I've never leased before but think this might be the time to try it. My biggest concern is what happens during the lease turn-in inspection. I take good care of my cars, but certain wear & tear items happen (paint chips, small scratches, scuffed up bumpers, etc.) Does Lexus tend to nickel & dime you for stuff like this? I've heard about some bad experiences at other car dealers.

 

I don't reccomend leasing if you live in NY and park on the stree. If you decide to do so and have any damage when time to turn in car comes you can eithe paint whatever damage you have or you can return in the way it is and get charged for damage. They won't charge you for little scratches or scuffs, but if you'll have large noticable paint chips, scratches and bold tires you will get charged.

 

Ive leased many times and was a "certified" Nissan Lease salesman...
Just dont bring it in crushed, cracked windshield . keyed to hell and your good to go.

 

Lexus only cares about the condition of the car at the end of the lease AND if you return it. If you buy it out at the end then the car is yours and they none of the lease terms matter (e.g. excess milage, dings, chips to the paint, mods to the car, etc).

Make sure you put down multiple security desposits (refundable to you!) instead of down payment. The security deposit will lower your lease rate while the downpayment will lower your principle. Difference is that with the security deposit, it's your money to keep if you decide to return the car and just walk away from the lease at the end, compared to downpayment which you cannot get back.

If you are worried about excess wear and tear most dealers often sells you extra protection package to take care of this type of stuff.

 

A word of caution on the multiple security deposits - they aren't always refundable. If you should total the car, you can lose all your deposits. IMHO, you should put little or nothing down on the lease, since all LFS leases have gap insurance to cover the cost of the car should it be totaled or stolen . . .

 

Thats called Rust and dust
Spray can of carpet protector at walmart and a $100 detail will do better than what they will sell you at $1000+

 

Here’s my leasing turn-in story. Several years ago I got a Tacoma on a 3 year lease. I was ignorant about leasing and in turn the stealership saddled me with a not-so-good lease from BofA. After my turn-in inspection, BofA presented me with an excessive wear & tear bill for over $1800. Granted, the truck did show some wear –it was 3 years old after all, but nothing excessive. Just minor rock chips, scratches and tire wear, at a typical level for a vehicle of that age. They were so nitpicky about every little detail, “rock chip on the windshield, gonna need to replace it” (even though the tiny starburst had been professionally repaired and sealed). BofA basically expected a near new condition vehicle. It didn’t matter that I had full maintenance records and was below my mileage quota. I ended up buying it because I knew it was rock solid, well-maintained and I still liked it, but I swore I would never lease or do business with BofA again. They really didn’t want the vehicle back and forced me to take it (still have it, another 6 years later).

My story is probably not typical, and I believe there are other factors that could make a difference at turn-in, such as, who you lease from, whether you are buying another car at turn-in, etc. It seems that getting your lease from the manufacturer may the best deal, because they are most likely to be lenient at turn-in if you’re buying another one of their vehicles to replace it. Do your homework on leasing, understand all your costs, the calculated residual, and the leasing company’s definition of wear/tear. Negotiate the sale price first, not the low monthly payment.

 

Sounds so complicated to lease. Why don't you just buy it and not have to worry about anything?

 

I've leased a few times they do what is called the credit card test...anything larger that a credit card will be chargable along with the obvious windshield chips tires etc

 

The thing about leasing is this.

If you lease a car, say an IS300, and return it 3 years later, most dealers/financial institutions will scrutinize the car more if you do not plan to lease another one. They do not want the car back. However, they have to take it.

 

People don't plan on keeping the same car for a long period of time. By the time the lease ends, there is a new sexier model that will be out. Say... the new M3.

 

If you lease a car in a different city or state can you return it at a different lexus dealership??

 

Yes, you every dealership has to accept a lease return.

 

Thanks for the feedback. Seems like they have a lot of leverage to get someone to lease another vehicle or to buy it at end of lease by nitpicking everything and running up the "repair" tab.

 

also note when your lease is up -- act like you're going to turn the car in, even if you intend to buy it and keep it....you can negotiate the buyout price!