Getting off the leasing merry go-round
03-31-15, 12:53 AM
#46
This! 
I used to buy only used cars( paid cash eveytime ), because I can get a
Nicer car compare to paying for a new one with same anount of money.
But ever since I purchasd my first brand new car, I never looked back.
I also lease all my cars now because I finally realized that I would never
Keep a car for over 3 years no matter how nice it is. I get bored on cars so
fast it's disturbing. In fact I will try a 2 years lease next time, I have owned
My 750 for 2 years now and can't wait to get out of it!
I used to buy only used cars( paid cash eveytime ), because I can get a
Nicer car compare to paying for a new one with same anount of money.
But ever since I purchasd my first brand new car, I never looked back.
I also lease all my cars now because I finally realized that I would never
Keep a car for over 3 years no matter how nice it is. I get bored on cars so
fast it's disturbing. In fact I will try a 2 years lease next time, I have owned
My 750 for 2 years now and can't wait to get out of it!
03-31-15, 03:23 AM
#47
Lexus Test Driver
So what is your decision?
I've received a lot of input on my questions; I really appreciate all the feedback.
Today I called LFS and got the final payoff amount which was $36,500. I'm pretty certain that's at least a couple of grand under the fair market value. They said that figure includes ALL fees and they do not collect tax in my state. They confirmed that this transaction can occur via phone, e-mail, and mail. Once they get a check, they mail out the title. In discussing my dilemma with the LFS agent; explained that I'm not excited about any of the current models and don't really want a 2015 GS since it is basically the same car, he did mention that I can extend the lease automatically for up to 6 months. That might buy me enough time to see the next model year and find something I want more than my current car.
There has been quite a bit of discussion comparing the cost of leasing vs. purchasing. My guess is that if you are a skilled negotiator (major qualifier) there isn't a significant difference. You are paying for the depreciation cost either via leasing fees or in the declining value of the car when you sell it/trade it.
Today I called LFS and got the final payoff amount which was $36,500. I'm pretty certain that's at least a couple of grand under the fair market value. They said that figure includes ALL fees and they do not collect tax in my state. They confirmed that this transaction can occur via phone, e-mail, and mail. Once they get a check, they mail out the title. In discussing my dilemma with the LFS agent; explained that I'm not excited about any of the current models and don't really want a 2015 GS since it is basically the same car, he did mention that I can extend the lease automatically for up to 6 months. That might buy me enough time to see the next model year and find something I want more than my current car.
There has been quite a bit of discussion comparing the cost of leasing vs. purchasing. My guess is that if you are a skilled negotiator (major qualifier) there isn't a significant difference. You are paying for the depreciation cost either via leasing fees or in the declining value of the car when you sell it/trade it.
03-31-15, 03:26 AM
#48
Lexus Test Driver
It really dpends on your personality. some folks just cant drive the same car for more than a year( guilty), some dont mind driving the same car as long as it does what it meant to do. So its not really which one is better kinda thing, its what fits you the best. Just my 02
03-31-15, 07:19 AM
#49
Lexus Test Driver
Yes, it can be a lot of work, but, buy or lease, it can also be a tremendous amount of satisfaction when you get past the work and take your new car home..........one of numerous blessings that we get in life. It's also nice to be able to help someone else less-knowledgeable than ourselves, even if we ourselves aren't perfect or all-knowing. 
But--I know this is far from the norm.
03-31-15, 07:24 AM
#50
Lexus Fanatic
he did mention that I can extend the lease automatically for up to 6 months. That might buy me enough time to see the next model year and find something I want more than my current car.
One thing I've never done is extend a lease.
03-31-15, 07:32 AM
#51
Lexus Test Driver
Good question, I would like to know too.
Just remember that payoff includes your remaining payments. If you wait until you've made all the payments, that figure will be lower.
Here's a question for the LFS person, and its one I don't know the answer to. If you extend the lease for 6 more months, does the residual buyout figure go down if you then buy it after those 6 months?
One thing I've never done is extend a lease.
Here's a question for the LFS person, and its one I don't know the answer to. If you extend the lease for 6 more months, does the residual buyout figure go down if you then buy it after those 6 months?
One thing I've never done is extend a lease.
03-31-15, 07:20 PM
#52
Lexus Champion
I think I found another advantage to leasing, and excuse me if you already know this. I went on Experian to check my credit score and it only shows the outstanding debt I owe on my credit cards. It used to show the outstanding balance I owed on my GS F Sport (which was being financed) but does not show any balance on my leased S5. I guess they don't include lease payoffs in their calculations. My score has increased since I leased. 
03-31-15, 07:26 PM
#53
Lexus Fanatic
I think I found another advantage to leasing, and excuse me if you already know this. I went on Experian to check my credit score and it only shows the outstanding debt I owe on my credit cards. It used to show the outstanding balance I owed on my GS F Sport (which was being financed) but does not show any balance on my leased S5. I guess they don't include lease payoffs in their calculations. My score has increased since I leased.
A lease shows up as an installment loan with the balance being the total of the payments. No different than a finance loan.
04-08-15, 12:13 PM
#54
Driver School Candidate
04-08-15, 08:11 PM
#55
Lexus Fanatic
04-08-15, 09:29 PM
#56
Lexus Test Driver
Something just appeals to me to have that title in hand. I keep vehicles for roughly 8 years and they get a ton of miles on them unfortunately. So as appealing as having a new car every thee years sounds I've been bounced out of that ring. Sigh. Sounds sexy as heck though. Now my wife hardly puts on 10k a year. Lease might be for her and she'd LOVE a new car every 3 years!
04-09-15, 06:05 AM
#57
Lexus Test Driver
Something just appeals to me to have that title in hand. I keep vehicles for roughly 8 years and they get a ton of miles on them unfortunately. So as appealing as having a new car every thee years sounds I've been bounced out of that ring. Sigh. Sounds sexy as heck though. Now my wife hardly puts on 10k a year. Lease might be for her and she'd LOVE a new car every 3 years!
04-09-15, 06:27 AM
#58
Lexus Champion
so question - what happens with insurance if you do the one payment lease and the car gets totaled?
or if you put down let's say $3000 (definitely a no-no) with monthly payments and the car gets totaled?
or if you put down let's say $3000 (definitely a no-no) with monthly payments and the car gets totaled?
04-09-15, 06:35 AM
#59
when its near time to turn in a lease, double check with the private market or car max to see if they could give you more than the buy out amount. If so you can sell it, give the dealer the money and keep the difference. Otherwise if you just turn it in, you lost out on that money.
04-09-15, 06:49 AM
#60
when its near time to turn in a lease, double check with the private market or car max to see if they could give you more than the buy out amount. If so you can sell it, give the dealer the money and keep the difference. Otherwise if you just turn it in, you lost out on that money.
I have a buddy who will be coming off a lease of a 2013 GS in August and I may be interested in the vehicle. How do we get around his paying 7%+ in sales tax on the purchase at residual value, and then me paying 7%+ sales tax when I buy it from him? Basically double taxation.