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Old 04-22-2010, 10:47 PM   #1
3.14159265
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Default Subaru / Chase Finance Lease end - Please share your experiences.

My '07 Impreza's lease is up July 1st. I'm trying to figure out all of my options. I called Chase today but the guy I spoke with was completely useless. He just kept telling me to call my dealer, then basically hung up on me. The dealership just wants to sell me a new car, so I'm skeptical of any help they have to offer.

I'll be 17,000 or so miles over my lease limit, which will equates to around $2500 in overage charges. I'm probably going to end up buying the car to avoid paying this, but I'd still like to know how both options play out.

1) Does Chase offer any financing for your buyout amount?

2) If I turn the car in, how does the process work? Does the dealership evaluate the condition/damages of the car on the spot and come up with a number? Do I cut them a check right there? Or does Chase send me a bill later on? Can I first find out the total cost to me to turn in the car and THEN decide whether or not to do so?

3) Do I have until the lease end date to make a decision?

Please share your lease turn-in experiences! Thank you!
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Old 04-23-2010, 02:49 PM   #2
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I guess no one knows so I'll throw my hat in the ring. I just returned my lease last week, but I was under miles and getting a new vehicle. I will give you my best guess based on what my dealer told me when I brought it back.

1. I'm sure Chase would be glad to finance the buyout amount, but you may have to deal with a local branch. And they may not have competetive rates, so shop around.
2. When you turn the car in they "ground the vehicle", and then a Chase Rep comes and does an inspection at some point. In your paperwork it says that a certain amount of damage ($1000) is covered. I'm not sure how the biling would work out.
3. You don't have to wait until lease end, as I brought mine in over a month early. And with that, they are refunding me for that month.
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Old 04-23-2010, 03:04 PM   #3
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I am in the exact same position you are in right now. Same amount of miles over my limit and everything! I have a 07 GCM impreza also..

I spoke with a couple financial advisers about the situation and with being that far over my miles plus a cracked windshield, some mild damage to the paint on the front bumper (from when bumper met curb one day), and I put a pair of tein springs on it.. i was told to save as much as i can until the lease is up through the highest interest savings account i can find, and try to sell the car to someone else, if i get less for it than its worth i can just take money out of that account then add it to whatever i get for the car to make the amount equal to the buyout cost (there is a lease buyout option btw, you do have to go through a different finance company though from what i was told) but anyway, after i send that cash to chase for the car buyout i will then be vehicle-less HOWEVER, the rest of the money i have left in that high interest savings account i can apply as a down payment on *cough* 2011 wrx *cough*..

..but yea, thats what im going to do. just my .02
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Old 04-23-2010, 03:39 PM   #4
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When is your lease up? Did you not care about how far over you're going? They're going to stick you hard on that and some.

You should have got something in the mail that explained your options and had a document that described how to evaluate the condition of your car for return. It's easy to get screwed on a lease but there's two ways to make sure you get the better end of the stick when it comes term: 1) Get a great price on vehicle 2) Get a low rate. So many people make the mistake of making a big down payment, paying MSRP, and something like a 4.9% APR, just so they can get to a target payment amount, not realizing how much will be owed or the residual value when the term is up.

Anyways, you could play this by either "buying" the car and then flipping it for another make of car, trade it in for another lease or buy, rolling over the negative residual and penalty on the milage which right off the bat will put you in a bad spot on whatever car you get unless you get a good price or rate.

How much is your residual and how much do you think it's worth?
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Old 04-27-2010, 07:07 PM   #5
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Thanks for the input.
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Old 04-27-2010, 10:03 PM   #6
soobiedoo55
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for sure man.

let me know what you end up doing, im still up in the air about what im going to do too. i most definitely know im ready to upgrade to a turbo model though.
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Old 04-27-2010, 10:03 PM   #7
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whoops. dbl post
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Old 03-15-2011, 11:29 PM   #8
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Bump from the dead, in case anyone ever pulls this up in search.

I ended up buying the car from Chase, for the amount specified on my original lease contract. They financed me at 5.9%, which I didn't think was too bad for a used car loan.

I just called and asked if they could finance me. They offered me a few loan lengths and rates. I chose one, they mailed me the paperwork, I signed it and returned it. Probably took about 10 minutes total. Super easy.
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Old 03-16-2011, 02:56 AM   #9
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Pie.





...
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Old 03-16-2011, 10:37 AM   #10
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Ok. I just turned my lease in 3 weeks ago and got a new WRX. Like you I fretted over the money I was going to have to spend.

I was 2000 miles over my limit, lost the second key and fob, and had some minor cosmetic damage to the car. When I ordered my new WRX I also still had 2 months left on my lease.

The new WRX came with 1 month left on my lease. I took it in and just prayed for the best. The dealership checked my car out and appraised it. They called chase to see what my current car buyout price was, and then they decided it was worth like 200-300 more than the buyout price.

So, the dealership ended up purchasing the car from Chase as a trade-in. Doing this shaved the extra $300 they appraised the car's worth off of my new car purchase, because they treated it as a trade in. That also nullified the amount I would have spent on miles ($300). I handed them the keys I had and they didnt say anything about there only being 1 master key and fob as opposed to two, saving me another good amount of money. AND I didnt have to pay the last month of my lease.

All in all I saved around $700 that I was expecting to have to pay. Now I'm not sure about you, as you've gone way over your miles, but in my experience the lease end went far better than I could have asked for.
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Old 03-16-2011, 10:44 AM   #11
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^^^ that's what I did, only I turned it in a year early. They payed it off out right, I would have gone way over my miles.

I turned in an 08 and came out with an 11 wrx with 1500 down
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Old 03-16-2011, 03:00 PM   #12
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Quote:
Originally Posted by Yoo Shin View Post
2) Get a low rate. So many people make the mistake of making a big down payment, paying MSRP, and something like a 4.9% APR, just so they can get to a target payment amount, not realizing how much will be owed or the residual value when the term is up.
Right here
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Old 03-16-2011, 07:12 PM   #13
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Quote:
Originally Posted by 3.14159265 View Post
Bump from the dead, in case anyone ever pulls this up in search.

I ended up buying the car from Chase, for the amount specified on my original lease contract. They financed me at 5.9%, which I didn't think was too bad for a used car loan.

Just bought a used KIA suv from a private party. 3.0% APR. Credit unions FTW! I will NEVER get a bank loan again after seeing the diff in interest.
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Old 03-22-2011, 11:14 PM   #14
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I'll be adding my experience here in a few days. My impreza is due back April 1st. I, however, am not buying or leasing another car so I don't expect them to be as forgiving. I have a few small dents on the passenger door, a taillight lens with two holes in it from some *****head that thought shooting BB's at others cars is fun, the interior needs a good detailing, and I'm 10,000 miles over. I expect to pay out of pocket for the mileage.

Hopefully the $1000 allowance will cover the rest. I'll report back with my experience.
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Old 03-22-2011, 11:30 PM   #15
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To the OP you could also do a lease extension. Before my rex i had a 07 tundra leased and did an extension twice both were 6 month extentions.
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Old 03-23-2011, 12:03 AM   #16
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how can i bring down the lease price for my sti?
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Old 03-23-2011, 01:29 AM   #17
Shewillbemine
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Quote:
Originally Posted by arya24 View Post
how can i bring down the lease price for my sti?
I already replied on your other thread--just be patient and you'll get more answers there (this is why I'm pretty certain you're SO jacked up about forcing the purchase of this STI that you'll probably end up getting really effed on your lease).

You can only negotiate the purchase price of a lease, like the purchase price of a car. The residual and money factor are based off the MSRP (which you cannot negotiate) and the banks are in charge, not the dealerships.

If your sole purpose is to get the lease price down to a $350, my reply on the other thread basically indicated that you will be paying an actual down payment to make that happen. One of the differences you are not seeing between your BMW and STI example is that they have different residual values. So even if they are priced differently, the lease contracts don't necessarily mean an STI will be cheaper to lease than a BMW.

The standard STI lease right now is $1999 upfront with a monthly of $399. That's STARTING lease contract for 10,000 miles a year. It doesn't even include TAX. So your dream of a $350 lease STI is ONLY possible if you pay close to $10,000 down ON A LEASE.

IT WILL NOT HAPPEN. IF YOUR DEALER FINAGLES NUMBERS ENOUGH TO GET YOUR STI MONTHLY PAYMENT DOWN TO $350/MONTH THEY ARE LITERALLY TAKING YOUR PANTS DOWN AND GIVING IT TO YOU.

Sigh...but you're going to ignore that aren't you?
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Old 03-23-2011, 03:26 PM   #18
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Quote:
Originally Posted by rkramer View Post
Just bought a used KIA suv from a private party. 3.0% APR. Credit unions FTW! I will NEVER get a bank loan again after seeing the diff in interest.
I couldn't agree more. Chase financed me at 12% over 6 years for the WRX when I bought it 4 months ago. Of course, if I was smart, I would have walked away and worked on my credit first. But I HAAAAD to have it.

Anyway, I just went into my girlfriend's credit union last Saturday to see if they would refinance the car. Within 25 minutes they paid off my loan with Chase and refinanced me at 4.2% over 5 years.

They also said that if I paid off some $300 ding I had on my credit report and came back to them next month they will be able to drop the interest to 3.5% since it would push me over 720.

Moral of the story - Credit Unions > Banks
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Old 05-07-2012, 05:09 PM   #19
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Search bump!

Since this thread is talking about lease end, I have a question. I have 12 months remaining on my lease and the buyout is $18k but the car could be traded for ~$20k or sold for ~$22k. I'm saving for an M3 in late summer and will want to get out of my WRX at that point.

How easy is it to sell a leased car to a third party? Has anyone done this without involving a bank or the dealer? If the third party pays me, and I pay Chase, then the title arrives and the new buyer registers the car and pays the tax, right? But how long does it take for the title to arrive?

Another option is I can buy the car myself now, register it to myself and pay the ~$1800 tax (WA/Seattle 9.8% blech) then do a private sale in late summer and the new buyer pays tax again but what do I care.

Anyone done any of these things? How about a non-Subaru dealer trade-in with a vehicle still on lease?
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Old 05-08-2012, 10:06 AM   #20
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Originally Posted by JTraction View Post
Search bump!

Since this thread is talking about lease end, I have a question. I have 12 months remaining on my lease and the buyout is $18k but the car could be traded for ~$20k or sold for ~$22k. I'm saving for an M3 in late summer and will want to get out of my WRX at that point.

How easy is it to sell a leased car to a third party? Has anyone done this without involving a bank or the dealer? If the third party pays me, and I pay Chase, then the title arrives and the new buyer registers the car and pays the tax, right? But how long does it take for the title to arrive?
That is pretty much it, but you are going to have a very tough time finding a buyer willing to hand over cash with no chance of getting the title for a couple months. Also keep in mind what is happening on the back end. This is a lease buying on your side, so check your terms if that is even allowed at this point in your lease. (probably not likely)

Personally, I'd probably never consider buying a car like that, and the ONLY way I'd even think about it is if the bank was local, so I could walk in with the seller and leave with the title. No title, no cash, and no deal.
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Old 05-09-2012, 01:49 AM   #21
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Found out the title arrives within a week. Is it possible to have the third party buyer take the title and register it without me registering it first? Double tax is a bad thing. BTW, this is in WA state.
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Old 05-09-2012, 10:32 AM   #22
indytruckboy
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lease ending on a 07? did you lease it for 5 years?
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Old 05-09-2012, 12:35 PM   #23
JTraction
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Check the dates, this is an old thread.

Anyway I had my question answered by the WA state DMV. So FYI to others searching this issue, I can sign over the title to a third party after Chase sends it to me and I do not have to register or pay taxes. The third party buyer then registers the title and pays the tax. That works for me!

EDIT: Well the WA state department of revenue has something different to say about it and apparently the person I spoke to at the DMV was wrong. The car will be taxed twice. I do not have to register the vehicle in my name, but the tax will be collected from me and a third party buyer. It is considered a "double transfer" at the department of licensing.

Last edited by JTraction; 05-10-2012 at 04:34 PM.
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Old 10-24-2013, 09:55 PM   #24
JRHyman
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Default Outrageous Inspection

We turned in our Forester after a three year lease and the rep at the Subaru dealer assured us that we would not have anything to worry about as far as the inspection went. Wow, was he ever wrong. The lease agreement is written in a way that allows Chase Bank to hit you up for pretty much any damage to the car and SGS inspection services made sure we were. Considering that the tiny scratches your ring makes around the door handle (>$135) were included along with wear marks "scuffs" on plastic trim ($125) the costs added up quickly. Scratches accounted for the bulk of the damage reported, to the tune of about $1,500, most of which were not noticeable to us. Another $600 in incidentals was tacked on to that. This is a car that has been repaired after any hail or other damage and serviced according to Subaru's guidelines. Lesson learned: Do not return a leased car to Subaru unless you can be guaranteed that an independent inspector of your choosing can be present at the inspection. Better yet, don't lease from them until they can find better leasing and inspection subcontractors than Chase and SGS.

We have never had this problem with a leased vehicle before and neither have any of our friends or family. We love Subarus but we will never lease one again and are warning others not to.
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Old 10-24-2013, 10:02 PM   #25
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so basically you turned in the car damaged, regardless of however insignificant you thought it was, and got billed for it?

i don't see a problem here.
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