Drivers: Be Wary of Hidden Fees when Entering a Lease Buyout Option
Shub & Johns launches investigation into dealerships across America that may be deceiving its consumers who entered a lease agreement with the dealership. Some consumers, who signed lease agreements for a vehicle, report that buying the vehicle has become from the dealership at the end of their lease is way more expensive than they expected. Turns out that dealerships may be tacking on hidden, illegal lease-buyout fees to lease agreements after they have already been signed.
One consumer in Pennsylvania was getting ready to buy a vehicle he began leasing in 2019. When he signed the lease agreement for his Kia, the consumer and dealership agreed on a $0 buyout fee. So when it came time to return the vehicle or buy it, this driver decided he would not mind paying nothing to keep his car. It, therefore, came as a surprise when the dealership told the consumer that he would have to pay $1000 to buy the vehicle.
The shocked driver reviewed the signed lease and indicated that both entities agreed he would not have to pay anything to buyout his vehicle. When the dealership told the consumer that this was the “dealership’s fee,” the driver began investigating to see if other consumers were met with the same concerns. It turns out that this was a common occurrence for consumers across the country.
Dealerships were concerned that they were losing out on revenue during the COVID-19 pandemic when buying new vehicles was not very viable, some dishonest dealerships tried to collect back revenue by adding hidden fees to these lease agreements for buyout, maintenance and other arbitrary matters.
Some states, like Pennsylvania, have already indicated that adding extra fees to signed agreements is unlawful. If you have leased a vehicle and have had extra fees tacked onto your lease after you signed it, let us know! Fill out the attached form to contact Shub & Johns today!