Results 1 to 14 of 14

Thread: Lease End Questions — Anyone Work in Auto Sales?

  1. #1
    Beer Leaguer Midget Division
    SaveByRichter35's Avatar
    Join Date
    Sep 2012
    Location
    Long Island
    Posts
    3,287
    Rep Power
    69

    Lease End Questions — Anyone Work in Auto Sales?

    I have some questions but I don't want to divulge information to my current dealer. Does anyone know if it possible to turn in a lease to a dealership other than the one the lease originated? Even if it is a different Manufacturer?

  2. #2
    //reported BSBH Prospect
    phillyb's Avatar
    Join Date
    Dec 2013
    Location
    Chicago
    Posts
    10,431
    Rep Power
    118
    Hmmm, I actually don't know. I worked in car sales for 18 months (previous life, lol) and just leased a car, but I don't actually know. I leased a Toyota; I kinda assume I can bring it to any Toyota dealership, but I wouldn't expect just any non-Toyota dealership to take it back.
    #imthebadguy

  3. #3
    HNIC BSBH Legend
    Pete's Avatar
    Join Date
    Mar 2011
    Posts
    83,297
    Rep Power
    715
    Quote Originally Posted by SaveByRichter35 View Post
    I have some questions but I don't want to divulge information to my current dealer. Does anyone know if it possible to turn in a lease to a dealership other than the one the lease originated? Even if it is a different Manufacturer?
    You don't have to ask the dealer, usually they will send you at least end packet that will tell you where you can bring the car.

    I don't know if it's the same for everybody but the last two cars I had I was able to bring back to any dealer. Mazda and Ford I was able to bring back to any dealer, and I believe Dodge is the same.

    Not to sound condescending, but is the information on their website? Or in your account if you log in?

  4. #4
    Very Large Member BSBH Prospect
    Vodka Drunkenski's Avatar
    Join Date
    Mar 2011
    Posts
    16,423
    Rep Power
    196

    Lease End Questions ? Anyone Work in Auto Sales?

    Yes , you can but it costs because they are basically buying the car from the dealership, as far as I can remember when we were looking at a Honda while having a lease on a Ford.
    Hidden Content

    Let's Go Rangers!

  5. #5
    //reported BSBH Prospect
    phillyb's Avatar
    Join Date
    Dec 2013
    Location
    Chicago
    Posts
    10,431
    Rep Power
    118
    Quote Originally Posted by Vodka Drunkenski View Post
    Yes , you can but it costs because they are basically buying the car from the dealership, as far as I can remember when we were looking at a Honda while having a lease on a Ford.
    Depending on timing, this might actually be a little bit different. Like, even though it might be the same day that your lease is up, you might have traded in your leased vehicle instead of ending your lease. At the end of the day, it all gets handled at the same time, but maybe something's ever so slightly different.

    Regarding the OP: Not having a desire to divulge info to your current dealership is kinda odd. But if you don't want to talk to them, call the bank who gave you the lease...it wasn't through the dealership, per se. It was through whichever bank the dealership gave your lease to.
    #imthebadguy

  6. #6
    HNIC BSBH Legend
    Pete's Avatar
    Join Date
    Mar 2011
    Posts
    83,297
    Rep Power
    715
    Quote Originally Posted by Vodka Drunkenski View Post
    Yes , you can but it costs because they are basically buying the car from the dealership, as far as I can remember when we were looking at a Honda while having a lease on a Ford.
    It only costs if you owe a disposition fee. Not every manufacturer has one.

    The dealerships don't always want to take them back, but they have to.

    So many more people lease new than buy used. There's such a surplus.

  7. #7
    Senior Member Midget Division
    4EverRangerFrank's Avatar
    Join Date
    Aug 2017
    Posts
    4,915
    Rep Power
    110
    The 'next' dealer you plan on acquiring a car from will likely be very happy to help you in order to make the sale/lease with their brand. They may be willing to even take the car in early like 1-3 months before the lease is due. My dealer begins contacting me 4-5 months before the termination date and are ready to 'work a deal' to get me into another one of their cars. Over the mileage? Don't worry too much about that if 1) you are going with the same brand they can be quite flexible, or, 2) it's a different brand they will be willing to work with you however possible to make the sale/lease.

    I'm not a dealer but do a bit of both buying and leasing. Everything is negotiable even when they say it's not. Look at it as a game to play and have fun.

  8. #8
    Beer Leaguer Midget Division
    SaveByRichter35's Avatar
    Join Date
    Sep 2012
    Location
    Long Island
    Posts
    3,287
    Rep Power
    69
    Quote Originally Posted by 4EverRangerFrank View Post
    The 'next' dealer you plan on acquiring a car from will likely be very happy to help you in order to make the sale/lease with their brand. They may be willing to even take the car in early like 1-3 months before the lease is due. My dealer begins contacting me 4-5 months before the termination date and are ready to 'work a deal' to get me into another one of their cars. Over the mileage? Don't worry too much about that if 1) you are going with the same brand they can be quite flexible, or, 2) it's a different brand they will be willing to work with you however possible to make the sale/lease.

    I'm not a dealer but do a bit of both buying and leasing. Everything is negotiable even when they say it's not. Look at it as a game to play and have fun.
    I'm not over. I am WAY under. I barely have 1 years worth of mileage on an almost 3 year old car. Thank you for the tips though, I am just going to have to start making some phone calls to see where I am at. I just know I will not be going back to Subaru, unfortunately.

  9. #9
    Senior Member Midget Division
    4EverRangerFrank's Avatar
    Join Date
    Aug 2017
    Posts
    4,915
    Rep Power
    110
    A car way under the expected accumulated mileage has value. You just might be better off buying the car outright at the end of your lease, then sell it yourself.

    The thing about this pandemic though is that I predict a glut of off-lease cars coming to market with lower than expected mileage. That spells lower retail value to me than in a normal year where you would have been the outlier. Still, if you are at say 12,000 miles at the end of a 30,000 mile lease I?d attempt to calculate the retail value. Good luck.

  10. #10
    HNIC BSBH Legend
    Pete's Avatar
    Join Date
    Mar 2011
    Posts
    83,297
    Rep Power
    715
    Quote Originally Posted by 4EverRangerFrank View Post
    A car way under the expected accumulated mileage has value. You just might be better off buying the car outright at the end of your lease, then sell it yourself.

    The thing about this pandemic though is that I predict a glut of off-lease cars coming to market with lower than expected mileage. That spells lower retail value to me than in a normal year where you would have been the outlier. Still, if you are at say 12,000 miles at the end of a 30,000 mile lease I’d attempt to calculate the retail value. Good luck.
    There will be demand on those cars, too, since there is a new car shortage due to the chip shortage. It's not a great year to be in between leases LOL.

    Also, Subaru is a bitch to deal with. I wanted a Cross Trek (?), whatever that baby CUV is, and not only was the price outrageous, it was no haggle. $300+ a month? GTFOH.

  11. #11
    Senior Member Bantam Division
    CBrowningPI's Avatar
    Join Date
    Nov 2016
    Location
    Clearwater, FL
    Posts
    1,315
    Rep Power
    43
    Quote Originally Posted by SaveByRichter35 View Post
    I'm not over. I am WAY under. I barely have 1 years worth of mileage on an almost 3 year old car. Thank you for the tips though, I am just going to have to start making some phone calls to see where I am at. I just know I will not be going back to Subaru, unfortunately.
    When I finished my toyota lease I negotiated the buyout price because I liked the car and was under in miles. Iirc, they took 3 grand off the buyout price.

  12. #12
    Beer Leaguer Midget Division
    SaveByRichter35's Avatar
    Join Date
    Sep 2012
    Location
    Long Island
    Posts
    3,287
    Rep Power
    69
    Quote Originally Posted by CBrowningPI View Post
    When I finished my toyota lease I negotiated the buyout price because I liked the car and was under in miles. Iirc, they took 3 grand off the buyout price.
    I won't be buying out my Subaru lease but we might buy out my wife's Santa Fe lease next year so this is something to definitely take into consideration. Like my Subaru, her Hyundai is way under mileage as well. It helps that we both work less than 5 miles from home. She also spent a good chunk of last year teaching from home.

  13. #13
    HNIC BSBH Legend
    Pete's Avatar
    Join Date
    Mar 2011
    Posts
    83,297
    Rep Power
    715
    Quote Originally Posted by SaveByRichter35 View Post
    I won't be buying out my Subaru lease but we might buy out my wife's Santa Fe lease next year so this is something to definitely take into consideration. Like my Subaru, her Hyundai is way under mileage as well. It helps that we both work less than 5 miles from home. She also spent a good chunk of last year teaching from home.
    Make sure you know the value of the car when you're buying it. they normally calculate the buyout price in the beginning of the lease, but if they got the residual value wrong then the buyout price might still be inflated.

    If they calculated your lease on your car having a residual value of $25,000, and when you return the car it's only worth $20,000, knocking 3K off the buyout price still means you've paid too much.

    I don't think it would ever be that drastic, I was just using round numbers to make the point.

  14. #14
    Beer Leaguer Midget Division
    SaveByRichter35's Avatar
    Join Date
    Sep 2012
    Location
    Long Island
    Posts
    3,287
    Rep Power
    69
    Quote Originally Posted by Pete View Post
    Make sure you know the value of the car when you're buying it. they normally calculate the buyout price in the beginning of the lease, but if they got the residual value wrong then the buyout price might still be inflated.

    If they calculated your lease on your car having a residual value of $25,000, and when you return the car it's only worth $20,000, knocking 3K off the buyout price still means you've paid too much.

    I don't think it would ever be that drastic, I was just using round numbers to make the point.
    Good point. I am sure the calculations would be based on the car having somewhere around 30k miles as its a 3 year 10k mile/year lease. I think she is around 7k or 8k right now about a year and a half in.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •