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My son has a lease on a RAV4 that is due to end in September. I knew you could move into another lease before the lease expires if you stay with the same brand. Today he got an letter from Nissan offering pretty much the same deal and is available right now. What's the catch? Are they making it up on the back end somehow?
They want to sell a new unit that is sitting in inventory somewhere.
The dealer gets a decent used car.
The factories with their robots keep building and the trucks and trains keep rolling.
They still have to pay the leasing company for the car and the lease payments left. It's probably more a come on, they get you in and crunch some numbers and lock you into a new payment.
On a RAV4 the market value is likely higher than the depreciated value in the lease. You could likely sell it outright to Carmax and make some money.
You might be right. The contract residual is $20K, which for a loaded model is pretty good. I am not sure if he can get much more if he decides to sell it himself. Of course, you need to come up with the 20 grand in the first place.
Yeah selling it outright to a dealer or Carmax simplifies the process. Essentially buy out the remaining lease, take the purchase option, and sell it to them in one transaction.
Whenever a retailer sends you deal, it's a marketing scheme to get you in the door. How you end up working out a deal may be totally different than advertised.
What's the catch? Your time. Someone may find the offer fit their situation and they may not.. the bottom line is it takes up your time.
You might be right. The contract residual is $20K, which for a loaded model is pretty good. I am not sure if he can get much more if he decides to sell it himself. Of course, you need to come up with the 20 grand in the first place.
don't forget sales tax on the 20 grand. that can tilt the decision making
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