What would you do? - Page 2 - Subaru Outback - Subaru Outback Forums
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post #11 of 19 (permalink) Old 01-02-2019, 01:41 PM
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Originally Posted by ammcinnis View Post
You need to ask an attorney, not "just about everyone." You're probably going to need an attorney, anyway, to probate your dad's estate.
I went through that a couple of years ago and I just paid an attorney just to handle any court issues, answer my legal issues and hold the escrow account. I personally handled the probate which took a little over a year, I received a mandatory salary which was way far less than the standard Probate Attorney requirement and saved the family thousands. Thank G-d that I had the capital to keep up with all the expenses until the completion of the estate since he had not created a will or added in case of death on his accounts.

I would see if the estate under probate could pay off the lease and have you repay the estate since all debt must be handled prior to completion of probate.



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post #12 of 19 (permalink) Old 01-02-2019, 02:03 PM
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Originally Posted by kd8tzc View Post
Already have spoken to an attorney and he told me not to leave the money on the table from the downpayment. My question has more to do with would it be better to try and keep the 2018 or just get a 2019. I guess is there that much difference in the 2019 ver the 2018? I'd love to avoid the headunit issue, and I would also have a full warranty vs the partially used warranty on the 2018.
There is no real difference between '18 and '19 except that Eyesight is standard across the board. I've not seen anyone here with failing infotainment issues on '19 models but it may be too early to know for sure. The '18 models that are experiencing complete and sudden failures are 6-12 months old.

As to this lease...the $10k down payment is the reason for the low payment and will favorably impact the buyout today. Buyout today is calculated by taking the residual value + remaining payments. This is why most leases are very hard to get out of early. But with a big down payment, you may have some equity. So the question is...what is the buyout vs fair market value? If the buyout is favorable to market, you can buy it, sell it, or trade it on whatever vehicle you want (I'm assuming you have POA for the estate). If it's not favorable, then you probably want to ride out the lease. Otherwise the estate will have to settle the deficiency in cash to return/sell the car.

I would certainly hope there is equity with that large of a down payment. $10k has to be close to the entire cap cost on a premium. Also, advice for everyone...never put down large $$ on a lease. $0 down should be the goal.

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post #13 of 19 (permalink) Old 01-02-2019, 04:15 PM Thread Starter
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Thanks.... there is a fairly extensive plan that my Dad had (revocable trust and irrevocable trust with a pour over will for anything that was not in the trust). There are only two things so far that I have discovered that were not in the trust. One annuity, and the lease. The lease company has been willing to work with me with just a copy of the will. They basically told me that I am not responsible for the lease and can just turn it back in or buy it out.


The lease puzzles me though as my Dad didn't believe in them and normally just bought his cars with cash. He would always put a "car payment" away in his savings over a number a years, and when he had enough, he would trade in his old car and buy out a new car.



As far as equity goes, I don't think there is equity yet. They charged him a really high price for the gross capitalized cost for the lease (at least in my book it is high - mid $30's), but he has just about everything on the car minus LED Headlights, Leather seats, and moon roof, so maybe that is about right. I checked on KBB and put in everything and the trade in range is $21.9k - $23.5k (if I select Very Good condition... didn't pick excellent as there appears to be one ding on one door). My calculated buyout (based on remaining lease payments [$4,793] and buyout price [$19,367.50] comes to $24.1k) I need to go talk to a dealership though to get the official buy out package from the lender to see what they would want, I just haven't had the time to do that yet.


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post #14 of 19 (permalink) Old 01-02-2019, 05:12 PM
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Originally Posted by kd8tzc View Post
As far as equity goes, I don't think there is equity yet. They charged him a really high price for the gross capitalized cost for the lease (at least in my book it is high - mid $30's), but he has just about everything on the car minus LED Headlights, Leather seats, and moon roof, so maybe that is about right. I checked on KBB and put in everything and the trade in range is $21.9k - $23.5k (if I select Very Good condition... didn't pick excellent as there appears to be one ding on one door). My calculated buyout (based on remaining lease payments [$4,793] and buyout price [$19,367.50] comes to $24.1k) I need to go talk to a dealership though to get the official buy out package from the lender to see what they would want, I just haven't had the time to do that yet.

That's a very high cap cost for a premium without moonroof. MSRP would be tough to get above $32k without expensive warranties or service packages thrown in. I would check for intangible add-ons that could be cancelled with pro-rated refunds.
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post #15 of 19 (permalink) Old 01-02-2019, 05:18 PM
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That's a very high cap cost for a premium without moonroof. MSRP would be tough to get above $32k without expensive warranties or service packages ...
Agreed. MSRP (per the Monroney sticker) on my 2016 Outbback Premium (GDD) with Option 14 ( EyeSight + Power Rear Gate) and Popular Package #4 (auto-dimming mirrors [3], splash guards, rear bumper cover, all-weather floor mats) was only $30,851.

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post #16 of 19 (permalink) Old 01-03-2019, 09:58 AM Thread Starter
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That's a very high cap cost for a premium without moonroof. MSRP would be tough to get above $32k without expensive warranties or service packages thrown in. I would check for intangible add-ons that could be cancelled with pro-rated refunds.
Well, here are the things that I saw on the lease agreement:

Value of Vehicle $30959.37
Tax 469.43
Acquisition fee 595
All in One 415 (believe it is some sort of service contract)
Allstate wear/tear 695 (no idea what this is)
Maintenance Contract 990 (expensive oil changes - why is Subaru so expensive with their oil changes... I can go to a Ford dealership and have my Ford done for between $20 - 30)
Xzilion 570 (no idea)

Lots of extras it looks like.


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post #17 of 19 (permalink) Old 01-03-2019, 11:04 AM
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Originally Posted by kd8tzc View Post
Well, here are the things that I saw on the lease agreement:

Value of Vehicle $30959.37
Tax 469.43
Acquisition fee 595
All in One 415 (believe it is some sort of service contract)
Allstate wear/tear 695 (no idea what this is)
Maintenance Contract 990 (expensive oil changes - why is Subaru so expensive with their oil changes... I can go to a Ford dealership and have my Ford done for between $20 - 30)
Xzilion 570 (no idea)

Lots of extras it looks like.

The Allstate wear/tear would be a policy to pay damage/condition claims when the lease is returned. Might be able to cancel that and get a pro rata refunded if you terminate the lease early.

Maintenance contract might be refundable pro rata, but depends who it's through. That's a big number but it could be the super-duper preventative maintenance plan. Or they just charged the **** out of him for the cheap package and moved on. I think a typical synthetic oil change on an Outback runs $50-$70 and is required every 6k miles. Most newer fords require at least a synthetic-blend oil so even $30 would probably be a coupon or special rate.

"All-in-One" I'm not sure about.

Xzilion is a protection package..interior/paint/somethinglikethat. Probably not refundable.

If the buy-out is in the $24k range, I doubt you can get out of the lease without some cash. Also be careful about the leasing company saying you can just turn it in and you're not responsible....it's true that YOU'RE not personally responsible but they likely will back charge the crap out of the estate. If there were no other assets outside the trust it may not matter but that doesn't seem to be the case.
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post #18 of 19 (permalink) Old 01-03-2019, 11:11 AM
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He put the $10K in so he could get lower payments. It's not something that qualifies as refundable (which I'm guessing the "fine print" will tell you). Make believe he never owned a car (which, in fact, he didn't).
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post #19 of 19 (permalink) Old 01-03-2019, 12:19 PM
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Quote:
Originally Posted by kd8tzc View Post
My questions are these.... does the fuel gauge issue exist in the 2019 model? Does the head unit issue exist in the 2019 model? Are there any known issues in the 2019?
Quote:
Originally Posted by skinny2 View Post
There is no real difference between '18 and '19 except that Eyesight is standard across the board. I've not seen anyone here with failing infotainment issues on '19 models but it may be too early to know for sure. The '18 models that are experiencing complete and sudden failures are 6-12 months old.
I think Skinny2 is about right. I have not had the fuel gauge issue on my '19. Nor have I had head unit problems, other than a known Android Auto audio source mixing bug with navigation audio and radio audio, which seems to have been resolved in a recent Android Auto update. It's just too early to tell if there are any lurking issues.

FWIW, I do think the LED headlights on the '19 Limited alone would be worth an upgrade from any 5th Gen with stock halogens. I hated the lights in my '16. I love the lights in my '19.


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