dbs600

I believe I have 9 months left on my lease.

Is there any way my dealer can get me out of my lease and into another without rolling the balance into the new lease / without me losing money?

Thanks.

Meraki Autoworks

iTrader: (8)

most likely not, maybe at 6 months at the most.

dbs600

Thanks for your prompt reply.

So I guess Lexus Financial won't help either?

JDR76

It depends. If the residual value plus remaining payments is less than the trade in value you'll be okay. But if the trade in value is less, then you effectively have negative equity and it'll cost you.

Here's an example. When I had my Tacoma lease, my residual (18k) plus remaining payments equaled about $21k. The dealer offered me $24k on trade, so I took it, pocketed $3k, and leased my new car.

So it all depends on your trade in value and balance owed. Might as well have a dealer run the numbers and see. You can always say no.

dbs600

Wow; awesome info.

I posted because another dealer recently contacted me stating they had interest in my vehicle, but when I called they said they couldn't help because it was a lease.

Great to hear this can work with leases; I plan to reach out to my salesperson.

Thanks!

JDR76

Keep us posted. I wish you the best of luck. I hope you find a car that makes you very happy.

dbs600

Thanks for your kind words, JDR76.

I just e-mailed the sales manager who helped with my lease.

I'm thinking GS or RX, but we'll see...

toyotatom

With your lease coming to an end I would doubt you would have any equity in the car unless you put a large down payment when you leased the car. Register with LF to see what your buyout is on your car today. From there you figure how much you may be under water when you check to see what the car is valued at today.

dbs600

Yes, expiration is still some way off.

I'll be sure to contact Lexus Financial.

Thanks!

a790

The answer is no.

Contact everyone you want, it doesn't matter. They will not pay out of pocket to terminate your lease early. One way or another, you will pay for it. Either your trade value will be adjusted, or the price of the next vehicle will.

They're called "Stealerships" for a reason.

toyotatom

You can always sell the car outright to someone else to get out of the lease also. You would get more money for it then and maybe that would get you off the hook for not paying any more money to Lexus.

toyotatom

The answer is not always no, you can always sell a leased car and if its worth more than the buyout you are then out of your lease with no extra lease payments being made and pocket the difference.

a790

So you're going to tell me that a dealer will pay out of pocket to terminate a lease early, with zero financial implications on the owner?

Show me a situation where that happened that didn't involve some kind of goodwill gesture and I'll donate $100 CAD to a charity of your choice. If you can't, you donate $100 CAD to a charity of my choice. Fair wager?

JDR76

See my example with the Tacoma. It's not a lease termination, it's a trade in.

toyotatom

The dealer will not pay to terminate a lease early, that is not what I said. If the dealer thinks your car is worth more that what LF has it listed for the buyout price the dealer or anyone else for that matter can buy the car from you, LF gets paid off you are then out of the lease. That is what I said.