How early can I return a leased IS?
03-25-09, 07:56 AM
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How early can I return a leased IS?
Hello,
I have a friend, who recently had a baby and he wants to get a SUV or something with more room. His current lease on his IS250 is due in appx. 6 months and he would like to know how early he can return the leased car.
Out of 36K miles he was allowed on the lease, it only has 22K. I know that Lexus dealer accepts early lease return when you lease another lexus but, would this not apply when you don't lease another Lexus?
I would appreciate for sharing your opinions and experiences.
I have a friend, who recently had a baby and he wants to get a SUV or something with more room. His current lease on his IS250 is due in appx. 6 months and he would like to know how early he can return the leased car.
Out of 36K miles he was allowed on the lease, it only has 22K. I know that Lexus dealer accepts early lease return when you lease another lexus but, would this not apply when you don't lease another Lexus?
I would appreciate for sharing your opinions and experiences.
03-25-09, 08:18 AM
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03-25-09, 08:22 AM
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For 6 months? Unless the buyout is in his favor, I would think it would be hard to unload that.
If he wanted a Lexus SUV, maybe they can work a good deal for him, but I can't imagine they are wheeling and dealing on the new RX. GX maybe.
If he wanted a Lexus SUV, maybe they can work a good deal for him, but I can't imagine they are wheeling and dealing on the new RX. GX maybe.
03-25-09, 08:37 AM
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He could always try to get the dealership to buy out his lease. Im thinking about getting the new 2010 ford fusion and I talked to the dealership and they would be willing to buy out my lease.
03-25-09, 09:20 AM
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03-25-09, 09:46 AM
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Yes and no. They'll buy out the lease and roll over the 6 remaining payments into your new car. It's a trap, trust me, I used to sell cars.
Fords don't hold their value and Toyotas do. Ford will resell the Lexus at a premium and you'll be stuck in an over-valued Ford (over-valued because FORDS are always over-valued but, you're also absorbing the remaining payments on the lease). If he/she is below their miles there are really only two options that won't allow you to get ripped...lease swap which is what someone mentioned in an earlier post or going to a place like Carmax.
Carmax will appraise the car and if the value is higher than the lease payoff amount, they're set. Sell the car to Carmax and pay off the lease. That way, you walk away and you don't owe Lexus anything. If the value is lower than the payoff, ride out the lease.
Carmax is a really good option but, make sure the car is super clean and repair any minor dings because, they'll deduct value for that stuff.
Good luck!
Fords don't hold their value and Toyotas do. Ford will resell the Lexus at a premium and you'll be stuck in an over-valued Ford (over-valued because FORDS are always over-valued but, you're also absorbing the remaining payments on the lease). If he/she is below their miles there are really only two options that won't allow you to get ripped...lease swap which is what someone mentioned in an earlier post or going to a place like Carmax.
Carmax will appraise the car and if the value is higher than the lease payoff amount, they're set. Sell the car to Carmax and pay off the lease. That way, you walk away and you don't owe Lexus anything. If the value is lower than the payoff, ride out the lease.
Carmax is a really good option but, make sure the car is super clean and repair any minor dings because, they'll deduct value for that stuff.
Good luck!
Last edited by LexusRuss; 03-26-09 at 08:57 AM.
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03-31-09, 12:17 AM
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definitely be careful if your bringing your car to another dealer, bmw actually tried doing this to my father not too long ago..he had a ford 500 and had maybe 5-6 months left on the lease and they said they would take it, next thing we knew, the bmw lease had the remaining ford payments wrapped in them and they just give the car back to ford, but he ended up getting the ford edge and swapping the lease in early for it. i would just wait the 6 months..to be honest as long as the baby seat is behind the passenger seat, shouldn;t have a problem, safe n snug 
, its not like the baby is a 1o year old jumping all over the back putting his hand marks all over the windows n making a mess haha
, its not like the baby is a 1o year old jumping all over the back putting his hand marks all over the windows n making a mess haha
03-31-09, 05:04 PM
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Wait 6 months. Turning in the lease early would not be benefical unless he was getting another Lexus. Trading the car in at another dealer (Frod, Chevy) would require them to pay off the car, outright. This would most likely leave him with a negative equity owing.
03-31-09, 11:34 PM
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04-01-09, 07:52 PM
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That's because you got a 350 Luxury. The extra stuff you paid for doesn't get much of a return in trade.
With only 6 months left on an IS 250 lease, he's pretty close to even.
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