Lease end during pandemic

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Apr 11th, 2020 9:45 am

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Apr 6th, 2020 12:17 pm

yurko [OP]: Newbie; Mar 22, 2010; 9 posts; 5 upvotes; Toronto

Apr 6th, 2020 12:17 pm

Lease end during pandemic

Hi all,

With my lease end coming up in April, I am having a problem getting through to Subaru and the dealership is closed. Can anyone shed any light on what happens if I want to purchase at the end of the lease? Will the dealer give me the residual value figure in my lease agreement or is there a negotiation? Are there any extra fees or taxes to worry about?

I was told to ask for a lease extension but is this a favourable option and will this reduce the residual value that I ultimately will pay?

Should I just return the vehicle? Any recommendations?

8 replies

Apr 6th, 2020 12:27 pm

vkizzle: Deal Expert; Aug 22, 2011; 35535 posts; 21594 upvotes; Center of Universe

Apr 6th, 2020 12:27 pm

yurko wrote: ↑ Hi all,

With my lease end coming up in April, I am having a problem getting through to Subaru and the dealership is closed. Can anyone shed any light on what happens if I want to purchase at the end of the lease? Will the dealer give me the residual value figure in my lease agreement or is there a negotiation? Are there any extra fees or taxes to worry about?

I was told to ask for a lease extension but is this a favourable option and will this reduce the residual value that I ultimately will pay?

Should I just return the vehicle? Any recommendations?

Lease transfer fee and cost of safety are extra on top of residual.

+1

Apr 6th, 2020 3:12 pm

Xtrema: Deal Fanatic; Sep 1, 2004; 6356 posts; 4972 upvotes

Apr 6th, 2020 3:12 pm

yurko wrote: ↑ Hi all,

With my lease end coming up in April, I am having a problem getting through to Subaru and the dealership is closed. Can anyone shed any light on what happens if I want to purchase at the end of the lease? Will the dealer give me the residual value figure in my lease agreement or is there a negotiation? Are there any extra fees or taxes to worry about?

I was told to ask for a lease extension but is this a favourable option and will this reduce the residual value that I ultimately will pay?

Should I just return the vehicle? Any recommendations?

Call the leasing company. Their number should be on your contract. or

https://www.subaru.ca/WebPage.aspx?WebS ... ageID=5895

For information regarding your Subaru Financial Services by TCCI lease or loan, please contact TCCI directly at 1-888-513-5949.

They should be able to instruct you. A lot of time, you may be even able to by pass dealer and just pay the residual+tax and close out the account and buy out your car.

+1

Apr 7th, 2020 1:38 pm

sebakaa: Member; Jan 8, 2015; 384 posts; 327 upvotes; Mississauga

Apr 7th, 2020 1:38 pm

http://forums.redflagdeals.com/toyota-l ... #p32348152

I posted everything there.
With dealerships closed you wont be able to do anything till this is over.

+1

Apr 7th, 2020 4:57 pm

MP3_SKY: Deal Guru; Jul 12, 2003; 11572 posts; 3826 upvotes; Toronto

Apr 7th, 2020 4:57 pm

yurko wrote: ↑ Can anyone shed any light on what happens if I want to purchase at the end of the lease? Will the dealer give me the residual value figure in my lease agreement or is there a negotiation? Are there any extra fees or taxes to worry about?

Should I just return the vehicle? Any recommendations?

You did not ask these questions when you lease the car at the beginning?

You never ask or check the residual value of the car at the end of the lease? Those info are given by your salesperson and also given on the Sales/Lease agreement.

Retired Forum Moderator February 2009 - June 2015

Apr 9th, 2020 7:26 pm

Tommy74: Deal Addict; Jun 26, 2009; 3964 posts; 2954 upvotes; GTA

Apr 9th, 2020 7:26 pm

It's going to be like any other rental car. As long as you drive the car, you keep making payments. After all this is over, you can return the car.

Apr 10th, 2020 10:35 am

urbanxspirit: Newbie; Dec 20, 2010; 60 posts; 56 upvotes; toronto

Apr 10th, 2020 10:35 am

My dealership told me to drop my vehicle off with the service technician and take pictures as proof vehicle was dropped off + no damages on the vehicle

+1

Apr 10th, 2020 12:15 pm

MP3_SKY: Deal Guru; Jul 12, 2003; 11572 posts; 3826 upvotes; Toronto

Apr 10th, 2020 12:15 pm

urbanxspirit wrote: ↑My dealership told me to drop my vehicle off with the service technician and take pictures as proof vehicle was dropped off + no damages on the vehicle

ok, but this sucks and you cannot lease out an other car while the Sales dept are closed. i guess you don't really need a car nowsday unless you are one of those who still need to drive to work.

Tommy74 wrote: ↑ It's going to be like any other rental car. As long as you drive the car, you keep making payments. After all this is over, you can return the car.

Is this confirmed with the Finance company?
They should send a new lease extension agreement for that and not tell you over the phone to just keep driving it until the pandemic is over.

Retired Forum Moderator February 2009 - June 2015

Apr 11th, 2020 9:45 am

yurko [OP]: Newbie; Mar 22, 2010; 9 posts; 5 upvotes; Toronto

Apr 11th, 2020 9:45 am

Just to update this, I managed to obtain a 3 month lease extension. I called the number from Xtrema’s post above. They told me that this will lower the residual value that I will pay. Because my lease has a low interest rate, it is costing me about 12 dollars per month. I hope to have a better view of my finances and options in July. In addition to the residual value, they will also charge HST, plus fees for licensing, safety and an administration fee. Thanks for all your input (except the unhelpful comments from MP3SKY).

+2

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