Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Leased Vehicle Purchase (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/leased-vehicle-purchase-329690/)

john loveless 03-01-2022 01:54 PM
Quote:
Originally Posted by Dynsol (Post 2066808)
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:
if the lease is with GM financial dealerships are not suppose to charge fees according to GM financial. You can contact them on your own and do the lease buyout

rogerk 03-01-2022 03:43 PM
Just contact the lessee company directly. We’ve done it twice. It is a bit time consuming but easy enough.

Mrprez 03-01-2022 04:21 PM
The OP stated that he already contacted GM Financial and they referred him to the dealers.

Susanzp 03-01-2022 04:49 PM
Most finance companies do not allow you to buy directly from them. You have to go to an authorized dealer. I sold cars for many years in Michigan and the document fee was $210.00, this was reasonable. When shopping for a car down here in Florida every dealer had the fees between $600-$800 and there was no way to get around it. You will have to decide if buying the car is worth it with the added fees, compared to buying a new or preowned one. Your buy out is most likely a good and will be less expensive. They do not negotiate these fees, I tried. Good luck.

Topspinmo 03-01-2022 05:23 PM
I never understood leasing. I paid 19,500 ( I didn’t pay sticker which was 23,900. ) price for my 12 year old car new. If I leased all those years the cost would be 55K plus. Not including down payments on leases. Now my car worth around 12K, so that’s about 7500 for 12 years deprecation. 12k form 55K heck lot money to me. For 12 years I have NO car payment. Again I just don’t understand leasing unless I would be totally clueless on how to take care of vehicle 🚗?

Mrprez 03-01-2022 06:06 PM
Quote:
Originally Posted by Topspinmo (Post 2067179)
I never understood leasing. I paid 19,500 ( I didn’t pay sticker which was 23,900. ) price for my 12 year old car new. If I leased all those years the cost would be 55K plus. Not including down payments on leases. Now my car worth around 12K, so that’s about 7500 for 12 years deprecation. 12k form 55K heck lot money to me. For 12 years I have NO car payment. Again I just don’t understand leasing unless I would be totally clueless on how to take care of vehicle ������?
Leasing makes sense if you are the type who wants a new car every so often. Nobody in their right mind would lease a car for longer than three years.

Topspinmo 03-01-2022 06:12 PM
Quote:
Originally Posted by Mrprez (Post 2067195)
Leasing makes sense if you are the type who wants a new car every so often. Nobody in their right mind would lease a car for longer than three years.
Still cost the same. I think people that lease don’t understand how to take care of vehicle and figure it’s easier to just keep paying every month than take chance on full initial investment.

donfey 03-01-2022 06:36 PM
buy it.
 
Quote:
Originally Posted by yabbadu (Post 2066817)
I do want sell car to Carvana for a profit. I plan to drive car for my personal use!.
Do a little shopping, but I expect you can buy "your" car at lease end for substantially less than you could but a similar car - make/ model/ mileage, etc.

airdote22 03-01-2022 07:40 PM
off lease
 
Or perhaps off it for sale by owner before going to the dealership, you might have a neighbor looking to purchase one like it.

Mrprez 03-01-2022 09:58 PM
Quote:
Originally Posted by Topspinmo (Post 2067197)
Still cost the same. I think people that lease don’t understand how to take care of vehicle and figure it’s easier to just keep paying every month than take chance on full initial investment.
I leased plenty of cars and also knew how to maintain them. I had a job where I had to have a new car every year.

You’re right about the cost though. Getting a new lease every two or three years is the most expensive way to have a car. Makes sense for some though.

dougawhite 03-01-2022 10:08 PM
We bought out our 3-year Hyundai lease last month. It was leased through Jenkins Hyundai in Ocala so that was the only place to go to do the buyout. They charged a non-negotiable $999 fee for "paperwork". It was a disgusting thing to do to a customer at the end of our relationship!! Done with them!

Bill Schillerstrom 03-02-2022 06:34 AM
Lease buyout
 
The terms of a lease buyout should be in your original lease agreement.

BrianL99 03-02-2022 06:35 AM
Quote:
Originally Posted by hillyridge (Post 2067088)
In August my Hyundai lease ends. After reading the experiences of others I thought I should see what options I have for a buy out. First I called Hyundai Finance and they told me I had to go through the dealer (Jenkins Hyundai in Leesburg) and that was the only way I could purchase the vehicle. So I called Jenkins only to find out their computer system was down and they could not give me a buyout quote. Question: Is there something unique to Florida that the Lessee has to buy from the dealer?
Yes. In Florida, a "Leasing Company" cannot directly sell you a vehicle, unless they're a Licensed Dealer in FL. Also, Florida does not have a "cap" on Dealer Fees, unlike many other states.

leejan121 03-02-2022 07:07 AM
Quote:
Originally Posted by Dynsol (Post 2066808)
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:

I just purchased my leased vehicle from Lincoln. The lease buyout price was incredible due to the soaring used vehicle prices (about $10,000 less). I didn’t have any up charge but had to pay Michigan sales tax. The only downside is that I had to go back to Michigan in February. 🥶🥶

wiltma 03-02-2022 07:30 AM
Leased vehicle
 
Quote:
Originally Posted by Dynsol (Post 2066808)
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:
I just leased a new vehicle when my lease was ending and got the best deal ever because of the equity in the car. My lease payment went down by almost $100


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