How do people leasing cars deal with the wait

[Gimmethecash]

I bailed early on my BMW M5 lease; sold it to Carmax in these lovely chip-shortage times and put money in my pocket.

I have no commute (I was working remotely even before COVID-19) and I have two motorcycles to get around on; my wife’s car can fetch groceries until my M3P arrives. Meanwhile, I have no car payment or insurance for a couple months.

 

[dmurphy]

What I did was wait until I was in the 6-month period at the end of the lease, and sold my car out from under the lease back to the dealership. Worked out great - avoided the lease-end fees (since I wasn't getting a new lease with them) and avoided having to buy new tires.

 

[mdanieltech]

So just wanted to update this Sub

Carvana has went ahead and approved everything for my pickup on June 15th for my Lease, they will be buying my lease and buying the car plus I'm getting $5490 in equity back!

The pickup is free and I get the money within hours of pickup

My delivery for my M3 is June 14-30, worse case we will be down to 1 car in the family which is ok since my GF is out of work/laid off so no biggie... As long as this doesn't last into the point she returns to work... That could be a issue which won't be until Sept....

Either way if anyone is looking to get rid of their lease try Carvana or Vroom... Vroom did give me cash but it was around $700 less than Carvana

Figured that I'd just update everyone

 

[techlogik]

I think this applies to many people whether you currently lease or own a car and are awaiting a new Tesla on order.

Just went through this with my wife's Mercedes she leased. Basically bought her a new BMW X3. Not a Tesla story first part here, but similar issue. I was all over her about finding/narrowing down what car she wants a few months ahead, then let's deal with the problem of having her car for an extra month/overlapped with the new car. You need to plan and get the new car and time it right.

Next I was going to mention what somebody just posted above me, something else to consider if you want to try that route.

I'm in the same boat waiting for my Tesla 3 I ordered. I need to sell my car which I own, use some of that money for a down payment, at the same time, I need a car to drive/commute to work. I'm basically going to have to wait to put it up for sale by owner once the Tesla arrives in 4-11 weeks?!?! Crazy window. Renting a car for a month is like $1700 now!!! That isn't an option being carless or renting at that crazy price.

So, just going to borrow my down payment from myself. Since, I fortunately have the cash to do that. Then sell my car afterwards to pay myself back. The idea of being carless, or even the Tesla showing up with quality control issue which you can refuse it, and make them get you another one and not take delivery, or then deal with trying to resolve quality problems and take delivery so you can return your lease/or sell a car, that is up to you and could drag things onward and make the situation worse.

Tricky situation, that in all likelihood, like all things car related, will ultimately cost you extra money/cash no matter what.

 

[eisenb11]

Op - it’s pretty frustrating. I talked to the Tesla folks in Del Amo and was told that I could time my lease by ordering ahead of time. They said they could state a delivery date in the order system. I’d essentially be skipped each time my allocation came up, but once the date hit, I’d get preference on an allocation. Tesla site claimed a 2-4 wk lead time, so I thought i‘d be good since they placed my order over 2 months ahead of my lease end.

Sounds too good to be true? It is.

I received notice 3 days after placing the order that my car was ready (probably a reject) so I had to reject it. Then nothing for months. Called Tesla a few weeks before my due date, told no problem… then nothing. There was no priority as other people who lived near me, but placed later orders, were still getting cars first. In the end, I ended up receiving my car about a month after my lease due date.

That said, there really are only 3 strategies unless you have another car.

1) Rent a car (I did this one, got a Corolla for a month)
2) Try to get your car early, then sell your lease or have 2 cars for a while
3) Uber/Lyft/taxi/bum your way through the gap

 

[UncertainTimes]

If Model 3 is delivered early, sell the leased car to Carmax or similar. You avoid lease return fee and maybe even recoup some money in this crazy used car market.
If Model 3 is late, extend the lease. If really late, get something else.
Once that’s all done decide if it’s worth all this headache every 3 years and throwing away money on leases.

 

[xxnonamexx]

Personally, Carvana is buying my lease/car plus giving me $4500 in cash just to say thank you

We’re going to be a 1 car house come June 10, hopefully it’s only a short time…

Hi how did that work out with Carvana? I have a 18' C class dealer left over and lease is up Jan 2022. They mentioned when lease is up 300 gets overhauled and the models will increase monthly payments 100-150$ a month. If I get another dealer leftover the price will go up $100. The buy out is 28k at end of lease. On NADA the value is 32-37k dealer will prob sell for 40k. low mi mint condition. I was curious how Carvana worked on buying a lease back. I was looking at model 3 and lease monthly is higher then Benz.

 

[mdanieltech]

Hi how did that work out with Carvana? I have a 18' C class dealer left over and lease is up Jan 2022. They mentioned when lease is up 300 gets overhauled and the models will increase monthly payments 100-150$ a month. If I get another dealer leftover the price will go up $100. The buy out is 28k at end of lease. On NADA the value is 32-37k dealer will prob sell for 40k. low mi mint condition. I was curious how Carvana worked on buying a lease back. I was looking at model 3 and lease monthly is higher then Benz.

My pickup from Carvana is June 15 I’ll definitely let you know what happens. So far after the setup of pickup and account to dump money no other setup/issue so far

 

[xxnonamexx]

So just wanted to update this Sub

Carvana has went ahead and approved everything for my pickup on June 15th for my Lease, they will be buying my lease and buying the car plus I'm getting $5490 in equity back!

The pickup is free and I get the money within hours of pickup

My delivery for my M3 is June 14-30, worse case we will be down to 1 car in the family which is ok since my GF is out of work/laid off so no biggie... As long as this doesn't last into the point she returns to work... That could be a issue which won't be until Sept....

Either way if anyone is looking to get rid of their lease try Carvana or Vroom... Vroom did give me cash but it was around $700 less than Carvana

Figured that I'd just update everyone

Was it easy with Carvana to explain everything so you knew exactly what they were buying out to avoid any hidden costs? Do they also break everything down before you decide if you go through with the deal or do you have to pay something up front. Thanks

 

[jjrandorin]

Hi how did that work out with Carvana? I have a 18' C class dealer left over and lease is up Jan 2022. They mentioned when lease is up 300 gets overhauled and the models will increase monthly payments 100-150$ a month. If I get another dealer leftover the price will go up $100. The buy out is 28k at end of lease. On NADA the value is 32-37k dealer will prob sell for 40k. low mi mint condition. I was curious how Carvana worked on buying a lease back. I was looking at model 3 and lease monthly is higher then Benz.

All of that "mercedes dealer lease non math" you just laid out is standard regular dealer practice. The minute any dealer starts talking in "your monthly goes up by", they are basically just flapping their lips and going "wha wha wha wha WHA"

Ignore all that, only the price of the car matters, lease or not. Back to your question, the lease buy out is the lease buy out. RIGHT NOW, you might get a decent lease buy out price because the used car market is nuts. NORMALLY all german luxo brands are set with unrealistic residuals so the buy out price at the end of the lease usually doesnt make sense.

Just take it to carvana or something, get a quote, and compare that to the lease buy out price NOW (not in 2022 because thats not relevant now), or ride it out. whatever you do, do NOT do an early turn in at the merc dealer, that dealer is already trying to screw you with the "peanuts adult" talk referencing monthly payments going up and whatnot.

 

[mdanieltech]

Was it easy with Carvana to explain everything so you knew exactly what they were buying out to avoid any hidden costs? Do they also break everything down before you decide if you go through with the deal or do you have to pay something up front. Thanks

so it’s VERY simple a quick run down

Step1 - Input your car information to get a “foundation” of the price. My starting equity was $2500, this is all taxes/fees/etc..

Step2 - Upload all documents they have requested, very simple and quick to respond

Step 3 - Wait on “Dealer” buyout price seems to be cheaper and less taxes than normal customers

Step4 - After received the payout/payoff my equity increased to $4590. This was the difference between Step1 and Step4.

Step 5 - Get a email/txt/call to say we accept the buyout from Carvana. This is where I had issues, Carvana wanted a title before the car was even paid off. GM wouldn’t let that happen for good reason… went back and for idk how many times to a point that the rep from Carvana said your good to go and setup payment and delivery

Step6 - Setting up the Money transfer to my account I did debit card goes within hours and setup a pickup from Carvana which is free for me it was.

That’s all the steps a lot of waiting and holding on the phone for a rep, all in all it was smooth so far.

 

[DrWags]

Sometimes it doesn't matter how well you plan things they just happen like they do. My MB lease was ending May 27 so I ordered my Tesla April 12th thinking a month should be long enough so that I don't have to go without a car (would rather have 2 then go without any for a month.) Well I ended up getting the Tesla 6 days later April 18th. You just never know.

 

[xxnonamexx]

Thanks yes I agree the dealer with their peanuts jargon. They sent me a link to check online prices for inventory now as they do express buying. I am going to wait untill lease is up and compare then what they can offer. I know with MB there's room to negotiate. I know Tesla price is set in stone. I am trying to weigh it all ut the better route to take.

All of that "mercedes dealer lease non math" you just laid out is standard regular dealer practice. The minute any dealer starts talking in "your monthly goes up by", they are basically just flapping their lips and going "wha wha wha wha WHA"

Ignore all that, only the price of the car matters, lease or not. Back to your question, the lease buy out is the lease buy out. RIGHT NOW, you might get a decent lease buy out price because the used car market is nuts. NORMALLY all german luxo brands are set with unrealistic residuals so the buy out price at the end of the lease usually doesnt make sense.

Just take it to carvana or something, get a quote, and compare that to the lease buy out price NOW (not in 2022 because thats not relevant now), or ride it out. whatever you do, do NOT do an early turn in at the merc dealer, that dealer is already trying to screw you with the "peanuts adult" talk referencing monthly payments going up and whatnot.

 

[j310]

What does lease end look like for Tesla? If I want to lease another one, do they basically let me make the switch when the new one comes in? Given they basically deliver cars at the end of each quarter, wondering if this is going to be a pain in three years.

 

[Shelburne]

I am about a year out from the end of my Mercedes lease and am (once again) considering a Tesla Model 3.

I understand that the wait for a Model 3 is now 1 to 3 months. If you have a leased car, with a lease that ends on a specific date, there could be a period of time where you have no car while waiting for your Tesla. Has anyone out there dealt with this problem? Do you just rent a car, or does Tesla do something to help with the waiting process?

We owned a Volvo. The lease was up late last October. We ordered our M3 on line in late July, but the folks at the Tesla store arranged it so the car was built and ready for delivery with a two week window in mid-October. So, unless things have changed, go to a Tesla store, explain your situation and they might still be able to help you. Our M3 was ready for pickup one week before the end of the Volvo lease. We picked up the M3 and returned the Volvo on the same day.

 

[jboy210]

I am about a year out from the end of my Mercedes lease and am (once again) considering a Tesla Model 3.

I understand that the wait for a Model 3 is now 1 to 3 months. If you have a leased car, with a lease that ends on a specific date, there could be a period of time where you have no car while waiting for your Tesla. Has anyone out there dealt with this problem? Do you just rent a car, or does Tesla do something to help with the waiting process?

Interesting question. If you already had a leased Tesla they would let you just extend it month to month. I assume Mercedes has something similar. We have also extended BMW leases month to month.