Is it possible to negotiate on a end of lease buyout?
997 Turbo / GT22004–present Turbo discussion on the current model Porsche 911 Twin Turbo. Sponsored By SharkWerks, Inc
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Always has been available. Some will bargain a few months before your lease has ended. Some will wait to last payment. You know you have to pay the tax on the new price at buyout.
Pretty simple. They do not want them back at this time. So you might have a good chance to take it for a really good deal.
Always has been available. Some will bargain a few months before your lease has ended. Some will wait to last payment. You know you have to pay the tax on the new price at buyout.
Pretty simple. They do not want them back at this time. So you might have a good chance to take it for a really good deal.
GL
Not sure, but I would think that most dealers would be less willing to end a lease early these days, as the price of the 997TT and most sports cars are falling faster...you would think that the sale of a leased vehicle would bring a lower premiium than before.
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07 997 Ruf Tuned Turbo
05 955 Cayenne Turbo - waiting for delivery
04 996 GT3 - sold, looking for replacement
02 996 Turbo - gone, but not forgotten
Given rapid drops in value of the turbo, is it possible to negotiate the buyout figure at the end of a lease?
Thanks
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.
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2007 Porsche 997TT Guards Red
2009 BMW M3 Alpine White
2009 Nissan GT-R Ivory Pearl
2009 Lexus IS-F
My bank started contacting me a year before the lease end date but wouldn't negotiate the price down very much (about $1k). I countered and they wouldn't accept it so I'm waiting a bit and will try again. I got the impression that they don't want to get the Porsche back.
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2006 Porsche Cayman S
2000 911 C4 Millennium coupe
1999 Boxster
1966 912
i had a chase lease for a 996tt (03) that was over in 06-i gave it back with the max miles allowed-about 40,000. i wanted to keep that baby as i loved the car-the residual was high, about $79,000. the car was worth about $64,000-they wouldn't negotiate a dollar off-i called and spoke to several different employees and got the same answer. i would think with today's economic environment, they would negotiate. i am about half way through a lease now on a mercedes E63-i would love for them to want to negotiate that one down a bunch-i would keep that car too.
You can ask, but chances are you'll be denied. As others have posted, you might get some relief with a 1-3K incentive. Put yourself in the leasing companies shoes and you'll see why this is a no win situation for them. It makes more sense for them to sit and wait for you to miss a payment and repo.
The only leverage you might have is to trade it in, take the loss and put it in the new car. Get the new car at a huge discount to erase the loss on your existing car. Your dealer wants his current inventory off his floor! His trader value on your existing car is going to be insulting at best, don't take it personally. Your car is going to auction and it will sell for 20% less then you think its really worth.
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09 997 TT-EVO, EVO ECU 93 oct, EVO headers, Cargraphic Exhaust, IPD plenum, EVO BRV's, EVO Exhaust tips
07 Audi RS4
08 Audi A8 Sport
Yes. Yes. and Yes. Banks will definately negotiate the buyouts with you. They are much better off selling you the car at a discounted payoff rather than taking their chances at the auctions. If you look at Manheim or Adessa reports, the values on these cars have been dropping pretty rapidly. Whoever your leasing bank is, give them a call. Remember that this has nothing to do with your dealer. It is bewteen you and your lender.
Yes. Yes. and Yes. Remember that this has nothing to do with your dealer. It is between you and your lender.
exactly. in these horible economic times, if you can afford to aleviate a depreciating asset from their books, you wield a very strong negotiation leverage, my friend.
you just need to talk to someone up the ladder who's a shot-caller.
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I always knew you would end up buying it when the lease was up!! Even with our winter drive rock chips!!
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2007 997TT - in my garage 2/9/07 To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
exactly. in these horible economic times, if you can afford to aleviate a depreciating asset from their books, you wield a very strong negotiation leverage, my friend.
you just need to talk to someone up the ladder who's a shot-caller.
bruce is right-talk to someone who can make a decision
Not sure if I missed it but if the lease is thru Porsche Finance....Go to your or your local dealer. They can ground the car and they get the option to buy it at or below wholesale. CPO the car and have the refi it to you at the incentivized finance rate they get. Porsche is offering a rate as low as 1.99 on off lease cayenne models....a pretty good one on the sportscars as well.
Raj
__________________ 2008 997 Turbo Cpe - My new Track mobile. 2007 997 GT3 - Gone!! to a better home.
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