Automotive

Lease end during pandemic

  • Last Updated:
  • Apr 11th, 2020 9:45 am
[OP]
Newbie
Mar 22, 2010
9 posts
5 upvotes
Toronto

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
Deal Expert
Aug 22, 2011
35535 posts
21594 upvotes
Center of Universe
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.
Deal Fanatic
Sep 1, 2004
6356 posts
4972 upvotes
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.
Deal Guru
User avatar
Jul 12, 2003
11572 posts
3826 upvotes
Toronto
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? :facepalm:

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
Deal Addict
Jun 26, 2009
3964 posts
2954 upvotes
GTA
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.
Newbie
Dec 20, 2010
60 posts
56 upvotes
toronto
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
Deal Guru
User avatar
Jul 12, 2003
11572 posts
3826 upvotes
Toronto
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
[OP]
Newbie
Mar 22, 2010
9 posts
5 upvotes
Toronto
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).

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