Dealer get me out of my Lease?
02-22-15, 05:19 PM
#16
This guy is right. If the trade in value is the same or greater than the overall pay off, you can get out of the car easily.
Less easy but often effective, the dealer can lower the overall price of the car to compensate for the negative equity caused by the remaining lease payments. Most dealers will not want to do this since they have you on the hook for your current deal. Since my store is a volume dealer, we do this very often. But only up to a point.
I don't know of any dealers outside of south Florida and Cali who would do this very much. wE SELL 600 cars a month and sometimes push the envelope to make it happen. Most Lexus dealers don't care about volume. They maximize profit on each car.
Too bad the OP lives too far from me, I'd help him get a deal done.
02-22-15, 05:22 PM
#17
02-22-15, 05:25 PM
#18
Lexus Champion
It's insane. I leased it at $31k, and the dealer sold it, 3 years and 25k miles later, for $26k or $28k as I remember. I want one again.
Last edited by JDR76; 02-22-15 at 06:08 PM.
02-22-15, 05:32 PM
#20
600 a month, that's crazy. How many sales people work there? That's an amazing amount of cars to sell in a month
I sell cars so let me chime in.
This guy is right. If the trade in value is the same or greater than the overall pay off, you can get out of the car easily.
Less easy but often effective, the dealer can lower the overall price of the car to compensate for the negative equity caused by the remaining lease payments. Most dealers will not want to do this since they have you on the hook for your current deal. Since my store is a volume dealer, we do this very often. But only up to a point.
I don't know of any dealers outside of south Florida and Cali who would do this very much. wE SELL 600 cars a month and sometimes push the envelope to make it happen. Most Lexus dealers don't care about volume. They maximize profit on each car.
Too bad the OP lives too far from me, I'd help him get a deal done.
This guy is right. If the trade in value is the same or greater than the overall pay off, you can get out of the car easily.
Less easy but often effective, the dealer can lower the overall price of the car to compensate for the negative equity caused by the remaining lease payments. Most dealers will not want to do this since they have you on the hook for your current deal. Since my store is a volume dealer, we do this very often. But only up to a point.
I don't know of any dealers outside of south Florida and Cali who would do this very much. wE SELL 600 cars a month and sometimes push the envelope to make it happen. Most Lexus dealers don't care about volume. They maximize profit on each car.
Too bad the OP lives too far from me, I'd help him get a deal done.
02-22-15, 05:37 PM
#21
02-22-15, 10:33 PM
#23
Lexus Test Driver
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?
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?
Last edited by gmanusmc; 02-22-15 at 10:46 PM.
02-23-15, 05:08 AM
#24
02-23-15, 08:41 AM
#27
Lexus Test Driver
Thread Starter
Hehe.
Thanks so much for your thorough post and kind offer, Ice350!
Didn't expect such an outpouring. Great commentary and support everyone!
And yes, I may look into lease trading and swap sites as well...
Thanks!
Last edited by dbs600; 02-23-15 at 09:12 PM.
02-23-15, 10:27 AM
#28
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.
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.
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?
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?
02-25-15, 06:44 AM
#29
Driver School Candidate
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.
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.
02-26-15, 12:14 PM
#30
Lexus Test Driver
Thread Starter
Update:
I've reached out to some dealers and I'm getting the feeling this won't make sense until I get closer to lease end and/or the market value of my car increases relatively (dealer need / customer demand / seasonal factors). I'm hearing that 6 months prior to lease end is when to strike. :|
If anyone hears of anything else, please let me know, as I'd like to lease a GS350 AWD with Navigation as soon as possible.
Thanks!
I've reached out to some dealers and I'm getting the feeling this won't make sense until I get closer to lease end and/or the market value of my car increases relatively (dealer need / customer demand / seasonal factors). I'm hearing that 6 months prior to lease end is when to strike. :|
If anyone hears of anything else, please let me know, as I'd like to lease a GS350 AWD with Navigation as soon as possible.
Thanks!