Ed Newman

I am considering buying out my lease mid term. Has anyone done this with PCNA and have they had any luck negotiating. My car took a HUGE hit in value when the GT3 came out. I have heard that PCNA will negotiate, but has anyone done it midterm?

PogueMoHone

You're SOL. There is no reason for them to negotiate, they have a contract ensuring their payments. This is one of the big downsides to leasing. If you are buying another Porsche, you might get them to waive some of the interest charges on the original lease, but the biggest portion of the payment is depreciation.

When you figure out the hit you'd take, you'll find it relatively inexpensive to keep the car to the end of term.

jcnesq

I just went through this (Boxster S with Chase, not PCNA) but my knowledgeable dealer basically said "No Way" with 2 years to go; the leasing companies just won't negotiate, period (I can understand why they don't want to open that door). Chase told me they would negotiate a buyout, but only in the last six months. If you want to get rid of the car, there are several "take over my lease" websites, such as leastrader.com (see my Boxster S there). If you want to keep the car, keep the lease and negotiate a buyout near the end of the term.

jason952

why are you selling?

docjackson1

ed-i can tell you in this environment, buying out the lease now will leave you major league upside-down. as far as what you owe, just call pcna, and they will tell you. some leases are more liberal then others. the most restrictive would be a lease that would make you pay all the remaining payments plus the residual to get own the car. the least restrictive would be one that would make you pay the unused amoritized depreciation plus the residual. regardless, with the low resales, you would be at very best, several thousand dollars out of equity when you buy the car now. i would definitely try not to buy the car, unless you have an emergency, or you have found a dealer who wants to give you a great trade in with a large discount off of a new car.

Ed Newman

Based on the lease payments (residual plus interest), I can flip the lease into a buy for the same monthly with 2 additional years. I intend to keep the car afterwards anyway. The big difference is in the interest rate. My local credit union will finance the buyout at half the rate I am paying on the lease. I would not have even thought about negotiating except someone mentioned they had done it, albeit flipping into a new car.

Itzkirb

Ed, what's the negative side of that? It sounds too good and easy to be true.

docjackson1

how much do you have to pay to buy the car from the leasing compny?

Ed Newman

The only negative is paying full price. Doc, you don't want to know!

docjackson1

ed-it sounds like your monthly lease payment is real high. the ensuing lower residual (which i hope that you have) i guess makes your buyout a number which allows you to buy it at a much more reasonable interest rate. is that the situation?

JBRipps

I'm sure you can transfer the lease for a fee of course. Maybe you could look into that, or give someone a bit of cash to offset the major cost of terminating early. You will keep the car in lieu of prepaying ALL remaining months.

Give someone a few grand and transfer. What's the payment?

regards,

Fanman

I am going to be returning my 01' 911 C2 in a few months. I was interested in possibly purchasing the car, but Porsche Financing would not move a nickel off the residual. With new 911's getting $10K-$12K there is just no reason I would buy my car at full residual. I hope somebody enjoys it. Low mileage, but the sports suspension is an absolute killer on the body on these LA streets.