joako

I have a 2007 RX and the lease is up in about a month. The buy out price I was given is about 21,000.

Has anyone had success negociating a lower price with Toyota Financial? What about the dealer? Reading around I could not find anything about Lexus/Toyota but I did find plenty of BMW posts that state the price through BMW Finance is not negiciable but it is through the dealers.

Also, if I do buy out the lease can it be CPO'd? How much does Lexus charge their dealers to CPO a car? How would the process to CPO a lease buy out work?

Lex2000TL

Everything is negotiable.
Don’t hang on CPO, just buy Lexus Platinum extended warranty, and you will be as good or better than CPO.

Joeb427

iTrader: (1)

This weekend we bought out our '09 RX lease 21 months into the 36 month lease.Our 20,500 mile RX has been great.
Figured it was a fairly good deal with paying the residual,payments and total cap costs being around $39K on a $44K list '09.
Anyway I called Lexus and they would not negotiate.I was told they don't negotiate residuals no matter if you buy it early or late.That's their policy.Dealer wouldn't either.
If you want them to CPO the RX,it will cost over $2K.
I bought a 7 year no deductible 100K Lexus Platimum warranty for $1730.Also put $10K (the limit)toward the purchase on my Lexus card earning $500 in Lexus dollars which we're using on a dealer installed remote start.Will payoff the Lexus card $10K when the statement arrives.Use the card if you have one.
Buying your low mileage '07 is what I would probably do.

joako

Yes, spoke to dealer and they quoted approx $3200 to CPO the car and they were really sketchy about commenting on the cosmetic stuff. They also suggested the Lexus warranty for around $1200.

Joeb427

iTrader: (1)

Oh my...

Arbitrage1

Your only options would be to trade it in to the dealer for a new car, or buy it and sell it yourself.

If you trade it in the dealer might give you a couple/few thousand towards a new car. If you sell it yourself you might make three or 4 thousand...

NADA.com lists a 2007 w/ Nav, AWD, Towing and 36K miles at a rough condition trade in of $24K, and a retail of $32. So if your residual is $21, you've go some equity there.


My dealer told me to come in when I had 6 months left on our lease and they would "make me a deal". We'll see. However, I would be happy doing a straight up trade for a new lease, same monthly payment, same options, no cash out of my pocket.

mandyfig

Your $21K buy out seems good. No negotiations on residuals.

Do not get suckered in on trade.

CPO will cost min $2,000.

Instead buy an extended warranty, Platinum, $1,400 up to 75K and 3 years.

pauljcl

I agree with Mandyfig. I have yet to find a Finance co. who agrees to negotiate between Ford, Jaguar, Lexus, MB, BMW. In very rare cases, the dealer can get the car back for resale, and will cut a deal (but usually not, and particularly not if the residual price is low). I had gotten a discounted price quote on Lexus Platinum Extended Warranty (purchased no later than the end of your original warranty) from "TOBYTOYOTA@AOL.COM" Very quick and courteous response, which I did not follow up on because I still have three years to go on the original warranty, and who knows what might happen during that time. If the price is right and if you really like the car and have taken good care of it.... do it!

tromly

, go with the platinum warranty

Arbitrage1

Yeah...I'll concede on the trading the car in point I was making. The dealer isn't going to give you anything for it, since they can probably go to an auction and get the same thing for less. BUT, it doesn't hurt to ask, because 21K is low.

mandyfig

Depends on how much time you want to spend selling your car. Pay the $21k. Go negotiate for a new car.

Sell the RX for at least $24K. You will have quick offers I can guarantee. Heck I might make an offer.

Joeb427

iTrader: (1)

The problem with selling the RX for $24K (at least in my state) is I'd have to pay the sales tax on the purchase price of $21K which is $1400.


Sales tax might be cheaper in the OP's state,though.

mandyfig

Sales tax kills it...

Joeb427

iTrader: (1)

IMO,the OP should just buy the RX and a Lexus Platimum warranty from Troy for piece of mind.
The RX has very low mileage and he won't find anything close to that RX for $21K.
I looked at 6-7 new crossovers and small SUV's priced from $28K-$34K and found my leased '09 RX with 20K miles for the $27K residual was a much better choice.

mandyfig

^^ + 2! Anyway good luck.