I have purchased a Lexus in the past, but this is my first Lexus lease. My lease on my 2016 NX F-sport will end next year. I originally got a lease that will allow 15,000 miles per year. I'm over 2 years on my lease and I haven't even hit 20,000 miles yet. I expect to be at least 15,000 miles under the allowed amount when I turn in the lease next summer. I was wondering for those who have turned in leases in the past and have been significantly under the allotted miles, does Lexus give any lease equity? I'm not sure what my next plan will be, I know I will not be keeping the NX and will either lease or buy a 2019 Rx, or will just turn in the lease and consider something else (non-Lexus). Knowing what the possible options will be will certainly play a part in my decisions. I don't want to lose money on the lease just because I over-guessed the amount of miles I would be needing. I was too worried about going over at the time, but it has become obvious that I will not need the 45,000 miles that my lease will allow. Just wanted to find out what has happened for others who have ended leases with an excess of miles left over. Thanks in advance.

 

You will not be getting any equity back. Try to find a private buyer who can pay you more than agreed upon residual. Or see dealer before end of the lease and let him talk you into Rx by giving you a good deal on a lease return. If lease returned early dealer will have to buy out your lease if you will be leasing another car from them. But going private route usually is the best financial option.

 

 

I am surprised Lexus does not have a loyalty program similar to Acura, where you can rollover up to 15,000 unused lease miles into a new lease. Acura will also forgive up to 7,500 excess lease miles if you roll into a new lease.

 

So you are saying that Acura will make a lease with a 3yr/36,000 mi lease into a 3yr/51,000 mi lease if you are 15,000+ miles under a prior Acura lease, for the same payment? Wow.

 

I have not done this, but am under miles on my current MDX lease, since I subsequently bought the LS. I have a buddy that has had 5 or 6 MDXs used for work that he goes over miles on, and they get waived.

http://www.acurafinancialservices.co...xury_lease.pdf

 

Yes--I understand that lease finance companies will frequently give incentives if you get a new lease with them--waiving excess mileage, excess wear and tear, etc. But that's different then rolling in unused miles from a prior lease into a new lease, which I had never heard of.

 

There is no rule or law saying the dealer owes you anything if you are under your miles AND you are leasing again from them. It is their discretion, but usually they will say they are cutting you a break somewhere, but are likely going to gouge you elsewhere to make up for it (rarely is there a break when it comes to lease returns and leasing again). But, if you are savvy and persistent, you can work in the fact that you are returning car with low miles, and that they should be able to sell it for more on the lot. That is a bargaining tool for you to use. Not a guarantee, but some material.
You are far better off selling the car privately, and pocketing the difference. You pay Lexus what the residual is, and keep the rest. I have done that with every leased vehicle I have owned. Not only because I was under miles, but because I kept it in new condition and was able to find a buyer who had to have it. You can do the same. Just clean it up with a wax, armor-all, vacuum, carpet stain remover, and promote it like it's the best thing out there. Usually this effort yields you a few extra thousand.

 

When I turned in my last RX the dealer had his used car guy do an evaluation on it. They determined that it was worth more to them than my residual so they worked a trade-in. Saved me about $500 over just turning the car back to Lexus Financial. It also save me a couple of hundred on excessive wear & tear since I had some minor bumper damage which the dealer ate. A previous car had a highly subsidized residual to keep the lease cost down. At the end of the lease it was worth less than the inflated residual even though it was under the mileage limit. Whether you can recover any of your lease cost for under mileage depends on the resale value of the car, the amount of the residual, and how much the dealer wants your business. What you won't get is any refund from Lexus Financial.

 

I am on my 9th RX lease. Many times I turned one in a year even 2 years early and I got a new one with the same or lower lease payments due to the residual plus remaining lease payments being under the current market value. If you want another one I would check with your dealer now. If you like the car buy it at the end knowing you have another year left on the basic warranty.

 

You must love RX Quick question that if your lease is 36 month. and you saying by turn in at 24 month can get a better deal for next new car? I always thought there is no benefits by ending the lease early unless sell or transfer lease to 3rd party. Just want to learn tricks if there is something I am missing

 

Since this 2018 thread was revived, I will give an update on my situation. The 3 yr/12k lease on my 17 MDX was up in June. Acura will waive the final three months of your lease if you lease or buy a new vehicle. With the $8,050 dealer lease incentive in March (the April incentive has actually gone down $4,000), I leased an identical 2020 MDX Advance for a lease payment $118 less than I had been paying on my 2017. I got a 3 yr/ 10k lease, plus I carried over 10,000 miles to the new lease, so I can drive up to 40,000 miles over the 3 year period. As I mentioned I was so under miles as I subsequently bought additional vehicles and no longer put as many miles on the MDX.