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Purchasing at the End of Your Lease

712 messages,  Last post on Nov 29, 2009 at 7:08 PM

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What is this discussion about? Car Leasing


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#582 of 712
Re: 2004 Lexus ES330 Auction Prices [volvomax] by jbaek74
Feb 20, 2009 (4:36 pm)
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Replying to: volvomax (Feb 20, 2009 11:08 am)

Yup, that was the first question..."miles??"
 
To my dissapointment, they said that my offer of $12.5k was not acceptable.
Their best possible price was $14k. When I pushed for a lower price, I was told to call back next week to see if auctions over the weekend could enable them to offer me a better deal. Do they have some kind of a formula based on the auction prices to determine the minimum that they'll take for a lease-end vehicle?
 
Do you guys think $14k is a reasonable price for this car?
#583 of 712
Re: 2004 Lexus ES330 Auction Prices [jbaek74] by sebring95
Feb 21, 2009 (5:31 am)
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Replying to: jbaek74 (Feb 20, 2009 4:36 pm)

How much longer is left on the lease? The closer you get to turn-in the more likely they'll be to negotiate. For curiosity sake, what is the stated residual in the contract? While residuals are based on wholesale value, I don't think $14k sounds like a terrible deal if you like the car and want to keep it. Less is always better, but you do have to take into consideration the fair-market value if you were to try and buy an identical car.
#584 of 712
Re: 2004 Lexus ES330 Auction Prices [jbaek74] by volvomax
Feb 21, 2009 (7:57 am)
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Replying to: jbaek74 (Feb 20, 2009 4:36 pm)

As I have stated before, lease co's don't sell cars for wholesale.
If the car would trade for $12k, then $14k is reasonable as a buy price.
#585 of 712
Re: 2004 Lexus ES330 Auction Prices [volvomax] by sebring95
Feb 21, 2009 (8:58 am)
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Replying to: volvomax (Feb 21, 2009 7:57 am)

Why wouldn't they negotiate to wholesale? That's what the residual was supposed to be predicting in the first place. And a bank like Wells will be into more expenses to take the car in and resell it. Unless they have a retail lot somewhere we don't know about.
#586 of 712
Re: 2004 Lexus ES330 Auction Prices [sebring95] by volvomax
Feb 21, 2009 (2:14 pm)
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Replying to: sebring95 (Feb 21, 2009 8:58 am)

And a bank like Wells will be into more expenses to take the car in and resell it
 
Thats what the disposition fee is for.
 
Banks are funny about things like that. They get a price in their fuzzy little heads and they won't get of it.
I've seen VFNA no sale a car at the auction over $250.
I guess they think it will be worth MORE at the next sale.
#587 of 712
Reasonable Margin ? by jayess
Feb 23, 2009 (11:52 am)
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Trying to get an idea of what to consider a reasonable profit margin for a dealer to live with. My '07 Sonata lease expires 1 May, and we're interested in buying it. We'll probably be in the vicinity of 8600 miles below the total mileage allowance. The kbb trade-in value is about $1500 below and the pp $440 greater than the buyout in the documentation. In PA the buyout has to be done via the dealer which I knew but the Hyundai CS rep 'realized' during the pre lease-end phone call when he found he couldn't give me a price. I just said we hadn't decided yet.
I'd much prefer to be closer to trade value but waiting until 2-3 weeks prior to call and make an offer. From their website they have over 100 '09's Sonatas and a dozen or so used - mostly '08's on the lot. I'm hoping they'd rather not have to add, spiffy up, advertise and try to sell another one. Is a few hundred over trade in reasonable ? Any input would be welcome!
#588 of 712
purchase my vehicle before lease runs out by sf1210
Feb 23, 2009 (4:39 pm)
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i am interested in purchasing my car now before my lease is over. i got messed up in a very bad lease and now i just want to buy it out and not have the pressure of going over the miles. i leased with Chase Auto finance and they told me the buy out price is never negotiable. i find that hard to believe. can anyone guide me through the steps . . . if indeed it is possible. thanks.
#589 of 712
Re: purchase my vehicle before lease runs out [sf1210] by kyfdx HOST
Feb 23, 2009 (7:34 pm)
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Replying to: sf1210 (Feb 23, 2009 4:39 pm)

If you want to buy it early, it's doubtful they will negotiate.. especially, if it's very early in the lease..
 
They won't be in any hurry to take a loss on a car that you are committed to paying lease payments on... They have no motivation.
 
regards,
kyfdx
#590 of 712
Re: purchase my vehicle before lease runs out [kyfdx] by sf1210
Feb 24, 2009 (5:57 am)
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Replying to: kyfdx (Feb 23, 2009 7:34 pm)

thank you for your help. it's not early into the lease, it has been 3 years already, but i have another 14 months to go. i don't see it as the company taking a loss since i owe them over $5000 to finish the lease, and i would offer considerably more than that (12 - 13K), but less than what they are asking for the buyout ($16000). my issue is i cannot get to the right person at chase to even know if i can negotiate. i am new to all of this but i am trying to educate myself so i am never in this mess again.
 
thanks again for responding.
#591 of 712
Re: purchase my vehicle before lease runs out [sf1210] by volvomax
Feb 24, 2009 (9:24 am)
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Replying to: sf1210 (Feb 24, 2009 5:57 am)

Frankly, it's still too soon for Chase to want to take a loss on your car.
As someone said, they simply have no motivation.
I'd wait if I were you and see what they say next year.

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