kwa said:
Has anyone here done the VW drivers option, the lease/purchase combo? I am considering it but wonder how others who have fared with it?
Well, I did it several years ago with my wifes Golf TDI. We had a Peugeot XRD in Germany and it was rock solid great car so we wanted another diesel but were unsure about the VW given their reliability issues. What was nice about the the "Buyers Option" was the fact that you own it also and can sell it at any time during or at end of term.(no lease)
Finance rates at the time were in the 8-10% range so I think the option could compete better with a std finance then but now with 1.9% and 2.9% finance specials and most banks offering 4 and 5%, it loses it's luster. The savings in finance costs are too good to pass up these days.
We recently sold her Golf at options end but bought another and took advantage of the finance rate. Hell, these days, it doesn't even pay to put money down, keep it in solid investments and you come out ahead. That is my suggestion.
BTW: We had it inspected towards the end, I suggest deciding well in advance and that way you don't bother. FWIW, the inspector was not nearly as anal as I had expected, they care mostly about the tires and general good appearance and after that, if it runs good, they are pretty much easy going about the whole thing. They even let us keep the car past the option end but the charge was about the monthly payment so it's not something you want to do for long. We did it casue we had ordered a new one with the eqpt and options we thought were worthwhile.
A word of caution, a dealer will tell you to just drop it off and they will take care of turning in, (mine did) and this is a bad idea. "IF" any expenses are determined later, you will get a fat charge a few months after you think it's all done, in that regard, it's much better to get inspection done prior if you have any uncertainty. Just imagine, you get a new car and then a few months later get a bill for a grand or two!!
Or more... You get Dealer charges for repairs. OUCH!!
I don't think it's a good idea to refinace it unless you do it within the first year or two, it is not cost effective at all, waiting a year or so will give you long enough to determine if you've bought a unreliable or a solid VW worth owning for a long time.
That's about all I can think off the top, good luck.