16 STI: Purchase or Extend Lease
12-18-2018, 09:29 PM
#1
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Thread Starter
Join Date: Feb 2012
Location: San Francisco, CA
Posts: 150
Car Info: 2008 Subaru WRX
16 STI: Purchase or Extend Lease
Hi,
The lease on my 2016 Subaru WRX STI will be ending in April 2019. I am currently debating to either purchase the vehicle at the end of my lease (April 2019) or extend my lease for another 1 or more. I have been working with the Subaru dealership that I leased the car at trying to figure out the finances. As for extending the lease, I was informed by the Subaru dealership that I can extend the lease for 6 months. I am still waiting to hear back if I can extend my lease longer for possibly 1 year or more.
I looked through my lease agreement numbers and have been in contact with the dealership. I was informed by the dealership that the vehicle buyout price is the Payoff Amount (includes remaining payments + residual value) + Dealer Handling + Tax (based on living location) = Total Cost of Vehicle.
Based on this, below is the calculation that I came up with:
Payoff Amount (includes remaining payments + residual value) + Dealer Handling ($489.00) + Tax (8.5%) = Total Cost of Vehicle
$24,843.00 + $489.00 + $2,153.22 = $27,485.22
Currently, I have been paying $309.45/month for 36 months (3 years) lease agreement. I wanted to figure how much I would need to put down if I were to buyout the car at the end of the lease to get my monthly payments similar to the current lease monthly payments of around $300/month. Also, I wanted to know if it would be better to purchase the vehicle at the end of the lease or extend the lease.
I would really appreciate the feedback and comments.
Thank you,
The lease on my 2016 Subaru WRX STI will be ending in April 2019. I am currently debating to either purchase the vehicle at the end of my lease (April 2019) or extend my lease for another 1 or more. I have been working with the Subaru dealership that I leased the car at trying to figure out the finances. As for extending the lease, I was informed by the Subaru dealership that I can extend the lease for 6 months. I am still waiting to hear back if I can extend my lease longer for possibly 1 year or more.
I looked through my lease agreement numbers and have been in contact with the dealership. I was informed by the dealership that the vehicle buyout price is the Payoff Amount (includes remaining payments + residual value) + Dealer Handling + Tax (based on living location) = Total Cost of Vehicle.
Based on this, below is the calculation that I came up with:
Payoff Amount (includes remaining payments + residual value) + Dealer Handling ($489.00) + Tax (8.5%) = Total Cost of Vehicle
$24,843.00 + $489.00 + $2,153.22 = $27,485.22
Currently, I have been paying $309.45/month for 36 months (3 years) lease agreement. I wanted to figure how much I would need to put down if I were to buyout the car at the end of the lease to get my monthly payments similar to the current lease monthly payments of around $300/month. Also, I wanted to know if it would be better to purchase the vehicle at the end of the lease or extend the lease.
I would really appreciate the feedback and comments.
Thank you,
12-19-2018, 07:57 PM
#3
Registered User
Thread Starter
Join Date: Feb 2012
Location: San Francisco, CA
Posts: 150
Car Info: 2008 Subaru WRX
I do want to purchase the vehicle but reason I am exploring extending my lease due to my current monthly lease is low. I just reached out to the bank that I am leasing the vehicle through to see what the options with extending the lease.
12-20-2018, 07:12 PM
#4
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Thread Starter
Join Date: Feb 2012
Location: San Francisco, CA
Posts: 150
Car Info: 2008 Subaru WRX
I am currently shopping around at bank and credit unions to get the best interest rates. I have been doing some research and did find some banks and credit unions. Does anyone have any recommendations on bank or credit union with the lowest interest rate? I currently live in San Francisco, California.
12-20-2018, 09:54 PM
#5
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iTrader: (19)
Join Date: Aug 2006
Location: Campbell
Posts: 1,475
Car Info: AW Pig-STI
*Blatant plug as I work there*
try Technology Credit Union. Branch in the city but you could handle everything via web. http://Www.techcu.com
you can apply for the loan first and if everything works out for you then you can decide to become a member of the credit union or not. Just mention it’s a lease buyout that you’re looking at.
Good luck!
try Technology Credit Union. Branch in the city but you could handle everything via web. http://Www.techcu.com
you can apply for the loan first and if everything works out for you then you can decide to become a member of the credit union or not. Just mention it’s a lease buyout that you’re looking at.
Good luck!
12-22-2018, 01:36 PM
#6
Registered User
Thread Starter
Join Date: Feb 2012
Location: San Francisco, CA
Posts: 150
Car Info: 2008 Subaru WRX
*Blatant plug as I work there*
try Technology Credit Union. Branch in the city but you could handle everything via web. http://Www.techcu.com
you can apply for the loan first and if everything works out for you then you can decide to become a member of the credit union or not. Just mention it’s a lease buyout that you’re looking at.
Good luck!
try Technology Credit Union. Branch in the city but you could handle everything via web. http://Www.techcu.com
you can apply for the loan first and if everything works out for you then you can decide to become a member of the credit union or not. Just mention it’s a lease buyout that you’re looking at.
Good luck!
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