Dealer get me out of my Lease?
02-26-15, 12:29 PM
#31
Lexus Champion
Sorry to hear it's not quite working out. It's the downside of these aggressive lease offers.
On the bright side, the '16 GS should have a decent mid cycle refresh, so maybe by the time you're ready, the updated GS will be available, or you'll be able to strike a fantastic deal on a '15.
I intend to pick a GS once my lease is up, and am counting on a nice refresh.
On the bright side, the '16 GS should have a decent mid cycle refresh, so maybe by the time you're ready, the updated GS will be available, or you'll be able to strike a fantastic deal on a '15.
I intend to pick a GS once my lease is up, and am counting on a nice refresh.
02-26-15, 01:03 PM
#32
Update:
I've reached out to some dealers and I'm getting the feeling this won't make sense until I get closer to lease end and/or the market value of my car increases relatively (dealer need / customer demand / seasonal factors). I'm hearing that 6 months prior to lease end is when to strike. :|
If anyone hears of anything else, please let me know, as I'd like to lease a GS350 AWD with Navigation as soon as possible.
Thanks!
I've reached out to some dealers and I'm getting the feeling this won't make sense until I get closer to lease end and/or the market value of my car increases relatively (dealer need / customer demand / seasonal factors). I'm hearing that 6 months prior to lease end is when to strike. :|
If anyone hears of anything else, please let me know, as I'd like to lease a GS350 AWD with Navigation as soon as possible.
Thanks!
02-27-15, 04:29 PM
#34
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I got out of my lease 6 months early due to going over on my miles and having a report on my carfax. My payments are a little higher but at least I didn't have to pay 6 more months on a 2012 and I got out of paying 4-5k at once in fees.
10-24-18, 05:28 AM
#35
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2018 Lexus GX460
Saw your post. We are currently in a 2018 Lexus GX 460 with 14,000 miles on it. It’s a 42 month lease with 10,000 miles a year. We would very much like to move out of this lease and into a different car due to a life change. . A convertible or something more fun to drive? We are not opposed to used cars and even cars of a different make? I think we’d rather move into a purchase and Wood like to payments to be below $700 a month. Would you be able to help us? We’re in North Florida? Thank you.
QUOTE=Ice350;8923883]I sell cars so let me chime in.
This guy is right. If the trade in value is the same or greater than the overall pay off, you can get out of the car easily.
Less easy but often effective, the dealer can lower the overall price of the car to compensate for the negative equity caused by the remaining lease payments. Most dealers will not want to do this since they have you on the hook for your current deal. Since my store is a volume dealer, we do this very often. But only up to a point.
I don't know of any dealers outside of south Florida and Cali who would do this very much. wE SELL 600 cars a month and sometimes push the envelope to make it happen. Most Lexus dealers don't care about volume. They maximize profit on each car.
Too bad the OP lives too far from me, I'd help him get a deal done.[/QUOTE]
QUOTE=Ice350;8923883]I sell cars so let me chime in.
This guy is right. If the trade in value is the same or greater than the overall pay off, you can get out of the car easily.
Less easy but often effective, the dealer can lower the overall price of the car to compensate for the negative equity caused by the remaining lease payments. Most dealers will not want to do this since they have you on the hook for your current deal. Since my store is a volume dealer, we do this very often. But only up to a point.
I don't know of any dealers outside of south Florida and Cali who would do this very much. wE SELL 600 cars a month and sometimes push the envelope to make it happen. Most Lexus dealers don't care about volume. They maximize profit on each car.
Too bad the OP lives too far from me, I'd help him get a deal done.[/QUOTE]
10-24-18, 02:50 PM
#36
Lexus Test Driver
^You are going to lose out on a ton of money. Anyone can always get rid of a lease at any time. It's just a matter of the math. Dealers don't give away money. If they need to give away 1k to make 3k on a car that's hard to move they'll do it and net 2k profit on something they wouldn't otherwise move. But if you're asking a dealer to write off 10-15k, no way jose.
So as an example with your GX470, say the payoff is $70,000 but the dealer book (sale) value is $62,000 to sell that car used with 14k miles, they'd offer you maybe $58,000. So you're in the hole $12,000 there. You lease a new car and that $12,000 would be split into the 36 monthly payments of your new lease. Assuming you have excellent credit and the finance company wants to take that sort of a risk writing a loan $12k more than the amount funded. They'd likely ask for a massive downpayment to help mitigate that risk.
So short story is you'll likely be keeping your GX for a while unless you come up with a ton of money.
So as an example with your GX470, say the payoff is $70,000 but the dealer book (sale) value is $62,000 to sell that car used with 14k miles, they'd offer you maybe $58,000. So you're in the hole $12,000 there. You lease a new car and that $12,000 would be split into the 36 monthly payments of your new lease. Assuming you have excellent credit and the finance company wants to take that sort of a risk writing a loan $12k more than the amount funded. They'd likely ask for a massive downpayment to help mitigate that risk.
So short story is you'll likely be keeping your GX for a while unless you come up with a ton of money.
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