Early return Lease
10-25-14, 11:59 AM
#1
Lexus Test Driver
Thread Starter
Early return Lease
Just cane back from a dealer, was told that they allow as early as 18month to return a car for exchanging fir a new one.
I wonder if they charger for over milage?
Anyone have done early lease return?
I wonder if they charger for over milage?
Anyone have done early lease return?
10-25-14, 03:05 PM
#3
He is making a generalization. First of all, it's not the dealer who makes that decision, it's Lexus Financial in conjunction with Lexus. And those deals change all the time. Watch the dealers hands very closely. He may just be trying to wash some of your balance into the price of the new car.
10-25-14, 09:29 PM
#5
Lexus Fanatic
I can tell you for 100% sure that LFS will not allow an early return...not one month early and certainly not 18 months.
If you want out, you need to be traded out. Your buyout is the residual plus all the remaining payments. 18 months out you will be WAY upside down.
The dealer will try and tell you they're "ending it early" but really what they will do is trade you out and roll the negative equity into the new lease.
If you want out, you need to be traded out. Your buyout is the residual plus all the remaining payments. 18 months out you will be WAY upside down.
The dealer will try and tell you they're "ending it early" but really what they will do is trade you out and roll the negative equity into the new lease.
10-25-14, 09:33 PM
#6
Lexus Test Driver
When I leased my Camry, TFS sent me a letter saying that they're going to waive my last 3 payments if I trade in the car for another Toyota or Lexus. They sent me the certificate that I have to take to the dealership. I don't know if Lexus will do that too if ur almost at the end of ur lease. LFS is TFS.
10-25-14, 09:35 PM
#7
Lexus Fanatic
Thats a specific promotion, they do that when they need CPO cars of a certain type. Not guaranteed they will always do that.
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10-25-14, 11:22 PM
#8
Lexus Test Driver
Sounds absolutely true to me. If TFS sent you the cert, you're good to go. 18 months early, that's a trade in and I too feel you will be way upside down on the deal.
10-26-14, 07:44 AM
#9
Lexus Fanatic
I mean, people are having a hard time getting my residual now and I'm 12 months out...so if you add the 12 months in payment to my residual I'm way upside down.
This car just doesnt hold its value the way something like an ES does
This car just doesnt hold its value the way something like an ES does
10-26-14, 07:45 AM
#10
Lexus Test Driver
Thread Starter
I can tell you for 100% sure that LFS will not allow an early return...not one month early and certainly not 18 months.
If you want out, you need to be traded out. Your buyout is the residual plus all the remaining payments. 18 months out you will be WAY upside down.
The dealer will try and tell you they're "ending it early" but really what they will do is trade you out and roll the negative equity into the new lease.
If you want out, you need to be traded out. Your buyout is the residual plus all the remaining payments. 18 months out you will be WAY upside down.
The dealer will try and tell you they're "ending it early" but really what they will do is trade you out and roll the negative equity into the new lease.
10-26-14, 07:49 AM
#11
Lexus Fanatic
Yeah every lender is different. TFS/LFS is VERY strict, and the dealers don't have any control over that. Like I said, there are stories here where people have been billed for $.75 for 3 miles over. I mean...it cost them more than $.75 to generate and mail that bill...
Take residual buy-outs...other lenders will negotiate the buyout with you...not TFS/LFS. If the buyout is $35k they would rather sell it at auction for $28k than sell it to you for $33k.
Take residual buy-outs...other lenders will negotiate the buyout with you...not TFS/LFS. If the buyout is $35k they would rather sell it at auction for $28k than sell it to you for $33k.
10-26-14, 11:20 AM
#12
Lexus Test Driver
That doesn't make sense, they would rather lose $$ on an auction than letting us negotiate. 
10-26-14, 01:53 PM
#13
I'm not sure about LFS/TFS but many leasing companies are insured by a third party against loss on lease return so the car has to go through auction to claim a loss before insurance is applicable.
10-26-14, 03:27 PM
#14
Lexus Fanatic
10-27-14, 12:47 PM
#15
Pole Position
I turned my ES in about 3 years early but I think it was some kind of promotion and the remaining months of the ES continued on with the GS.
But I was nowhere near my mileage allotment so I can't comment on that.
But like SW13GS said, the ES seems to hold it's value better, so I don't know if they have this promotion for other models.
But I was nowhere near my mileage allotment so I can't comment on that.
But like SW13GS said, the ES seems to hold it's value better, so I don't know if they have this promotion for other models.