[jrref]

Right, this is the way to go, we did the same. If your car is in good shape and has low milage you can get a lot more than you may have paid for it. Forget the dealer. They will always pay you less so they can get the profit on the re-sale. We did this with Honda, you can call them to get the payout for the lease. Then you buy the car, get the title and sell it to Carvana, Carmax or any other place that buys used cars. The only problem with buying the car off the lease is you will need to pay the sales tax but it's worth it given how much money you will make on the car. You can also call Doug Thomas on 321-303-9672. He buys cars for a dealership and will come to your home and do the whole transaction including picking up the car. We used him. No hassel, honest and very easy to do the whole transaction. Just get your quotes ahead of time so you know what the vehical is worth.

[Proveone]

Originally Posted by Dynsol

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.????

Thank You

I never care what the dealer is trying to add on to the cost. What do YOU want to pay is the only thing that matters. Do your math, including what the State tax will be, and tell them your OTD- Out The Door Price price and negotiate from that point. When you calculate the OTD price either leave out the dealers greedy fees or add in what you feel is reasonable.

[irishwonone]

Originally Posted by Dynsol

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.????

Thank You

Always negotiate the purchase price at the beginning of your lease. You lose any/all leverage by negotiating at the lease expiration.

[will1546]

Try contacting GM Financial directly. You may be able to extend your lease for up to six months at the same payment and arrange a different buyout.

[robertdhock]

We just went through this process one week ago at VannGanaway Chevrolet in Eustis. We purchased our car at the end of the lease and payed the payoff amount specified on our original lease ($16,411) plus the following: sales tax ($1,037) a filing fee($47) and a tag fee/registration ($305) to make it happen. Wrote a check for $17,800 and walked out the door. We were told that they are not allowed to charge dealership fees in the course of this process. They do the paperwork as a courtesy. We were also told that any Chevrolet dealership could have done it for us. We simply chose to go back to them since that is where we leased from and they are great to work with. There were no dealer fees!

[robertdhock]

Also, I spoke directly with GM Financial in an attempt to pay off our vehicle. I was told that it had to be done through a dealership.

[Lisanp@aol.com]

You might want to try calling GM Financial again and asking to speak with the lease termination department. Their response of "having no involvement" when they are the lease holder seems odd. I just bought out my lease from Nissan Financial last month. I didn't really want to, but could not find a suitable replacement vehicle at an acceptable cost right now with market conditions. The first time I called Nissan Financial, I was told go to any Nissan dealer and ask for the finance manager and they can help you complete the transaction. I tried that, and got a similar run around that you did. After waiting almost two hours at TERRIBLE JENKINS NISSAN, I walked out when they too started taking about "processing fees". I called back Nissan Financial and asked if there is any other way to go about buying out the lease and received a cheerful response of "no problem, we can do it by mail" followed by "and we can report this dealership for their inappropriate business practice". The process could not have been easier. They emailed me the payoff statement and an odometer certification certificate. I got a certified check from the bank, completed the odometer certification, and sent it all back overnight USPS Priority Mail. About 10 days later, I received a bill of sale and clean title on the vehicle in the mail. My only expense was the cost of the Priority Mail envelope.

[wdst1]

Originally Posted by Bjeanj

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.

We had a leased 2019 Honda CR-V that “sold” back to Honda for profit of $8,000 over what we owed on the lease. Now is the time to sell your used cars as long as you can negotiate a fair price for a newer vehicle. Our profit took care of the down payment, dealer fee, taxes, etc. plus lowered our month payments by a $100.

[jgburst]

I just handled a similar transaction for my parents with Toyota. We paid Toyota corporate the payoff amount directly and eliminated the dealer altogether since the dealer was charging the fees you indicated.

[sborlove]

If your smart; you should call the financial institution that you are leasing from and extend your lease. This chip shortage has changed the buying process in favor of the dealerships and to get a deal doesn't exist anymore.

Call them and extend it. The most you can do is a year. I would lock that in so that hopefully by the 2nd quarter the pricing has come back in line and you can then end your lease. There is not cost to do this and your payment stays the same along with extending your mileage charge. No fee.


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.????

Thank You [/QUOTE]

[DaleDivine]

All good info as I was thinking about buying out my car due to no new cars that I'm interested in being available...

[LianneMigiano]

Originally Posted by Dynsol

Need Advice!
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.

In 2012 we leased a Hyundai. Dealer Fees of $699 were on the receipt. Three years later we bought out the lease because we loved the car. Guess what? They charged us the same amount of Dealer Fees all over again!
I, too, was extremely annoyed that something that is so simple as online documents- taking very little time- was being charged AGAIN.

[Keefelane66]

I hope Villagers who get caught up in this recent fiasco leases coming to end remember how they may have been treated. But NO they forget easily. I have plenty of friends who are going through this same issue.

[hillyridge]

Originally Posted by Lisanp@aol.com

You might want to try calling GM Financial again and asking to speak with the lease termination department. Their response of "having no involvement" when they are the lease holder seems odd. I just bought out my lease from Nissan Financial last month. I didn't really want to, but could not find a suitable replacement vehicle at an acceptable cost right now with market conditions. The first time I called Nissan Financial, I was told go to any Nissan dealer and ask for the finance manager and they can help you complete the transaction. I tried that, and got a similar run around that you did. After waiting almost two hours at TERRIBLE JENKINS NISSAN, I walked out when they too started taking about "processing fees". I called back Nissan Financial and asked if there is any other way to go about buying out the lease and received a cheerful response of "no problem, we can do it by mail" followed by "and we can report this dealership for their inappropriate business practice". The process could not have been easier. They emailed me the payoff statement and an odometer certification certificate. I got a certified check from the bank, completed the odometer certification, and sent it all back overnight USPS Priority Mail. About 10 days later, I received a bill of sale and clean title on the vehicle in the mail. My only expense was the cost of the Priority Mail envelope.

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?

[mkjelenbaas]

Originally Posted by Dynsol

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.????

Thank You

Welcome to most dealer in Florida - another way for dealer to get $$$