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Old 03-27-2014, 05:13 AM
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Helping a friend out of a lease

Guys,

I am going with a friend today to help her purchase a car that she has been leasing. Her lease is almost up and does not want to go this route again. I am going to make sure she doesn't get taken advantage of. I know absolutely nothing about leasing cars as I have never done it.

Here are the questions that I have so that I can try to get her a fair deal.

Who will I be dealing with when purchasing a leased car, the dealership or manufacturer?

Are prices of these types of cares usually negotiable?

When negotiating a price should I be basing it on how much is owed based on her lease terms or based on the market value of the particular car at the present time?

The lease is on a 2011 Toyota Carolla Through a Toyota dealership. She is slightly over her average millage agreement. How much of a fine per mile over should I expect?

Any other advice is much appreciate!
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Old 03-27-2014, 05:42 AM
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Almost all normal lease agreements have the per mile overage penalty written in the contract. Some are pretty harsh, others are more reasonable.

Some also have the purchase price stipulated as well. It all depends on the lease agreement.

Also the contract may have excessive wear/maintenance penalties. It really depends on the individual lease terms. Sometimes it's better to just turn the car in and purchase a comparable car elsewhere.

Blue book the car, and start from there. Leases sometimes are not such a good deal in the end. But, anything at dealerships is usually negotiable, so offer them whatever you're willing to pay, the worst they can say is no.
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