My lease is up in Feb. on my 06 Screw. I planned on buying it from the start, but my question is , now that the truck market slowed and I'm sure the residual is lower than expected, can you make a deal on the buyout price. This is my first lease so thats why I ask. I figured someone might know something. The truth is I'd be better off turning it in and buying an 08 with the financing they are giving, but I only have 15000 on the truck and Ive done alot of custom stuff to it that I dont feel like taking it off and putting it on a new truck. Any help would be greatly appreciated. Thanks, Mark

 

You'll only know if you ask. With the market down like it is I would be surprised if they DIDN"T. I worked with a guy who had a leased F-150. He didn't want to pay what the residual was so he went out and bought another vehicle so that he had something to drive when he turned this one in. This was several years ago and the market was down at the time. When he went to turn it in they wanted him to buy it and even offered it to him for about $2k less than residual- but- too late. I would talk to them about it at least a month or so before the lease is up so you have time to do something if they don't budge, but I'm betting they will- they don't want that truck back in this market and economy.

 

I too had come off a lease on my '06 explorer, thinking I would never buy this vehicle because the residual would be way too high (I got a real good lease term). Anyway, I couldn't touch a new vehicle or lease for what I ended up getting the explorer purchase for.
They dropped the residual $4,500.00, and since this has been a stellar truck with only 24k miles I bought it (also bought the premium care extended warranty for around 1k). My dealer usually off-loads all the lease turn-ins, so on my past trucks a buy wouldn't make sense because they were not interested in selling, but now with gas, etc. it ended up being a good time to buy out.

 

You can pay less than the guaranteed residual price, buy you will have to negotiate that lower price yourself.

The dealer can buy that truck and resell it, or hand it over to the auction block and buy it back at the auction price.

I don't know how they determine the price, but I'm sure it has to be higher than what the vehicle will sell for at the auction.