Automotive

New lease advice before signing

  • Last Updated:
  • Sep 19th, 2020 2:41 pm
[OP]
Member
Nov 13, 2016
430 posts
243 upvotes

New lease advice before signing

Following most RFDer recommendation here, the email campaign is coming to an end. I don't expect to get better deals from other dealers. I need the car in December. The dealership is offering to lock the current promotion if we sign now and upgrade to December promotion if it's better at time of delivery. Is there any downside in this for the buyer?

The advantage is locking in the exact vehicle you want without worrying about the inventory availability at year end.

Would like pro opinions.

Make or model is not relevant I suppose.

CD
10 replies
Deal Expert
User avatar
Jul 30, 2007
27760 posts
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Toronto
Have it in writing. Verbal agreement means nothing.

Should state the condition of the sale that if dealer fails to fulfill their obligation, then you are entitled to get your deposit back in full without penalty
[OP]
Member
Nov 13, 2016
430 posts
243 upvotes
booblehead wrote: Have it in writing. Verbal agreement means nothing.

Should state the condition of the sale that if dealer fails to fulfill their obligation, then you are entitled to get your deposit back in full without penalty
Thanks. I already have it in writing on emails.

Anything else anyone has to add?.


CD.
Deal Expert
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Jul 30, 2007
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Canadadesi wrote: Thanks. I already have it in writing on emails.

Anything else anyone has to add?.


CD.
Add this onto an official contract. Signature is the key here. Sales advisor comes and goes.
Deal Expert
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Jul 30, 2007
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Aside from factory promo, are you locking in interest rate and residual as well ? In 3 months time, residual for sure will drop
Deal Fanatic
Apr 16, 2007
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Financial District B…
Canadadesi wrote: Following most RFDer recommendation here, the email campaign is coming to an end. I don't expect to get better deals from other dealers. I need the car in December. The dealership is offering to lock the current promotion if we sign now and upgrade to December promotion if it's better at time of delivery. Is there any downside in this for the buyer?

The advantage is locking in the exact vehicle you want without worrying about the inventory availability at year end.

Would like pro opinions.

Make or model is not relevant I suppose.

CD
You will lose on the 90 day to cancel clause.
Sure you can sign a commitment to purchase now and kinda wait it out for the vehicle to become available in December and/or take advantage of any incentives that may be offered in Nov/Dec, but you subject yourself to the 90 day clause.

What happens when December comes and they find your car. It has more kms on it than you would like plus there are features and benefits that you thought that was included but are not or a host of other things like another manufacture has a better car/better deal or there's some real life changes. If there's a conflict of any kind you have no recourse to get your deposit back.

If you need your car by Dec then just buy it in Dec. Playing this commit now then pick and choose possible up and coming incentive offers is dumb.
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[OP]
Member
Nov 13, 2016
430 posts
243 upvotes
mikeymike1 wrote: You will lose on the 90 day to cancel clause.
Sure you can sign a commitment to purchase now and kinda wait it out for the vehicle to become available in December and/or take advantage of any incentives that may be offered in Nov/Dec, but you subject yourself to the 90 day clause.

What happens when December comes and they find your car. It has more kms on it than you would like plus there are features and benefits that you thought that was included but are not or a host of other things like another manufacture has a better car/better deal or there's some real life changes. If there's a conflict of any kind you have no recourse to get your deposit back.

If you need your car by Dec then just buy it in Dec. Playing this commit now then pick and choose possible up and coming incentive offers is dumb.
Thanks for sharing your opinion, appreciate it.

1. The vehicle is available now. It's my convenience to take delivery in December to coincide with the end of current lease.

2. There is no other vehicle I am looking at.

3. The advantage of locking the VIN now is to confirm the availability of preferred model and options. With 2020 the stocks of most brands are all over the place - not sure what will be available in December.

Thanks again.

CD
Deal Addict
Jan 15, 2017
3526 posts
2882 upvotes
Canadadesi wrote: Thanks for sharing your opinion, appreciate it.

1. The vehicle is available now. It's my convenience to take delivery in December to coincide with the end of current lease.

2. There is no other vehicle I am looking at.

3. The advantage of locking the VIN now is to confirm the availability of preferred model and options. With 2020 the stocks of most brands are all over the place - not sure what will be available in December.

Thanks again.

CD
So if I understand you are signing the Sales Agreement now for a vehicle that is actually on the lot and will not be picking it up until Dec? The dealer is holding the vehicle for you until Dec?
[OP]
Member
Nov 13, 2016
430 posts
243 upvotes
skeet50 wrote: So if I understand you are signing the Sales Agreement now for a vehicle that is actually on the lot and will not be picking it up until Dec? The dealer is holding the vehicle for you until Dec?
Yes. Just wondering if there is anything I am not taking into consideration before signing the lease.


CD
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Sep 9, 2012
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Oakville, ON
Canadadesi wrote: Yes. Just wondering if there is anything I am not taking into consideration before signing the lease.


CD
Have you considered leasing a 2021 model instead? The residuals on the 2021 will be better than the 2020.
[OP]
Member
Nov 13, 2016
430 posts
243 upvotes
CanadianLurker wrote: Have you considered leasing a 2021 model instead? The residuals on the 2021 will be better than the 2020.
The launch of 2021 is postponed and now expected in Mid December or Jan '21.

I need the new ride early December.

CD

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