Question I'm pretty sure that when my lease ends, I will want to buy the car. Will I be dealing only with the finance dept. at the dealership, or will I also have to deal with a salesperson? Thanks
Answer Most dealerships have a lease buy out department. They prepare the paperwork and make sure the process is handled properly. You may need to have a salesperson involved just for the leg work. As you mentioned, you will be talking with the F&I department and they will offer you other products to subsidize your continued use of your vehicle. Item examples are a warranty or of course, a way to finance the buyout. If you know the buyout price a.k.a. the residual value and have returned to the same dealership you should be able to avoid a dealer fee because this is an extension of a previous transaction. My advice would be to call the original lease source and ask them what to expect at the dealership, reiterate your lease agreement and be sure of what you must pay. Some states require a different plate if you change from a lease to a buy so you may have to pay for plates but that should be all that is required in addition to the buyout number. Dealers can ask for more but if you prepare by checking with the original financing source you can avoid surprises. One way to handle the issue is get the total buy out number from your leasing company and take a check to the dealership by arranging your own financing for the exact amount. Get all of the facts before you agree to buy it including shopping the interest rate for the financing. Remember another lease instead of buying your current vehicle, is always an option.
I can answer most any question about buying a car, truck or motorcycle
I was a Sales Manager in the Automobile Industry for 25 years. I worked for Ford, Honda, Mercedes Benz, Nissan and Volkswagen, plus, I was a used car manager for 8 of those years I have also been a sales manager for Harley Davidson for 8 years and metric bikes for 2 years.
Organizations Florida Writers Association, National writers association,
Publications I have had published writing in the Automotive News, Aller Welt magazine (Mercedes Benz), Mensa, Ford times and a few others
I have written a number of books including "The Informed Buyer" This book offers advice on how to get a great deal and avoid the hastles of buying or leasing a car, truck or motorcycle. It is available on Amazon-Kindle or Barnes and Noble-Nook for $3.99
Education/Credentials I have attended hundreds of work shops and seminars within those industries. My formal education is an associates in Business.