cash back at lease end?
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Lead Lap
Joined: May 2002
Posts: 770
Likes: 2
From: Massachusetts
cash back at lease end?
if you turn in your car at the end of the lease and it its worth more than the residual value at the end of the lease do you get the differnce in cash or should you just buy the car for the lower price?
no you cant do that....but you can gain from trading it in. many people turn there cars in. i am friends with the owner of the Lexus dealer and many others. i trade my lease cars in every about 2 years on a 36 to 39 month lease agreement and wash out of them and get a tax credit. a dealer gets a tax credit when they buy out the lease. all i can say is stay with the market and your car and see when it works out. my previous car was an 05 Audi S4 i had the car for 18 months with 40k plus miles. i got out of the car flat even. had i kept the car it would have costed me close to 10k when i turned it in. funny thing is i didnt think i could get out of the car but when i went into look at the RS4 they told me what they would buy it for. it was close to what i purchased it for??? RS4 was a nice car but the MPG for my daily drivng wouldnt make sense. neither did the S4 but what a fun car to drive.....
anyway hope that helps you and everyone else out!!!
anyway hope that helps you and everyone else out!!!
No such thing as "cash back", but like the others have said you can profit if you sell it - either to private party or trade in to dealer. If you choose the latter, you'd better know what your car is worth before you go in because they'll try to tell you there's no value in it.
If your car is clean, no accidents, non smoker, and low miles you would be better off selling it private party as you can always make more money that way.
Good luck.
If your car is clean, no accidents, non smoker, and low miles you would be better off selling it private party as you can always make more money that way.
Good luck.
Lexus Champion
Joined: Aug 2005
Posts: 1,751
Likes: 0
From: CA
how can one sell a leased car privately? I assume the buyer would want to have the car title in hand when he pays for the car which the leaser does not have. Does the seller have to buy the car first (this sucks because he has to pay taxes), get the title , then sell it? How can a leaser sell a car that is not his? Any info on going about it is much appreciated.
how can one sell a leased car privately? I assume the buyer would want to have the car title in hand when he pays for the car which the leaser does not have. Does the seller have to buy the car first (this sucks because he has to pay taxes), get the title , then sell it? How can a leaser sell a car that is not his? Any info on going about it is much appreciated.
I see you're in California and here you have option of buying it, without paying taxes for 10 days to give you time to transfer it to new owner and he/she pays taxes.
If you don't have a big chunk of change sitting in the bank to cover purchase, you can get bank involved. Last December I sold my lease car to a buyer out of Auto Trader. I had her send a cashier's check in the amount I told her and send it to Lexus Financial. I then called Lexus Financial to notify them of a "overpay" and they send the difference ($1,700) to me - without her knowledge. They sent her the title which she took to DMV and voila! it was done. It's perfectly legal.
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Lexus Champion
Joined: Oct 2002
Posts: 11,204
Likes: 11
From: The Woodlands, TX
I see you're in California and here you have option of buying it, without paying taxes for 10 days to give you time to transfer it to new owner and he/she pays taxes.
If you don't have a big chunk of change sitting in the bank to cover purchase, you can get bank involved. Last December I sold my lease car to a buyer out of Auto Trader. I had her send a cashier's check in the amount I told her and send it to Lexus Financial. I then called Lexus Financial to notify them of a "overpay" and they send the difference ($1,700) to me - without her knowledge. They sent her the title which she took to DMV and voila! it was done. It's perfectly legal.
If you don't have a big chunk of change sitting in the bank to cover purchase, you can get bank involved. Last December I sold my lease car to a buyer out of Auto Trader. I had her send a cashier's check in the amount I told her and send it to Lexus Financial. I then called Lexus Financial to notify them of a "overpay" and they send the difference ($1,700) to me - without her knowledge. They sent her the title which she took to DMV and voila! it was done. It's perfectly legal.
)you can also negotiate the residual lease amount when you go to turn the car in -- they don't want it -- so negotiate your price just like yuo're buying a car, because you are!
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Lexus Champion
Joined: Jan 2003
Posts: 1,979
Likes: 0
From: ca
Back in 99 my father found a Twin Turbo Supra that was coming off lease with 30k miles the guy (leasee) wanted to sell it to us for $25,000, the residual. We brought him the money but the lease company would not give him the title to sell it. We spent like 3 weeks. I think if the lease company knows a car has appreciated significantly in value they can just say "no thanks" and resell it for closer to $30,000 which is what it was worth.
Last edited by toy4two; Mar 2, 2007 at 01:25 PM.
Lexus Champion
Joined: Mar 2002
Posts: 1,921
Likes: 0
From: Washington
They wouldn't let you purchase the vehicle for his payoff but he certainly has the option to purchase the car at the end of the lease for the residual price no matter what it may be worth and then sell it to you for whatever he wants.
And no they can't deny the leasee the car at the residual price.
And no they can't deny the leasee the car at the residual price.
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