Hi All, my 2017 F type lease ends in about two months. The lease is with Chase Bank thru JLR. I am inclined to buy the car as we love it, plus its only at 13000 milers. However, the residual is about 6000 higher than what I think the car is worth. I am willing to pay a bit more than residual, but not 6K.

Any thoughts on what I can do to get the payoff/purchase done? My feeling is that Chase has no incentive to lower the residual, and the same goes for the dealer. What I am being told is that Chase will wholesale the car.

Any thoughts?

 

My lease expierince is they don't negotiate pay off even when auction price is lower.

 

From my experience big banks like Chase won't change there policies even if they lose money. I'd be surprised if they negotiate with you.

 

The bank will not negotiate the residual. That said, the dealer is offered the car at a market based adjustment, which is essentially wholesale. Often you will have success approaching the dealer and offering to buy the car from them for $1000 over the market based adjustment. If one dealer says no, try another. The whole idea is this is an easy $1000 for them. Also, what are your payments and what is your residual? Mine is around $46k on a 17 base manual convertible. I think the car should trade in the 35-37 range with 30k miles. My ftype is up in april and I am planning to extend for 6 months as my payment is ridiculously low. I expect to come out ahead by waiting to buy the car in the fall. If not, I will probably buy another one and still take advantage of the seasonal dynamics of buying a convertible in the fall.