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Re: End of Lease buyout- anyone with experience?
Posted by Steve (more from Steve) on Wed, 10 Dec 2003 16:43:52
In Reply to: End of Lease buyout- anyone with experience?, jolie, Wed, 10 Dec 2003 07:16:28
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The finance companies used to refuse to negotiate with the leasee then would apparently sell the cars at auction at a huge loss. The reason... the finance companies had purchased residual insurance so the insurance companies took the hit, not them.
Given these huge losses, it's likely that those insurance companies finally came to their senses and gave the captive finance arms the boot. Now, they apparently have a reason to "deal" on the residuals. They know what they are likely to get at a wholesale auction, plus the $300-$500 cost of getting the car to and through the auction... so having an interested retail buyer available is a great way for them to save some money.
Another option is to talk to your dealer about them buying the car for you at auction and reselling it to you. The big disadvantages are that you have to be without the car for a couple of weeks and that there is a chance that the dealer won't be able to win your particular car at the auction.
It would also seem that the tactic of negotiating on the residual price could be a great way to avoid excess mileage charges.
posted by 209.63.2...
Posts in this Thread:
- End of Lease buyout- anyone with experience?, jolie, Wed, 10 Dec 2003 07:16:28
- Re: End of Lease buyout- anyone with experience?, Steve, Wed, 10 Dec 2003 16:43:52 <-- Viewing This Message
- real-life story, PatO, Wed, 10 Dec 2003 13:24:05
- Your dealer can negotiate for you, jasonlk, Wed, 10 Dec 2003 12:31:01
- Shifting sands of lease buyouts......, Mike Lynch
, Wed, 10 Dec 2003 12:30:24 - Re: End of Lease buyout- anyone with experience?, Francis, Wed, 10 Dec 2003 09:49:56
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