Did he say he would buy the car from you for $60k or that you can sell it to someone out in the ether for $60k?
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Are you not reading the post? When the contract was signed, the residual value was calculated at 48k, but in the current market, the car is worth closer to 60. Sure, they can force me to pay the miles if I turn it in, but I can also buy a 60k car for 48k from them, eliminating their opportunity to flip the car for profit. It seems to me it would be in their best interest to sell the car, rather than me buying it, no? That’s what I’m asking. Not sure why you are using terms like “abiding” and “penalties” because it has nothing to do with that. I’m asking about something that can be negotiable, and by the messages on this post and private messages, I do have several options to get out of the mileage fees.
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I’m too poor to know what the market value for used Porches, but I have to wonder if your dealer truly believes your can be sold for $60k, why your dealer doesn’t just pay off the car + pay mileage overage and then flip it for profit? Are they not allowed to payoff as a 3rd party per your leasing contract?
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He said I could sell it for $60k. I’m asking if I should approach them and say, “you said the car could easily sell for 60k. I’m not willing to go through the leg work to do it, but I will if I have to pay the mileage overage fees. I would turn the car back in if you would eliminate those fees, otherwise I’ll just buy the car.” Was trying to gauge if others had similar experiences and if they were successful/unsuccessful.
Gotcha. He bloviated with a useless data point. Until he’s willing to cut you a check for $60k for the car, his opinion is useless.
The only data points for pricing that matter are the ones that are actionable.
Ask him how much he’ll buy the car from and compare that to the dealer payoff.
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It sounds as though you have sufficient cards in your hand then. Best of luck.
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You said OP was negligent. He wasn’t.
I’m not sure. This seemed to be a relatively new salesman who called me and asked what I wanted to do towards lease end. He seemed very interested in getting me into another Porsche, but when I mentioned I may be going with another car make, he literally said, “you could buy the car and sell it for 60k tomorrow if you wanted.” Not sure how I should interpret that
I think that will be my next course of action. If he says it will sell for 60k, I don’t see why he wouldn’t be willing to buy it out for 48, which would solve me mileage fee problem. Thx
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Thanks. I don’t think I’m negligent. I knew I’d be over miles by a bit and fully planned on paying a couple grand in fees, but when the car is potentially worth 10k more than the residual, I think it’s prudent to try to save 3-4K lol
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Not sure how the dealer gains by him saying that and me buying the car lol. That both eliminates their opportunity to flip it for profit and doesn’t get them 4K in mileage overage
I had a few private messages about this already. Lol
Is it really worth $60k?
I am sure you are aware that the advertised price and the recorded sale price of a car are two different things.
You would just ask them the cost to prepay for miles before your lease ends.
EDIT: You could also find out from Porsche Financial whether the amount quoted for a 3rd party buyout will be the same as your personal buyout (RV).
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The overage is between you and the bank. The dealer has no stake in that. So putting that aside, if the dealer was actually able to flip it for a substantial profit as they may have suggested to you, I am certain they would have made you an offer.
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The dealer gets $0 in mileage overage, no matter what you do.
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I was a little confused with it being a Porsche dealer and going through Porsche financial. I foolishly thought they were one in the same. Based on the responses in the post, I think my next step will be to approach the dealer about them buying it out, so I can walk away without fees.
Ok, I thought Porsche financial and Porsche dealer were one in the same(more or less). I understand now
Not at all. Dealers are independently owned and operated businesses. Your lease is between you and the bank. The dealer ceased to be involved the moment you drove off the lot the first time.
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Good plan. And you can approach multiple dealers to see if they would like to buy it out before your lease ends. You are not necessarily limited to only one dealer. Unless I am wrong about Porsche Financial’s policy.
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