Buying out a car lease

[MissJasmine]

Totally unkinky I know...
I'm wondering if anyone here has recently bought out a car lease (before or at the time of expiry).
If so did you make an offer or was the buyout price pretty much firm? The two people I talked to gave me different answers. My contract expires soon and I'm researching various options so any input would be helpful... thanks

 

[HeMadeMeDoIt]

If your contract is going to expire soon wait until it does and exercise the buy out option at whatever it previously agreed on at the conception of the lease. Before you do that make sure you don't have one of those cars that the market value is less than your buyout option.

I have a friend I saw today whose lease expires this week and the buyout is $7.5k while the market value of the vehicle is $12k. She will be buying the car and selling it then using the difference for the downpayment on her lease to keep her payments down.

 

[uncleg]

If your contract is going to expire soon wait until it does and exercise the buy out option at whatever it previously agreed on at the conception of the lease. Before you do that make sure you don't have one of those cars that the market value is less than your buyout option.

I have a friend I saw today whose lease expires this week and the buyout is $7.5k while the market value of the vehicle is $12k. She will be buying the car and selling it then using the difference for the downpayment on her lease to keep her payments down.

Is that market value, based on what it's selling for or is it blue book / gold book value ? Also consider the price of the vehicle south of the border. Why pay $12k here when I can get it all in for $10K in Seattle ?

 

[HeMadeMeDoIt]

Is that market value, based on what it's selling for or is it blue book / gold book value ? Also consider the price of the vehicle south of the border. Why pay $12k here when I can get it all in for $10K in Seattle ?

What similarly equipped vehicles with the approximate same mileage are selling for.

 

[booblover]

lots of leases today leave you no option but to buy the car at the end.

 

[87112]

You can ask to lease another year sometimes. I did it one year and than liked the car so much I bought it out.

 

[Horse99]

be careful with the buyout options....it may be cheaper to walk. (from the deal)
A friend of mine had his BMW lease expire.....BMW wanted $30,000 for the buyout....he said No, and bought his exact same car at the auction blowout for $10,000 less....let the dealer take the bath this time, not you.

 

[icemanmp1]

if you need to get out of the lease.. i did i use leasebusters.. then i went and got a new car and my payments were even lower than my lease.....just my 2 cents....