End of lease coming up; what offers can I expect from Genesis?

[dynot]

Although I've leased vehicles before, the one I currently have is my first with Genesis. My previous vehicle with Lexus was also leased and I got a call from my dealer rep a few months prior to the end and wanted to discuss my options. He was making some pretty attractive offers to lease another Lexus but since I wanted the G70 I refused the offers and told him I would just be returning it. Other dealers I've leased from have made similar offers but at various times before the end of the lease. One even made me an offer a year in advance!

So for those of you who have leased with Genesis what is their practice? Will they make an offer to lease or buy another one of their vehicles and if so when do they do this? I'd like to hear particularly from Canadians but US leases are probably similar. Thanks.

 

[EdP]

Although I've leased vehicles before, the one I currently have is my first with Genesis. My previous vehicle with Lexus was also leased and I got a call from my dealer rep a few months prior to the end and wanted to discuss my options. He was making some pretty attractive offers to lease another Lexus but since I wanted the G70 I refused the offers and told him I would just be returning it. Other dealers I've leased from have made similar offers but at various times before the end of the lease. One even made me an offer a year in advance!

So for those of you who have leased with Genesis what is their practice? Will they make an offer to lease or buy another one of their vehicles and if so when do they do this? I'd like to hear particularly from Canadians but US leases are probably similar. Thanks.

One thing I'd do for sure is to get offers from Carvana, Vroom, etc. With the price of used cars you may do well to buy it and sell it to the dealer. At least know the amount for bargaining purposes.

 

[dynot]

One thing I'd do for sure is to get offers from Carvana, Vroom, etc. With the price of used cars you may do well to buy it and sell it to the dealer. At least know the amount for bargaining purposes.

I'm not sure I understand. Are you saying to buy the car now at its residual value and then resell it to the dealer? Why would they agree to do that? I have in the past bought a leased vehicle for the residual value and then sold it to another person at a slightly higher price (I take very good care of my cars). Is this what you mean?

My lease ends next year so I think the dealer would prefer to keep me locked in as long as possible and then make offers toward the end to incentivize me to lease or buy another of their vehicles. I'm just wondering when does Genesis start getting aggressive with their offers.

 

[EdP]

I'm not sure I understand. Are you saying to buy the car now at its residual value and then resell it to the dealer? Why would they agree to do that? I have in the past bought a leased vehicle for the residual value and then sold it to another person at a slightly higher price (I take very good care of my cars). Is this what you mean?

My lease ends next year so I think the dealer would prefer to keep me locked in as long as possible and then make offers toward the end to incentivize me to lease or buy another of their vehicles. I'm just wondering when does Genesis start getting aggressive with their offers.

Step 1:Know the actual trade in and value to a reseller.
From there you know what it will cost (residual) and what it can be sold for. Why would the dealer do that? If he can buy it from you and turn a profit he will do that. So will Carvana, Vroom, other car sellers.

You can just turn it in but that may not be the most fiscally responsible thing to do. The market is crazy right now so jump on it.

 

[dynot]

Step 1:Know the actual trade in and value to a reseller.
From there you know what it will cost (residual) and what it can be sold for. Why would the dealer do that? If he can buy it from you and turn a profit he will do that. So will Carvana, Vroom, other car sellers.

You can just turn it in but that may not be the most fiscally responsible thing to do. The market is crazy right now so jump on it.

Thanks Ed