Vehicle leases

Now Is the Time to Buy Out Your Leased Car

The market value of your vehicle likely exceeds the value stated in your lease agreement.

Purchased the vehicle for the price on the lease contract ($12,600) with only 4800 miles in it.  Same car with 30,000 more miles is retailing for low 20's

tGreenWay wrote:

kingstonlake wrote:Purchased the vehicle for the price on the lease contract ($12,600) with only 4800 miles in it.  Same car with 30,000 more miles is retailing for low 20's

Keeping it or looking to make something back on your investment?

It's the MIL's. She wants something different. But spiteful me will talk her out of trading it in just to have a dealer rip her off. I'd try to sell it for her if I didn't live three hours away.

Just purchased the wives 2017 grand Cherokee limited. Buy out was 19512. MSU credit union just told me it’s value is 35K. I doubt I’d get that but I know I just won here. I figure without trying I make 7 grand at least maybe 10. Wife was a bit miffed as she has never met a leased car she didn’t love. Every three years she got a new car. But this thread and the MSU credit union convinced her to let me pull this trigger.

The last six days have been fucking awesome.

I don’t think I updated, in fact I know I didn’t because there’s a record of what I posted here and I didn’t update.

Anyway, yeah I bought out the lease for 18 and it was worth like 27 or so. I got to the dealer at 6 on their late night and I was there until 10, an hour past closing, waiting to sign the documents. They were very nice and apologetic, but I was like dude I get it. You should take care of the people that are buying cars first, I’m not your priority here, it’s fine. I don’t know, I thought it was kinda funny that I was the last person in the dealership. Maybe they were hoping I would say fuck this and leave and they could get the car back

Travis of the Cosmos wrote:I don’t think I updated, in fact I know I didn’t because there’s a record of what I posted here and I didn’t update.

Anyway, yeah I bought out the lease for 18 and it was worth like 27 or so. I got to the dealer at 6 on their late night and I was there until 10, an hour past closing, waiting to sign the documents. They were very nice and apologetic, but I was like dude I get it. You should take care of the people that are buying cars first, I’m not your priority here, it’s fine. I don’t know, I thought it was kinda funny that I was the last person in the dealership. Maybe they were hoping I would say fuck this and leave and they could get the car back

Yeah buying a leased vehicle should be pretty straight forward. Sounds kinda dickish if you ask me.

kingstonlake wrote:

Travis of the Cosmos wrote:I don’t think I updated, in fact I know I didn’t because there’s a record of what I posted here and I didn’t update.

Anyway, yeah I bought out the lease for 18 and it was worth like 27 or so. I got to the dealer at 6 on their late night and I was there until 10, an hour past closing, waiting to sign the documents. They were very nice and apologetic, but I was like dude I get it. You should take care of the people that are buying cars first, I’m not your priority here, it’s fine. I don’t know, I thought it was kinda funny that I was the last person in the dealership. Maybe they were hoping I would say fuck this and leave and they could get the car back

Yeah buying a leased vehicle should be pretty straight forward. Sounds kinda dickish if you ask me.

Mrs. Miser did it all over the phone.

By the way, i think we’d have made a deal Toth Jim Rhiel had they had inventory on the lot. All they had was three row Jeep’s this worked out. I wasn’t going to work too hard on this, frankly because of this thread. I knew what I had in my back pocket. Thanks Kingston. Owe you a beer.

Heat Miser wrote:

kingstonlake wrote:

Yeah buying a leased vehicle should be pretty straight forward. Sounds kinda dickish if you ask me.

Mrs. Miser did it all over the phone.

I was like 7-10 days from the lease expiring so I didn’t want to fuck around

Heat Miser wrote:

Mrs. Miser did it all over the phone.

Not everybody has a fancy talkie device like the Misers.

Turtleneck wrote:

Heat Miser wrote:

Mrs. Miser did it all over the phone.

Not everybody has a fancy talkie device like the Misers.

I am Chad. She is Karen. We have all the privileges.

I've never bought out a lease before either.
I have the contract of mine that says what the buyout price is. Which I plan on doing. We don't want this car, because we want a 3rd row suv. So my thought is to buy it, then look for what we want, book it (for however long we've got to wait), then sell what we have whixh should be more the way things are going.

My question is...what do you have to do, to buy out your lease? We will need a loan. I know we can get the best rates at our CU than the dealership as we have steller credit. Do I contact the dealer first? Bank first, then dealer?
Lease is technically up in April, but we only have 2 payments left.

Dendrobates wrote:I've never bought out a lease before either.
I have the contract of mine that says what the buyout price is. Which I plan on doing. We don't want this car, because we want a 3rd row suv. So my thought is to buy it, then look for what we want, book it (for however long we've got to wait), then sell what we have whixh should be more the way things are going.

My question is...what do you have to do, to buy out your lease? We will need a loan. I know we can get the best rates at our CU than the dealership as we have steller credit. Do I contact the dealer first? Bank first, then dealer?
Lease is technically up in April, but we only have 2 payments left.

Notify the dealer you intent to buy. They'll give you the exact buyout #. Call your bank & get tell them. Coordinate exchange of papere work. Get loan. Your bank should send the check/wire straight to the dealer if everything goes right. You'll probably have to do some coordination, but you shouldn't have to go anywhere & deal with anybody face to face.

DWags wrote:By the way, i think we’d have made a deal Toth Jim Rhiel had they had inventory on the lot. All they had was three row Jeep’s this worked out. I wasn’t going to work too hard on this, frankly because of this thread. I knew what I had in my back pocket. Thanks Kingston. Owe you a beer.

To be honest, I am surprised that after the pandemic, car purchase prices have fallen. Although the prices for everything else for some reason only increased.

tGreenWay wrote:

FrankConan wrote:To be honest, I am surprised that after the pandemic, car purchase prices have fallen. Although the prices for everything else for some reason only increased.

So new car prices are dropping? I haven’t looked in a few months, but I have a lease maturing this spring and am considering what to do. Not leaning any way just yet on a decision.

I am not sure what Frank is referring to, but new and used car prices are up.

New Car Price Keeps Climbing, with Average Now at Almost $47,100

This data is a bit skewed as the OEs have been diverting chip allocation into trucks and expensive SUVs. Most small SUV plants are back up and running (with interment shutdowns) for a few months, so inventory of lower priced vehicles will slowly start to rise. Which will drop the average sales price. Four months ago there was nothing on the lots. This weekend I started to see some vehicles lots. Average sales prices are artificially high right now, and they will artificially drop with lower priced vehicles showing up on lots.

Overall you can expect the cost of vehicle (on a vehicle by vehicle basis, not average salws price) to go up in 2023 due to increases in raw materials, labor, etc.

Heat Miser wrote:Now Is the Time to Buy Out Your Leased Car

The market value of your vehicle likely exceeds the value stated in your lease agreement.

Lease ended at the end of January. Buyout was far lower than current market value so we bought it. Pretty easy process. Just called finance company. I didn't go through the dealer.

I'm going to try to get a new vehicle on order now and trade in the used one at high market value. Just waiting for the title and I'll start making calls. We'll see it works out.

Been thinking about, but have not called a dealer regarding this pop-up ad yet

The Pantry wrote:Been thinking about, but have not called a dealer regarding this pop-up ad yet

0.01% you will get this deal. They just want you to call.

tGreenWay wrote:

The Pantry wrote:Been thinking about, but have not called a dealer regarding this pop-up ad yet

Only $209/mo. for 24 mos. with only $21k OOP up front.
Don’t you get a supplier discount?

*First time GM buyer discount. Toyota Camry owner trade-in discount.. Low mileage 7500/year, 28 month lease. 10,995.95 down. GM employee discount. Taxes and fees not included. Stock#AE457H5 only.

Not bagging on GM. All I've owned. Every OE does the same get-you-to-call advertising. It's brilliant.

tGreenWay wrote:

The Pantry wrote:Been thinking about, but have not called a dealer regarding this pop-up ad yet

Only $209/mo. for 24 mos. with only $21k OOP up front.
Don’t you get a supplier discount?

Can get the discount. Have not checked into that either.

Bought/leased many vehicles over the years. The past 13 years without a car payment have been the best

Nordic wrote:Not bagging on GM. All I've owned. Every OE does the same get-you-to-call advertising. It's brilliant.

Got the GM employee discount through my sis for years. Ford offered a great lease deal on the Mustang GT in 1987. Despite me beating the hell out of that manual, massive POS.

Funny how this guy talks about ordering a vehicle kinda like it's a new idea.

Edmunds: Why you should order your next car from the factory

So I bought a used car in Florida at dealership (not a lot, a regular dealership). Gave my credit union what they needed for my loan as far as a deposit. The salesman says he needs a $500 deposit to mark the car as sold. WTF. I bought it. He says they lower the price by $500 on final deal. My suspicion is it's part or of his commission and it's an in house way of getting it up front. Tell him to go fuck himself?

I'd tell him to get it from the bank. If he has a problem, go over his head. Fuck sleazy car salesmen.

There was this story by one of the local TV stations last week about a dealership trying to charge extra fees when someone buys out a lease, claiming things are a law when they aren't, making up fees, etc.  

It reminded me of this thread and I meant to search for it.

Link if anyone is interested:
https://www.local10.com/news/local/2022/03/30/why-are-car-dealerships-adding-extra-fees-to-those-buying-out-their-leases/

Seems like there's a serious trend out there where corporations (Carvana etc) are buying up vehicles and houses and inflating the market. Complete BS.

MiamiSpartan wrote:There was this story by one of the local TV stations last week about a dealership trying to charge extra fees when someone buys out a lease, claiming things are a law when they aren't, making up fees, etc.  

It reminded me of this thread and I meant to search for it.

Link if anyone is interested:
https://www.local10.com/news/local/2022/03/30/why-are-car-dealerships-adding-extra-fees-to-those-buying-out-their-leases/

If you are going to buyout your lease, contact the leasing company direct. You don't need to go through a dealer.

kingstonlake wrote:So I bought a used car in Florida at dealership (not a lot, a regular dealership). Gave my credit union what they needed for my loan as far as a deposit. The salesman says he needs a $500 deposit to mark the car as sold. WTF. I bought it. He says they lower the price by $500 on final deal. My suspicion is it's part or of his commission and it's an in house way of getting it up front. Tell him to go fuck himself?

Is this a dealer you've worked with before? Is it also a new car dealer?

Honestly, I don't see a problem with this as long as you have the paperwork aligned to match. The $500 should obv come off the total loan/sale amount. The car market is hot right now. If you don't put down a deposit, someone else will. Try to get them down to.$100 or $250.

The Pantry wrote:Funny how this guy talks about ordering a vehicle kinda like it's a new idea.

Edmunds: Why you should order your next car from the factory

kingstonlake wrote:Seems like there's a serious trend out there where corporations (Carvana etc) are buying up vehicles and houses and inflating the market. Complete BS.

Back in the day, I ordered every one of my cars. I would flip them (long story). Then it turned into whatever they had on the lot. The chip shortage has killed the lot deal. Was taking to the guy I've bought over a dozen cars from today. They still have no inventory (except full-size trucks), but they are starting to get in ordered vehicles. The climate has shifted back that way out of necessity. I'm looking at doing the same again soon.

Interesting about Carvana. I have not thought of that, but it makes total sense. Car scalpers. I have heard of this in the real estate market. Not good for consumers. But the market has opened up this business.