Some drivers trying to buy out their lease after 3 years are learning it can cost thousands of dollars more than they were first told
Let's say it's time to turn in your leased car. Do you buy the car outright, since getting a new one right now is so difficult?
So she decided to purchase it when the lease came up, especially since she was originally offered a great buy out of $15,567.But it wasn't. When she sat down with the dealer, she learned it would now cost $19,834 to purchase her own car."That was about $4,300 more than what I should have paid," she said."They said 'since you are financing it, we have to buy the car from Honda, so they are charging us a fee, so we have to charge you a fee.
"The dealers know the value of these cars is far higher than it was 3 years ago when that residual value was written into the contract," Brauer said."And it is probably painful for them to have an empty lot, and watch an existing customer come in and scoop up the car for a residual value from 3 years ago."Tariah Wiley decided to tell the dealer a contract was a contract.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How the Great Salt Lake soon could be powering your phone, computer and carWith the Great Salt Lake’s two largest mineral companies ramping up to harvest one of the world’s hottest commodities — lithium — bits of the lake soon could be found in your phone, laptop and car battery.
Read more »
Car Prices Expected to Remain Elevated in 2022, Prolonging Buyer PainExecutives attending the New York International Auto Show say inventory constraints will continue to affect the availability of new and used vehicles.
Read more »
Firestone man grows Hot Wheels car collection to more than 30,000A Firestone man with more than 30,000 Hot Wheels cars is hoping to spark some local interest in the craft and grow the Rocky Mountain Hot Wheelers Club.
Read more »