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Returning a GX Lease Before it Expires

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Old 01-16-06, 10:53 AM   #1
petsb10
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Default Returning a GX Lease Before it Expires

Hello,

I have never leased a car before, but do you think it is possible to return a GX(36 month lease) before the lease expires?
For example, returning the GX on the 30th month. The reason I am asking is because I know before I even begin the lease that I will go way over my mileage. If I can return it before the lease is up, maybe I can save on paying out of pocket for no reason.

Will dealerships allow this as long as u lease another car from them??

I cannot find a 2 year lease, 36 months is my only option at the current time.


Thanks for any comments on this...

-M
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Old 01-16-06, 12:21 PM   #2
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If you are talking about a new lease that you haven't signed for yet just negotiate a lease with higher mileage.
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Old 01-16-06, 01:07 PM   #3
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sure, but you will still have to pay for the remainder of the lease! If you think you will go over on mileage, then negotiate that up front. A lease is a transaction between you and a bank, or finacial equivalent at the dealer i.e. toyota financial services. Even if you turn a car in early and lease another vehicle from the dealer, they are going to roll your remaining payments into the next lease, whether they tell you or not. Most financial guru's will tell you that leasing is a bad deal unless you drive very little.
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Old 01-16-06, 01:10 PM   #4
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Quote:
Originally Posted by petsb10
Hello,


I cannot find a 2 year lease, 36 months is my only option at the current time.


-M
That is because a vehicle depreciates the most during the first 2 years of ownership. The monthly payments on a 2 year lease would likely be more than if you were purchasing the vehicle, therefore, it is very uncommon to find leases that short.
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Old 01-16-06, 05:52 PM   #5
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You can return it, but you will pay for the remaining months - UNLESS, you get lucky enough to time it with a LEXUS encore program. Usually around Feb or March Lexus comes out with an Encore program where they will take your car up to 6 months early on a LFS lease, if you are leasing a new Lexus thru LFS (Lexus Financial Services).

Personally, I'm hoping this coincides with the arrival of my IS so I can take it sooner.
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Old 01-17-06, 12:49 PM   #6
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Check what your buy-out is and see if it's worth selling.
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Old 01-19-06, 10:37 PM   #7
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Quote:
Originally Posted by petsb10
Hello,

I have never leased a car before, but do you think it is possible to return a GX(36 month lease) before the lease expires?
For example, returning the GX on the 30th month. The reason I am asking is because I know before I even begin the lease that I will go way over my mileage. If I can return it before the lease is up, maybe I can save on paying out of pocket for no reason.

Will dealerships allow this as long as u lease another car from them??

I cannot find a 2 year lease, 36 months is my only option at the current time.


Thanks for any comments on this...

-M
A question like this is evidence that you should not be leasing a vehicle. If you don't understand the contract you are agreeing to, why would you sign it? A lease is simply a contract where you are agreeing to make payments (36 in your case) and to not drive the car over a set number of miles (also agreed to at the beginning of the lease). So, even if you reach the max miles, you STILL must make all remaining payments you agreed to in the original contract. In addition, if you lease a vehicle and do not take out the (sometimes optional) GAP insurance, you could also become liable for making payments on a wrecked vehicle. If you feel you will drive more miles than a standard lease would allow, you can ask the finacer if they offer higher milage allowances. Most do to a certain "very restrictive" point (say 15K/year max). Even then, the lease costs WILL be higher (sometimes dramatically). But, at least you are asking BEFORE you actually enter into the contract so I'll cut you some slack. The short of it is "if you can't afford to buy it (make payments), then you also CANNOT afford to lease eit (even if those same payments "APPEAR" to be cheaper on the surface).
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Old 01-22-06, 10:18 PM   #8
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isnt it that if it's Toyota Finance, they will let u terminate the lease early as long as u lease a new Lexus from them again? that's the situation with mine, which i inquired about last week. they said i can do it right now, n there wouldn't be a penalty.
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Old 01-22-06, 11:29 PM   #9
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You are responsible for all payments during a lease.
Luckily you are considering one of the cars with best resale value so there's a way out of this.
After 2 years, check your payoff and check wholesale Kelly Blue Book, if your car is clean with low miles it should come pretty close. You can sell the car privately and pay off the bank, they don't care who buys the car as long as it's paid in full.
Like Johnny mentioned, the past few years Lexus has started a 6 months free remaining lease payments starting around July as long as you lease another Lexus. (I used this on my last ES when I traded for a IS.) But not everyone is offered this, only if your lease falls into the termination dates for that year between the months of July - December. In addition, while Lexus has offered this for the past few years there is no guarrantee it will be available in the future. They used to offer a "coupon" for repeat customers for $500 - $2,000 off next car (depending on model you were leasing), but they pretty much did away with it. I think the LX is only car that gets it now unless they took that away too.
Also there are 2 year leases with Lexus but the residual is the same as 3 year lease so it's not a good deal. What happens is 3 years of payments gets crammed into 2 years time so your payment is astronomical.
GAP insurance is included into all luxury car lease for free so you don't need to worry about that and it's meant to protect you in the event of a theft or god forbid, it's totaled.
Good luck and let us know what you get.
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Last edited by AsianGirl007; 01-23-06 at 03:33 PM..
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Old 01-22-06, 11:29 PM
 
 
 
 
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