Nicole N. from Maple Ridge, British Columbia enjoyed fast cars, alpine skiing and being one of the best food brokers in Western Canada. Two years ago Nicole’s employer stopped offering a company vehicle which compelled Nicole to acquire her own vehicle. As a result, she did some vehicle research and with the assistance of some trusted friends and her accountant; she decided to lease a brand new 2008 Acura TL.
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The 2008 Acura TL was touted as one of the nicest looking and best performing Acura models in a long time, however this body-style was coming to an end at the end of the model year. Given the impending new style announcement, Acura was finding that the demand for the 2008 model was waning due to the anticipation of the “new” TL. Accordingly, Acura made an announcement to offer some very aggressive lease rates and cash incentives to stimulate more sales of the 2008 TL models. The “stimulus package” worked very well in Nicole’s eyes as well as many other customers the day Nicole went to visit a popular Acura store. Nicole ended up negotiating a great deal on a new TL and took delivery of the car four days later.
Nicole carried on with her fast paced life and enjoyed every minute of it. She developed new accounts, skied as much as she could and took several weekend road trips with her fabulous new car. What Nicole didn’t realize, at the time, was that she was racking up more kilometres than she should have been, based on the lease’s 24,000 annual kilometre allowance. In two years, Nicole’s TL had 72,000kms, yet she should have only had 48,000kms.
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- Over mileage charge would have been over $7,000-
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Nicole quickly discovered that if she kept going at her current rate she would have over 144,000kms on the TL at the end of the lease; this amount represented an overage of 48,000kms at $0.15 per kilometre or $7,200.00 in excess km charges. Although Nicole was earning good money, she certainly did not plan on allocating that kind of money at the end of her lease.
One of Nicole’s colleagues suggested that she call Leasebusters to get their opinion. Nicole called, spoke to a Lease-Take-Over Sales Analyst and received some excellent advice. It was determined that the monthly payment that Nicole was paying for her TL ($580.00 including taxes) was at least $120.00 per month better/cheaper than a new T. Remember the aggressive interest rates and cash incentives at the time? The $120.00 per month savings over the balance of the lease could be worth over $2,500.00 in monthly payment savings, to the right buyer.
Nicole was also educated about the Leasebusters cash incentive system that recommended lease-take-over Sellers, like Nicole, to offer up cash to make a lease even more attractive to a Buyer. The Leasebusters sales analyst also indicated that there are several customers in the lease-take-over market that drive less than 10,000kms per year that could find her deal quite attractive, providing there was a cash incentive to sweeten the deal. Nicole really liked what she was hearing and felt that it was time to do something now to save money in the long run.
-A $1,500 cash incentive got the phone ringing-
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