Lease Buyout Negotiationable?

[Mister Lamb]

With the value of Gladiators dropping, my 21' Willy's JT is currently valued at $29k with 15,750 miles.

At the end of my 39-month, 39k mile lease, I was given a buyout option of 33,500 + an extra $500 fee putting it at $34k.

Most of what I've been reading is claiming the contractual residual values can hardly every be negotiated.

Anyone have any advice on this? Would like to purchase my truck at lease end but definitely not at $34k

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[DirkG]

Wow, 15K miles is very low. I feel your pain on what to do.

I'm not sure whom your leasing bank is (mine is USA Bank), but I know USA Bank nor Honda/Acura Financial negotiates on lease payoff. The residual amount that you signed for in your lease agreement is the price you'll pay. Every leased car is insured, so if they don't get the residual value from you (existing owner) or an auction house, insurance covers it. Therefore they have zero reason to negotiate. They will get paid (unfortunately for us).

Someone may have had another experience, but I've been leasing cars for over 20 years and have never been able to negotiate a payout (although I've tried).

 

[Guns_N_Rosaries]

Unfortunately you're kinda stuck with whatever you agreed to. The only time a dealership might do that is if it'll work out in their favor, but getting back a hardly used '21 with 15k miles on it works out too well for them in this case.

 

[Yellow1098]

I just went through the same thing……I ended up buying out my lease for 34k after fees and taxes….. I looked at lots of 23‘s with the current deals and they were still more money with less options after fees and taxes and the awful rates……would rather have a closer to paid off truck the way I want it then a more expensive less optioned 23. And I tried to negotiate believe me

 

[High Alextude]

Take a nice, long cross-country trip and rack up some miles before you hand the keys back over to them ?

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