A bit like the commodities market - Saab General Bulletin Board - Saabnet.com
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A bit like the commodities market
Posted by PT (more from PT) on Thu, 31 Jul 2008 21:42:42
In Reply to: Lease residuals unfortunate, SJohnB, Thu, 31 Jul 2008 17:36:06
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only not many commodities traders are looking 3 years ahead. I doubt if anybody could have foreseen 3 years ago where gas prices would be today. If they had, they wouldn't have written the leases they did on SUVs. I can only imagine what an Escalade with a 20,000 mile per year lease is worth now...
I know for sure, if I was running a car dealership, I'd decline to take in 80% of SUVs as a trade in. Only the nicest would get by, and then I'd see what the lowest trade in book value was, and take off another 10% or $1,000, whichever was greater. And hope I didn't give too much.
As Noel put it, this is the car industry's sub prime crisis. If the customer wants to buy the SUV at the end of their lease, just take whatever they're willing to pay. It's probably more than the thing will yield at auction, and it's gone.
posted by 71.248.16...
Posts in this Thread:
- GM cutting back on lease vehicles, philB, Thu, 31 Jul 2008 14:09:59
- GM Canada ends leasing today, SClifford, Fri, 1 Aug 2008 08:04:47
- I saw where Chrysler is no longer going to, Noel, Thu, 31 Jul 2008 14:48:58
- Residuals vs auction..., Mike Lynch , Thu, 31 Jul 2008 14:48:29
- I would buy in a minute...., Ron, Thu, 31 Jul 2008 14:27:45
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