My lease is up in the next couple of week. I had a 36 month lease, with a residual of $12,479. I went to the Volkswagen dealership I leased the car from today to talk numbers and decide whether I wanted to lease again or purchase. When discussing purchasing I was given the selling price of $13,942. This was of course coming from the guy in the next office looking at financing, and was being brought to me by the salesman. When I asked why this number was higher than my residual he went and got the finance “person” and brought him in the office. I asked why this number was higher than the residual and was told that the residual value is the price that I would have to pay, in cash, if I were to buy the car directly from Volkswagen. This is not the price I could actually finance the car for from the dealership. Is this the case? I feel like he is trying to pull one over on me. Help would be GREATLY appreciated. I left the dealership VERY frustrated because the numbers were much higher than I was expecting— both for a new lease and for a purchase.
Call Volkswagen credit and purchase the car directly from them; they won’t markup the agreed-upon residual
I wouldn’t even talk to the dealer again (unless its to gloat that you got the car from Volkswagen for the residual); they’ve burned that bridge in my opinion
Thanks so much for the reply. I can still finance through Volkswagen credit, correct? I won’t be required to purchase straight with cash like the dealer stated?
You don’t have to purchase cash from VW.
Any bank offers “Lease-Buyout” loans.
The bank then will send the check to VW and then you will be making payments to the bank.
It’s that simple.
Btw, you don’t even have to call VW. Just go online to their finance site and login to your account if you set one up.
Then, there is an option there to request a payoff letter and with that letter you just go to the bank to obtain a loan.
I think it may have some added things like sales tax on the residual.
Technically it’s legal, but not ethical. What they are probably actually planning on doing (while assuming you are a sucker) is to buy the car from VW at whatever the buyout price is for them (likely the residual), then re-sell it to you at a marked up rate while also trying to make you finance through them. So they are trying to screw you 2 ways (sale price and financing).
Tell them to pound sand and just deal with VW credit directly if you want to buy out your lease.
What is the name/location of the dealer?
Molle VW in Kansas City, MO
I gave my business to another dealership. Not only did they try to screw me in regards to the sales price/ lying to me about my options on my buy out, but I have come to realize how much I got screwed by them on the original lease term. I was a first time leasee/ buyer in a total panic due to my car dying on me after a cross country move. I should have been more informed, but was advised that putting $6,000 of equity on a lease was not a bad move. Really crappy ethics from this place. Again, my fault-- but I do feel you should be able to rely on the dealership for some sound advice. Especially in the complicated world of car buying. Needless to say, will NEVER give them my business again. Complete crooks.
I far as I’ve seen in life - there is no one better to trust your money with but yourself.
Everyone else has an angle with their own interest in mind.
If their interested align with yours it would be less of damage that otherwise.
Car dealership doesn’t have interest align with buyers interests.
There is nothing to trust there.
Not always the case