Welcome to "We're All Stored on Cars." Yes, you can negotiate that residual, and sometimes, it's definitely to your advantage. The residual is, of course, the guaranteed price that you can buy your leased car for at the end of your lease or even sooner. The residual is a guess of what that value is going to be. If you have a two-year, three-year, or even a five-year lease, the manufacturer is going to have to give this crystal ball out and say, "I think this is what this Lexus LS 460 is going to be worth in 36 months." Now, it's almost impossible to hit that on the head, so usually, the guess (the residual) is too high or too low. Now, if the residual is too low, that's when you jump all over it because now you have a legal right to buy that car at a below market price, and the manufacturer is locked in to honor that contractual obligation. So, you should always check. Let's say the residual is too high. Well, obviously, you don't want to be obligated to buy it at too high a price. But supposing you really like the car, and here's where the negotiation comes in: you say to the dealer, "You know, I'd like to buy that car, but I think the price is way off." Now, usually, it's the dealer that would have to contact the leasing company, and the leasing company, oftentimes - most often, is the manufacturer. But it could be a bank. Either way, the bank or the leasing company would know that we guessed wrong three years ago. We guessed high. The car is a thousand dollars over the market, which means I'm just going to have to take it to the auction and sell...
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Buying a leased car before lease ends Form: What You Should Know
After the lease lapses, that price drops. The maximum buyout is 10 years. A Buyout Could Help You Out: 5 Tips on Buying Your Leased Car — Edmund's Mar 18, 2024 — There is no “buyout period”. It is simply when the leasing company's price drops from the lease price, which it will. If a leaser has the option, buy it out before his or her lease expires to avoid the “buyout period.” The buyout period could be up to five years. If You're Leasing a Lease Vehicle to Another Driver, You Will Pay A Lease Transfer Fee — The Financial Times Jul 12, 2024 — Lease transfers between owners are generally not allowed. When leasing a lease vehicle, your own lease company handles the paperwork on your behalf but the money for the transfer fee goes to the other owner. Loan-to-Value Lease — 5 Tips on Buying Your Leased Car — Edmund's Sep 12, 2024 — The Lease Rate is calculated from the original car's value and the residual value. The base lease rate for an older model is set at 6.9%, the base rate for the new lease model is 7.8%. There is a one-time cost for lease transfer fees that is calculated in addition to the base lease rate. Car Loans in Ontario How Cars Get Listed On Credit Reports — CBC May 13, 2024 — When you take out a new car loan, the lender has to report all the information related to you to the Canadian credit bureau Equifax, which is in turn provided the information by Credit Canada, or the credit reporting agency at both banks. This includes your name, address, employment verification, credit score, social insurance number, personal insurance number, and more. The credit bureau then matches those details with your credit applications, and the credit score that's used to determine you score. Car loans get reported on credit reports every 12 months. The information is retained by credit bureaus — Equifax, Equifax Canada, TransUnion, and TransUnion Canada — after six months of the last sale. Any future loan transactions — up to four — are reported five years after the original loan was made.
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