Your lease car is probably worth more than the agreed upon purchase price. You might be able to leverage that to make a few bucks.
Hmm, you mean pay the residual and sell it used?
One reason I got the lease was to avoid having to sell.
So this idea made me over $6000.
It never occurred to me to pay off the amount at the end of the lease to keep the car and then re-sell it to a dealer in the HOT used car market.
Thanks a bunch traveler!
Online quotes showed prices well above the pay off amount for me to keep the car.
First couple of dealers tried to low ball me. I still would have made a profit but not nearly as much as I ended up making.
What is odd is, they can look up the VIN and find what my payoff is. Even odder, they are logging offers they make on a car.
For instance, one dealer told me that they knew what I was offered on the first appraisal. Except they were wrong, the first dealer offered me well under the figure. But then they said they were probably authorized to offer that much but offered me well below it.
I can understand dealer groups like AutoNation knowing what offers were made on my used car. But I don't understand how they knew what dealers outside these groups offered.
In any event, the second dealer said I'd make over $4500 if I took their offer.
I told them I'm inclined to check with others because their offer was well below the Car Max and Kelly Blue Book offers.
The third dealer said they'd give the KBB offer so I took it. Maybe they didn't know what the second dealer offered after all. They're right next to each other but in separate groups so maybe the first and second dealers were in the same dealer group though I didn't think that was the case.
Here I was worried that I'd have to pay to return the car because there was a ding in one fender and a small chip towards the bottom of the windshield. Otherwise the car was in great condition, only 11k mileage after 3 years.
Now I wouldn't be surprised if they can make $10k on it.
But they said they don't have any new cars, they've been making money for awhile just on used cars. They will not ship it to another dealer in the dealer group network, they will sell it there, even though it's a different brand than the one they sell.
Makes you think that they probably track new car negotiations the same way, probably by the driver's license number of the potential buyer.