February 1st, 2010 | 
Author: I have 41,000 miles on the truck. The truck is in excellent condition and it still fits my needs. I believe the actual value of the truck is more than the return value. How do I and where do I get the right price and financing to purchase it?
I assume that you leased the truck, and now want to buy it at the end of the lease. Your lease will have a residual value, which is what you would have to pay for the truck.
You could check with your bank, and also with the company that leased you the vehicle to see what kind of rates and terms you qualify for on a used car loan.
What you are doing is buying the truck, and would be getting a new loan to finance that purchase. If you leased through the dealer financing company, and had a good payment record, they will usually finance the purchase of the vehicle for you. Your bank or credit union may give you a better rate, so shop around.
To be sure that you are doing the right thing in buying the truck, take it to a place like Carmax to see what they will pay you for the truck. Compare that figure (actual wholesale value) to the buyout cost, and you will know if it is a good deal, or if you should turn the truck in.
Posted in the price is right
Kelly Blue Book.
References :
I assume that you leased the truck, and now want to buy it at the end of the lease. Your lease will have a residual value, which is what you would have to pay for the truck.
You could check with your bank, and also with the company that leased you the vehicle to see what kind of rates and terms you qualify for on a used car loan.
What you are doing is buying the truck, and would be getting a new loan to finance that purchase. If you leased through the dealer financing company, and had a good payment record, they will usually finance the purchase of the vehicle for you. Your bank or credit union may give you a better rate, so shop around.
To be sure that you are doing the right thing in buying the truck, take it to a place like Carmax to see what they will pay you for the truck. Compare that figure (actual wholesale value) to the buyout cost, and you will know if it is a good deal, or if you should turn the truck in.
References :
30 years in the auto business
It depends who it is leased through, Chrysler Financial will not take less than your Lease End Value but some banks will. The best way to know is to look at Autotrader.com, cars.com, and maybe kelly Blue Book at kbb.com. If your price is less than what you find than its a fair deal. You must be honest about the condition of your vehicle as in look at it as thou you know nothing about it and were thinking about buying it on a lot. How are the tires and brakes, Hope this helps
References :
http://www.autotrader.com, http://www.cars.com, http://www.kbb.com
If you believe the truck is worth more than the residual value simply return to the leasing dealer and tell them you want to buy out the lease. The dealer will add a modest profit and process the deal; buying the truck from the leasing company and reselling it to you. They will be happy to arrange financing too. I must add that rarely are lease returns worth the residual value. Get a KBB and throw it in the trash next to a carfax report. Ask the dealer to show you the black book value. It shows only wholesale prices and is published weekly comprised of data gathered from local auctions.
References :
40 years in the business