ALL About Leasing and Buying
04-08-15, 01:46 PM
#106
Driver School Candidate
04-09-15, 08:00 AM
#107
Lexus Fanatic
04-11-15, 08:24 AM
#109
Lexus Test Driver
Thread Starter
04-15-15, 12:22 PM
#112
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Location: ca
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Just got off the phone with LFS regarding lease extension. You must initiate lease extension 60 days before maturity date. LFS will send new agreement with payment and payoff spreadsheet that will show the lower residual values. I was told payments will be the roughly the same so I assume the payoff will be decreased at the same rate as the initial lease agreement. Lease extension is for 6 months on a month to month basis. I asked whether another 6 months is possible and was told that there needs to be another agreement made but is highly discouraged.
05-01-15, 11:14 AM
#113
Great thread, thanks for sharing all of this great information.
If you lease from an independent leasing company, are there any additional or different tips we need to know?
If you lease from an independent leasing company, are there any additional or different tips we need to know?
Last edited by SatComm302; 05-01-15 at 12:33 PM.
05-02-15, 12:12 PM
#114
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Just got off the phone with LFS regarding lease extension. You must initiate lease extension 60 days before maturity date. LFS will send new agreement with payment and payoff spreadsheet that will show the lower residual values. I was told payments will be the roughly the same so I assume the payoff will be decreased at the same rate as the initial lease agreement. Lease extension is for 6 months on a month to month basis. I asked whether another 6 months is possible and was told that there needs to be another agreement made but is highly discouraged.
I wonder how payments can be in the same range given that:
1. The new price is more than 40% lower.
2. The new residual is almost flat after the 3 year downslope.
If leasing is "cost of residual + payment of depreciation" how can that happen?
Will they charge you a HUGE money factor ?
Thanks!
05-12-15, 08:12 PM
#116
When i looked at the lease numbers he gave me the 12 & 15k mile options & i didn't even think about the 10k one & really that would probably be My best option since i have 4 vehicles & i don't even drive the RC-F on rainy days but it's been about a month now, is this something i could call & ask him about or has it been too long (car still doesn't have 300 miles yet) . I know it wouldn't really change much as the monthly payment but just wondering if this would be better in the long run since i may be interested in keeping it! Thanks!
06-28-15, 09:13 AM
#117
Lexus Test Driver
Thread Starter
I am soon to publish an e-book on Leasing and buying. It will have real negotiation strategies and real life examples. No BS, no stories, no jokes just pure techiques and examples!!
PM with your email whoever is interested.
PM with your email whoever is interested.
06-28-15, 12:41 PM
#118
Driver School Candidate
Join Date: Mar 2015
Location: Ohio
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Forgive me if this issue has been addressed, but there is a lot of info within this thread. Tough lesson a family member just learned while leasing (not a Lexus). You MUST purchase gap insurance. Ask your insurance agent about this while leasing. If anything should happen, and there is an accidental totaling of the car (thankfully everyone walked away safely in the case, but the car was totaled), you will pay the difference of what the insurance company says the car is worth and what the dealership says the car is worth. In this case, a new car: difference was $3,000. Not sure why insurance agencies aren't helping out here, but leasers beware: get gap insurance!
06-29-15, 11:02 AM
#119
Lexus Fanatic
Forgive me if this issue has been addressed, but there is a lot of info within this thread. Tough lesson a family member just learned while leasing (not a Lexus). You MUST purchase gap insurance. Ask your insurance agent about this while leasing. If anything should happen, and there is an accidental totaling of the car (thankfully everyone walked away safely in the case, but the car was totaled), you will pay the difference of what the insurance company says the car is worth and what the dealership says the car is worth. In this case, a new car: difference was $3,000. Not sure why insurance agencies aren't helping out here, but leasers beware: get gap insurance!
