For many cars it’s worse, yes.
In other news. 2019 has been extended and most numbers on those are similar so best value is there now.
Someone interested in taking over my BMW lease just told me he called BMW FS and was informed they’ll be resuming transfers starting 4/13 now.
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Finally some good news!
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I can only imagine the psychological scars we will be left with when this nightmare is over
My lease ends (VW eGolf) on April 10th and no one at VW Credit or at the dealership will tell me what I can do. I don’t want a lease extension (and can’t afford more payments), the registration is expiring as it my car insurance.
Any suggestions on who I can call for help? I have email VW every day for the last week and called the dealership – they tell me to call VW Credit. VW Credit tells me to call the dealership.
They can’t force me to extend the lease, right?
Is it confirmed they are going to resume? I tried to ask them and they said that they are going to essentially “consider” it on the 13th.
No, not confirmed. This is just what one individual who called FS told me - the response you received seems plausible.
Ugh. I called CA DMV and they seemed very laxed like they could still handle the lease transfer. They didn’t see what the big deal was.
Lease extension? You satisfied the contract that you’ve signed. It’s now their car and not your problem. Call the bank see if they can arrange pick up from your house.
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While no screaming deals are out there (yet) for new cars, I am starting to see some movement on used prices. New car prices are set by auto makers and dealers. Corps which know there will be bailouts coming. Used prices are set by individuals who are out of work and can’t afford the monthly payment. The latter group is much more motivated to sell at a low price if need be.
Michael thank you for taking the time to share all of this info in one easy to find thread. There are so many good points such as the one above. A ton of stores are closed and those that are open have laid off massive numbers of employees. There is no reason for dealerships to chase a volume target that will never be reached.
Basically, if you can get the same deal now that you were offered 30-60 days ago and the dealership is still open and practicing safe delivery procedures, that is what should now be considered a unicorn deal!
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There is a lot of uncertainty now, and potentially down the road. So I decided to take the “a bird in the hand is worth two in the bush approach”. Plus all this stay at home time allowed me to make the deals I wouldn’t usually have had time to research and pursue. I can now just be a casual observer.
I like a good deal as much as the next person. And would usually not want to pay over market. So I’d rather be doing deals that allow someone to put food on their table, rather than them liquidating their business or lives.
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I called BMW Financial, they are offering 2 months payment deferral (can be paid anytime during lease life), WITHOUT a maturity extension. Hopefully they follow suit with the other manufacturers pushing back the maturity date
I have a lease ending with Ally soon. I called up and they are offering a free 30 day extension, which I took.
And after that there is up to 6 months extension, with the same terms as the existing lease payments.
This thread is packed with lemonaid-stand misunderstandings about how the car business works.
No and if’s been discussed multiple times.
Car dealerships aren’t lemon-aide stands: your friends don’t seem to understand who owns what, and when.
Thank you. We brag about the unicorns because they’re rare.
The dealers would roll up the point and send all the cars back first.
And the manufacturers aren’t building cars. And the carriers full of cars aren’t dropping full allocations off.
Let us know what they tell you when you call and ask. Anything is possible.
Good news!
If the dealership is closed, call VW credit and tell them the dealer isn’t accepting lease returns and ask them how they plan to take their car back on time?
If the dealership is open at all, ask them how you drop off a lease return. If they say they aren’t accepting them, tell VW Credit.
This finger pointing circle isn’t unusual even in good times. But no they can’t make you keep your fabulous eGolf.
Another lemon-aide-stand. Respectfully: individuals have almost no control over pricing in the used car market. They might turn the last 9 into a 7, the rest is the marketplace of used car suppliers (fleet and lease returns), auctions, and places that generate pricing data from those transactions. Even if you bought and sold 100 cars on Craigslist, their pricing derived from the pricing set by the market (where do individuals get their pricing information?)
The Fire Sale tire kickers 
are eating into the dealerships capacity to sell cars to people who want and need them. Using their logical arguments built on false premise and the flimsiest of data, they will greatly outperform the LA Times and their mythical 3-5% off MSRP target.
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It is all very simple. Dealers looking for the gross at this point not volume, maybe it will change later but not any time soon. They had very bad March, why would they would not conpensate it in April and May?
Another lemon-aide-stand. Respectfully: individuals have almost no control over pricing in the used car market. They might turn the last 9 into a 7, the rest is the marketplace of used car suppliers (fleet and lease returns), auctions, and places that generate pricing data from those transactions. Even if you bought and sold 100 cars on Craigslist, their pricing derived from the pricing set by the market (where do individuals get their pricing information?)
LOL what?
I was talking about individuals desperate for money are selling their cars cheap.
But I guess some people just have a need to argue with everyone.
Right. Even if they are selling them for cheap? Relative to what? And how cheap?
There are two prices: what they think it’s worth, and what the market will pay.
While you are hoping that people in distress will take fire sale prices to sell their car, they are still getting their price from somewhere, and more often that not it’s somewhere between the market price and what they think it’s worth (whether it’s because they owe more, or they value something about the car above market).
If KBB says my POS is worth $10k and I want to sell it fast, nobody is listing it for $5k to start, they also want the best price they can get for it. They’re probably starting it at or just slightly below and working down from there
Will a few poor slobs sell their good used car, that is paid off, for far less than it’s worth? Sure a few will. But the vast majority are not pulling a price out of the air: they are looking at the pricing guides and what others are selling for.
The price deflation you want in private used cars isn’t coming as fast as you would hope, especially with so much payment deferment being offered.
Maybe I didn’t ask the right question at the top: do you own one of those payday lenders that gives cash for car titles? Then you might have access to the slice of the market you’re looking for. But they are around even in good financial times.
You’re right that it is very simple. But dealers aren’t trying to “compensate for March”. No matter how much gross we make it will not be enough and no matter how many cars we sell it will not be enough. Our dealership is really only open to ensure we can help buyers that are in need and to take care of our employees and their families. We will politely decline unrealistic offers and make sure we assist those that still see the value in our pricing/services.
So many stores (including Penske and Autonation) have laid off or furloughed 80% or more of their staff and so far Hendrick Automotive Group has really come through! I can’t brag enough about the company I work for. I hope that there are other stores out there that are able to do the same.
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Agree with that both demand and offering are going down for new cars. And if 10 persons do not make used car market, 6 million people already filing for unemployment benefits in US will likely affect market. Not immediately though. Really depends on how we recover.
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