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Purchasing at the End of Your Lease

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Comments

  • grandtotalgrandtotal Posts: 1,207
    edited April 2010
    ...$37k is a lot for an 07 with 62k miles on it.

    Yes, but $80K is a lot for a new one.

    I think you should bear in mind that if you had not put so many miles on the car it would be worth the residual, more or less, and so would represent a good buy if you wanted to buy it. What actually happened is that you did more miles than you contracted for and those miles have to be paid for one way or another.

    I think it really boils down to this, do you want to own the car or not? If you do, then buy it, at least you know how it was looked after. If not then pay the over mileage charge and move on.
  • bf740bf740 Posts: 3
    Have a Jeep lease coming up in a few months. Anyone know if Chysler Financial still offers PLPP (Preferred Lessee Purchase Price) buyouts?
  • eshin53eshin53 Posts: 6
    Thanks for the input. Do you think that contracted residual amont can be negotiated? Not sure if they have residual insurance or not. If so, what would the strategy be? Thanks in advance.
  • grandtotalgrandtotal Posts: 1,207
    If the residual is insured then the lender has no incentive to negotiate.

    I think the chances of negotiating are very slim because you already told them that you are way over on miles. That fact will have been recorded. Therefore they either expect the car back together with your cheque for over mileage or they expect a cheque from you for $37.9K. Either way they stand to realise about $37.9K from the deal, so why would they negotiate?

    If you are determined to try negotiating then your best bet is to wait until the day before you are due to return the car and call them with an offer. Don't be surprised though if they reject it.
  • eshin53eshin53 Posts: 6
    That makes sense. Thanks grandtotal.
  • I want to buy my car cash at the end of my lease in May. Is there any fees or taxes I have to pay. The payoff of the car is 11,000. Thanks
  • sebring95sebring95 Posts: 3,241
    You'll have to pay tax on it the same as any used car purchase (at least that's the case in most states). Depending on the leasing company (toyota, nissan, etc.) they may require you to go through a dealership who may charge a "document fee". This can vary greatly so you might need to talk to different dealerships. They don't always tell you this..but you may not HAVE to go to that brand's dealership. I went through a used car dealership before. Essentially the "dealership" has to buy the vehicle from the leasing company and then they resell it to you. Again, it depends on the company.
  • Thanks. Also do you know if I have to pay a tag transfer fee if any?
  • sebring95sebring95 Posts: 3,241
    Probably, but may depend on the state. In most cases, you'll handle this transaction just like any other used car sale. You're essentially buying the car from the leasing company at a predetermined price.
  • Thanks sebring95!!
  • matrix88matrix88 Posts: 3
    My lease on a Toyota Matrix XR is up in August. Unfortunately I didn't know much about leasing when I entered the transaction, and learned my lesson. So I had 48 month lease (12k miles/year). My current mileage is 36k. I want to negotiate the lease end amount with Toyota, but after doing some research, it seems like they won't negotiate even though Toyota is in a bad state right now. Has anyone had any luck negotiating the lease end amount with Toyota?

    I can buy the car for $8,900. On Edmund's, the car has a trade-in value of $10,403, a private party value of $11,665, and a dealer retail value of $12,721.

    I need advice. What are my best options? I don't mind driving the car for the next ten years, but I also wouldn't mind getting a new one, to be honest. I currently only use my car twice a week, and I would like to share my partner's car, but he's not really open to that. So, what do I do?

    In terms of financing, I can pay cash for the car and buy it in August.
  • kyfdxkyfdx Posts: 137,966
    So, it's a 2006 Matrix XR (that's the high-end trim level, right?) with just 36K miles? For $8900?

    Forget about the lease for a moment.. It looks like you need a car, but won't use it a lot, so you don't really want to spend a lot of money...

    This seems like a great deal, plus you know it's been well taken care of.. Not as exciting as buying a new car, but a lot thriftier..

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  • matrix88matrix88 Posts: 3
    Good point. I suppose it's a nice deal on this end of it.

    It's a 2007 Matrix XR, but I purchased it in August 2006. It is the high-end trim level with a sunroof, six-disc CD changer, and other stuff.

    Do you think I could negotiate with Toyota? I recognize that Toyota is not likely to negotiate, but I'm curious to know if others have had any success.
  • kyfdxkyfdx Posts: 137,966
    I don't recall anyone having any luck negotiating with Toyota (or Honda or Nissan, for that matter), but that doesn't mean it couldn't happen.

    The members here that seem to have had any luck, have waited for the bank to contact them, to see if they have any interest in buying the car.. then, expressing mild interest, but not at the residual price... and, waiting for the bank to suggest a lower price. Those that have just called, asking for a lower price, don't seem to be too successful.

    Certainly, you wouldn't want to mention the low mileage on your vehicle. Any inference that the car might be worth more than average will lessen their desire to cut a deal.

    It never hurts to try!

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  • sebring95sebring95 Posts: 3,241
    I have never seen anyone negotiate with Toyota on a buy-out. I was told they do not do this at all because they insure against the buy-out so there's no incentive. In your case, I don't see why they would have any incentive in this case because you're currently holding a vehicle worth more than the residual. Now while this may seem like a good deal, keep in mind that you've already paid for the use of this vehicle down to the $8,900 buy-out. So you've essentially overpaid for the vehicle over the last 48 months which now lets you get a "good deal" on the buyout. Giving it back at this point would make you realize the loss of overpaying for the lease. So best bet wouild be to buy it out and drive it awhile then consider selling/trading at a later time.
  • matrix88matrix88 Posts: 3
    I was contacted last year by my Toyota dealership and I never responded, and since Toyota ran into some problems, I haven't heard anything from the dealership. (I used to get these mailings about them wanting to buy my car now because apparently it was sought after.) Anyway I'll wait until Toyota contacts me; that's not a problem. (I'll keep the mileage a secret! We had a VW lease and did the same thing, and it all worked out. That was a better "lease" in general because I learned the tricks of the trade.)

    I absolutely have overpaid for this car, probably by about $2,000, if my calculations are correct. A 48-month lease is a bad idea; I know that now. If I knew I'd buy the car, I could've negotiated a better financing deal anyway. Oh well. But I'm going to go with what you've all said--buy it out and drive it for a while.

    I'll let you know if Toyota offers a lower amount.

    Thanks!
  • sebring95sebring95 Posts: 3,241
    Just FYI....a lot of dealerships (all brands) do the "we need your trade" promotions. It's just a way to get you in the door. VW has been known to negotiate on lease buyouts. The problem with how Toyota handles lease returns/buyouts is that they require the dealership to buy the vehicle from you (i.e. Toyota finance will NOT sell directly to you). The mileage really can't be a secret because they'll inspect the vehicle and do the usual/customary used car sale routine on it. Good luck either way.
  • Did you ever get an answer on this? I have a Jeep lease coming up in a few months also, and want to know about a buyout as well.... Anyone?
  • dtownfbdtownfb Posts: 2,918
    You'll get people to respond to your question if you post the specifics of your situation and what you are looking to do.
  • I was just "bumping" the original poster's question.... which was Does Chrysler Financial still offer PLPP buyouts? Wanted to see if anyone would respond. If they did, then I would post my specific questions. Thanks.
  • saturncarsaturncar Posts: 1
    I live in Canada and have leased a 2006 Saturn Ion. My lease ends next month and the buy back price is $6000. My lease allows for 96000km and I have 70000km (I know to keep this info to myself). Is there any way to negotiate the purchase price? I just feel that since Saturn no longer exists the purchase price should be lower.

    Any help would be greatly appreciated
  • dwynnedwynne Posts: 4,018
    Probably not, most lease banks have residual insurance these days to cover the difference between projected wholesale and actual. To get paid off for this they have to roll the cars though an auction and see what they bring. Many lease banks now contract out lease end stuff to "remarketers" so you don't even get to deal with the lease bank at all - and they have ZERO incentive to make you a deal.

    There should be a lease end or pre-lease end inspection and they will see the low miles at that time. About the only hope is that they will contact you about buying the car and you can play hard to get ("Gee, Saturn is out of business I don't know that I would want to buy the car - for sure not for $6k").

    Keep in mind this is the beauty of the lease - the bank took the chance on the future value of the car and not you. Saturn going under may kill the value of your car, but the bank has the pain and not you.
  • dwynnedwynne Posts: 4,018
    Are there any lease banks that do not allow a 3rd party dealer do buy a car off lease?

    I know Honda Financial and US Bank have no problem with it as I have sold cars while on lease to them. Sometimes at the end of the lease, but often in the middle of the lease.

    A payoff quote from Infiniti or Toyota FS says you have to go through a Infiniti / Toyota dealer to buy the car. This is true in my state if you are buying the car for yourself - you have to go through *A* dealer because of the taxes and title rules that apply. They make it sound like you have to go through THEIR dealership ONLY.

    So if I wanted to sell an on lease car it to Carmax or any other dealer (assuming positive equity) then is it OK or will TFS/IFS only sell the car to ME?

    Just wondering...
  • pt91978pt91978 Posts: 3
    Hi all, my lease is up in a week and I have the option to finance the car at the end of my lease. I just want to know if lexus dealer gonna make me make another down payment toward the car or not, and when they check my credit report, which is very very bad...will they even let me continue to finance the car with them or are they going to turn me down.., even though i have kept my monthly lease up to date... .please help...
  • sebring95sebring95 Posts: 3,241
    It's a new transaction as far as the dealer/lexus is concerned so they will run new credit just like any other customer. It's basically like you are any other customer but you have a pre-negotiated price on this car. I would recommend trying to set something up before the end of the lease so you have more options. No need to wait until the very end.
  • dwynnedwynne Posts: 4,018
    If you have never been late on your lease payments then that should count a lot in your favor. If you have all good car credit and the bad is something non-car, then your "auto enhanced" score may be good enough for them to give you a loan.

    Check here at Edmunds, NADA, and KBB to see what the trade in and retail values on your car with its current mileage and condition. Is it a good deal compared to your lease end purchase price? If not, then you might just turn it in and think about something else. It may be easier to buy the car off the end of the lease, but not a good idea if it is a bad buy.

    Have you had you pre lease end inspection yet? Any problems? Over miles?
  • pt91978pt91978 Posts: 3
    thanks for you guys quick responses. and to answer your question, i have not had a pre lease end inspection yet...i don't know where to get one, but the paint still in very good condition, no ding dent or anything, and the car is way under milage. i only have about 23K miles on it and i'm allowed 45K miles at the end of my lease....i really like this car and would love to keep it...the only problem i could think of is my bad credit score/history since i was laid off for about 2.5 years, but i just started working again at a new job for a month or so.
  • i have a lease w/ Ford that is ending this month, I wish to buy the car...Ford told me I need to purchase the vehilce from a Ford dealership...I visited a dealer and they told me there would be a $750.00 fee... is this correct?
  • qbrozenqbrozen Posts: 26,453
    It should all be spelled out in the fine print of the lease agreement you signed when you first leased the car. (make sure you read the back, too)

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • sebring95sebring95 Posts: 3,241
    Could be. Toyota does the same thing...but the catch is you don't HAVE to buy from a Toyota dealer (although they don't offer that info up voluntarily). It just has to be a licensed auto dealer. Ford is likely the same way. I ended up going through a small used dealership who charged me $100 to process the docs. You could also try a different Ford dealer and see if they have a lower fee. Granted there is work involved but it's minimal and $750 is very high. This is really no different than if you traded the vehicle in. The difference is the dealership is simply selling you the car back for an agreed upon price.
  • dwynnedwynne Posts: 4,018
    As qbrozen says, check the contract. In some, there is a payment due even you DO NOT buy the car. With some, no payment is due. With some a payment is due if you buy or it your turn it in. Your lease contract could be one of those.

    The $750 fee sounds really high, but it could be $300-400 is the Ford Credit buy out fee and the other is for business taxes and the trouble of selling you the car (AKA profit for the dealer). It could be the whole $750 is dealer profit. Check with other Ford dealers including the one that leased you the car and see what they say.

    Honda Finance, for example, will accept a check direct from the lessee for the buyout but then you pay the title and taxes when you transfer the title. They also discount the buyout by $500 if you prefer to go through a dealer - this way the dealer makes $500 and you get the car for the buyout price (everyone is happy).
  • dwynnedwynne Posts: 4,018
    Dealers here have to pay an inventory fee / tax of some sort in addition to collecting the sales tax and title fees. So doing the old "buy and bye" as we used to call it can be quite expensive - $400-$1,000 or more. I called around several dealers several years ago and no one would touch it (warranty or lemon or liability concerns) or would only do it for a handsome profit. I did use an of town dealer and paid them $300 or so per car, but they have now quit doing it (too much trouble and risk for too little profit).

    Every area is different, but in theory any licensed car dealer could buy the car from Ford Credit and sell it to the lessee and charge as little or as much as they wanted to. No need to wait until lease end either, unless the lease is at some smoking low rate.
  • Where can I find new car prices and dealer invoice prices?
  • Kirstie_HKirstie_H Posts: 11,077
    Well, you're certainly in the right place. Just go straight to www.edmunds.com and click on the "new cars" tab. You have to select a specific vehicle, but once you do, you'll see invoice pricing, MSRP, and True Market Value pricing (what others in your area are paying, on average).

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  • fezofezo Manahawkin, NJPosts: 10,376
    Where the heck have you been hiding? Folks in the Frontlines were getting concerned.....
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • Kirstie_HKirstie_H Posts: 11,077
    Mostly in Sedans, where all of the troublemakers go to stir it up. :) I'm around and read, but rarely add comments unless there's good reason for my opinion to be inserted.

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  • fezofezo Manahawkin, NJPosts: 10,376
    Oh. The troublemakers are in Sedans? I'll have to go look.... :(
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • igozoomzoomigozoomzoom Waleska, GeorgiaPosts: 801
    I have a degree in finance, I'm an avid car enthusiast and I'm not afraid to haggle. I'm the guy that all my family and friends take with them to buy a car (or any other major purchase).

    In the last six months or so, I've had to deal with a few lease-end purchases (or attempts to purchase)- one for a friend and the other was for my cousin.

    My friend had a 3-year lease on a 2007 Saturn Aura XR. The purchase price at lease end (according to the lease contract) was in the mid $16k range. Edmunds TMV and KBB priced it at less than $14k (Dealer Retail Price), so the purchase price in the lease was at least $2500 more than the car was worth. I tried to negotiate a purchase price that was at least $500 under the Dealer Retail Value ($13,500 was the goal), but they wouldn't go a penny below $16k!!! They discounted it about $600 but wouldn't go another penny lower!? Even after I reminded them that it would cost them to prepare the car for resale, then sell it for FAR less than Dealer Retail, still no luck! It made no sense whatsoever.

    I went with her to turn it in at the specified local dealer (a huge Chevrolet dealership) and I didn't give them a chance to even ask if she was interested in keeping it. We just turned it in, I did a walk around with them to verify the condition of the car and they signed off of the return.

    As we were going thru the whole process, I spotted two Saturn Auras in the Chevy dealer's used car section with 'GM Certified Pre-Owned' banners across the windshield. She drove off the lot in a 2009 Aura XR with 33k miles (10k less than the lease car she turned in) and it had a Moonroof which her '07 didn't. They had it priced At $14,675 and I got them down to $13,500 on it. The '07 probably won't sell for more than $10k at auction, but that's their problem! She ended up with a lot more car for the money.

    My cousin had a 2007 Lexus GX470 and the 36-month lease ended back in August. She lives in L.A. and I flew out at the end of June to visit and help her with some things, one of which was deciding whether to buy the Lexus or turn it in and get something else.

    The purchase price in the lease contract was actually a bit low at $28,300. Trade-in value per Edmunds and KBB was at least $32k. Still, I called Lexus Financial and managed to get them to knock $1000 off the price and waive all fees associated with the transaction, making the price $27,300! I advised her to buy it at that price even though she didn't really want to keep it. At that price, she would have several thousand dollars in equity to use if she sold it or traded it in.

    Two days after she purchased it, Carmax offered $31,700 for it. We test drove a new Mazda CX-9 Grand Touring that afternoon and they agreed to match the Carmax trade-in offer of $31,700, so she essentially had a $4400 down payment on the CX-9.

    I was amazed that they wouldn't discount the Saturn and almost as surprising that they WOULD discount the Lexus! But it worked out well for both of them....but I'm trying to keep my family and friends away from leasing whenever I can....it's a major pain in the @ss!
    2015.5 Volvo S60 T6 Drive-E Platinum, 2012 Mazda CX-9 GT
  • sebring95sebring95 Posts: 3,241
    Keep in mind when trying to negotiate the lease buy-out that most of these are insured against the residual these days. They may have a deductible now because in the past Toyota/Lexus wouldn't negotiate a single penny even when they were thousands upside down (like my Tundra). I'm also not a fan of leasing and I don't believe it's a good financial decision for 90% of the buying public. I'm also in finance (cpa) and it's very difficult to make sense of a lease from a financial perspective. In the past I have done lease assumptions....basically bailing people out of their leases. I've done well with those but the prior owner took a killing.
  • athinathin Posts: 2
    Hi - My BMW 328Xi coupe lease is ending in 6 months. I am not interested to keep the car, (if it were a sedan I would have kept the car) instead I want to swap it to any used 4 door BMW car/SUV. I recently received an email and a follow up call from BMW offering to waive 3 months lease ($2100) and lease disposition fee ($500 - I think). I have told the dealer that I will accept the offer if 5-6 months lease is waived. I haven't heard back yet and my questions are: Is this a good deal? Are there anyone who had better experiences? Will there be any other hidden fees or charges I should be aware of?

    As information, I am significantly under lease mileage, about 10K miles less than the contract. And the 3 months lease payment waiver is reflected in my pay off quote, so I think the dealer is not offering anything extra.
  • My lease is coming up in March 2011. I purchased 15k per year in mileage up front, but we are still over and probably will be more like 55,000 at lease end. The residual in my lease is 18,300. Given that I will have to pay just to turn the car in - and we like it, is it a good deal to buy at that price ? Should I negotiate for lower based on the mileage ?

    The car is in excellent condition and we have maintained well.
  • Kirstie_HKirstie_H Posts: 11,077
    Since you like the car, your best bet is probably to keep it - you know how it drives, and how it's been cared for. You can't say that about any used vehicle you might buy.

    Good news it's that it's a Honda, and they hold value pretty well - if you buy it and decide to trade in a year from now, you *might* still be better off than paying the over-mileage charge.

    To check how the residual compares, you can search used vehicle listings to find what prices are being asked for the same vehicle. You can also head over to Real-World Trade-In Values and post info about your van & location to see what others think.

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  • igozoomzoomigozoomzoom Waleska, GeorgiaPosts: 801
    You didn't specify what model year it is, but I'm guessing it's a 2008 from the mileage info.

    According to Edmunds and KBB, the trade-in value on a 2008 EX-L with 55k miles is in the $21-$22k range. So I'd say buying for $18,300 is a very good purchase price and you'll save $1000+ in mileage overage charges!
    2015.5 Volvo S60 T6 Drive-E Platinum, 2012 Mazda CX-9 GT
  • qbrozenqbrozen Posts: 26,453
    come back in 3 months for a more accurate value. You never know what will happen with the market.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • dwynnedwynne Posts: 4,018
    With lease residual insurance (carried by nearly all lease banks now) I am surprised that you were able to get anything off the Lexus. If they let it roll through auction and don't make residual, the insurance kicks in. If they do not do that and only that, the insurance does not pay.

    Keep in mind that for most of us, sales tax is due to transfer the title from the lease bank to a private party. So the $27,300 would cost me $29,211 plus title fees. Still less than Carmax gave for the car, but the tax bit does hurt. It that case, you could have sold CM the car for the normal buyout direct and pay no tax and netted $3.400 without spending a penny of your own money.

    A good lease deal is a good deal, just like a good finance deal is a good deal. There are LOTS of folks who do not understand how to work a good lease deal and that gives leases a bad name.

    If either of these was a good lease deal then they were paying a lot less per month than buying the car and the lease bank was taking all the risk. Think how upside down your friend would be if they PURCHASED the 07 Aura new on a 5 or 6 year note. The payments would have been higher each month and if they wanted to sell or trade they would be way upside down.

    If your cousin had financed the Lexus it would (likely) have been a lot more per month - if you got a good lease deal. The car would still sell for the same amount now, but they would have paid more for it over the last 3 years so their net could have been less.

    Bad deals are good for no one, but good lease deals can be really nice...
  • dwynnedwynne Posts: 4,018
    Almost every lease bank carries residual insurance now, so they almost never negotiate a buy out price.

    Once they see you are over miles (pre-lease end inspection) all thoughts of negotiation will vanish if they even had any. You owe them for the over miles and they will collect for them. Honda gets either $0.15 or $0.20 for over miles (it is in your contract and is based on MSRP) so 10k miles is $1,500 or $2,000 in charges.

    So if you turn your Ody in and nothing else is wrong, then you pay the miles and walk away.

    If you choose to buy the Ody, then you pay the $18,300 agreed price plus taxes and title fess and you drive away. You don't state the trim level or package, but right now an 08 EX with 55k is worth about $18k. If you have a higher line model, then more value there makes it a nicer deal. Keep in mind values will probably be lower come March than they are now. Only buy it if you really want to keep it and it is a good value (including avoiding the over miles fee).

    Take it to Carmax if you have one local and see what they will give you for it. Anything over the current buy out price (call Honda Finance or look it up online) is profit to you - just sell them the van. Works the same at any licensed car dealer, if they will cover the buy out then sell it to them. Keep in mind your $2k or $1.5k over miles charge at lease end. So if you get within $500 or $1k then pay them to take your van and come out "ahead" (of just turning it in and paying).
  • My employer has leased a F-150 on a Ford Motor Credit lease that is coming to an end in the spring. The lease has a very attractive residual and I would like to purchase the truck. Should I attempt a transfer of the lease to me prior to its ending so that the purchase rights are also assigned to me? Is there a better way? My employer is supportive, but does not want to have the vehicle titled in its name as part of the transaction. Is there an easy way to accomplish this?
  • sebring95sebring95 Posts: 3,241
    Transfer would probably be the best bet, but keep in mind some have limitations on transfer in the final months of a lease. Another option may be to find a dealership that will buy out the lease and sell to you at an agreed upon price. They will likely want a small fee but if the dealer your employer buys from may be very willing to help. I buy about 50 vehicles a year for my company and those dealers will do just about anything for me!
  • dwynnedwynne Posts: 4,018
    In most states the title can only pass to the lessee (your company) or a license dealer, not to you. In most states taxes are due when the title is registered. So if your company did buy it at lease end, then sell it to you is most states double sales tax would apply.

    As sebring said, the best way is to work a deal with a dealer to buy the truck off of lease and sell it to you. Someone from your company would give the dealer permission and power of attorney to buy the truck from the lease bank, you would then buy the truck from the dealer. How much will they charge for this? I have done it for as little as $300-400, but I would bet it would cost you a whole lot more - if you can even find a dealer to handle it. It would help to know a dealer or have that owed you favors...
  • igozoomzoomigozoomzoom Waleska, GeorgiaPosts: 801
    edited November 2010
    My brother works for a huge corporation that leases thousands (maybe tens of thousands?) of Ford vehicles at any given time. The company allows the employee to select their vehicle (and choose upgrades to higher trim levels or larger/more expensive models at the employee's expense). They also allow employees to purchase the vehicles when the lease expires (every 2-3years or 60-80k miles, the rules vary from year to year). Employees (or their immediate families) have first shot and other employees have a small window of time to purchase them if no one else does.

    The transaction takes place between the lease management company (in Chicago) and the individual employee who is purchasing the vehicle (in this case, located in Georgia). My mom, sister and step-dad all drive former McFleet cars. My mom has a 2007 Explorer Eddie Bauer (with a 38k MSRP new) that was 15 months old and had 70k miles on it when she bought it for $15,500. Step-dad's 2008 Fusion SEL V6 was only $11k when it was 22 months old and had 63k miles.

    The only part of the purchase and registration process that is different from usual is that the seller (leasing company) doesn't collect sales tax for Georgia. So a visit to the nearest Georgia DOR office to pay the tax due is required before the car can be registered and a tag issued.
    2015.5 Volvo S60 T6 Drive-E Platinum, 2012 Mazda CX-9 GT
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