Sun Sentinel Palm Beach Edition
Save on used cars at Off Lease Only
A couple of years ago, I bought a used Lexus ES 350.
I financed the 11-month-old luxury sedan through my credit union. When I stopped in to sign the paperwork, the loan officer asked me where the car was purchased because the insurance valuation far exceeded what I had paid. If I wrecked the car, she explained, I’d be ahead nearly $8,000.
I bought the car at Off Lease Only.
The used-car dealership, with locations in West Palm Beach, Opa-locka and Orlando, recently celebrated a longawaited grand opening at 827 S. State Road 7 in North Lauderdale.
The chain stocks about 1,000 cars at the new 15-acre site. Most of the 5,000 cars for sale are high-end imports such as BMW, Infiniti, Audi, Lexus and Mercedes-Benz priced up to 50 percent off the original retail price. The fast-moving inventory is listed at OffLeaseOnly.com.
The company, which specializes in selling formerly leased cars that are 1 to 3 years old and still under factory warranty, vows to take the hassle out of car buying.
“People would rather have their teeth pulled out before they buy a car,” says owner Mark Fischer, 51, of Lighthouse Point. “We are the anti car dealer. Everything people hate about car dealers, we took away. No fees, no negotiation, no nonsense.” Fischer, who hired about 140 new employees to work at the new Broward County location, says his cars are priced a “hair over wholesale,” and that attracts buyers from all over the country. A Tampa location is in the works.
About two-thirds of the cars have been in accidents. That accounts for why they are priced $2,000 to $5,000 below the Kelly Blue Book value.
Customers are understandably skeptical about this — I was — and Fischer gets that, so he’s quick to point out the company is completely transparent about the condition of its vehicles by offering free CarFax and AutoCheck history reports. The reports accompany each online listing, which clearly states whether the car has been in a previous accident.
“We want to give every customer as much information as possible about our cars,” Fischer says. The company soon will offer independent inspection reports from TrueFrame, which certifies vehicles are structurally sound despite their prior accident history. Off Lease Only also features a collection of “select” cars handpicked by the owner that have been in no accidents and have clean reports.
“We also suggest they take the car to their own mechanic to be checked out. We even offer a five-day, 500-mile return policy for added peace of mind.”
“These cars are 40 to 50 percent off the retail price,” he says. “I sell 2-year-old Mercedes S-Classes that originally cost more than $100,000 for less than $50,000. We already have plenty of 2018 models in stock, too.” There are hundreds of Honda Accords and Nissan Altimas for sale, which he says are the most popular cars in America. Prices start at $11,000.
Fischer and his wife, Eileen, started with two off-lease cars they bought with money they received as wedding gifts in Long Island in 1991, he said, and opened their first Florida dealership in 1994. In 2000, they started posting inventory online. Today, the company sells more than 4,000 used cars a month, he said.
New car leases have increased over the past seven years, reaching a record-high of 4.3 million cars in 2016, according to an Edmunds lease market report. Americans have a taste for luxury cars (top picks are Infinity, BMW and Lexus), and leasing makes them affordable. The average cost to lease is about $120 per month less than traditional financing. And when those leases are up, Fischer and his team of buyers buy them at auction.
Most cars depreciate about 20 percent of their original value in the first year, according to Kelly Blue Book, which is why I decided to buy a used car.
What I liked about the dealership — besides the prices — was that you can look at multiple makes and models on the same lot. The Lexus I purchased had about 14,000 miles and had been in an accident on the driver-side door, according to CarFax. After close scrutiny, I couldn’t tell it had been repaired.
Shoppers can browse for cars online at home on one of the 30 computers inside the dealership, or walk the lot (all cars are unlocked). Valets bring cars to an inspection area or a customer service agent (there are no salesmen) will ferry you around in a golf cart. Test drives are taken alone.
Off Lease sells cars “as is,” which disclaims all warranties, and Florida’s lemon law does not cover used vehicles. That means it’s up to you to make sure everything is in good working order before signing on the dotted line. You also can purchase an extended warranty, which is pricey.
The Florida Attorney General offers tips on how to protect yourself, including researching (Consumer Reports is a great place to start) makes and models, factory warranties and reliability before buying, getting all promises in writing and checking with the Better Business Bureau to see if any complaints have been filed. Off Lease Only has an A+ rating from the BBB.
I went over that Lexus with a fine-tooth comb before I did the deal. The agent suggested running a finger along the seams to make sure they’re smooth and evenly spaced, especially if there was an accident. Inspect under the hood and in the trunk; make sure there is a spare tire, matching floor mats and that every button and feature works.
I encountered some drawbacks. The car’s tires were at the end of their life. But the savings I realized more than covered the cost of a new set of tires. I was disappointed to get a yearold owners’ manual and only one key fob, so ask about them.
Still, Off Lease Only’s prices got me into a luxury car I wouldn’t normally have been able to afford. I’ve been delighted with the car and it has proved to be reliable.
“We don’t play games with our prices,” says Fischer. “We are here to save the consumer money. We just sold our 200,000th car this week.”