Can any one share penalties of RX350 2017 Lease termination.. i took car in May 2017 and i would like to come out of it.

 

You'll likely get much better information in the RX forums. This is the LS forum.

 

The answer is universal to any lease though. You owe all the remaining payments. you can try and trade out of it, what you need to get on trade is roughly the residual from your lease agreement plus all the remaining payments.

If if you have a good payment you can have somebody’assume your lease, check out www.swapalease.com, etc.

 

Thanks for the inputs..

 

Just wondering why do you want out of the lease so soon?

 

Welcome to CL as a new poster.

If you don't mind me asking (along with bitkahuna), what gave you Leaser's Remorse on the RX? Is the overpowering grille getting to you? (I agree that huge spindle-grille is ridiculous). Do you want to do more off-roading than the car-based, unibody was designed to do? Is there something about the road manners or comfort level you don't like? I did a full-review on the new RX, and, except for the grille and floating-roof design, found it quite comfortable and competent, especially on the road...with MUCH better road manners than the smaller NX.

I agree with the other posters that, in most cases (though not necessarily all) you will take a bath on an early lease-termination. Steve (SW15LS), though, has an interesting possibility with that Swap-a-Lease website, though I personally can't comment on it because I've never used it.

 

my fav is lexus so its not issue with car. am leaving the country and will be back after 6 months only, hence so want to check on the options..
if possible will swap to other person.. let me know if anyone interested.. monthly payment is 411 only including tax.. some of the highlighted features include the AWD, BSM, RCTA, PCS, Heated Steering wheel and seats, Leather seats, Automatic rain sensing wipers, Advanced Cruise Control.. ...

 

Not bad at all. You will have no problem finding the new lese owner in some short period of time.

 

Yeah that’s a good deal, you should be able to swap that.

 

It's all spelled out in your lease contract.

 

I've gotten out of a few leases just cause I like to change cars (often) and trade them in for a new one. In Canada, it has worked like this for me. Not sure if it exactly applies in Cali but I would bet the same principles apply and you can do your own ball-park number crunching.

- The RX will be evaluated as a trade in (as if you owned it) by the dealer based on the condition and your mileage.
- You will owe the difference between the total lease cost minus the trade in evaluation.
- The total lease cost is the residual plus the remaining monthly payments left which includes interest (before taxes).

Let me illustrate by the example below:

Monthly payment $500/mth (before taxes)
28 months remain (say on a 36 mth lease)
Residual is 30K
Trade-in value is 36K

Net = 36K- [(28 x $500) + (30K)]
Net = 36K - (14K + 30K)
Net = -8K

So you'd owe 8K in this example and likely not unrealistic. Not sure how taxes play in your state so that might change the calculation a bit. Remember, you'll get hit the hardest when you're in the early stages of your lease since you haven't paid into your obligation and the car takes the biggest hit in depreciation in the first 1-2 years.

Like I just recently did with my 11 month-old 2017 IS, it was not worth breaking my lease (would have been like 8K owed) so I just transferred it to another owner and only had to pay for the lease transfer paperwork ($450).
Good luck!

 

Thanks for the details clarifications "corradoMR2".. seems to much to be paid from pocket.. hopefully i will find someone to transfer it.. Thanks you once again..