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Lease end

All,

In a couple months my 2002 LW300 reaches lease end. I think I am going to keep the car, which means I have a residual of around $12k. However, the trade-in value in November will only be around $10k at most. My question is this - is it possible to negotiate the lease close-out price? Since the resale value on the L series is so low, would the dealer be willing to accept less of a buyout to avoid having to put the car on the lot and warranty it? I could buy another one on the lot just like it for $12k. If I can't keep the car for around $10k, I would rather turn it in. Has anyone had success at negotiating a close-out fee?

Dana

Reply to
Dana Rohleder
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Absolutely! The finance company will probably make you an offer soon. I've had two leases; one one a Plymouth and the other on an SL2 and I've bought both for about $2K less than the contract residual price. In fact, I held out a little longer and got them to even lower the finance interest on the purchase loan. If the car has no damage or excessive mileage, you have nothing to lose in negotiating. They would rather sell you the car.

Reply to
Joe

When the lease was ending on my wife's 93 Acura Integra I tried to negotiate the $7200 residual to be lower. The woman from the leasing company laughed and said "If you had leased a Taurus, we would be talking!" But they were getting around $11k for Integras at auction and would have rather had the Integra back. So I paid the contract amount.

-David

Reply to
David Teichholtz

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