Radio today: Truck demand goes south - Any rumors?

[firsttimetahoe]

I have a 2019 Silverado HC V8 lease that just ended, I got offered $5700 cash by a dealership for me to turn it in there. My new 22 Silverado HC that should be here any day has gone up $2300 since I ordered it, so no, I do not think the truck market is going down.

We’re you able to do it? Most banks that do financing, as well as the manufacturers who offer financing have blocked 3rd party lease buyouts.

They are greedy and would rather sell it themselves at a higher price then let a 3rd party do it lol

 

[Banks22]

We’re you able to do it? Most banks that do financing, as well as the manufacturers who offer financing have blocked 3rd party lease buyouts.

They are greedy and would rather sell it themselves at a higher price then let a 3rd party do it lol

I’ve never heard of that, I was given The offer last night and $2200 from another dealer. I know both salesman very well, I plan on turning it in this week. My new truck was supposed to be delivered 3/31 but hasn’t shown up yet...

 

[firsttimetahoe]

I’ve never heard of that, I was given The offer last night and $2200 from another dealer. I know both salesman very well, I plan on turning it in this week. My new truck was supposed to be delivered 3/31 but hasn’t shown up yet...

It’s getting a lot more common. Obviously when you lease a car you don’t own it, the bank does. More and more are not allowing a third party car dealerships buy out your lease, because they know they’re going to sell it for more than your buyout price and make a profit.

You should actually call whoever it is you financed through and see if you can even do it. I tried to do it, dealers assured me they could, and it turned out i wasn’t able to.

If that’s the case they’ll just tell you - well you can still “trade your car in” to get a new car today - usually they’ll offer to pay your remaining lease payments and then return the vehicle on your behalf. An issue there could be if you have excess wear and tear you’re still on the hook - and since you won’t be there when the car is turned in you can’t be there to say well XYZ wasn’t there when I gave you guys the keys.

You may want to see what your car is worth if you were to sell it through Carvana or Carfax. And if it makes sense, buy your lease out and then sell it for a profit (just make sure you take into account the taxes you’ll also have to pay to buy it out)

 

[Doubeleive]

Not yet but there is a crash coming, whenever gas prices go up dealers shuffle the little economy cars to the front and big suv's to the back, list the best sellers, etc
that's just how the game goes, chip shortage will end presumably within the next 12 months.

 

[Banks22]

It’s getting a lot more common. Obviously when you lease a car you don’t own it, the bank does. More and more are not allowing a third party car dealerships buy out your lease, because they know they’re going to sell it for more than your buyout price and make a profit.

You should actually call whoever it is you financed through and see if you can even do it. I tried to do it, dealers assured me they could, and it turned out i wasn’t able to.

If that’s the case they’ll just tell you - well you can still “trade your car in” to get a new car today - usually they’ll offer to pay your remaining lease payments and then return the vehicle on your behalf. An issue there could be if you have excess wear and tear you’re still on the hook - and since you won’t be there when the car is turned in you can’t be there to say well XYZ wasn’t there when I gave you guys the keys.

You may want to see what your car is worth if you were to sell it through Carvana or Carfax. And if it makes sense, buy your lease out and then sell it for a profit (just make sure you take into account the taxes you’ll also have to pay to buy it out)

It’s through GM financial. I don’t want to buy it out cuz then I lose $1500 lease loyalty rebate, my truck is in excellent condition too so they can’t ding me for excess wear. I’ll talk to my buddy who made the offer, should be good with everything. My bro-in-law turned his Silverado lease into same dealer 3 months early in December and they gave him $2,000 and he walked away, got a f-250 lol

 

[firsttimetahoe]

Not yet but there is a crash coming, whenever gas prices go up dealers shuffle the little economy cars to the front and big suv's to the back, list the best sellers, etc

People are still paying over MSRP for these cars that cost as much at 70-80k.

Escalades apparently have a $25k markup and dealers can’t keep them on the lots.

 

[firsttimetahoe]

It’s through GM financial. I don’t want to buy it out cuz then I lose $1500 lease loyalty rebate, my truck is in excellent condition too so they can’t ding me for excess wear. I’ll talk to my buddy who made the offer, should be good with everything. My bro-in-law turned his Silverado lease into same dealer 3 months early in December and they gave him $2,000 and he walked away, got a f-250 lol

Based on this article, it appears you cannot do it as of July 1st of 2021

Attention! GM Financial Will Stop Third-Party Buyouts on July 1, 2021

leasehackr.com

 

[Doubeleive]

People are still paying over MSRP for these cars that cost as much at 70-80k.

Escalades apparently have a $25k markup and dealers can’t keep them on the lots.

that's why I said "not yet" but it's coming, all that markup is going to come back and bite people in the @ss

 

[altona]

My dealer firmed up my 2 trade- in numbers 3 days before delivery. He raised the pair $2900. None of the online players could match it with the full sales tax credits factored in.

Also, it appeared the sold them both in 3 or 4 days as they are off of the web page inventory.

So, there is no sky falling in yet, chicken little.

 

[Banks22]

Based on this article, it appears you cannot do it as of July 1st of 2021

Attention! GM Financial Will Stop Third-Party Buyouts on July 1, 2021

leasehackr.com

Idk man. Every dealer is buying leases out around here so I’m not too worried about it