cchIS250

Hi guys, im new to this forum so a big hello from Miami I am currently leasing a 2010 is250, have had for about 2 1/2 yrs, lease is up April of 2013. My lease is for 10k miles per year, i will be over about 8,000 miles when the car is due(approx.$2,000) ;( I am paying $414 a month which is becoming a little steep for me now that i unfort. had to change jobs with a lower salary. I absolutely love my car and dont know what to do. Should i finance it which should be around $27,000 or pay the $2,000 for going over my miles and maybe leasing a pre-owned older model or should i try finding someone to take over the lease? im very confused

Slash300zx

Go trade in the car now at a Lexus dealer and get another one or maybe a CT or something if you need lower payments (and if you are still under the miles, that is) They don't penalize you for turning in the car early if you trade it for a new one.

cchIS250

as of now i am at 33,000miles so i am over by 3,000miles. To make matters worse, i was rear ended last night so now i have to fix my bumber through my insurance company(shouldnt be more than $2,000).....when one thing goes down another follows right behind!

iRock

iTrader: (12)

If you trade your car in I'm pretty sure it doesn't matter how many miles it has on it. They are playing off the car not terminating the lease.

Silver10

Take it to carmax and see what they give you for it

gstuiep

^^^ This
Did it with a previous car. As long as your car is worth more than the remaining financing on the lease you will be good to go. If you have any equity in the IS, they will apply that to your downpayment on a new one.

^^^ dont waste your time at carmax.

Evitzee

At this point you can't afford a car as expensive as a Lexus. I'd tough it out until next April and turn it in and pay the overage. Than go out and buy a cheaper automobile with payments you an afford.

Vroomin350

iTrader: (28)

I hate to agree here but this sounds like the best solution possible if what you really need is lower payments. How much are you going to lower your payment on another Lexus without having to put down at least $3000.00?

At this point you might be upside down, and most likely no matter what Lexus you go into your payments will go up.


If you decide to trade in, my advice is go visit carmax first, let them give you a free appraisal. You can use that as leverage when negotiating ACV for your trade. Always add about $1000 to what your car max appraisal came in at.

I'd say go see your options, shop around. The 2012 Camry SE has some great incentives if you want to stay in the Toyota family. Kia has the Optima if you want boost, etc...


I work at a dealership. Good luck.

Vroomin350

iTrader: (28)

I would put my lease up for grabs through one of those off-lease sites and see if you get any bites for a month or two, if not refer back to the above.

cchIS250

Thanks for all the advice, I will check out carmax over the weekend just to get an idea on what they will offer and take it from there. Hopefully I can work out a deal with Lexus if all fails, I do have great credit so maybe that will come in handy Thanks again!

mixa86

If you don t want to pay out the 2000, go thru leasing companies they will buy your lease out early and with overage miles. All my family and friends do that here who lease, they drive leased cars and 4-6 months before they are due they trade them in for new leases, while having overage and some damaged cars.

brociouz

iTrader: (65)

+1 for a lease swap (before you go over the mileage allotment). Someone out there who doesn't drive much would find such a transaction ideal. And definitely consider getting a cheaper car.