Return Your Leased Vehicle for Great Deals

BMW lease deals MayCar leasing hit bottom during the recent Great Recession but has quickly recovered during the last three years, such that approximately one out of every four new vehicles is now being leased.

People who leased two or three years ago will be returning their vehicles soon, and into 2014.

Car manufacturers and dealers know that every one of those returning customers is a prime candidate to buy or lease another vehicle — and they all want that business. They want it badly.

If you are one of those people who will be returning a lease vehicle sometime in the near future, you may be able to take advantage of the situation and get a great deal on your next car.

So, what kinds of deals will be available?

Car dealers can offer two kinds of deals to lease returnees.

First, they may offer “loyalty” deals that are given to people who buy or lease the same brand of vehicle as the one being returned. They want the customer to stick with the same car company, and for that they might offer “loyalty bonuses” (cash rebates) or special terms on a new lease. They might also offer to waive the last few lease payments on the old lease if the customer leases another car before his required return date.

Second, they can offer “conquest” deals, which are designed to attract new leasing customers who may be returning a vehicle of another brand. If the customer is enticed to switch from another car company, it’s considered a “conquest.”  Conquest incentives usually come in the form of cash bonuses or special lease terms on a new vehicle.

In short, returning lease customers have a huge advantage over other customers. Dealers and car companies know the returned vehicle will almost always be replaced by another. And there will be thousands of these ready-made customers up for grabs in the next few months and years. There will be a frenzy of incentives to grab and keep those customers.

If you’re going to be returning a leased vehicle this year or next, look for, ask for, or even demand a great deal on your next car.

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