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

 

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.

 

can't keep the car for around $10k, I would rather turn it in. Has anyone

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