alir1983

Hello,

I have just sent in my credit app to take over an individual's lease who is looking to get into a SUV due to his prego wife. Car has about 7500 miles at the moment and the total price is $44,512.

$400/month. 12k/36mo

Options:
Moon roof tilt and open
Blind spot $500
17' split 10 spoke wheels $110
HID $565
Power rear sunshade $210
Luxury Package $1,370
Navigation, voice command, back up camera, 8" vga screen and etc $2,625
Intiuitive Parking assist $500
sensing wipres w deicer $155
leather shift **** and heated seats front with streeting wheel trimmed leather $480
door edge guards $139
trunk mat cargo net whi locks etc $328

Total price $44,512

Lease end buy out is $27,500.

Is this a good deal?

bc6152

I think that you could probably buy a 2015 for that price in about two months when they're being closed out for the year. If you must lease, you could probably get this price on a 2015 in August. This car will be two years old in September. Not a great deal IMO.

alir1983

Yes but I didn't pay nothing out of pocket and the car only has 8000 miles. The seller also offered $1000 incentive to take over his lease.

PirelliRC

so do you want to take over for the duration of the lease or are you planning on buying the vehicle ?

joebruin

What is the current buyout price? $44512 is msrp?

Do you plan on keeping car at lease end or turn it in?

alir1983

I was thinking to pay the lease till end of terms and then just buy it out.

alir1983

Lease end buy out is $27,500.

I am planning to keep the lease end and then buy it out.

bc6152

So you will have paid $41,900.00 total, and $27,500.00 + $1925.00 tax = $29,425 for a 5 year old car. Retail price today for a car like this in VG condition with 8k is approximately $33,000.00.

joebruin

Let's put this another way. How many months left on the lease?

alir1983

24 months.

joebruin

So this puts the current payoff in the $35-36k range. You should get the exact payoff from seller or Lexus Financial. This way you can compare if this is above or below market value. Of course, seller also throw in 1k as incentive so take that into account. So if market value is $33k, then you are overpaying by $2-3k.

alir1983

But lets not forget the luxury and technology packages that are added to the car. That cost about $4000

SW17LS

I don't understand why people want to take over leases, unless you need a car for a shorter period of time for some reason.

The lease terms almost always can be achieved on a new car...since you're just taking over a lease that the person negotiated on a new car. Yeah it has $4k in options, but those options don't translate to that much in resale value...

alir1983

The reason I'm taking over someone's lease is because I am saving up on upfront costs that you will have to pay for a new car at the dealer. Also i am receiving an incentive for taking over someone's lease. All I have to make is the monthly payments on it. For a lease, I wouldn't want to put any money upfront at all since it is sort of kind of renting the car for the time period.

SW17LS

There don't have to be any upfront costs. I lease with $0 upfront. Anyways, You're still paying for those costs because they're built into the lease payments assuming the guy wrapped them all in like most people do.

I'm confused as to why you asked our opinions if you're so unwilling to consider them? If you're convinced this is a good deal, do it. I wouldn't.