Author Topic: Avoiding Lease Return Trouble  (Read 3355 times)

Offline AutoTrader.ca

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Avoiding Lease Return Trouble
« on: September 24, 2016, 04:48:48 pm »
When it comes to your lease, a little planning can save a lot of money
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Offline Railton

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Re: Avoiding Lease Return Trouble
« Reply #1 on: September 24, 2016, 05:49:16 pm »
Good article. We need more of this type of review. Spare me he mega dollar automotive reviews.
Railton
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Offline safristi

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Re: Avoiding Lease Return Trouble
« Reply #2 on: September 24, 2016, 06:28:26 pm »
Please release ME  OR Let me go.............. :P ........
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Offline Sir Osis of Liver

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Re: Avoiding Lease Return Trouble
« Reply #3 on: September 26, 2016, 02:19:36 pm »
So far I haven't had an issue with returning a lease.



 ;D
« Last Edit: September 26, 2016, 05:23:23 pm by Sir Osis of Liver »
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Offline Brig

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Re: Avoiding Lease Return Trouble
« Reply #4 on: September 26, 2016, 05:11:06 pm »
 :rofl:

Offline ArticSteve

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Re: Avoiding Lease Return Trouble
« Reply #5 on: September 26, 2016, 06:04:38 pm »
You don’t want to exceed the mileage allowance because it’s both expensive – typically at least 25 cents per km over the agreed maximum – and essentially non-negotiable.

NOPE.   Currently anything at Ford is 15 cents, Toyota ranges between 12 -15 cents.  My wife's 2016 Maxima is 10 cents on a 48/80 lease.

In the week before your lease return date, spend the time and money to get your car professionally cleaned and detailed. Proper detailing not only leaves the car clean (nothing says “my driver didn’t care for me” like a dirty car)

NOPE.  What you want is that typical layer of atmospheric filth that builds up on a car after a month.   Winter is a great time for returns. 

OK, here is what most don't understand and this only applies to Leasees that are either leasing or buying another vehicle, new or used from a DEALER.  The leased vehicle nearing the end of the term is no different than an owned vehicle in as much as they get traded in on something else.  The Leasee finds another vehicle, new, used, leased .... matters not, and they make a deal and the old leased vehicle gets handed over to the selling Dealer and they then contact the Leasing Company and they buy out the Lease in total and they then sell it off somewhere. 

Now the leased vehicle (the trade) may have negative equity attached to it, but that is no different than a "owned" trade in with a big lien on it.  So the point is that lease end "inspections" and the tit for tat about "condition" can be avoided.  It's advantageous to lease something that has good demand used for things to work smootly.  My wife's 2012 Camry Hybrid was a 48 mth/80000 km lease and the total lease buyout was covered after 43 mths @78,000 km.  That's to say that the wholesale on the car at that time equaled the buyout from Toyota Finance.  However, most vehicles within a month of their lease termination should have a wholesale value equal to their "buyout".   


Offline Railton

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Re: Avoiding Lease Return Trouble
« Reply #6 on: September 26, 2016, 06:16:08 pm »
So, how do you find out the wholesale price? BB or VMR Canada?
Railton

Offline CanuckS2K

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Re: Avoiding Lease Return Trouble
« Reply #7 on: September 26, 2016, 06:18:59 pm »
So far I haven't had an issue with returning a lease.



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Offline ArticSteve

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Re: Avoiding Lease Return Trouble
« Reply #8 on: September 26, 2016, 10:01:47 pm »
So, how do you find out the wholesale price? BB or VMR Canada?
Railton

The actual wholesale price is determined on the day a third party buyer offers X for the vehicle either by phone or online auction.  All a leasee can do is use bb or vmr or even the Autotrader to get a ballpark number.  No different than the typical owned trade-in situation that most endure; is the Dealer being honest with his "wholesale" number or are they trying to double up on it ???

Lease End Inspections are stacked against the Leasee.  The business model is to generate enough revenue to pay for the inspection or in the alternative drive the Leasee back to the same Brand with an offer of damage forgiveness which is buried into the new vehicle.

Offline OliverD

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Re: Avoiding Lease Return Trouble
« Reply #9 on: September 26, 2016, 10:31:24 pm »
I paid $1000 for wear and tear coverage up to $10k. Seemed like a good deal to me since it means I can at the very least bring it back with bald tires (though it turns out I'll have to get new summer before lease end anyways).

VW also charges only 10 cents a kilometre, which is good because I'll likely go over my limit.

Offline SKYMTL

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Re: Avoiding Lease Return Trouble
« Reply #10 on: September 27, 2016, 11:36:49 am »
So funny I saw this today because the first thing I thought of was.....DON'T DO THIS TO A LEASE:  http://www.leasebusters.com/en/details.asp?ID=212065

Offline OliverD

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Re: Avoiding Lease Return Trouble
« Reply #11 on: September 27, 2016, 11:40:05 am »
So funny I saw this today because the first thing I thought of was.....DON'T DO THIS TO A BASE MODEL 528:  http://www.leasebusters.com/en/details.asp?ID=212065

FTFY  ;D

Offline tooscoops

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Re: Avoiding Lease Return Trouble
« Reply #12 on: September 27, 2016, 02:22:55 pm »
jesus... that guy is going to be screwed. or whoever thinks that is a deal and jumps on it.

anywho... yeah, 25 cents per km is nutso. our low km leases are 18c iirc... but that is to penalize people who are dumb and try to be super cheap and know they will go over kms (and to make up for the residual bump)... usually it is around 15c for most...

when i used to lease a lot of cars, we hardly ever "bought" them at the end... most went back to chrysler. even if we did buy it, it wasn't at the residual value in most cases. it was at what we called "elvis"... can't remember what that stood for. basically, it would be an adjusted number for what chrysler would sell the car to the originating dealer for... seeing the differences between those numbers and residual made me see that chrysler was in for some trouble!
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