Fillykonk

With my lease on my 2014 ES expiring tomorrow, my plan to buyout this low mileage gem and pending a move to NC in a couple of months, I didn't want to go through the hassle of having to pay the fees in titling the car in FL and retitling in NC. I called LFS and they are going to extend my lease for a maximum of 6 months to avoid the issue. They were more than willing to work with me. Thought I would pass on this information as I was not informed by my FL dealer that this was an option. Thank you LFS!

gmanusmc

Yes - the extension is a nice little option that gives you a bit of flexibility at lease end - I think they will adjust your buyout accordingly also to reflect the extra payments made (adjusting for the interest, of course.)

lesz

With a lease extension, would the monthly lease payment be reduced, or would it remain at the same level that it had been through the course of the contracted lease? It seems like it should be lower than it had been because, otherwise, the leasee ends up, in effect, having to make the same monthly payment for a 3 or 4 year old used vehicle that he/she had originally been paying from a brand new vehicle.

gmanusmc

As I understand it, the payment remains as you agreed to on your contract but the residual value is reduced based on how many extra payments are paid. Also, the extension is month to month so all that is required is a 30 day notice to end the lease. This is a good option for folks who have not finalized a deal on a replacement vehicle.

Fillykonk

That is correct. For those in the same position as me regarding lease maturity it grants the option of waiting for the 18's to show up, comparing to the 17 model and perhaps getting a better deal on the latter as they are closed out.