Leased Vehicle Purchase
 

Need Advice!


My current leased vehicle is at the end of contract. Market conditions indicate a shortage of New Vehicles available to lease at a reasonable price point.

My current dealer has indicated many leasee are purchasing the vehicles as a possible solution.

I have been to three different dealerships (GM) and over and above the payment of Florida sales taxes, each dealer wants to mark up the sale contract by approx. $600-$800 to handle the paperwork. They disguise this paperwork fee as (Administration fee) (Florida Fees) (Paperwork settlement) etc.

While I do not mind paying a small/reasonable charge to complete a minimal computer generated paperwork situation, I think the mark up of $600-$800 is exorbitant and greedy. GM Financial (current lease holder) indicate they do not have any involvement in my purchase of the vehicle and dealers can charge whatever they want.

So, open for suggestions or if someone know a GM Dealer willing negotiate the paperwork price so that I may purchase the vehicle.????:pray:

Thank You :pray:

As an alternative:
A friend got a quote from Carvana, bought out the leased car from the dealership, and sold it to Carvana for a profit. Depends on what kind of offer you can get from Carvana.

I do want sell car to Carvana for a profit. I plan to drive car for my personal use!.

See if they will be open for a counteroffer telling them you have three offers.

The one time we leased a vehicle we wanted to purchase the car at the end of the lease. We skipped the dealership and went directly to the leasing company to negotiate the purchase price. Wound up considerably less than the amount stated on the contract! Have you tried negotiating with your leasing company yet?

You can also extend your lease by simply calling the leasing company.

Call the leasing company directly ( who you make your payment to )and do the buy out directly through them….buy out price is on your original lease agreement

rental
 

Enterprise Quad Cities booked a car at 2 places no car when we got there called 2 more no cars

In Florida, you typically can't buy the vehicle direct from the Lessor. FL requires the Seller be a Licensed Automobile Dealer (I suspect GM Financial has a license in FL, but that may be difficult to find out).

The terms of your buyout should be specific in your original lease. It is likely that there is some nebulous reference to "usual fees" or something like that. The average "Administration Fee" FL dealers are charging right now, is around $500. It's not limited by law in FL, as it is in many states. It's merely another profit center for FL dealers, when selling you a vehicle.

In the case of a Lease Buyout, the dealer isn't making any "profit" on the sale. In my opinion, he's entitled to get paid for his expertise, time, and associated liability that goes with a sale.

I doubt you'll find a dealer who'll cut his Admin Fee below $500 or so, it's just not worth the aggravation to sell a vehicle for any less than that. In which case, you might just as well deal with your original dealer.

I think you are right those fees are just a profit for the dealer ,the actual costs of the “paperwork” is negligible ,merely typing in the forms ,all title work is electronic also . Compares in my opinion to closing costs on mortgages. Having been a car dealer for 22 years in Ohio ,the costs to transfer or purchase a vehicle legally are very slight less than $50.00

I just went through this last November while waiting for my Tesla delivery.

I bought out my 2018 Honda Pilot Lease directly from HONDA FINANCING and NOT the dealer .

My buyout was $21,400 and some change.

I got quotes from Carvana (worst offer) , CarMax and We Buy Any Car .

We Buy Any Car in Leesburg cut me a check for $29,000. This is no BS or exaggeration! Tesla wanted to give me $24,400 on a trade .

It was two weeks from the time I bought out the lease until I sold the Pilot to We Buy Any Car .

Two weeks after that , the Tesla was delivered ! :)

Call the leasing company. Know for next time everything is negotiable at the beginning

Our buyout was $7000.00 below the current KBB market trade in value. We bought our Genesis out and are glad we did. We can’t find anything we want for sale.

First off, should I assume you are ending a 3 year lease?? Second if so, depending on how much money you put down, the mileage on your car, and the condition of your car you must know the car prices skyrocketed since the start of your lease so now your car most likely is worth more than your buy back price. Do you know your buy back price? My wife turned in her lease car to lease a new car. The dealer purchased her rights to buy back her car and wrote it up as a trade. She received with sales tax credit on her "trade" about $4200.00 that she was able to put down on a new car. In addition, they took off $500 off the sticker price of the car. The lease car she turned in was a 2018 Subaru Forester and leased a new 2021 Subaru forester. This all happened in August of 2021. Don't let the car dealership BS you. Look up your cars value on Kelly's Blue Book and other sites on the internet Good Luck.

Contact the original finance company
 

I recently had the same issue. I purchased my lease. Contact the original finance comapny and get them to send you the payoff amount. Take to the bank to get financed. As you said when I went to the dealerships they added almost $2000 to the payoff balance and also added extra fees as you described. In the end it was almost $4500.00 I saved by calling the Honda directly getting the payoff amount and financing elsewhere. Hope this helps !


My current leased vehicle is at the end of contract. Market conditions indicate a shortage of New Vehicles available to lease at a reasonable price point.

My current dealer has indicated many leasee are purchasing the vehicles as a possible solution.

I have been to three different dealerships (GM) and over and above the payment of Florida sales taxes, each dealer wants to mark up the sale contract by approx. $600-$800 to handle the paperwork. They disguise this paperwork fee as (Administration fee) (Florida Fees) (Paperwork settlement) etc.

While I do not mind paying a small/reasonable charge to complete a minimal computer generated paperwork situation, I think the mark up of $600-$800 is exorbitant and greedy. GM Financial (current lease holder) indicate they do not have any involvement in my purchase of the vehicle and dealers can charge whatever they want.

So, open for suggestions or if someone know a GM Dealer willing negotiate the paperwork price so that I may purchase the vehicle.????:pray:

Thank You :pray:[/QUOTE]