Dealership wants to give me a new Lease, what's the catch?

[Khoa]

Hi everyone,

I just got a call from my dealership.
They want to purchase my lease (remaining 24 months) and give me a 36 month new lease, same car Rav 4 EV, for slightly cheaper payments (~$30/month cheaper).
What's the catch here? My assumption is, they are trying to get sales numbers for their new Rav 4 EV's.

Anyone else get this kind of offer?

 

[fooljoe]

That sounds really weird. I'd be worried about possibly forfeiting your CVRP money. I don't see how that would change their sales numbers for new Rav4-EVs if you're keeping the same car; they might be trying to boost their used sales numbers though.

If you're considering the offer, I'd look very closely at all the fine print, especially what the new residual value and money factor is and whether the included mileage and so on remains the same. I'd also check with the CVRP program to make sure you wouldn't have to repay your state rebate. And of course you'd have to ask yourself if being stuck with a 3-4 year old car for another year is worth the $30/month savings you'd get.

 

[miimura]

I wouldn't worry about the CVRP rebate if you are continuously the registered owner of the same car. AFAIK, CVRP only goes by DMV records.

This sounds really fishy to me. Consider the total of payments plus residual with the original lease vs. what you have paid so far plus the total of the new payments plus the new residual. I'm betting they are not the same and the new total will be significantly higher. That is the only motivation for them to change your lease.

 

[Khoa]

Thanks guys, I will just turn it down completely; I won't bother going in.
Normally there are no such things as great deals at car dealerships (unless going through Dianne of course )

 

[TonyWilliams]

Hi everyone,

I just got a call from my dealership.
They want to purchase my lease (remaining 24 months) and give me a 36 month new lease, same car Rav 4 EV, for slightly cheaper payments (~$30/month cheaper).
What's the catch here? My assumption is, they are trying to get sales numbers for their new Rav 4 EV's.

Anyone else get this kind of offer?

Easy answer... Toyota got caught with their pants down on those 24 month leases !!!!

The CARB requires 36 months to be valid for the 3 CARB-ZEV credits. That's it.

Even cars that are returned for lemon law from a lease have to be either sold or released to account for 36 months. Honda started doing this, too, with their compliance Fit EV.

 

[Ampster]

Hi everyone,

I just got a call from my dealership.
They want to purchase my lease (remaining 24 months) and give me a 36 month new lease, same car Rav 4 EV, for slightly cheaper payments (~$30/month cheaper).
What's the catch here? My assumption is, they are trying to get sales numbers for their new Rav 4 EV's.

Anyone else get this kind of offer?

Clarification. Was your original lease 36 or 24 months? When you say purchase your lease and give your a new lease, Do you mean purchase your existing RAV4EV and give you a new one, or was it an extension of existing lease on same car?

 

[reeler]

I think the dealer knows a used RAV4 EV can sell for more since it is open to out of state buyers. Easy sale for your old car and they get a profit on you buying a new car. You will get a couple more years of lease payment for the same car essentially. Win-win for them, lose-lose for you.