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Purchasing at the End of Your Lease

716 messages,  Last post on Nov 30, 2009 at 8:03 AM

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What is this discussion about? Car Leasing


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#617 of 716
Re: 2006 4runner [rayd8] by volvomax
May 14, 2009 (12:55 pm)
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Replying to: rayd8 (May 14, 2009 12:50 pm)

It's a good price. A little more than wholesale.
#618 of 716
Lease Purchase Option - additional fees by rgeba
May 29, 2009 (8:01 am)
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(I posted a similar message in the Mazdea3 forum. Sorry for the duplication.)
 
My lease is up in 2 weeks and I want to buy the car. The purchase option price is good, but the dealer wants to add a $995 admin. fee and a $298 document fee (in addition to tax, title, reg.). Mazda Credit tells me the buyout must be through the dealer, who technically owns the vehicle. After reading the contract, it seems that dealer is legally covered by the phrase "plus official fees and taxes" added after the purchase option price.
 
It may be legal, but I feel these fees are exorbitant and unjustifiable. Do I have any recourse, or am I hosed? Anyone have any experience with end of lease buyout fees? I can't believe the amount of these charges is "normal".
#619 of 716
Re: Lease Purchase Option - additional fees [rgeba] by sebring95
May 29, 2009 (8:46 am)
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Replying to: rgeba (May 29, 2009 8:01 am)

Do you have to buy if from THAT dealer, or just a dealer. Toyota buy-outs require you go through a dealer, but it just has to be any licensed auto dealer. My nearest Toyota dealer wanted $250 to do the paperwork (fair I guess) but I found another dealer that did it for $100. Basically Toyota sells the vehicle to the dealer and then they sell it to you. The Mazda dealer doesn't own your car...that really wouldn't make any sense. But without really looking at your contract it would be hard to say for sure what's required. Perhaps it has to go through a Mazda dealer, but I would think you could go to any of them.
#620 of 716
New to Leasing, Have question by davenga
May 29, 2009 (1:36 pm)
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Our lease is up next month and we're trying to decide if we'll buy or turn the car in. This is our first experience at leasing and when we inquired about purchasing, we were told to go to an authorized Volvo dealer and ask what the fair price would be for the car (2006 Volvo XC90). We did this and made an offer to purchase the car based on that price (actually offered a little more). The leasing company refused our offer and counter offered with a price $3,000 more than the "fair" price we had obtained. . We were on a four-year lease and the car in today's market is not worth what it would have been 4 years ago on a end lease purchase. As I mentioned this is our first experience with leasing and would like input re just how negotiable the end lease purchase price usually is.
#621 of 716
ADDITION TO MY POST by davenga
May 29, 2009 (1:41 pm)
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Our lease is thru US BANK and we're hearing that they are very hard to deal with, anybody know anything about this?
#622 of 716
Re: New to Leasing, Have question [davenga] by tidester HOST
May 29, 2009 (3:45 pm)
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Replying to: davenga (May 29, 2009 1:36 pm)

While you're waiting for a reply, have a look at our Buying Your Leased Car article.
 
tidester, host
SUVs and Smart Shopper
#623 of 716
Re: New to Leasing, Have question [davenga] by volvomax
May 30, 2009 (7:54 am)
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Replying to: davenga (May 29, 2009 1:36 pm)

As with any negotiation, the other party is under no obligation to accept your offer.
Obviously, they have another idea of what is fair.
Raise your offer and see what they do.
Or, just turn the car in and buy something else.
Did your dealer give you a wholesale or retail price as "fair"?
If they gave you wholesale, US Bank isn't going to wholesale you the car.
#624 of 716
Re: New to Leasing, Have question [volvomax] by davenga
May 30, 2009 (12:10 pm)
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Replying to: volvomax (May 30, 2009 7:54 am)

 
 
if I raise my offer $3,000, they will accept. In today's market, that wouldn't be a "fair" price.
#625 of 716
Re: New to Leasing, Have question [davenga] by dtownfb
May 31, 2009 (5:31 pm)
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Replying to: davenga (May 30, 2009 12:10 pm)

If you can provide more information on the car (year, mileage, options, etc.) along with the buyout price in the contract and the dealer's offer, we can give you a better idea if the dealer's offer is too high.
#626 of 716
Re: New to Leasing, Have question [dtownfb] by davenga
May 31, 2009 (5:43 pm)
Reply

Replying to: dtownfb (May 31, 2009 5:31 pm)

it's a 2006 XC90 Volvo (leather, sunroof, awd) with 39,000 miles. I offered $21,500. . .they countered with $24,500.

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