I want an Element, but i have my EP leased!

[Chrisbgft]

Hey, does anyone know a way i can get out of my EP lease to get an element. I got my EP in June and havnt even had it a year. My lease is for 3 years and i pay 303.84/mo. Can someone please tell me if i turned my EP in, what would i pay a month for an element? Thanx!

[IceD out N CALI]

not sure but think there is 2 ways you can do it. 1) pay what you owe on lease + penalty. or 2) every car that is financed or lease has a "payoff" call up ur bank find out what that is. Say your pay off it 14k, all you need is 14k to buy out your car/lease etc.

[Chrisbgft]

so i would just add 14K to the price of the element..lol. Ouch for me if that tru!!

[hamproof]

why not just buy the Element, but keep the Si too since you are still making payments??

One clueless Ford driver at work here, turn his lease in early on a truck and rolled the remaining payments into his new lease :rolleyes:

And he thinks he's smart.

[IceD out N CALI]

not quite. on a lease you can "buy" your car at any time. If you call your bank it will say what the "payoff" or buyout might be. Then the dealer that u trade it into can pay the "payoff" in order for you to be clear and be able to get the element. is that making sense? only prob is on a leas most likely you are "upside down" by a few grand.

[hamproof]

You can call them and figure out the early buyout amount. Changes are you'll owe more than what you can sell the car for seeing new 02 EPs goes for $14-$15k. I bet a pretty penny your buyout is close to $16k if you have been only making payments for about 9 months.

But if you run into the situation whereby you have a few months left on the lease, DO NOT do what my co-worker did. The dealership told him he doesn't have to worry about making payments anymore and it'll only increase his new lease payment by a few bucks a month if he turn his new lease over. Yeah, 4-5 more payments spread over a new 4 year lease. And he actually thought he got a good deal.

[JLannoo]

At the end of my lease I plan on turning it in 3 months early. Thats only like $650 though. Your talking about an assload of money. I would think you could trade it in and pay the difference.

Say find out how much the buyout is. Trade it in for whatever the dealer will give you for it. Then finance the difference on the the new car. The dealer should be able to take care of the paperwork.

If that worked it would still be alot of extra on the new car though.

[IceD out N CALI]

yeah leases are tricky beasts. Next car i get no more leases for me

[IceD out N CALI]

If that worked it would still be alot of extra on the new car though.

exactly-thats why its not a financially sound decision but it wont be as bad if the dealer gives you a nice trade in amount like say 15k, and you owe 15k. even out, so even though u lost money from the car (paying on it, and any monies you put down initially) at least you're not losing even more money on top of that in the "upside down" part

[JLannoo]

Originally posted by hamproof
[B
But if you run into the situation whereby you have a few months left on the lease, DO NOT do what my co-worker did. The dealership told him he doesn't have to worry about making payments anymore and it'll only increase his new lease payment by a few bucks a month if he turn his new lease over. Yeah, 4-5 more payments spread over a new 4 year lease. And he actually thought he got a good deal. [/B]

I might turn mine in 3 months early so that my lease ends during year end clearances. I figure I might be able to save alot more then the $650 loss I will take. I'll keep what you said in mind though.

[Chrisbgft]

what do u think i would get for my EP. 13,370 miles 2002.

[SiR Medic]

Can you not wait 2 more years to get the Element?



Starting a new lease every year will put you in the poorhouse!





You could always talk to the dealer and find out what your options are...

[IceD out N CALI]

my guess would be between 11-14k

[hamproof]

Year end clearance or not, unless it is a limited production vehicle, mass production vehicles like a Civic, even the Si trim, will only get cheaper and cheaper as time goes on. The salesperson might say this is a 1-week only clearance to entice you. But I bet if you go in the following week, he'll give you the same deal. If not, chances are, they are asking for too much.

I for one will never roll any remaining lease payment into the new car payment. Look at it this way. Say you owe 3 more months of payment and you rolled it into a new 3 year lease. You are basically paying for the car but not getting to drive it. Sure you get a new car and the amount you owe on the car becomes higher. It'll probably increase your monthly payment by say $20/month. Not a big deal. Just skip a few value meals at McD.

I would drive the car till the end of the lease since I'm paying for it and will keep shopping around for my next car. I am willing to bet it'll get even cheaper :) 3 months later on a year end clearance.

[Chrisbgft]

i have no idea what to do, the EP i love but the element fits my style. I love modding and i know i will be able to w/ the element too. I just dont want my payments over $400/mo and i know it will be with getting out of my lease.

[rgGolf4]

Like others have said you will more than likely be "upside down". I was upside down when I bought my EP. I rolled about $2k from my VW into my EP lease. But, I was able to get the EP for a good price and the payments were within my limits...so I got it.

Unfortunately, at this time, the EP doesn't have a high resale value. I would wait. The Element is a brand new model anyway.

There is one alternative, and that is to sell it privately or transfer the lease. When you transfer the lease, your name still appears on it...so if the person defaults, its your problem.

[JLannoo]

Originally posted by hamproof
Year end clearance or not....

I hear ya :) I was just thinking I would have a better chance at a great deal (like the EP was) in Nov then say Feb.

For example had I added $650 to this lease it still would have been a great deal. as opposed to say leaseing that next years model in Feb. Ofcourse I would not do it unless it still was a great deal after the $650

[sonic imperial]

Do you not like the EP anymore?

[IceD out N CALI]

keep us posted on what you do:)

[Chrisbgft]

i love the EP, its a very fun car. I just want something bigger. I have had small cars the last few years. I love driving my moms aztec whenever i am home. If i get an element i can still have the honda i love, with an SUV. Plus a manual thats exactly like my civic.

[Chrisbgft]

anybody know any cool sites for the Element? OR MODDS...!?!?!