kf678

So I need to get out of my lease and I am trying to figure out my options. My daily drive has doubled so there is no way I am going to make it in under my allowed mileage, so I've tried listing my car on some lease trade websites but it's not getting any hits. I'm still within reasonable mileage for the lease, so I'd like to get something done soon. This is my first lease so I have a question...Can I trade in a lease? I know that I would owe more than it would be worth so I know I would be losing money on a trade in, I just don't know if it is possible...

passnu2

iTrader: (33)

yes you can trade out of it. if you get into another lease you can use the tax credit, assuming you get another Lexus. Try Carmax to buy you out. Your model is what most want in this area and Brian had great luck with his car through Carmax.

You can always keep your car and trade out of it at the end also if you want. You dont have to turn the car in. Wait till ~ 2 mos before and trade out of it Its going to hold its value even in this market. I did this on every lease I had. I had 10k built into it and did on average 40k per year and always traded out of it. This market is not as strong so I wouldnt push it that much but you have options here.

G/L

Brian231

Yes,

As Mike stated, Carmax may be an option for a buyout. Go to the one in Naperville and ask for Karel Spala. He will ensure you get the most for it assuming you are not at a loss/upside down on the lease based on market value. Make sure to clean it well inside and out prior to appraisal.

kf678

thanks for the info Mike and Brian

LEXUS_KID

iTrader: (4)

Good luck

bursond

www.leasetrader.com Good luck!

ToothDoc

You can just buy out the lease too. I'm leasing via Lexus Financial and was considering buying out my IS-F. I leased based on 12K miles/year and I find I only drive 6K so I'm not getting my money's worth. I called Lexus Financial and they'll give you a "payoff" amount much like buying a car. If you do that, you then own the car and you can sell it if you like or trade it if you like or just keep it. If you try to trade it in with a dealership, they'll screw you by saying some crap like "we have to pay off the remaining months and then blah blah blah" but they don't tell you they can simply buy it off and turn around and sell it. So, don't fall for that chit like I did (TWO TIMES!!!).

ohno

iTrader: (5)

Good Luck