isosunrise

I've turned leases in early before to go into something else however, I've never turned a lease in 3 years early. Long story short I did a 4 year lease on my car. It's a 2015 is250 F sport, back on black. Running into some financial issues and I have a second car so I'm thinking of a way to get rid of this, other than the obvious swap a lease or something.

I have had the car since September 2015 and it currently has about 8100 miles on it. Clean as can be.

How would this work if I was to end the lease. Not looking for a voluntary repo or anything.

Any KIND advice would be nice.

Thanks!

ssmoked

unless you pay off the whole lease term, they are not going to take it back. Try sell it privately and eat the difference when paying it off

E46CT

Of course they'll take it back. A car is just a piece of property. I leased a brand new Lexus off the lot, drove it for 6 months and leased another. Before that I had a brand new Prius. TFS/LFS flipped my cars for me twice now. The dealership bought my cars from TFS/LFS and leased me a new one which is my current IS. I got 5-6k discounted each time so that helped ease the sting. Of course, you'll have to pay the difference between what you owe on the car and how much the dealer took it off your hands for. In your case, since you aren't getting a new car, that difference has to be paid in cash. No way around it. So unless you have 5-10k cash laying around, you're stuck.

YOu can also offer it on swap a lease with an attractive incentive. You pay someone a cash incentive, say 2-3k (in your case) and have them take over your lease through LFS. The lower your monthly payments are, the better chance someone will want it. Tough sell though cause Lexuses are cheap to lease to begin with... 2-3k sure beats 10-15k. =)

Your payoff is likely what.. 38-40k? Dealer will probably pay you 25-28k for it--tops. turn around and sell it for 35k

dstopsie

Or you can see what Carmax will give you for it. Then pay the difference berptween your payoff and what carmax gives you.

Dylroberts

I turned in my 2016 IS200t only 8 months in (I missed my LS ride bad), I found an 06 LS430 I could not pass up. The lease payoff is included in my financing for the 430. You'll have to pay somehow.

coldsoda

Yep.... No easy way out. I've been there. You'll be paying up one way or another...

kyoungjook

I was looking to trade in my IS350 F-Sport early towards a Chevy SS, but the dealer's "best" offer was nearly $5k less than the payoff, which would have resulted in me having to either pay $5k in cash to cover the difference, or roll that negative equity into the new purchase - neither of which were good options. At the time, I was about 6 months into a 36-month lease.

When I first leased the IS, because Lexus' generally maintained high resale values, I thought there wouldn't really be a time when I was underwater, but that hasn't been the case at all. In fact, now I'm beginning to think that I'll be underwater for the duration of the lease. I think it's probably due to a combination of lower than expected resale values + fairly generous initial discounts from MSRP (which is what your payoff is based on). In any case, yes, you can get out early, but it'll cost you.

I've looked at Swap a Lease, but the prices for some of the other IS350 F-Sports are so low (avg. is about $380/mo with nothing down) that I don't think I'd be able to reasonably compete without taking a complete bath.

CarlitoIS

Go into a Lexus dealer and ask. I had a 2015 IS for about a year on a 4 year lease and I wanted out, I didn't want a 4 year lease and I didn't want the IS base model. I went in and they bought the car and I leased another for 3 years, paying the same; F Sport. Maybe they could buy it out or something? It doesn't hurt to ask.

200tDaniel

iTrader: (1)

So if I have a lease that I've paid 1 year into already and want to get out of it and get a new Lexus but finances not a lease do you think they would do it?

ssmoked

yes. But if you are upsidedown, they will just roll the amount into the finance. Who knows, you might able to genotiate to reduce or forgive the difference

200tDaniel

iTrader: (1)

Thanks for the response, yeah I was upside down on the car I traded in for the Lexus so I'm worried that will mess me up now. But maybe if I go when they have a killer deal it can eat up the difference

ssmoked

are you considering buying/leasing another new lexus bc you are bored with the current one? I would sit down and reevaluate your finances and wants/needs before signing another contract to lose more money if you get bored again in a few month

200tDaniel

iTrader: (1)

Lol no not bored with it at all, I am just paying a lot on my lease cause I was upside down trading in my previous car and I want to see what options I have