Lease buyouts
06-08-2016, 10:50 AM
#1
Lease buyouts
I originally posted this in the C7 for sale/wanted section, but I figured some of these questions might be able to be answered from other forum members not necessarily looking at buying/selling a C7.
I was wondering if anyone was familiar with lease buyouts and how the process works. I know that next spring a lot of the leases on the 2014 C7s are going to be up. I'm hoping to get into my first Corvette and after settling for many years, I think it's finally time to take the leap. That being said, I think the most affordable way to make the jump is to find someone whose lease is running out next Spring and trying to buyout the car on the lease. I have seen a few lease takeovers advertised and the buyout is right at my budget line, so it would be ideal. Is this something that's even feasible? If so, is there anyone on the forum that would be willing to do this that's planning on turning their Vette in at the end of lease anyway? Thanks in advance!
I was wondering if anyone was familiar with lease buyouts and how the process works. I know that next spring a lot of the leases on the 2014 C7s are going to be up. I'm hoping to get into my first Corvette and after settling for many years, I think it's finally time to take the leap. That being said, I think the most affordable way to make the jump is to find someone whose lease is running out next Spring and trying to buyout the car on the lease. I have seen a few lease takeovers advertised and the buyout is right at my budget line, so it would be ideal. Is this something that's even feasible? If so, is there anyone on the forum that would be willing to do this that's planning on turning their Vette in at the end of lease anyway? Thanks in advance!
06-08-2016, 03:20 PM
#3
Melting Slicks
I originally posted this in the C7 for sale/wanted section, but I figured some of these questions might be able to be answered from other forum members not necessarily looking at buying/selling a C7.
I was wondering if anyone was familiar with lease buyouts and how the process works. I know that next spring a lot of the leases on the 2014 C7s are going to be up. I'm hoping to get into my first Corvette and after settling for many years, I think it's finally time to take the leap. That being said, I think the most affordable way to make the jump is to find someone whose lease is running out next Spring and trying to buyout the car on the lease. I have seen a few lease takeovers advertised and the buyout is right at my budget line, so it would be ideal. Is this something that's even feasible? If so, is there anyone on the forum that would be willing to do this that's planning on turning their Vette in at the end of lease anyway? Thanks in advance!
I was wondering if anyone was familiar with lease buyouts and how the process works. I know that next spring a lot of the leases on the 2014 C7s are going to be up. I'm hoping to get into my first Corvette and after settling for many years, I think it's finally time to take the leap. That being said, I think the most affordable way to make the jump is to find someone whose lease is running out next Spring and trying to buyout the car on the lease. I have seen a few lease takeovers advertised and the buyout is right at my budget line, so it would be ideal. Is this something that's even feasible? If so, is there anyone on the forum that would be willing to do this that's planning on turning their Vette in at the end of lease anyway? Thanks in advance!
06-08-2016, 03:29 PM
#4
Very feasible. Probably as it gets closer to the time you are ready to make a move, put your ad out there that you are interested in buying out a lease that is coming up. I don't think there are an abundance of 2014's that were leased as the lease rates weren't too attractive at the time (they aren't too attractive now, but there are more leased vettes out there now than before). Look at it from the view of the person that leased their car. They can turn in to the leasing company at the end or if you are offering more than the residual value buy out, then it could make sense for the deal to take place. The residual value buy out is usually at or around the wholesale value of the car...that a dealer may pay.
Thanks for the input, it definitely sounds doable. I looked into leasing and it really isn't much better than just financing. I guess the biggest thing would be what I would be able to offer over what the dealer would offer in return incentives (if any, toward the next lease). But I'm hoping to maybe score a deal without having to pay the dealer several thousand to be the middle man.
06-08-2016, 04:32 PM
#5
Melting Slicks
Member Since: Dec 2008
Location: Mount Airy NC
Posts: 2,073
Received 560 Likes
on
379 Posts
C7 of Year Finalist (performance mods) 2019
You may want to look at penfed and see what their smart buy program can do for you in pricing on a new vette or a used vette as it can be 2 years old. Very reasonable rates! If your not a member there is a very simple way to become a member. Pm me if you wanna know how.