Car lease coming to an end, what next?

see317

This feels like a stupid question, like one of those things that should have been taught at some point in my life. Possibly instead of learning what RNA stands for. Whatever.

Anyway, I'm leasing a car, the lease ends this November.
I like the car, and am planning on keeping it.

The thing is, this is my fourth car, and the first car I've leased. I'm not sure what the next steps are that I need to take. Any pitfalls in particular I should look out for? Pi

Also asking: I've frozen my credit scores due to the Equifax stuff, how long does it generally take to thaw those? I'm pretty sure I'm going to be getting a car loan once this rolls around and they'll likely need a current credit score for that.

zepherin

Credit thaw
If you know all your pins you can thaw them in an afternoon. If you have forgotten any you’ll need 2-3 weeks to get one mailed to you.

Lease
Your buyout price should be in your contract already. If you are way over or way under on your miles you are incentivized to accept the buyout.

As with anything get your financing in order before you go there if your current finances don’t cover the lease buyout.

mRahmani

Check the prices of similarly equipped/mileage cars against your buyout price. If the prices are significantly lower, you're not getting a great deal, but it's possible you could renegotiate a lower buyout.

But I believe the basic process is to just call the leasing/finance company and let them know you'd like to buy out the car.

schuss

Yep, look at buyout vs CarGurus etc. Then determine if it's cheaper to buy an equivalent used/attempt to negotiate the buyout.

iRevert

schuss wrote: »

Yep, look at buyout vs CarGurus etc. Then determine if it's cheaper to buy an equivalent used/attempt to negotiate the buyout.

I'd also use NADA.org when checking around to really get an apples to apples pricing.

Lord Palington

When you talk to the dealership/finance company, you'll want to talk to the remarketing department.

I've known people in that job. They want you to buy the car from them, so definitely do the research everyone here has recommended and see how you and the remarketing agent can work out a deal.

schuss

iRevert wrote: »

schuss wrote: »

Yep, look at buyout vs CarGurus etc. Then determine if it's cheaper to buy an equivalent used/attempt to negotiate the buyout.

I'd also use NADA.org when checking around to really get an apples to apples pricing.

CarGurus is based on the active market based on dealer and private listings, so it will be more realistic. NADA and KBB are often off due to regional market and other effects.

Infidel

I don't know what it's like everywhere but what caught me off guard about the process was actually getting a safety done. Is required here in Manitoba since there's a change of owner. Probably equivalents or not relevant in other places?

Could have gotten that done cheaper and less stressful if I had known and organized it sooner.

see317

NADA is showing me similarly equipped cars with similar mileage at $16,949.
Car Gurus is showing me one nearby priced at $16,000.
Estimates on my car from Car Guru is $17,000 when I search for it by VIN.
KBB is showing ones for sale between 16k and 19k.
Even Echo Park is showing 16,979.

My lease documents show the payoff amount is $13,581, so I'm guessing I'm not likely to get very far trying to talk them down on the basis of "I like my car, but if I can save a few bucks by buying a used one at the dealer across the street...".

mRahmani

Sounds like you would be getting a good deal buying it outright.

Kruite

You could always ask for a lower price. They might just give you what you ask for.

schuss

On leases the buyout is the buyout. Dealer has no control on that, though they may have a similar car available.