Hello all, I'm quite fond of my 2014 Volt - problem is I've managed to rack up 56,000 miles on it lol (36,000 miles lease) Reading some of the posts here I figure I should offer US Bank around $10k to purchase it? Or should it be lower? Thanks!
What price should I offer US Bank for end of lease purchase?
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How much is your penalty for going over 36k miles? I have a feeling you will get pounded. Did your situation/commute change to cause this or should you have never leased in the first place? I won't lease because I drive 50 miles per day, so easily over 12K per year. Plus I refuse to borrow money - I pay cash for my cars
I think you'll be lucky to get it for $13k, but maybe you'll be able to twist their arm to give you a better deal.
I think you'll be lucky to get it for $13k, but maybe you'll be able to twist their arm to give you a better deal.
25 cents per mile - so around $5k. Situation changed 2 months after leasing the car, my daily commute was less than 20 miles (and this for well over 5 years) Family issues caused us to move and commute jumped up. I'm the type to pay cash as well, but I wanted to lease as this was my first electric car.
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So you would have to pay them $5k anyway if you returned the car. Sounds to me that if they will take $13K, it's only $8K more than you would have had to pay anyway. What is the payout right now as it stands today before negotiation?
Try to get them to go down as low as you can, and good luck on hitting that $10k goal.
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What's your residual?
Just beware that not all leasing companies flex at all on the sale price. The reasoning is because they can collect your over-miles fees AND write off the loses when they send your car to wholesale auction.
What price are they offering you right now?
Another option is that sometimes you can negotiate the overmiles into being forgiven by leasing with the same manufacturer. Just don't let the dealer add the overmile payment onto your new lease and call it a day though.
Just beware that not all leasing companies flex at all on the sale price. The reasoning is because they can collect your over-miles fees AND write off the loses when they send your car to wholesale auction.
What price are they offering you right now?
Another option is that sometimes you can negotiate the overmiles into being forgiven by leasing with the same manufacturer. Just don't let the dealer add the overmile payment onto your new lease and call it a day though.
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Have you had the lease termination inspection yet? If not, and you have that many miles over the lease amount you may be in for more of a shock with the additional wear and tear penalty amount. As far as their asking price, I assume they will be basing their asking price on 36,000 miles.
Simple really. See what the car is worth on sell open market or what you can buy same car for is even better. You should be able to buy out lease for stated contract no matter the condition. Say buyout is $13k and worth $10k, still better to buy it vs. paying $5k to turn it in. You could also sell to dealership and might get out paying less or forgive miles if buy new Volt. IF you still like car, keep it and try to get best offer you can.
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137 Posts
The most important question is: Does US Bank know how many miles you currently have on your Volt?
As stated above by others, try to negotiate before they find out how many miles you have. The worst they can say is no. Then call back next week. And the next... Many people here have had success doing this.
According to Black Book, a 2014 Volt (base - you didn't state what you have) with 56,000 miles, is worth $19,000 (extra clean) , $17,300 (clean) down to $15,625 (average). Potential add-ons are Rearview Camera System - $275, Navigation - $500, and Leather - $700.
I'll leave you to calculate where your Volt's value is from there but I do believe knowledge is power in negotiating.
The great news is that, as you stated above, you love the car! If you can get a deal, great. If they insist on you paying the contract residual, then you have a choice to make. Either way, you're going to spend at least $5k pretty soon.
Let us know what you decide.
Joe
Thanks everyone for your inputs. I had some issues with the site so I registered with a new user id (you might see the same question posted under a different name)
So they got back to me and offered a $16k buyout. I counter offered for 13, lol - let's see what they say. KBB shows 2014 Volts @ 55,000 miles valued at 11-12k.
tripowergto 2010 - Yikes, yes they do! I thought that would make them want to offer a lower price.
JoeMap - yes, I love the car and I've taken really good care of it! True about that $5k - which is why I'm factoring it in the price offer they've given me.
GMEV2 - No, inspection not carried out yet. No damage to the car at all - no dings, scratches, nothing. (surprisingly)
llninja - thanks.. will keep everyone posted!
So they got back to me and offered a $16k buyout. I counter offered for 13, lol - let's see what they say. KBB shows 2014 Volts @ 55,000 miles valued at 11-12k.
tripowergto 2010 - Yikes, yes they do! I thought that would make them want to offer a lower price.
JoeMap - yes, I love the car and I've taken really good care of it! True about that $5k - which is why I'm factoring it in the price offer they've given me.
GMEV2 - No, inspection not carried out yet. No damage to the car at all - no dings, scratches, nothing. (surprisingly)
llninja - thanks.. will keep everyone posted!
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On a buyout they normally won't require an inspection.
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Think about it. They know you're way over mileage and can charge you a DEFINITE $5000 extra mileage charge. Why would they lower their buy out to you, when you devalued the car further then expected?
True, I assumed they would automatically have the mileage updated because of Onstar and the maintenance carried out. Ugh.
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