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Need help buying a used Tahoe...

Chuckster

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Chuckster Enthusiast

Chuckster

Posted
Posted

I found a truck I want.. a 2001 Hoe loaded for $20K

has about 45K miles

 

The guy is currently leasing the truck and has already told me is is willing to take the hit as he is asking less than the payoff.. Young kid in way over his head and wants out..

 

Here is my dilemma..

 

I want nothing to do with the Leasing company because I am thinking it's going to be complicated.... I intend to hand him $20K and he signs the Title over to me..

 

Problem is it's leased and the leasing company owns the title..

 

I am guessing he is just going to have to come up with the payoff and buy the truck. Then he will have the title and then I can buy it from him.

 

 

I think he probably leased through GMAC. Do they ever cut special finance deals to prospective buyers of their leased vehicles??? It would surely benefit them..

 

Would I be safer using the leasing company? :cheers::wtf:

Help... I have no idea what is best and SAFE..

Shaners Senior Enthusiast

Shaners

Posted
Posted

He will need to buy out the lease (I think). It may be possible for you and him to work with the lease company together so that you can purchase the truck off the lease company.

 

I wouldn't give him $20K for him to pay-off the lease and then sign the title over to you when he gets it... That would be a good way to lose your money.

 

Join your local credit union for your best interest rates on used vehicles. For example, my credit union would allow me to finance that vehicle at 5.9% for up to 6 years.

 

(BTW with 45K miles on it, he may have to pay a penalty if he turns it back in because of the milage. That may be why he wants to sell it outright)

justinerau Enthusiast

justinerau

Posted
Posted

Chuckster : According to his lease contract it will have a residual value which is the amount upon fulfillment of the contract he will have to pay GMAC to buy out the vehicle. A little something that most people do not know is that if he calls and goes down to a dealership and buys out the vehicle a minimum 2 days before the actual end of the contract, the actual buyout amount tends to be roughly $4000 less than the residual value. You have to buyout the vehicle at least 2 days before expiration of the contract or else the leasing company will not reduce the buyout amount. Maybe this will help you save a little bit of $$$ to get into the truck. Unfortunately he will have to buyout the truck and then you guys worry about title transfer later. Buy the way a 2001 LT tahoe for $20K with 45K miles...not too bad so if it's the right truck for you, go for it! I work for a nationwide chevy dealer so if you have any questions, toss me an e-mail. :cheers:

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