lopakman

So we were told yesterday that we could extend the lease for up to a year. This was a major selling point to us and so when we were signing all the papers we asked for where this was said in writing and they said it wasn't but up to the discretion of LFS. We walked away from the deal mid signing. I'm really mad. I'm only 38 and this would be my second lexus..was trading in 2010 HS. The guy said Lexus will not extend up to a year. Can anyone help me out and confirm this?

Joeb427

iTrader: (1)

I believe with Lexus Financial approval you can extend your lease for up to 6 months at a time twice for a total of 12 months..

SW17LS

Its not in writing in the lease, but I called and inquired about it with my previous 2010 ES and was told it would be no problem. You can always just buy it out of the end of the lease also, keep it another year and sell it. You can also turn it in and lease another ES for the same payment.

Dave Mac

I have been granted lease-end extensions by LFS twice while awaiting delvery of a new Lexus. All it took was a phone call near the end of my lease and each time they just said they would put a comment in my lease file that I would return the car when I was ready. It was just assumed to be month to month and there was never a discussion of a real lease extension for another 6 months or a year. And I don't know if have a new Lexus on order was a condtion of the deal. The second time I did it I just said I was waiting for a new "car" and they did not ask if it was a Lexus. And I think the longest I did this was just two months.

And BTW your salesman is in no position to offer any kind of an extension - only LFS can do that - and I'm quite sure would never put such a deal in writing.

I think Lexus used to offer some leases for 48 months as well as some of the shorter leases they now offer but I think they believe 36 months works out best for everyone. A Lexus coming back near the expiration of both the time and mileage limits of the warranty is not a desirable car for them.

Dave Mac

lopakman

Thank you this is helpful information. Now I am stuck in a quandary though. Do we go with the lease under the assumption we may or may not have that extra year security of extending or not? We own the 2010 HS outright so we were going to get enough back from Lexus by selling that car to pay off my wife's car. This would allow us to still own one car outright and keep payments the same on the other.

Also, the salesperson was a real jerk when we walked away and was all like "I can't believe your leaving, what else do you want from me?"

I advised him that he told us the option to extend up to one year would be in the lease agreement and it's not. He then follows that up with "Well I didn't know."

Okay if you didn't know then why did you say it was? Terrible, I mean just an absolutely terrible salesperson.

lopakman

Oh and one more thing, the current promo ends tomorrow so if we don't figure it out by then we'd have to start all over. We've never leased before so this is all new for us.

Ah to keep the 2010 HS 250h and trade it in, in three years and get a used ES350 and own it outright or lease now? That is the question.

SW17LS

I think if this flexibility is this vital to you, you probably should not lease. You're not going to know, for 100% sure, until you pick up the phone and call LFS towards the end of your lease.

Leasing is a great tool, but it isn't for everyone. You have to realize, technically you are renting the car. Its their car...if they gave you a straight option for a fourth year essentially it would be a 4 year lease, they just wouldnt be guaranteed the revenue from that 4 year lease, 4 year leases have different money factors and residuals. If you think you may want the car longer term, its cheaper typically to buy it upfront. Or...go ahead and lease it for 48 months from the get go (I wouldn't because of the warranty)

You have to be comfortable with the idea that you may get to 36 months and have to turn the car in or buy it out of the lease. Now...you can always buy it and finance that purchase in such a way that the payment is the same...

Typically if you lease, then buy it out at the end it would have been more economical to have just bought it from the get go.

I think you're being a little hard on the salesperson. This is a very unusual concern for someone who is leasing, and the salesman is not the one who creates the leasing paperwork, and that paperwork is what it is...they cannot change it.

If you've never earned a living through 100% commission...its not easy. No excuse for giving poor service or being a jerk (not saying he was), but customers can be irrational and unreasonable (not saying you were, just saying they can be) and when someone that you've invested time in gets up and walks out over something that to you seems totally inane depriving you of payment for your services at the last moment...its just human nature to be frustrated by that. A true professional doesn't let that frustration come through to the customer, but really good sales professionals don't sell cars...they sell things where they can make a better living.

wasjr

I agree with what SW13GS said regarding leasing. However I disagree with his comments of the actions of the salesman. If a salesman is asked a question and does not know the answer, he should tell the customer he will find out the answer. I want honest and accurate information. It is no big deal to me if they don't immediately have the answer, but can get the correct information. It appears to me that to make the sale the salesman just gave the answer he knew lopakman wanted to hear.

SW17LS

I agree 100%, but you're expecting a caliber of salesperson that in general isn't going to be selling cars. There are exceptions, but having realistic expectations makes being satisfied with the process easier IMHO. You need to realize that these people in general are about the same caliber as someone selling shoes...or electronics.

There are two sides of it too. Everybody says that they would rather have the salesperson admit they don't know and they find out the answer, but in the moment customers hold not knowing against the salesperson. Its a whole lot easier to talk about how it should be done than to actually do it the right way when you are in front of a customer and your electric bill is on the line. Doing it the right way requires the salesperson to capture control of the interaction and thats an advanced skill most car salespeople aren't capable of, if they were they'd have graduated up from car sales.

LexBob2

I agree. The sales rep's job is to sell cars and they are more apt to tell you what you want to hear vs. the actual situation. It's always been that way and probably isn't going to change any time soon. It's important to keep realistic expectations when buying a car and dealing with the reps.

SW17LS

As someone who is an accomplished salesperson (not cars) and employs and hires salespeople I think the thing that turns good salespeople into great salespeople is financial security. Its a whole lot easier to be straight with a customer, take control of a situation, give a customer real advice that is cemented in their needs instead of your own needs when you don't need that customer to buy from you today in order to eat. Its hard to tell someone the residuals will be better next month when you need them to buy today. Hard to tell somebody the straight truth about the way a lease extension works when it may cause them not to buy from you and you need them to buy today to pay your bills.

Thats one reason why car salesman are so high pressure at times, they often are in over their heads and outside of their means and they need the sale today. The sales management is also high pressure and quota based, and they really ride the salespeople hard.

Thats one of the things I love about the guy I finally found when I got the GS. He's retired, and does this for something to do and to make some money.