VTsuckah

iTrader: (1)

New member here and actively looking for an IS350 after my Jeep got totaled out a week and a half ago. Because I'm only considering 2009+ models in Starfire Pearl, SGM, and Ultrasonic Blue, the search hasn't been going too well. Tack on the fact that I don't want to travel more than 300 miles from the Washington D.C., the task has been near impossible.

Two possible IS's being considered are currently being leased. I would be buying the car out right from the lease-ee or using a 3rd party. I've made 3 calls to 3 separate Lexus dealerships to shed some light on the topic and they each gave me something different. I've done my typical internet research and I think I'm starting to grasp the concept.

Does anyone have any experience doing such a thing? What makes matters more complicated is the fact that I'm located in a different state than where the cars are currently registered. So registration may be an issue too.

Thanks for your help.

P.S. I apologize id this is the wrong section for this.

heyarms

iTrader: (5)

Shouldn't be hard, the current person leasing is just responsible for paying off his "buy out" amount. So if you're financing I'm pretty sure you two just need to both be there to do the switch over for you to start financing the buy out amount. I bought out my own lease, was simple.

MJ711

Correct. You will have to meet the guy at his dealership (or bank he's financed thru) and give him a certified check, cash, or arrange financing with the dealer ahead of time so all your contracts can be drawn up and ready to go when you arrive. As for registration, you will need nothing more than an insurance card and binder, fax it to the dealer a day or two ahead of the meeting/pickup, and they will get an in transit permit which you can drive it home on. They will give you all the necessary paperwork for registration, then all you have to do is go to your local DMV when you get home and register it.

ISCrazy

There's actually a website for trading leases which I found interesting fyi to anyone who's looking.

heyarms

iTrader: (5)

I would not trust the "swap a lease" websites. I found it down right impossible to transfer my lease to someone years ago through Lexus financial services, they kept "losing my paper work" numerous times. If LFS can't get it done, I doubt Some third party site to do it (economically at least).

MJ711

^ Yea I wouldn't trust anything like that, nor is it necessary. VTsuckah, if you have any other questions or need a clearer explanation of anything feel free to PM me. I work for a dealership and deal with out of state / country buyers all the time. Just need to make sure you have all your ducks in a row so your first trip can be the only one.

tex2670

And, if it's out of state, the dealer should be able to give you temporary tags. I the Philly area, I see it all the time for people that buy cars in NJ, which issues a 30-Day Non Resident paper license plate.

MJ711

Yea they call them an "in-transit permit" here in NY, but yes it's just a paper license plate that allows you to drive the car from place of purchase, to home. Don't get caught out joyriding on one of these tho lol