Q: I want to buy a leased car at the termination of the lease.
The lease documents say the residual value is $11,986. The dealership is saying it would cost me $15,454. Can they charge more than the residual value?
A: They can charge only according to the contract terms, nothing more. Also, this is not a matter of what's on the law books, but rather what's in the contract. So ask them to point out the term(s) on which they are basing the additional charge. If they point out such term(s), but you are not sure if they are correct, schedule a consultation with an attorney handling contract or consumer issues.
Bruce Alexander Minnick agrees with this answer
A:
1. The lease contract lists and explains all the "lease-end" charges that the dealership can add to the residual price which is also listed clearly on the contract.
2. Based on my own personal experience buying cars after the lease ended, IMO the $3,468 difference in this situation is too much. This tells me the dealership is probably trying to take advantage of the recent increase in used car prices.
I have seen this same situation before, and have helped some clients stop this from happening.
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