great. > > > > If one understands how to properly construct and manage a lease, it > makes > > the most sense. Never own a depreciating asset. > > > > gerard > > > > johnmorgannopsameja.com wrote: > > > > > In article <uBGc7V7##GA.307nopsamnbbsa05>, > > > "Kenneth H. Yoon" <kenyoonnopsaml.msn.com> wrote: > > > > I don't understand. If the actual market value of the car at > lease- > > > end > > > > doesn't equal or exceed the vehicle's residual value, then the > lessee > > > needs > > > > to make up the difference? > > > > > > > > This doesn't seem to make any sense, except as a good way for > GM/SAAB > > > to get > > > > itself sued in a huge class-action. > > > > > > > You are absolutly right. At the end of the lease, you turn the car > in > > > paying for any excess milage and damage beyond normal wear and tear. > > > Period! The lease has a guarenteed residual value which is the > price > > > used in computing the lease payment based on a prediction of actual > > > market value at that time, and it is also the price at which you can > > > buy the car regardless of that market value. > > > > > > For instance, I just got a new 9-3 on the lease deal, but I also > have a > > > Subaru Outback a lease on which expires November 2. The residual on > > > the Outback is approximately $18,000, which is the price I can buy > it > > > for up until November 2, the day I must return it to the Subaru > > > dealer. But the Blue Book retail value is about $21,500. So > between > > > now and November 2 I am going to try to sell it taking whatever I > can > > > get over $18K, which is money in my pocket. If I don't sell it, I > will > > > just turn it in. > > > > > > Any takers? > > > > > > Sent via Deja.com http://www.deja.com/ > > > Share what you know. Learn what you don't. > > > > > > Sent via Deja.com http://www.deja.com/ > Share what you know. Learn what you don't.