ceoart

Did I pay to much for my Lease? 18 months ago I put down $5200.00 Security deposit and signed a lease for $761.66 per month for 48 Months for a new 2001 GS430 with 250 miles on it. They only give me 12000 miles per year. So I see now I will be paying excess mileage! I thought some of you were getting a much better deal. So I tried to work things out with Lexus Financial where I lease from but they will not do anything. Even Lexus Customer service will not help me. I live in Florida where in the past the State went after car companies that were taking advantage of lease customers. This is my second Lexus. My insurance company paid off the full price of my first New GS400 after it was damaged in a flood when it was only about 3 months old! You would think Lexus would have treated me better!

GunnerMac

Doesn't seem like such a bad deal to me. I was paying $861/mo, but I only put down the minimum $1500 on a 15000 per year lease. But, after 5 months and 10,000 I knew that I was going to either end up having to pay extra mileage charges or buy it at the end of the lease. What I decided to do was purchase it before the end of the lease...the way I figure, I will save a few thousand that way.

I doubt very seriously if Lexus or any car company/financial institution is going to re-negotiate a lease agreement just because a customer believes others have gotten a better deal.

You may want to consider purchasing the car.

LS4fun

Looks like your salesman gonna get a good Christmas Bonus..

I'm sorry dude but how is this Lexus's fault....Whenever you buy or lease a car, you need to feel comfortable with all terms before you sign off on the paperwork...

Unfortunately, it looks like you were too obsessed with getting the Lexus and signed whatever they put in front of you.

Here are your options in my opinion:

LEGAL WAY:

What's the early termination fee for cancelling the contract and returning the Lexus (may be cheapest option in the long run)? It would take you out of the existing contract and payment terms and allow you to resign under more humanly terms....you said you gave a $5200 deposit?

ILLEGAL WAY:

How did the first flood happen...History always repeats itself for some weird reasons...
I've also seen engine fires destroy entire vehicles...what a shame..

Good luck on your dilemna.
In the future, tell those salesman to Fu)k off...

mdw131

I dont have a 430, only a 300, but i pay like 500, 515-520 with tax, with a 1000 down and 12K miles a year for a 36-39 month lease....

BTW Ceoart, I got it from Lexus of Kendall....Sometimes they are really good with prices and other times not....The best time to go is like in late fall when the new models are coming in and they want to get rid of the last years. Ive heard around christmas time is good too, because salesman always want extra cash to buy stuff around this time so they will cut a lot of the extra money they make off you and lower the prices. In the past few years my family has leased five lexuses(Lexi? ) and they all have been pretty good deals. All were 12K, 1000 down.
Heres how they looked:

• 99(at end of 98, first year RX) $450
• 2001 RX Silversport(end of 2001) $450
• 98 LS400 (Leased at end of 98) Low 600's
• 2002 LS430(at end of 2001 so high price for new model) $700
• 99 GS300(at end of 99) $500

SADDLE

iTrader: (9)

the lease sound alright to me... you should have done more research before you signed the contract..


drew

bitkahuna

iTrader: (20)

ceoart - YOU signed the lease, so if you don't like it aren't YOU somewhat to blame also?

I don't blame Lexus AT ALL for not wanting to renegotiate an existing lease that you were under NO obligation to get into.

If you don't like it, you can pay to get out of course.

Leasing stinks unless you can write it off for business or you really like to live beyond your means.

CSHFLW

there are guys on here paying 450 a month lease for a 430

GunnerMac

Really? I would think they would have to have put quite a bit of money down.

Bit, How do you figure that leasing equates to living beyond your means If you can comfortly make the lease payments and like driving a new car every few years, why not lease.

lexguynj

You are right, if it's a business write off that works out much better as compared to purchasing the vehicle.

However leasing isn't that bad. You get a new car on average every 3 years. I have realized this is the way to go, since I have always purchased my cars, but then realized every 3-4 years I tend to want a new one and trade in my current car for that new one.

It's a preference of course, I love my GS, but I know I will be wanting something new in the next couple of years. New GS, or new something else. I can't imagine holding onto my 2001 model for more than 5 years. We always want the latest and the greatest.

And I agree with GSDREAMER, leasing is NOT a matter of living beyond your means. You could say the same thing about folks financing their car too, they have monthly payments. Even owners that buy the car outright can still be living beyond their means too. Leasing is just another option and a preference. It works.

lexguynj

$ 450/month?

That's not possible for a new GS430, unless that person puts down a heck of a lot of money for the down payment, which would defeat the purpose of a lease.

Whoever said they are paying this much per month, is usually a person that wants to tone down how much they paid for their Lexus to make it seem not like a big deal, so people won't say he or she just paid too much.

bitkahuna

iTrader: (20)

Because if you have to lease, it basically means you can't afford it (unless, as I said, you can write it off). You may be able to make the payments, but you're basically spending your future. Leasing is a way car companies came up with to get people into cars they couldn't otherwise afford.

Between $600/month say for a GS, and $200 for insurance, and $200 for running it you're at $1000 a month. If someone doesn't even own a house, then dropping a grand a month on a car makes no sense financially.

Granted, many just assume they'll be making a monthly payment for a car forever one way or another, so figure they might as well have a nice car, even if it means a bigger payment.

But those who can actually afford the car and get it paid off, reap the reward of years without car payments AND get the trade-in value of the car.

I realize many just want to live for today and I've mellowed somewhat about spending more for today, but decent (positive) cashflow is the key to financial independence. Treading water means you're going nowhere.

Other down sides to leasing are you can't modify the car; you have to be careful about maintenance in some cases; and if you don't watch the mileage, you've got another bill at the end.

lexguynj

In regards to the advantages of leasing, in my case it would be for the business write off which is straightforward.

However don't underestimate others, especially those that have the money to purchase these cars outright with cash. Instead of putting all that money into the car at once, they can divert their capital into other investments or purchases, such as a home, etc...even mods to another car.

Purchasing a vehicle does pay off for the long term and for those that drive a lot of miles per year (say if you were a salesperson or something similar). But how long do you truly want to keep your current GS, when the new redesigned ones are coming in out soon and most of us like to have the latest and greatest.

Don't get me wrong, purchasing a car & ownership is a beautiful thing and is probably more sensible too.

There are people like me that purchase cars and trade them in every 3-4 years for something new. We are the ones that should contemplate leasing as an option, since we are not in it for the long term.

There are others that keep their cars for much longer, that is why purchasing works out very well for them for the LONG TERM.

mooretorque

Sensei-bit, I agree with all you say (after all, I'm an old guy with a family, mortgage, all that) and I, personally, write one big check up front and keep my cars for a while. Absolutlely the cheapest way to go.

BUT if someone is willing and savvy enough to play the lease game (after all, it's just another, newer, more complicated way to try and seperate the customer from even more of his/her money.....but it's not incomprehensible) AND if they do want a new car every 3 years or so AND if their driving habits are such that they stay inside the mileage numbers, then it CAN (to all you optimists, that word "can" is employed with the meaning "just possibly, maybe, if you are clever, tough, skilled and the planets are in proper alignment") be a better deal than buying on a note. Definitely, if you can write off the payments. But ALL of those conditions must be met for such to be the case.

Nothing beats the "negotiate best deal, write one check that you didn't borrow money for" method, though.

But most of the time leasees take it in the shorts and I, as you, suspect that most are living beyond their means.

lexguynj

I do have to agree with you too. Paying it upfront is the way to go for the long term and you don't have to owe anyone anything! And you can use the car you are trading in, against the purchase price to get something even better! Also especially if you finance the purchase or your car and have to pay interest.

The cash deal must still garner a better negotiated price, since it makes it easier for a dealer in terms or paperwork and of course instant funds. Cleanest transaction out there.

ceoart

I was under a great deal of pressure to Lease the GS430 since my GS400 was destroyed by the flood. I was driving a rent a car after the flood and they told me they did not have many cars left because lots of other people had their cars destroyed by the flood. Felt like they took advantage of this situation caused by the flood.