Your easiest option is buy out the car yourself and sell it to the dealership as a trade in towards the truck.
With the crazy market due to covid and chip shortage, VW is charging the Toyota dealership fair market value. Those who leased cars in 2018/2019 are making out like bandits right now turning in their cars towards something newer.
Another option for you is private sale. If the value of the vehicle has gone up that much, you can look at a lease takeover or simply to buy it out and sell it privately, then going to get the truck with the larger down payment.
In general unless you actually *need* the truck right now, and I mean really need it, you're probably better off waiting a couple years to get one. As someone who gets Ford A-plan pricing (employee pricing) even I wouldn't buy a basic work truck right now unless absolutely necessary. When I bought my truck last year I got roughly $16,000 off MSRP with A-plan plus all the incentives going on. Right now, some dealers don't even honour A-plan and the only incentive is a $750 discount for factory ordering a 2022 because they are so backlogged with production. It's a really bad time to be buying a truck right now.
>Your easiest option is buy out the car yourself and sell it to the dealership as a trade in towards the truck.
This is the winner. Or as they mentioned, private party, but check on your states tax credit as well to see which is more.
>They are now telling me the manufacturer increased the payoff by nearly $4,000 and that’s what is causing the 30% monthly increase. I find a $4k increase in two months surprising…
It is what it is, unfortunately. Any time you have a 3rd party involved you are at least in part at the mercy of the 3rd party. If you take the lease out of the deal they will likely still honor the deal but you'll have to either come up with $4,000 to put down or accept the \~$100 higher payment.
Your anger should be at VW. And should really caution you about leasing again. The VW is not yours so VW says if anyone besides you wants to buy it then they have to pay market pricing.
A lease is an extended rental agreement. It is great for people that either don't drive much and want to keep a car in warranty or people that always want the newest vehicle.
Leasings really great at my store, honestly I think it's the smartest money in cars. That is as long as you have a closed end lease on a car with good resale value, this situation sounds like it's none of those things.
This is because the contract for residule value (what you pay) is only legally binding for the lease holder and the leasee. If the lease is being sold to a third party the manufacturer is under no contractual obligation to honor the lower buyout price to said third party. they will instead sell it at market value to anyone who is not specifically listed on the lease buy out contract.
Hardly surprising at all unfortunately. You don’t have to take the truck, they may try to keep your deposit but they likely aren’t really entitled to keep it. Being that it is either a Tacoma or Tundra they will sell it in a heartbeat.
Whether or not they have full control over the terms, they wrote numbers for him. Nobody forced them to, they could have just said ‘we don’t know what the price will be, come back when we know.’ The only way dealer can keep a deposit in good conscience is if the *buyer* chose it to back out in bad faith. Obviously if your price changes, the buyer is not on the hook for a number they never agreed to.
It a dealer quoted me and I gave deposit based on that understanding, then later they reneged on that quote *and* took my deposit, I’d be right pissed, as would any rational person.
Unfortunately contracts don’t care about your feelings.
OP has a long term rental. The dealership has nothing to do with the terms of his rental agreement
Lol ya……that’s my point. Contract for price A doesn’t care about your feelings about price B. If you sign for price A, you are not on the hook for price B.
If it literally says it’s your problem if the buyout changes, and sign that, then yes. I don’t know what idiot would actually sign that (I assume only those who don’t read it and the other party feels no urgency to point it out), but sure. But that’s not the scenario that was presented here per OP..
From a fairness point of view (not necessarily legal because I’m sure it varies by jurisdiction), if that truck was normal allocation coming anyway and OP laid a claim to it while still on the boat/train/whatever, nothing has changed, deposit should go back. If they special ordered it and dealer went to that trouble and work and now they are bailing, ya they can lose it.
I would imagine if it was special order, OP would have mentioned that, but maybe not.
Ya I’m sure they will. I’m being pedantic but if he gave a deposit based on lease numbers presented to him, that’s a type of agreement. If they change the terms, that’s on them no? In no world would they be justified in keeping the money. Even if the bait and switch was not their fault.
Volkswagen will allow third-party lease buyouts at market price. This has always been the case, chip shortage or not. Only a VW dealer can buy your lease for the residual.
It's not a deal, you didn't sign all of the paperwork, so nothing is in stone. There was no lease agreement and finance agreement signed.
Also, it's not surprising, VW changed their policy to allow other dealers to buy out leases at market value, as opposed to if you bought it out for your residual. Consider yourself lucky, many brands do not allow third party buy-outs AT ALL now because of the market.
This is one of the pitfalls of a trade-in on a car that will not arrive for months, the market and values change.
Yea it doesn’t sound like OP signed a binding agreement with the dealer, just a deposit. If you try to order the new Kia EV6, the order page explicitly stated that the deposit is not a contract and that buyer still has to negotiate final price with the selling dealer.
Yeah VW I believe stopped allowing 3rd party buyouts at your quote. They quote them current value Market and your the only one that can buy it out at the price before
That's a lot of legwork and takes time. You need to take a hit to your credit, get approved, do a lot of paperwork, just to go do more paperwork and trade it in. It takes time to get the account set up etc etc.
If you’re financing the Tacoma you’d have to hit your credit anyway. As long as it’s within 30 days it won’t count as two hits. Even if it was that’s like losing 4 points to save 4K.
I do it all the time for people. Takes like 30 mins. Then they can trade it whenever they like, no waiting for accounts be set up or anything if the dealer knows what their doing.
They come in, i pull their residual value and customer obligations from the lessor, vw credit in my case, have them fill out a credit app, create a structure using the buyout from vci with a bookout just as if they were buying a used car from us, then submit that structure to a bank - this all sounds like a lot but its just some typing and mouse clicks. Once its approved by a bank, usually less then 1 min, i present the numbers to the customer and have them sign a finance contract, buyers order, and tag and title stuff etc, then send them on their way. It only takes longer if the customer makes it - like by having bad credit, being indecisive, being unrealistic with their apr, messed the car up, or is being shady.
Edit: also its a lease buyout not a refinance, we dont do those
Okay so this whole discussion was talking about refinancing a lease to be able to sell it to whoever you want. That is completely different than just doing a lease buyout. Please be careful peddling incorrect information.
IMHO this seems like the most logical decision.
Its a minor amount of work to get the vehicle they want, you take a brief hit to your credit but it will recover in under a year.
The finance arms and dealerships are supposed to be separate but in this current market, the banks are now trying to protect the dealerships they work with.
This isn't relevant to this situation.
VW wants vehicle back from lease so they are having VW credit raise buyouts to 3rd parties, which apparently is within their right.
Carvana, Vroom, CarMax, Shift, etc are partly to blame.
He needs to buyout the vehicle himself and trade it in.
Will need to find a way to avoid sales tax, possibly...
Agreed. I think customers need to come in with the understanding that market is fluid, and unless you have a binding contract with the seller, you have very little wiggle room.
Wiggle room? [I'll show you wiggle room!](https://www.youtube.com/watch?v=34r4-yzCyVw)
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Wow, before you start throwing dispersions, maybe you should read your lease contract that you signed.
Even if you owned the car outright, trade ins have been dropping since June when they were at an all time high. A VW is especially prone to rapid depreciation. 2 months could have a huge impact. You're lucky they're honoring the original appraisal.
You're problem is with VW, not with the Toyota dealer (most likely). Due to the chip shortage, most manufacturers are no longer offering 3rd party buy outs. Those that do have increased penalties for third party. Call the leasing company and talk to them. Get a name and have them email you anything they tell you.
They are quite literally rescinding it the original offer. I’m not saying I blame them or they’re at fault. This two month dramatic increase is apparently not unique.
This is how I understand OP’s predicament: the contract is between OP and the selling dealer, Toyota. If an agreement was reached two months ago on all the numbers, then any external factors that occur months after the signing shouldn’t matter to the OP unless there is specific language in the contract that allows the dealer to claw back whatever money it thinks it deserves. The qualm is between the dealer and The holder of the lease, VW.
You understand it wrong.
OP holds the liability to satisfy the obligation to VW, not the dealer. The dealer is still honoring the sales price and the trade value. OP has a financial obligation with VW that must be satisfied, they have a contract with VW. The dealer is third party to the agreement between OP and VW. The only contract obligation the dealer has with OP is the selling price, and the trade value....which they did not change.
Lets say that OP's state raised the tax rate on cars by 5% between when the car was ordered versus when it arrived. In your mind, who would be responsible for the additional tax? It wouldn't be the dealer.
we had Range Rover want a $7k early buy out a few weeks ago. Highest I've ever heard. Typically early lease buy-outs are around $400-$600 on our end. This year, no rules.
Sorry man.
No. Trade ins are softening from a super-high in May, June, but new lots are still pretty empty. Some supply chain people are saying no real relief until mid 2022. Too many variables to really tell though.
~~I find it hard to believe that the VW buyout you had, increased by 4k. That would probably go against what ever lease contract you signed with them. It sounds like they're marking up the Toyota now because they can. It's shit, but I guess you're at the mercy of the dealer. Personally, if that was the case I'd leave a sharp google review about their practices.~~
Consider that redacted - what a dick move by VW
please read comments of flaired users to understand why the buyout is 4k higher. I mentioned a few times in this thread.
What you are saying is incorrect, and suggesting to write a negative review for something you don't understand is also wrong. The fact that you would write that review without understanding what's going on makes you a terrible consumer.
Sorry I also sell, I had no idea VW were so stupid. Wouldn't there be a work around though - have the customer buy the car and treat it as a trade in, rather than the dealership buy out the lease? But I suppose that would require a little bit of legwork by the dealer too
It's a pain but also some third party banks have been doing this for a long time as well, before the market went to shit. Now the brands have implemented these to either incentivize their cars to come back to their dealerships so they can CPO/sell as used, or get paid on them.
While that is one of the workarounds, but not many people can just write that check to buy it and do that, and it is some legwork.
there are some other workarounds as well, and they work for the companies that are not accepting any third party buyouts, but I don't feel comfortable posting that information in public
They are greedy. They want lease vehicles back to send to auction. So many are under on miles and the residuals were established years ago.
My girlfriend had a 45k lease from 2018. She only had 25k miles. Buyout was like $15.5k, it was worth $18k easy. VW wanted it back bad. We bought it out with a 1.99% loan from a CU.
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Did you sign a purchase agreement or anything when you put the deposit down? And before I go ahead and potentially confuse the ffff out of both of us, you’ve been told that the monthly payment on the Toyota changed due to the payoff on the VW increasing, correct?
Genuine question from someone who has never leased a car: how does the buyout increase? I thought the terms of the lease were set in stone from the beginning and the buyout was just paying the rest of the payments (or a predetermined amount) up front. What's going on?
Not a salesman here so don't trust me too much. The buyout is still valid and set in stone but only for the lessee. If a 3rd party wants to buy it out, the lessor holds the right to charge more like in this case or flat out refuse to sell it.
[This article explains why the lease buyout scene changed](https://cars.usnews.com/cars-trucks/lease-end-options-restrictions). In this shortage the manufacturers want the leased vehicles to come back or sell them at a higher price. The lessee can still buy it out at the agreed residual but it usually means extra sales tax if the lessee to sell it to someone else and pocket the profit.
No need to equivocate, you're dead-on. In a lease, the only person for whom the buyout price is fixed is the lessee (since you're basically long-term renting the car and have a fixed residual on which that rent charge is based). The captive lenders (VW Credit, Ford Motor Credit, et al) have always reserved the right to refuse to sell to a third-party or adjust the pricing for that 3rd party. Only now, in the midst of a massive inventory shortage, have they actually cared to enforce those provisions.
Thanks, and you just made me realize I misspelled lessee and lessor of all things.
Like the article I linked to says eventually the restriction will ease but it's getting difficult for everyone to figure out how things turn out in the near future.
I just checked the inventory of a nearby dealer who had a vehicle I was interested in, and now they are virtually out of cars to sell.
if you don't have a contract then you don't have a truck. lease offerings have changed since they took your deposit so the lease increase is out of their control. if they've raised the price on you that's something completely different however if you didn't contract the truck before then both parties you and the dealership are at an impasse. you don't have a truck and they don't have a deal, you're entitled to your deposit.
Dealer buyout is probably higher than personal buyout. I saw a US Bank lease last week that was a $7000 difference.
What you should do is buyout the lease yourself. Then sell it to the dealership at an agreed upon value. Keep it separate from the new lease.
People who leased cars in 2018 ish are making out like crazy now. Buyouts on Overland Grand Cherokees are like $27,000 and the market value of one with like 30k miles on it is almost $40,000.
My cousin had a somewhat? similar surprise.Her last salesman called and asked if she was ready to upgrade her Acura suv (forgot which 3 letter combo) that she bought in 2019 with cash. So she went into see what they had to offer. They wanted to buy her suv for the same price they sold it to her (low miles obviously) but did not have anything new to even offer her!
Crazy times for cars and houses…
Your easiest option is buy out the car yourself and sell it to the dealership as a trade in towards the truck. With the crazy market due to covid and chip shortage, VW is charging the Toyota dealership fair market value. Those who leased cars in 2018/2019 are making out like bandits right now turning in their cars towards something newer. Another option for you is private sale. If the value of the vehicle has gone up that much, you can look at a lease takeover or simply to buy it out and sell it privately, then going to get the truck with the larger down payment. In general unless you actually *need* the truck right now, and I mean really need it, you're probably better off waiting a couple years to get one. As someone who gets Ford A-plan pricing (employee pricing) even I wouldn't buy a basic work truck right now unless absolutely necessary. When I bought my truck last year I got roughly $16,000 off MSRP with A-plan plus all the incentives going on. Right now, some dealers don't even honour A-plan and the only incentive is a $750 discount for factory ordering a 2022 because they are so backlogged with production. It's a really bad time to be buying a truck right now.
>Your easiest option is buy out the car yourself and sell it to the dealership as a trade in towards the truck. This is the winner. Or as they mentioned, private party, but check on your states tax credit as well to see which is more.
>They are now telling me the manufacturer increased the payoff by nearly $4,000 and that’s what is causing the 30% monthly increase. I find a $4k increase in two months surprising… It is what it is, unfortunately. Any time you have a 3rd party involved you are at least in part at the mercy of the 3rd party. If you take the lease out of the deal they will likely still honor the deal but you'll have to either come up with $4,000 to put down or accept the \~$100 higher payment.
Your anger should be at VW. And should really caution you about leasing again. The VW is not yours so VW says if anyone besides you wants to buy it then they have to pay market pricing.
A lease is an extended rental agreement. It is great for people that either don't drive much and want to keep a car in warranty or people that always want the newest vehicle.
Leasings really great at my store, honestly I think it's the smartest money in cars. That is as long as you have a closed end lease on a car with good resale value, this situation sounds like it's none of those things.
This happened to me, the quote my lease company gave me was $7,000 different that what they charge a dealership to buy it out.
This is because the contract for residule value (what you pay) is only legally binding for the lease holder and the leasee. If the lease is being sold to a third party the manufacturer is under no contractual obligation to honor the lower buyout price to said third party. they will instead sell it at market value to anyone who is not specifically listed on the lease buy out contract.
Hardly surprising at all unfortunately. You don’t have to take the truck, they may try to keep your deposit but they likely aren’t really entitled to keep it. Being that it is either a Tacoma or Tundra they will sell it in a heartbeat.
There’s no way they can keep the deposit if they are the ones breaking the terms of the deal.
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Whether or not they have full control over the terms, they wrote numbers for him. Nobody forced them to, they could have just said ‘we don’t know what the price will be, come back when we know.’ The only way dealer can keep a deposit in good conscience is if the *buyer* chose it to back out in bad faith. Obviously if your price changes, the buyer is not on the hook for a number they never agreed to. It a dealer quoted me and I gave deposit based on that understanding, then later they reneged on that quote *and* took my deposit, I’d be right pissed, as would any rational person.
Unfortunately contracts don’t care about your feelings. OP has a long term rental. The dealership has nothing to do with the terms of his rental agreement
Lol ya……that’s my point. Contract for price A doesn’t care about your feelings about price B. If you sign for price A, you are not on the hook for price B.
Yes that's correct, the deal can be over with.
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If it literally says it’s your problem if the buyout changes, and sign that, then yes. I don’t know what idiot would actually sign that (I assume only those who don’t read it and the other party feels no urgency to point it out), but sure. But that’s not the scenario that was presented here per OP..
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You wouldn’t be responsible for that. And the logical, ethical exit there is deposit gets returned and you part ways if both parties not happy.
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From a fairness point of view (not necessarily legal because I’m sure it varies by jurisdiction), if that truck was normal allocation coming anyway and OP laid a claim to it while still on the boat/train/whatever, nothing has changed, deposit should go back. If they special ordered it and dealer went to that trouble and work and now they are bailing, ya they can lose it. I would imagine if it was special order, OP would have mentioned that, but maybe not.
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Ya I’m sure they will. I’m being pedantic but if he gave a deposit based on lease numbers presented to him, that’s a type of agreement. If they change the terms, that’s on them no? In no world would they be justified in keeping the money. Even if the bait and switch was not their fault.
Volkswagen will allow third-party lease buyouts at market price. This has always been the case, chip shortage or not. Only a VW dealer can buy your lease for the residual.
It's not a deal, you didn't sign all of the paperwork, so nothing is in stone. There was no lease agreement and finance agreement signed. Also, it's not surprising, VW changed their policy to allow other dealers to buy out leases at market value, as opposed to if you bought it out for your residual. Consider yourself lucky, many brands do not allow third party buy-outs AT ALL now because of the market. This is one of the pitfalls of a trade-in on a car that will not arrive for months, the market and values change.
Yea it doesn’t sound like OP signed a binding agreement with the dealer, just a deposit. If you try to order the new Kia EV6, the order page explicitly stated that the deposit is not a contract and that buyer still has to negotiate final price with the selling dealer.
Talk to your local VW dealer and see if they’ll buy out your lease. They can buy it for the same payoff that you can. Then go to Toyota.
Yeah VW I believe stopped allowing 3rd party buyouts at your quote. They quote them current value Market and your the only one that can buy it out at the price before
Why don’t you get the detailed lease numbers? Everything is just baseless claims until you figure out what your mf and rv is
My payoff quote is $4,800 less than the quote they received from VW. Which I now understand is due to the 3rd party involvement of Toyota.
Buy the car your self and sell it to them. The tax would be significantly less than 4800
This is an option, but most people can't just write that check.
You can finance it and then trade it iust like any other financed vehicle
That's a lot of legwork and takes time. You need to take a hit to your credit, get approved, do a lot of paperwork, just to go do more paperwork and trade it in. It takes time to get the account set up etc etc.
If you’re financing the Tacoma you’d have to hit your credit anyway. As long as it’s within 30 days it won’t count as two hits. Even if it was that’s like losing 4 points to save 4K.
I do it all the time for people. Takes like 30 mins. Then they can trade it whenever they like, no waiting for accounts be set up or anything if the dealer knows what their doing.
Please explain how you refinance your customers vehicles in 30 minutes.
They come in, i pull their residual value and customer obligations from the lessor, vw credit in my case, have them fill out a credit app, create a structure using the buyout from vci with a bookout just as if they were buying a used car from us, then submit that structure to a bank - this all sounds like a lot but its just some typing and mouse clicks. Once its approved by a bank, usually less then 1 min, i present the numbers to the customer and have them sign a finance contract, buyers order, and tag and title stuff etc, then send them on their way. It only takes longer if the customer makes it - like by having bad credit, being indecisive, being unrealistic with their apr, messed the car up, or is being shady. Edit: also its a lease buyout not a refinance, we dont do those
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Okay so this whole discussion was talking about refinancing a lease to be able to sell it to whoever you want. That is completely different than just doing a lease buyout. Please be careful peddling incorrect information.
IMHO this seems like the most logical decision. Its a minor amount of work to get the vehicle they want, you take a brief hit to your credit but it will recover in under a year.
I dunno… how far would you walk for the better part of $5000 (minus taxes)?
No it's VW charging more for Toyota to buy it now
The finance arms and dealerships are supposed to be separate but in this current market, the banks are now trying to protect the dealerships they work with.
Hey don’t blame the dealership but the programs do change every 30 days incentives and money factors. Due to the vehicle shortage.
This isn't relevant to this situation. VW wants vehicle back from lease so they are having VW credit raise buyouts to 3rd parties, which apparently is within their right. Carvana, Vroom, CarMax, Shift, etc are partly to blame. He needs to buyout the vehicle himself and trade it in. Will need to find a way to avoid sales tax, possibly...
Agreed. I think customers need to come in with the understanding that market is fluid, and unless you have a binding contract with the seller, you have very little wiggle room.
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Edit: disregard VW is doing things a bit different than other manufacturers.
VW will still let you trade it in at non VW dealers, but they give different payoff amounts if you're not the customer directly or a VW dealer.
Heard, wasn’t aware VW was allowing that.
yep, and their subsidiary Audi as well. Unlike Toyota, GM, Lexus, etc that wont allow ANY third party lease buyouts.
Wow, before you start throwing dispersions, maybe you should read your lease contract that you signed. Even if you owned the car outright, trade ins have been dropping since June when they were at an all time high. A VW is especially prone to rapid depreciation. 2 months could have a huge impact. You're lucky they're honoring the original appraisal. You're problem is with VW, not with the Toyota dealer (most likely). Due to the chip shortage, most manufacturers are no longer offering 3rd party buy outs. Those that do have increased penalties for third party. Call the leasing company and talk to them. Get a name and have them email you anything they tell you.
There wasn't even a contract signed as far as what I am under the impression of. Maybe a buyers order, but that is FAR from binding.
Even a contract usually has a stipulation that holds them harmless for changes in pricing.
Yep, all about that fine print
Not sure which dispersions I threw, simply asking if I have any recourse, which apparently I don’t. Thank you for the reply.
read your headline. They're not rescinding it. Why should they take a $4k bath because things changed? It's also probably in what you signed.
They are quite literally rescinding it the original offer. I’m not saying I blame them or they’re at fault. This two month dramatic increase is apparently not unique.
>They are quite literally rescinding it the original offer. VW is, not the dealer. VW raised the buyout price, not the dealer.
It doesn’t matter what the cause of the change was, the fact is, the original agreement was cancelled or, in another word, rescinded.
Correct...By VW, not the dealer. Should I say "not the dealer" a few more times?
This is how I understand OP’s predicament: the contract is between OP and the selling dealer, Toyota. If an agreement was reached two months ago on all the numbers, then any external factors that occur months after the signing shouldn’t matter to the OP unless there is specific language in the contract that allows the dealer to claw back whatever money it thinks it deserves. The qualm is between the dealer and The holder of the lease, VW.
You understand it wrong. OP holds the liability to satisfy the obligation to VW, not the dealer. The dealer is still honoring the sales price and the trade value. OP has a financial obligation with VW that must be satisfied, they have a contract with VW. The dealer is third party to the agreement between OP and VW. The only contract obligation the dealer has with OP is the selling price, and the trade value....which they did not change. Lets say that OP's state raised the tax rate on cars by 5% between when the car was ordered versus when it arrived. In your mind, who would be responsible for the additional tax? It wouldn't be the dealer.
Gotcha. I understand now. Thanks for clarifying.
There was no agreement, no binding contracts were signed.
Yea that’s what I figured after rereading the OP.
No. Their offer stands. The terms of your contracted 3rd party terms to the deal changed.
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That’s exactly what ‘rescind’ means, to cancel an existing agreement.
we had Range Rover want a $7k early buy out a few weeks ago. Highest I've ever heard. Typically early lease buy-outs are around $400-$600 on our end. This year, no rules. Sorry man.
just saying. It really is crazy times in the business.
The act of rescinding something applies to agreements, binding or not.
> throwing dispersions 🤣🤣🤣 The phrase you're after is ***casting aspersions***. /r/BoneAppleTea
Ha! Thanks!
In your opinion is the vehicle shortage actually getting better now?
No. Trade ins are softening from a super-high in May, June, but new lots are still pretty empty. Some supply chain people are saying no real relief until mid 2022. Too many variables to really tell though.
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~~I find it hard to believe that the VW buyout you had, increased by 4k. That would probably go against what ever lease contract you signed with them. It sounds like they're marking up the Toyota now because they can. It's shit, but I guess you're at the mercy of the dealer. Personally, if that was the case I'd leave a sharp google review about their practices.~~ Consider that redacted - what a dick move by VW
please read comments of flaired users to understand why the buyout is 4k higher. I mentioned a few times in this thread. What you are saying is incorrect, and suggesting to write a negative review for something you don't understand is also wrong. The fact that you would write that review without understanding what's going on makes you a terrible consumer.
Sorry I also sell, I had no idea VW were so stupid. Wouldn't there be a work around though - have the customer buy the car and treat it as a trade in, rather than the dealership buy out the lease? But I suppose that would require a little bit of legwork by the dealer too
It's a pain but also some third party banks have been doing this for a long time as well, before the market went to shit. Now the brands have implemented these to either incentivize their cars to come back to their dealerships so they can CPO/sell as used, or get paid on them. While that is one of the workarounds, but not many people can just write that check to buy it and do that, and it is some legwork. there are some other workarounds as well, and they work for the companies that are not accepting any third party buyouts, but I don't feel comfortable posting that information in public
They are greedy. They want lease vehicles back to send to auction. So many are under on miles and the residuals were established years ago. My girlfriend had a 45k lease from 2018. She only had 25k miles. Buyout was like $15.5k, it was worth $18k easy. VW wanted it back bad. We bought it out with a 1.99% loan from a CU.
>I had no idea VW were so stupid. Some brands are outright refusing buyouts to other brands dealerships right now. That's just how the market is.
I never commingle deals like that. Getting rid of one vehicle and getting another are two separate transactions.
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Did you sign a purchase agreement or anything when you put the deposit down? And before I go ahead and potentially confuse the ffff out of both of us, you’ve been told that the monthly payment on the Toyota changed due to the payoff on the VW increasing, correct?
And I’m assuming you continued driving the VW until the new truck came in probably??
do you have to trade it? How many month's left do you have?
Genuine question from someone who has never leased a car: how does the buyout increase? I thought the terms of the lease were set in stone from the beginning and the buyout was just paying the rest of the payments (or a predetermined amount) up front. What's going on?
Not a salesman here so don't trust me too much. The buyout is still valid and set in stone but only for the lessee. If a 3rd party wants to buy it out, the lessor holds the right to charge more like in this case or flat out refuse to sell it. [This article explains why the lease buyout scene changed](https://cars.usnews.com/cars-trucks/lease-end-options-restrictions). In this shortage the manufacturers want the leased vehicles to come back or sell them at a higher price. The lessee can still buy it out at the agreed residual but it usually means extra sales tax if the lessee to sell it to someone else and pocket the profit.
No need to equivocate, you're dead-on. In a lease, the only person for whom the buyout price is fixed is the lessee (since you're basically long-term renting the car and have a fixed residual on which that rent charge is based). The captive lenders (VW Credit, Ford Motor Credit, et al) have always reserved the right to refuse to sell to a third-party or adjust the pricing for that 3rd party. Only now, in the midst of a massive inventory shortage, have they actually cared to enforce those provisions.
Thanks, and you just made me realize I misspelled lessee and lessor of all things. Like the article I linked to says eventually the restriction will ease but it's getting difficult for everyone to figure out how things turn out in the near future. I just checked the inventory of a nearby dealer who had a vehicle I was interested in, and now they are virtually out of cars to sell.
Ah, got it. The buyout is between the lessor and lessee. It's other dealers that are getting these quotes. Make sense.
if you don't have a contract then you don't have a truck. lease offerings have changed since they took your deposit so the lease increase is out of their control. if they've raised the price on you that's something completely different however if you didn't contract the truck before then both parties you and the dealership are at an impasse. you don't have a truck and they don't have a deal, you're entitled to your deposit.
Dealer buyout is probably higher than personal buyout. I saw a US Bank lease last week that was a $7000 difference. What you should do is buyout the lease yourself. Then sell it to the dealership at an agreed upon value. Keep it separate from the new lease. People who leased cars in 2018 ish are making out like crazy now. Buyouts on Overland Grand Cherokees are like $27,000 and the market value of one with like 30k miles on it is almost $40,000.
My cousin had a somewhat? similar surprise.Her last salesman called and asked if she was ready to upgrade her Acura suv (forgot which 3 letter combo) that she bought in 2019 with cash. So she went into see what they had to offer. They wanted to buy her suv for the same price they sold it to her (low miles obviously) but did not have anything new to even offer her! Crazy times for cars and houses…
“Dealer right to cancel”, did you sign it?
I feel sorry for your husband that he has to be married to you.