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Lease end buy....
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Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Sat, 15 Nov 2003 09:28:19 Share Post by Email
In Reply to: Question on buying the car you have been leasing..., bill h., Sat, 15 Nov 2003 08:25:27
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You, the lessee, has the right to buy the car for the stated residual value. You can call Chase and try and negotiate. If they have the residual insured than your request may fall on deaf ears as Chase will get the difference between the auction value and the residual from the insurer in which case the car must go to auction. If they don't have residual insurance you might succeed getting them to come down, doesn't hurt to try. Have a firm figure in mind to offer, say Kelley Blue Book trade in value at "fair" condition (http://www.kbb.com) is one benchmark I use. "Fair" describing the market, not the condition of the car, can give an indication of the actual trade in or auction value. Coaching negotiation is a whole 'nother post.

If the buyer is willing to pay the full residual price, ask Chase if someone else can buy the car for that. Sometimes the dealer will get an allowance for handling the transaction, sometimes not, sometimes Chase will be able to handle the transaction themselves, depends on the state.

In California if you buy your vehicle at the end of the lease you can resell it in 10 days without the subsequent buyer having to pay the sales tax all over again. Don't know about other states.

If it were a Saab you could probably find a fully reconditioned and Certified car at the dealer for about what the residual value is.

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