does anyone have any experience with this? I haven't picked up the car from the dealer/ it hasn't been "delivered." I did however make the initial down-payment on the lease and signed all of the paperwork for the lease. everything is done except I haven't had the car "delivered," its not in my possession yet. they were installing some options and that's why I don't have it yet. if I buyout the car, is the price negotiable? tons of questions. thanks in advance.
"buying out" a lease
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What are you asking? Are you trying to cancel your order? That's up to the dealer and you.
Do you want to buy the car outright before even taking delivery on the lease? If so, call your dealer/salesperson and tell them you want to renegotiate into a purchase rather than lease.
Do you want to know how much it will cost you to buy out the lease in, say, 10 months? No the buyout/residual price is not negotiable. You can try to negotiate it, but you won't have any luck. Once you start your lease, your buyout is the total of your remaining payments, plus the residual, plus $350 disposition fee.
Or maybe you're asking something completely different??? Seriously, re-read your post and see if you can clarify.
Do you want to buy the car outright before even taking delivery on the lease? If so, call your dealer/salesperson and tell them you want to renegotiate into a purchase rather than lease.
Do you want to know how much it will cost you to buy out the lease in, say, 10 months? No the buyout/residual price is not negotiable. You can try to negotiate it, but you won't have any luck. Once you start your lease, your buyout is the total of your remaining payments, plus the residual, plus $350 disposition fee.
Or maybe you're asking something completely different??? Seriously, re-read your post and see if you can clarify.
I want the car. Yes, I want to buy the car outright before taking delivery on the lease. I had heard that I might be able to re-negotiate the price, but I wanted to run it by people on the forums. I want to make the purchase tonight or Friday. The MSRP was like 53k, but I added some options like tint. I am in the military and I guess I am eligible for VPP. There's no way I am paying MSRP for the car, nobody does.
If you're eligible for VPP, you pay invoice. Others here will tell you that you should try to negotiate below VPP/invoice. If you choose to do that, there may be a dealer willing to ***** himself out, but you'll have to decide how much your time is worth.
If you haven't taken delivery, I'd hope that your dealer would be able/willing to re-do the deal as a purchase rather than a lease. The only challenge will be un-doing any contracts/paperwork they've already submitted to IFS for your lease.
If you did this to me as the salesperson, I'd be a little annoyed, but would definitely do it for you. Why didn't you bring up VPP a week ago when you negotiated the lease? And my other question is how did the salesperson let it get so far that they contracted you on the lease despite you wanting to purchase?
If you haven't taken delivery, I'd hope that your dealer would be able/willing to re-do the deal as a purchase rather than a lease. The only challenge will be un-doing any contracts/paperwork they've already submitted to IFS for your lease.
If you did this to me as the salesperson, I'd be a little annoyed, but would definitely do it for you. Why didn't you bring up VPP a week ago when you negotiated the lease? And my other question is how did the salesperson let it get so far that they contracted you on the lease despite you wanting to purchase?
I had changed my mind that day from purchasing to leasing. My mindset changed literally over the course of about 8 hours. I just called my local dealer and talked out all of the options. I have a better understanding of what my payments are going towards on a lease. I wasn't thorough enough during my financing questions. I was very thorough in shopping and research. My dealer already submitted my contract to IFS. Not a problem though. I did bring up VPP a week ago. They said the MSRP went from 53,125 to about 52,000. I don't know if that is right, but that would be good to know. I don't have any more questions or problems, I called the dealer and everything is fine. I'm going to keep my lease. Thanks so much for your help. Take care.
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The price should have dropped a lot more unless they were already throwing you a discount for a promotion/nice guy deal/loyalty/whatever. Like Sinecure said, VPP is invoice, and it's easy to calculate invoice plus options plus tax and fees.
I bet they can convert the lease to a sale. Basically IFS will convert the lease into a loan and pay the lease off from the loan. Then you own the loan and make payments like usual.
Your last minute option, if the dealer won't budge (which I seriously doubt will happen) is that you pay out the lease like normal, month to month, then buy the car at the end of the lease for the residual value price which was already negotiated and set in the paperwork for the lease.
If my crystal ball is working, I think you maybe underestimated your annual mileage and will end up putting extra miles on it during the course of the lease. If this is the case, and you're not returning it at the end of the lease and are instead purchasing, you can't get dinged for extra mileage. Of course, I'm just guessing at your motivations here.
Sidenote: I know many people that have leased, put on extra miles (5k or more in some cases) and rolled straight into another lease on a brand new model without taking a hit from the dealer. For some reason, that new lease sale is more important to the dealer (and your returning loyalty) than extracting a few hundred bucks from you and letting you walk.
Last thought, can you throw out your configuration and color choice? People like to see that.
I bet they can convert the lease to a sale. Basically IFS will convert the lease into a loan and pay the lease off from the loan. Then you own the loan and make payments like usual.
Your last minute option, if the dealer won't budge (which I seriously doubt will happen) is that you pay out the lease like normal, month to month, then buy the car at the end of the lease for the residual value price which was already negotiated and set in the paperwork for the lease.
If my crystal ball is working, I think you maybe underestimated your annual mileage and will end up putting extra miles on it during the course of the lease. If this is the case, and you're not returning it at the end of the lease and are instead purchasing, you can't get dinged for extra mileage. Of course, I'm just guessing at your motivations here.
Sidenote: I know many people that have leased, put on extra miles (5k or more in some cases) and rolled straight into another lease on a brand new model without taking a hit from the dealer. For some reason, that new lease sale is more important to the dealer (and your returning loyalty) than extracting a few hundred bucks from you and letting you walk.
Last thought, can you throw out your configuration and color choice? People like to see that.
It depends on your state laws, if you havent physically taken delivery of the car, you are not obligated to take it for any of a MILLION reasons. Again check your state laws.
On a side note, that would be a super weasel thing to do however selling you a car at MSRP and when you mention VPP saying that invoice is $1200 lower is even more of a weasel thing to do. I can only imagine what other crap they marked up on your rates and fees.
VPP comes in many tiers, some are invoice, some are lower. If you need someone to analyze your deal and terms, send them to me PM or just post them here publically. There seem to be plenty of dealers on this forum that might be able to answer before me.
On a side note, that would be a super weasel thing to do however selling you a car at MSRP and when you mention VPP saying that invoice is $1200 lower is even more of a weasel thing to do. I can only imagine what other crap they marked up on your rates and fees.
VPP comes in many tiers, some are invoice, some are lower. If you need someone to analyze your deal and terms, send them to me PM or just post them here publically. There seem to be plenty of dealers on this forum that might be able to answer before me.
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