End of car lease, how do I get a better price?

[frizzlefry]

My lease ends in a month and I'm trying to get the dealer to sell me the car below lease contract price. I'm wondering if anyone here has had experience on this or can refer me to a site that can help me out.

I'm about 10k miles over the allowed mileage. It's $0.15/mile. But I want to buy the car. I don't want to get into another car and pay additional. Plus I plan on paying full in cash. No more financing thank you very much!

The car runs well. Had a few problems with it but not too many. Another issue is that it is an Oldsmobile Alero 99. My concern is about resale of an oldsmobile after the company is shut down in 2004/5. I do plan on keeping this car for that much longer.

Well, much appreciated if anyone has suggestions.

 

[rudder]

as far as I know your supposed to negotiate the residual value before you sign the lease. If they feel like selling it to you, yeh the will sell it below the contract price. But the bal is in thier court.

 

[frizzlefry]

residual price cannot be negotiated. as far as I was told and researched when I initially signed on. the residual value is pased on depreciation of the vehicle at end of lease term.

your buy price is what you negotiate and this got my lease payments down.

 

[Thegonagle]

I sold cars for a little while. AFAIK, the dealer can't do anything for you. You need to talk to bank the holds the lease, and even then, you won't be able to get anywhere. Either buy it for the residual, or pay the $1500 over-miles fee and lease another new car.

 

[badluck]

Man, now that you ask these questions I have a few now.....

Are car companies willing to go easy on the over-mile charge if you plan on leasing another car from them (say, 1500 miles over)? Also, if there are some scratches what needs to be done b4 returning the car. These scratches are small dings in the door from morons hitting my door with their door.....Do I need to have it professionally cleaned? Any other suggestions?

I could call them and ask but I thought I would get some opinions here first...

Thanks.

 

[frizzlefry]

garfang If I returned the car to the dealer, wouldn't they just turn around and sell it at wholesale? Plus it's not like they're selling cars like hotcakes these days. I did talk to GMAC about it and they told me that the dealer can buy from GMAC for a lower price and resell to me. But I don't know how that really works.

I don't want to lease another car as I can pay for this full upfront which would mean no more monthly payments for a car
I just have one payment left.

I talked to the finance manager a couple weeks ago and here's the numbers he gave me

$11,300 (approx) total buyout plus license and tax.
This was with 2 remaining payments

Today he tells me $10,750 with 1 remaining payment.

Is it beneficial for me to wait the additional 2 months and see what they say then (end of lease is Nov 10). Or should I go ahead and buyout now and forget about the final payment. They told me that this is total current buyout with no more payments. I just need to add tax and license. Plus I would get $350 in sec dep back.

 

[777joee]

 

[frizzlefry]

bump

 

[Pacfanweb]

<<residual price cannot be negotiated. as far as I was told and researched when I initially signed on>>

The hell it can't!! I just bought my Tahoe at the end of lease and the bank told me to make an offer!! I got it for over $3,000 dollars less than the residual.
In fact, I not only paid less, I negotiated the interest rate the offered me (which was great to start with) down another 1.7%.
I suppose it depends on whom you leased it from, but my bank was practically begging me to buy it, and my wife just turned her car in and her lease company was trying to practically give her car to her also.

All you have to do it make the bank an offer.....they most likely don't want the car back anyway....if they can sell it to you, it saves them time and money.