Lease buy out

[JaySimon]

I saw a piece in the thread about bringing over a car from the states about buying out a lease.

Can a guy haggle the price of a lease buy out? My girl has her car coming up in the future and she/we are intending to buy it out. Is it reasonable to haggle the buy out price or are we essentially locked in?

I woulda put this in that thread, but it seemed like too far off a tangent...

Thanks!

 

[tredeb]

I would think that, once you signed the lease contract, that the buyout price would be firm. The haggling should take place before the contract is signed.

Also, when I was thinking of leasing, many of the contracts were taylored to your need, if you needed low payments, you would have a higher buyout. The leaser could play with the numbers depending what you needed at the time.

Make sure the buyout is worth it. Cars don't hold their value very well and you may be surprised what it is actually worth on the market.

 

[Snorider]

usually it depends on when you want to buy out the lease. you can usually get some of the interest knocked off of it. But it's set in stone for the most part

also If when taking into account of market value, take what the buy out is and see if you could buy the same thing, in as good of shape as your's is cash out the door.

But I'm not one for leasing a car.

 

[fat tire]

I saw a piece in the thread about bringing over a car from the states about buying out a lease.

Can a guy haggle the price of a lease buy out? My girl has her car coming up in the future and she/we are intending to buy it out. Is it reasonable to haggle the buy out price or are we essentially locked in?

I woulda put this in that thread, but it seemed like too far off a tangent...

Thanks!

My cousin had a lease from the USA and decided not to buy it out because of the lower value and higher buyout........ but had to return the vehicle to the states when the lease was up..... they told him there was a huge transport fee and they would be responsible for damages.......Good thing was they drove it back and bought a sweet 71 cuda at an auction......and worth allot more than the lease would have been.

 

[mach123]

Sometimes it is cheaper to buy a new car of the same then to buy out the old one. HMMMMMMM

 

[JoHNI_T]

you can not haggle the price of the buy out on your lease, that is the paper work she singed, some independant lenders may haggle but not the big ones and if they were to haggle it would be for their benefit meaning the car is worth much less then the buyout so they try and minimize their loss by offerring "savings" on the buy out.

if the value of the vehicle is higher then the residual buy out then buy it,, if it is lower return it,,, best of both worlds....

 

[Modman]

Sometimes it is cheaper to buy a new car of the same then to buy out the old one. HMMMMMMM

What he said ^^^^^ why buy out a 3 yr old car 75,000 kms and have payments for 3 yrs (6 yrs to pay off a car) when you can buy a new one and have the same payments over 5 and have a newer car with less miles in the end? Yes it takes a little more to buy the new car than buying out the lease but you also don't have a miled out car when you finally have it paid off. Even if the values of the car is more than the buyout, still not really worth it IMO unless the difference is huge.

We bought my wife's lease out on her old car and were in the same scenario as you - we even test drove the new ones but in the end bought out the old one - I will never, ever do that again.

If you need a new car, go see Johni_T , he can help you out. He knows a thing or two about it. Where you at these days JT?? We need an address.

 

[JoHNI_T]

What he said ^^^^^ why buy out a 3 yr old car 75,000 kms and have payments for 3 yrs (6 yrs to pay off a car) when you can buy a new one and have the same payments over 5 and have a newer car with less miles in the end? Yes it takes a little more to buy the new car than buying out the lease but you also don't have a miled out car when you finally have it paid off. Even if the values of the car is more than the buyout, still not really worth it IMO unless the difference is huge.

We bought my wife's lease out on her old car and were in the same scenario as you - we even test drove the new ones but in the end bought out the old one - I will never, ever do that again.

If you need a new car, go see Johni_T , he can help you out. He knows a thing or two about it. Where you at these days JT?? We need an address.

chit,, you are hired,,, I agree Modman,, you can pay $300 for the rest of your life and never buy tires, brakes etc... and the best part you have a new car every 3 years with the latest and safest technology but $300 only gets ya a car,,,,

or you buy slightly used like 1 year,, the big depreciation is gone but you still get warranty and a almost new ride.

 

[JaySimon]

You all make very strong points here. I appreciate the ideas, and will share them with the better half when it comes time to follow through with that. It's sounding like buying out the car would be a waste of money, as we have put tons of ks on her car in the time she has had it.

 

[Modman]

You all make very strong points here. I appreciate the ideas, and will share them with the better half when it comes time to follow through with that. It's sounding like buying out the car would be a waste of money, as we have put tons of ks on her car in the time she has had it.

If she is over the specified mileage, it still makes sense to get rid of it IMO, even though you will be cutting the dealer a check for the extra mileage.

 

[sledneck_03]

I saw a piece in the thread about bringing over a car from the states about buying out a lease.

Can a guy haggle the price of a lease buy out? My girl has her car coming up in the future and she/we are intending to buy it out. Is it reasonable to haggle the buy out price or are we essentially locked in?

I woulda put this in that thread, but it seemed like too far off a tangent...

Thanks!

uh i said it and yes you can haggle the price, used vehicles are not selling.....i talked to a sales manager of another dealership about my buy out seeing new trucks have dropped significantly and he said if they wont waiver on the price i will.

Just walk in, tell them what you want to pay and if they say no say well i know used vehicles are not selling either take my price or let it rust on your lot because if you dont come down on your price i wont buy it nor will i purchase the next one from you.

Even when i signed my lease contract they made it very clear that was a estimate based on what the kms are shape and economy and it could change but it could be to save their ass if it goes the other way and want to charge more.....

 

[JoHNI_T]

uh i said it and yes you can haggle the price, used vehicles are not selling.....i talked to a sales manager of another dealership about my buy out seeing new trucks have dropped significantly and he said if they wont waiver on the price i will.

Just walk in, tell them what you want to pay and if they say no say well i know used vehicles are not selling either take my price or let it rust on your lot because if you dont come down on your price i wont buy it nor will i purchase the next one from you.

Even when i signed my lease contract they made it very clear that was a estimate based on what the kms are shape and economy and it could change but it could be to save their ass if it goes the other way and want to charge more.....

what dealer???

I have been in the business for 11 years 5 with GM,,,,, GMAC offers a fair market value option to the dealers in the last 3 months of the lease and it has been lower then the residual in most cases for the last 2 years,, so if a friend of mine wanted to buy out his GMAC lease I could check the Fair market price GM gives to the dealer and offer it to my buddy,,, but I make no money so this is fine for a friend but why would a dealer ever want to promote that??? and the dealer does not own the vehicle you are dropping off GMAC does so they dont really care.

again independant lenders can make their contracts read any way they like but back in the 80's when Chrysler was selling open ended leases and Ford with the red carpet lease all open ended... wich means at the end the dealer gets to make the residual and they raped so many customers people almost stopped leasing until mid 90' it came back strong with closed ended leases.

its like leasing a building or a house ya cant try and change things but under certain circumastances anything can be done but usually to benefit the party that holds the lease..... its business,,

now just think how much money GMAC saved the public,, last year every GM truck, avalanche, van was losing $5000 to $10000 off the set residuals there was over 150 alone every week in Alberta up for grabs,, so all thoose people who leased thoose trucks saved thousands in depreciation hence GMAC no longer leasing they lost their shirt. but now everyone is doing theese 84 month fiance terms and they are taking on all depreciation and they are comitted to the entire value of the vehicle, on a lease you are only responsable for approx half the value,

sorry bored at work

 

[JoHNI_T]

oh yeah one more lil secret,,,

almost every second customer claims he or she or their brother or neighbour can get better pricing or this and that for free or crazy trade in money..... its very funny but they always buy from us lol...


people always inflate or deflate pricing when telling "fish" stories,,everyone wants to sound like they got the best deal,,, who cares if you are happy with a fair deal go for it and the after service should be a factor to consider.... trust me we make some money at dealers but even at full price we are not getting rich... now look out for thoose service guys they will get ya....