I have 2009 Lexus IS 250 leased in Nov 09 for 3 years

I am anticipating a move in April 2012, I maybe leaving the country for good, just not sure yet.

If I decide to end the lease in Apr 2012, I would still have 7 months left.
How is lexus early return policy ?
Is it possible to just walk away from the car.

Also, I have read the option to transfer the lease, which I think is preferable to do now rather than wait until April 2012. Any suggestions on that ?

This is my first time lease, so any guidance will be helpful.

 

You can not return the car at any time without paying the remainder of your lease term.

A lease transfer is absolutely impossible to do. That is an option, but I have tried to do it myself and Lexus failed to receieve paper work twice even after I overnighted it and had a signature request, they "could not find it". Clearly they don't try hard because they don't make any money in the process. Search my posts, I go further in detail how horrible the process is.

Best bet is to find someone who wants to buy it for around your buyout price. You switch the car to a buyout by financing the car, then turn right around and sell it to someone who wants it. Minimum loss but fastest way to get out of the lease.

 

If you are that close to the end of the lease, you will likely find it to be a much better option selling the car. Find out what the buyout is, and try and get at least that much. That late in a lease, it's usually not that hard to do, as you'll likely be above water by a decent margin.

Jeff

 

If you plan on leaving the country for good, why not just return early and go default on the payment?

 

I agree, your best option is to sell it privately and pay off Lexus. If you turn it in early, you are responsible for what's left. The IS holds it's value extremely well, so you could even make a little money if you sold it privately. Check out Autotrader.com to see what similar ones in your area are going for.

 

There are several websites like leasetrader.com , swapalease.com , leasetrade.com who facilitate lease transfers. There are mixed reviews of all the above.

Edmunds.com has some useful info in this regard.

IS250 holds it's value and it is a major factor in your favor.

Have read about individuals selling it to Carmax and squaring off the transaction, and coming out ahead.YMMV.

Researching the reviews of other users about their experiences, before venturing into any transaction, would help to avoid pitfalls.