Questions on terminating NSX lease early

[Steve T]

I am going to take the 2004 NSX over to a local dealer to see about terminating the lease and I am just wonder what I am in for. This is the first car I have leased since ‘89 and just do not know what the process is for turning it in early. Can someone give me brief rundown on the process?

The residual is set at 62.000 and the latest statement shows a payoff of 65,281. I have 10 months left on the lease. Current mileage is around 6,000 (8,000 per year allowed in the lease) . The NSX is in like new condition. I have not driven the NSX more than once or twice in the last 3 months and just need the parking space for something else.

Thanks in advance for any info.

Steve

 

[MiamieNeSeX]

I am going to take the 2004 NSX over to a local dealer to see about terminating the lease and I am just wonder what I am in for. This is the first car I have leased since ‘89 and just do not know what the process is for turning it in early. Can someone give me brief rundown on the process?

The residual is set at 62.000 and the latest statement shows a payoff of 65,281. I have 10 months left on the lease. Current mileage is around 6,000 (8,000 per year allowed in the lease) . The NSX is in like new condition. I have not driven the NSX more than once or twice in the last 3 months and just need the parking space for something else.

Thanks in advance for any info.

Steve

You basically bought it for the term of the lease. You are responsible for the full amount of the lease. Either find someone to buy the car for the payoff amount or continue to pay until the leases end.

Armando

 

[1Beastnstl]

I am going to take the 2004 NSX over to a local dealer to see about terminating the lease and I am just wonder what I am in for. This is the first car I have leased since ‘89 and just do not know what the process is for turning it in early. Can someone give me brief rundown on the process?

The residual is set at 62.000 and the latest statement shows a payoff of 65,281. I have 10 months left on the lease. Current mileage is around 6,000 (8,000 per year allowed in the lease) . The NSX is in like new condition. I have not driven the NSX more than once or twice in the last 3 months and just need the parking space for something else.

Thanks in advance for any info.

Steve

PM sent....

 

[Bear]

I sold my 03 NSX with one year left on my lease. The car holds its value well. Put it on the market for $2k more than your lease payoff and be patient. It will sell and you'll get out unharmed. Mine sold to a dealer that resold the car for megabucks.

 

[NetViper]

Steve,

Slightly off topic here, but what made you choose to get rid of the NSX from your awesome stable of cars?

 

[LeftLane]

Steve - is this one of the $799/month leases that Acura did for a while? If so, I might be willing to take it over for you. Acura might not allow lease transfers, but maybe we could work something out if it makes sense to you. PM me the details and we can go from there.

Typically you will still be responsible for the remainder of the lease payments plus any early termination fees, regardless of how long you have left on the term.

Thanks,

Todd

 

[Ski_Banker]

As someone else mentioned, you could probably get a good bit more than $62k for an '04 - you should put it up for sale and see if anyone bites. I think you'll have to pay sales tax on $62k (deductible for Fed taxes I believe) so keep that in mind though. Maybe you could work out a deal with the dealership if you find a buyer where you could avoid the sales tax.

 

[Bear]

Steve,

PM'd you with the guy that bought out my lease (Texas guy). He made a fortune on my 03 upon resale, maybe he'll buy yours. Your buyout goes down by the sales tax amt if he gets it. Worth a call.

Bear

 

[NSX-GUY]

What COLOR is the car ? If it's Orange, we'll make a deal...

 

[Steve T]

Thanks for the input guys.

NetViper - I have my eye on another Ford GT. Have not decided yet on the color but something has to go to make room. If it was not leased I might be getting rid of something else instead. Also going to look at an Aston Martin V8 Vantage this afternoon.

LeftLane - It is one of the 799 deals. Don't think it is transferable.

Bear - Thanks for the info, I have a call into them. They are a huge leasing outfit here in D/FW. If someone is intereste they could more than likely work out a "used car" lease.

NSX-GUY - She is Black with Camel.

I am going to stop by the largest dealer in town later today and let them take a look at the NSX. Let you know what happens.

 

[NSX-GUY]

I think you'll have to pay sales tax on $62k (deductible for Fed taxes I believe) so keep that in mind though. Maybe you could work out a deal with the dealership if you find a buyer where you could avoid the sales tax.

Deducting sales tax on your Fed Income tax went away quite awhile ago if I'm not mistaken.

And I *think* anybody can buy the car from AHFC (with the leasee's "approval" of course) at the buyout price and the only "sale" taking place would be AHFC as the seller and the buyer, hence only 1 sales tax hit to the buyer.

 

[Ski_Banker]

Deducting sales tax on your Fed Income tax went away quite awhile ago if I'm not mistaken.

And I *think* anybody can buy the car from AHFC (with the leasee's "approval" of course) at the buyout price and the only "sale" taking place would be AHFC as the seller and the buyer, hence only 1 sales tax hit to the buyer.

I think it is state-by-state specific, actually. Basically, it is an optional deduction between itemizing state taxes (for Fed return) OR itemizing sales taxes. I know that's the case in FL at least, since FL does not have a state income tax (hehehe :biggrin: ) which just wouldn't be fair if we couldn't deduct something from Federal too, right? :tongue:

If what you say is true, about a 3rd party being eligible for the $62k buyout price - great! (I'd be surprised, but problem solved if so). :smile:

 

[NSX-GUY]

I think it is state-by-state specific, actually. Basically, it is an optional deduction between itemizing state taxes (for Fed return) OR itemizing sales taxes. I know that's the case in FL at least, since FL does not have a state income tax (hehehe :biggrin: ) which just wouldn't be fair if we couldn't deduct something from Federal too, right? :tongue:

If what you say is true, about a 3rd party being eligible for the $62k buyout price - great! (I'd be surprised, but problem solved if so). :smile:

Not totally sure but all AHFC cares about is getting paid so why would they care who buys the car ? I beleive, in discussing how I got out of my lease less than 6 months ago, buying it, OR having someone buy it instead of me, WAS an option (but I could be mistaken). :wink:

I never realized the itemized deduction was either State and Local Income tax OR General Sales tax. Always living in a state where roughly 6% of my pre-tax dollars went towards state income tax and then seeing that the "general sales tax" rate for my income was approximately .7% of my salary, the sales tax tables (nor the actual sales tax paid in the case of buying a car) EVER came close to my state income tax paid so I never really realized it was real deduction for states with NO income tax (like Florida). :biggrin: :biggrin: :biggrin:

 

[DocL]

Not totally sure but all AHFC cares about is getting paid so why would they care who buys the car ? I beleive, in discussing how I got out of my lease less than 6 months ago, buying it, OR having someone buy it instead of me, WAS an option (but I could be mistaken). :wink:

I'm buying a friends 2003 NSX when his lease is up shortly, and I'm getting it for the buyout price that he has with AHFC. The agreed apon price already set is ten's of thousands less than what the car is currently valued at. :biggrin:

 

[Vega$ NSX]

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