Opinions on current lease
#1
Opinions on current lease
My 2015 GS350 Fsport 2 year lease is up 1/1/17. I have 3 options but would like opinions from you guys.
- Turn in car (I'm already at 32k miles on a 24k lease.I'll have to pay $2500 + disposition fee)
- Purchase car from Lexus (owe $42k, but blue book is $39-40k with options I have. Try and negotiate with Lexus payoff?) I really want a 1-2 yo BMW 435i so I would trade the GS in for that.
- Purchase car and keep it. I really like the car but I'm wanting to step away from Lexus and try something else. I also have a heavily modded 08' IS 250.
#2
Lexus Test Driver
Check the current payoff minus your extra mileage and see if it makes sense to buy it out. Since you ran over you're going to have to eat some excess one way or another.
Not sure how serious Lexus Financial is about that payoff number, if you can renegotiate or not. It's worth it to phone them up and check.
If it was me, I'd eat a little on mileage, turn it in early then stay in the Lexus family with a new car to avoid disposition, wear and tear and other fees. That's what they want you to do anyway. They might even waive mileage or roll it into your next lease..
Ultimately, if black book value is close to your payoff, and you want to shift models, start getting quotes from carmax or other retailers to see how much you should get in trade at BMW.
Not sure how serious Lexus Financial is about that payoff number, if you can renegotiate or not. It's worth it to phone them up and check.
If it was me, I'd eat a little on mileage, turn it in early then stay in the Lexus family with a new car to avoid disposition, wear and tear and other fees. That's what they want you to do anyway. They might even waive mileage or roll it into your next lease..
Ultimately, if black book value is close to your payoff, and you want to shift models, start getting quotes from carmax or other retailers to see how much you should get in trade at BMW.
#3
Don't stress about the mileage. Take it in a month before the lease is up and have the dealer treat it like a trade-in. I'm on my 6th lease and I've never paid for being over miles (and I'm always over).
#6
True that, we all know how bad an investment cars are.
I'll definitely see what some dealers will offer for my GS and test drive a 435i before I just blindly jump into one. I'm not going to lose my ***, another option is to turn in my 15' and go with a 17' GS or an RCF.
BMW 's reliability is a little concerning though compared to Lexus..
I'll definitely see what some dealers will offer for my GS and test drive a 435i before I just blindly jump into one. I'm not going to lose my ***, another option is to turn in my 15' and go with a 17' GS or an RCF.
BMW 's reliability is a little concerning though compared to Lexus..
#7
Lexus Fanatic
LFS will never negotiate the residual.
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#8
Lead Lap
If you turn it in early, residual doesn't matter. It's all about black book values at that point.
#9
Lexus Fanatic
Originally Posted by jtrue28
If you turn it in early, residual doesn't matter. It's all about black book values at that point.
#11
Lexus Champion
#12
Lexus Test Driver
Nah, they won't say anything...that you'll like hearing.
#14
Lexus Test Driver
Don't you think your co-worker is trying to make a profit on the salvaged titled car he bought at the auction? Do you know how much he paid for the car? Did he pay too much? Front end damage is most always the worse.
Your Lexus dealer should charge you to put the car back in original shape so the car can be sold on their lot...or they may decide that putting the car back in original shape is not worth the cost and effort and just sell the car as-is at auction - and charge you the difference. Either way, it's not going to be good. You have modified someone else's property that you are leasing! If Lexus does take the modified car at turn-in without anything said, I would be totally surprised.
Your Lexus dealer should charge you to put the car back in original shape so the car can be sold on their lot...or they may decide that putting the car back in original shape is not worth the cost and effort and just sell the car as-is at auction - and charge you the difference. Either way, it's not going to be good. You have modified someone else's property that you are leasing! If Lexus does take the modified car at turn-in without anything said, I would be totally surprised.
#15
Lexus Fanatic
IMHO turning in a GS lease early and getting killed on it to buy a salvaged titled BMW is insane.