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Re: For Mike Lynch and everybody
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Posted by LG Aero [Email] (more from LG Aero) on Sun, 4 Nov 2007 05:19:30 Share Post by Email
In Reply to: For Mike Lynch and everybody, MartySD, Fri, 2 Nov 2007 15:22:09
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It is amazing to think the leasing company (Saab ) would not accept a reasonable offer on the buyout. You did not say what the mileage is but literaly with any mileage over 25K there is no possibility that hte car would bring anywhere near $18K at auction or be worth that much to the dealer.

As I understand it the original selling dealer will be given first refusal to buy the car back if you do not choose to take up the residual. So one of two scenarios follows. Either the dealer is offered the car at a lower price say 11-14K or if the dealer is not interested other dealers will be then given the same offer. If no dealer takes it up then it will go to the auto auction where it will probably fetch even less, say 10-13K. Remember while it was in the dealer chain they could get it certified, which helps considerably with the resale price.

In your position I would make the lease company an offer via registered mail to buy the car back around 14-15K and state that if your offer is not accepted you will return the car. If that is not accepted then talk with the original selling dealer and simply offer the 14-15k to him as he might make out fine with that. You could also sweeten it by asking to have it certified and pay that fee which will give a great warranty.

If there was no joy there turn the car in and find a buddy with a dealer license and follow the auto auction listings. The vin will be listed and you will be willing to pay more than anyone else at the auction because you really know the condition. Although it sounds extreme and you may not get to buy your car back you could end up with savings of up to $7k over your current buyout.

Lastly as far as the other 9-5, sell it privatly if you need to have it go, as no dealer will really give you anywhere near as much.

Bill

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