Buying out a lease

I bought my Mercedes at the end of the lease. It was a closed end lease, but I did not want to pay the agreed upon residual. I did my homework and found out the wholesale value of the car by checking the Kelly Blue Book and talking to some acquaintances who were familiar with the used cars auctions. I then offered the leasing company a few hundred dollars above what they could expect to get for the car in the wholesale market, but still about $3,000 less than the lease agreement called for. They accepted my offer.

 

<div class='quotetop'>QUOTE(egret32 @ Mar 3 2007, 12:01 PM) [snapback]399507[/snapback]</div>

Since its low miles and worth so much more than what they could sell it, I doubt you have any negociation room. But of course I would buy it for only $10K

 

<div class='quotetop'>QUOTE(egret32 @ Mar 3 2007, 12:01 PM) [snapback]399507[/snapback]</div>

Not all lessors will negotiate the lease end terms. My brother had an Infiniti that he turned in back last July, because they wouldn't negotiate.

We then found a guy who specializes in the auction market thing. Technically he's a dealer, but what he did for my brother was (a) find his car at whatever auction it ended up at, (B) got a maximum price from my brother, © negotiated a service fee for acquiring the car, and (d) acquired the car from the auction and resold it to my brother.

It was all a paperwork deal. This guy didn't have to do anything but sit at his desk, and he made $900. He found the car and worked the auction over the phone, and his dealership status made the paperwork go off like clockwork. The auction sold him the car, he took my brother's money and sold my brother the car, all over the phone and fax.

And then my brother went to the auction himself to pick his car back up.

In the end he saved $5000 vs. simply paying off the lease-end figure.

 

Your car is probably worth more than $10,000.

As to buy over lease, I'd add that $10,000 to what you've already paid to find out what the car actually cost. Was it less or more than if you'd just bought it outright? You weren't able to take any income tax rebates or credits because it was a lease, not a buy. In the end, was the lease a better deal?

 

Is the whole auction thing really worth all the hassle and headache to really end up saving a few bucks? I'd say buy out the residual since it is so low in miles and you could resell it privately and actually make money on it.

 

<div class='quotetop'>QUOTE(IsrAmeriPrius @ Mar 3 2007, 12:30 PM) [snapback]399520[/snapback]</div>

I agree with IsrAmeriPrius, check the current market Used selling wholsale price give them the offer all they can do is say NO

I had a ford truck went through Ford red carpet lease bought it after lease was up for basically pennies on the dollar no one wanted used trucks back in the early eighties they were cheap enough to buy new then. so a buy back was better for me at that time.

I think if you had no problems I would buy it back from the lease. My opinion I think it would be worth it

 

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