Hey my RX gurus,

So I find myself in a bit of a situation right now. I am currently in a lease with an 08 RX350. Have been in the car now for roughly 2 years, and just hit 43,000k on the odometer. My agreement was suppose to be for 15k annually, which I have already gone over. At the rate that I drive this car(Daily & with winter coming up) I expect to be around 50-55k when it comes time to turn it in. Was at the dealership last week, and sales manager told me that Lexus charges 0.25$ per mile that you are over in a lease? If this is true, then I will have to payback Lexus between 4,000-6,000$ over fee's>?

While at the dealer, they offered me to take my RX the way it was and get me into a new 2010 RX350. However, I would be making payments on this new car, where as if I stayed in my 08 RX I am all payed up until August. (Not making any payments) My 08 RX now is in need of new tires before winter, so I will be putting in about $850 for a set of new OEM Michelins, and then maybe even a 50k service(Which I heard is big one).

This is a hard situation for me to be in, and not sure which is the best route for me to take? I even considered going from my RX to a Toyota Venza or something?

Please help CL!

 

in canada there is a site called leasebusters, for a fee you can list your car on there site designed for people who want to get out of there lease, and advertise to people who want to take over a lease. you could try that route.


have you considered buying it out and then reselling if you really dont want it?

if you buy it out you wont have to pay the high mileage fee becuase your buy out price was determined when you signed the paperwork.

 

Do the math. Add up $850 for the tires, find out what the 50k service will cost and the $4k-$6k over fees vs the 8 monthly payments between now and August. Personally I would never lease a car but that's just me.




Cat

 

You can buy out the car at the end of the lease and not pay any overage. I believe the buyout on my last lease which was a 2004 RX330 after 39 months was somewhere between 20-25... around what used ones in similar condition were going for.

If your lease was 36 months @ 15k miles/ year you are under the total miles. If you return the lease early you still need to pay those last months but you also get the miles. I would do the math -- CHECK YOUR LEASE AGREEMENT THERE IS NO UNIVERSAL NUMBER. Your dealer might have done a lease not through Toyota finance but another bank my dealer has gotten me US Bank leases before. It's probably better to return right under 45k miles (44999 LOL) and get a new lease vs paying for tires and a 50k mile service and the mileage overage.

 

I think a buy after the lease may a good option as you won't have to pay the over mileage fee and YOU are the only person who has driven and maintained the vehicle since new! At least you know what kind of vehicle you are buying. I also personally would never lease a vehicle.