Quote:
Originally Posted by joecmess
Given rapid drops in value of the turbo, is it possible to negotiate the buyout figure at the end of a lease?
Thanks
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It depends on the bank ... almost all leases are closed ended but with the given economy Im sure they would much rather have the customer keep the car then take the full residual loss at the auction. This is of course if their residual is higher than ACV and right now that is the case everywhere.
I know Chase negotiates or did as they worked with me on my 2004 E55. They have some formula that uses auctions sales, KBB, and a few other inputs to determine the going price. I ended up negotiating my payoff down 5k based on ACV at the time in Sept of 2007. The only hard restriction they gave me is that I could not starting working with them until 180 days to term. Today that value would be much much less.