mnetop

I bought a 2014 IS250 last November and I am really enjoying it. However, due to some potential upcoming changes at home, I would like to reduce my monthly car payment by maybe going the "Lease" direction instead of the Loan monthly payment.

I have looked at my loan pay-off amount and compared it vs. the Edmunds "trade-in" value. I am at least at the even point at the moment.

Question: Has anyone tried to do this with Lexus before? What are some of the things that I should consider, request, ask from the Dealer? Any advise would be greatly appreciated!

My initial thought was just to call the guy to sold it to me originally and asked him for a best deal.

Thanks in advance!

mrkjsn

That's a tough one and probably need some specifics to see how much loss you would end up taking. If trade is at even point this early in the loan, i can only guess that you put a pretty good amount of down payment. You would essentially be saying good bye to that. May or may not make a difference for you. I would factor in your taxes as well as that might end up being an upfront cost for you that you were not anticipating. Weigh in all that against how much your really going to save every month.

IS1911

Leasing is always the most expensive way to own a car. The absolute WORST thing you can do is trade something you own for a lease. At the end of the least you are left with NOTHING! If you want to reduce your monthly payment then swallow the strong medicine, sell your car and BUY (don't lease) something less expensive like a Camry or an Accord. These may not be exicting cars but they are affordable and dead nuts reliable. You can always get back into Lexus when your financial situation improves. If you are a younger person then you may want to look towards Scion which of course is also Toyota and still reliable. Put the extra money in the bank or invest it.

mnetop

Thank you. That makes total sense. I had not consider the route of just going to a less expensive car altogether. But will now consider it if I have to proceed...

2015isboy

Sign up for the MSD program. Will drop your payment down a lot. Basically putting up more money a security deposit.

SCSurf

What is that and how does it work?

toyotatom

At the end of a lease you are left with nothing no matter if you trade a car in or make only payments with no trade on a lease. The lease will end up costing you about the same anyway. Your payments are just quite a bit larger with no trade.

fifaref2

Common sense talk right here.