Lease End - Looking for Insider Insight
08-07-2008, 01:47 PM
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Lease End - Looking for Insider Insight
This coming spring marks the end of my lease on a 2006 RX-8 GT. I'm in Edmonton.
In all likelihood I'm simply going to turn it in and walk away. I have no problems with the car - it is what it is, and it has been perfectly fine. No glitches, no problems. In the last three years, though, I've found I'm slowing down, and missing interior space more (for shopping and such).
So when I look at the residual, I find myself disinclined to buy out the vehicle. Perhaps the lease was for the best.
That's not to say, however, that I wouldn't be inclined to change my mind if the residual could be negotiated downwards.
So, two questions.
1 - Do canadian dealerships negotiate residuals at lease-end?
2 - Do canadian dealerships carry residual insurance that covers the difference between wholesale auction price and contract residual value?
I'd assume that the dealerships aren't too keen on getting back a bunch of RX-8's in an economic climate where fuel economy has become such a priority.
In all likelihood I'm simply going to turn it in and walk away. I have no problems with the car - it is what it is, and it has been perfectly fine. No glitches, no problems. In the last three years, though, I've found I'm slowing down, and missing interior space more (for shopping and such).
So when I look at the residual, I find myself disinclined to buy out the vehicle. Perhaps the lease was for the best.
That's not to say, however, that I wouldn't be inclined to change my mind if the residual could be negotiated downwards.
So, two questions.
1 - Do canadian dealerships negotiate residuals at lease-end?
2 - Do canadian dealerships carry residual insurance that covers the difference between wholesale auction price and contract residual value?
I'd assume that the dealerships aren't too keen on getting back a bunch of RX-8's in an economic climate where fuel economy has become such a priority.
08-07-2008, 03:39 PM
#3
Grand Chancellor
I'd assume that the dealerships aren't too keen on getting back a bunch of RX-8's in an economic climate where fuel economy has become such a priority.
Mazda does not negotiate buy outs. Most auto mfg do not even handle lease. It is contracted to a financial type institution that has customer reps who care less about your car when you call in the 1-800 number. Personally I think it is loss opportunity because the mfg could've try to sell you something or have you buy the car.
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