Extend lease by 1 yr?
Thread Starter
Pole Position
Joined: Sep 2014
Posts: 308
Likes: 1
From: CA
Extend lease by 1 yr?
My lease will go belly-up 3/2016. Initially I was thinking of returning the 3rd RX and leasing the 4th RX but I think the lease conditions will be pretty poor and I don't want to end up paying X5 money for an RX.
That being said, I was wondering if I could extend my current 24-mo lease for another 12 months. Anyone did this before? Will the monthly stay the same?
That being said, I was wondering if I could extend my current 24-mo lease for another 12 months. Anyone did this before? Will the monthly stay the same?
I don't think it will take a year for Lexus to put out some nice incentives on the new RX. This is the best selling Lexus of the brand. We can't wait a year for it to stay on top. It has to come out of the gate fast. Just like the IS did.
Intermediate
Joined: Feb 2015
Posts: 327
Likes: 65
From: Ca
I've done it once and it was month-to-month. After first 6 months extension they demanded that I return the car.
Have to read a small print there might be some statement that you can extend the lease only if other party will agree to it. If Lexus will have huge demand for used RX at the time of extension they might ask you to bring it back. Just an opinion.
Have to read a small print there might be some statement that you can extend the lease only if other party will agree to it. If Lexus will have huge demand for used RX at the time of extension they might ask you to bring it back. Just an opinion.
Instructor
Joined: Jan 2003
Posts: 895
Likes: 56
From: IL
My advice would be to go into the dealership the last week of December. See if they will offer you a great "December to Remember deal" and take you out of your lease early. I have done this a number of times and it has worked well. They may want a good low mileage 3rd generation RX for their lot. Some people will not like the new RX styling and will be looking for a 3rd generation vehicle.
Lead Lap
Joined: Nov 2013
Posts: 565
Likes: 59
From: Florichigan
Q: If you extend the lease, do they add an additional amount of miles for which you won't be charged the $0.25 / mile penalty?
It seems to me that if they'd give you an additional 1,000 miles per month - AND NOT CHARGE YOU AN EQUIVALENT TO THE APPROXIMATELY $3,000 that you likely paid for the privelege of making the original contract. That would mean that on a monthly basis, you'd be getting a real deal. I'd do that in a heartbeat.
It seems to me that if they'd give you an additional 1,000 miles per month - AND NOT CHARGE YOU AN EQUIVALENT TO THE APPROXIMATELY $3,000 that you likely paid for the privelege of making the original contract. That would mean that on a monthly basis, you'd be getting a real deal. I'd do that in a heartbeat.
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Thread Starter
Pole Position
Joined: Sep 2014
Posts: 308
Likes: 1
From: CA
I read some horror stories about the '16 RX pricing. It even crossed my mind to lease a late '15 RX in December, for two more years. I love the '16 RX but I can't justify $600+ / mo for it
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Lexus Test Driver
Joined: Oct 2014
Posts: 1,266
Likes: 48
From: NY / LI
Q: If you extend the lease, do they add an additional amount of miles for which you won't be charged the $0.25 / mile penalty?
It seems to me that if they'd give you an additional 1,000 miles per month - AND NOT CHARGE YOU AN EQUIVALENT TO THE APPROXIMATELY $3,000 that you likely paid for the privelege of making the original contract. That would mean that on a monthly basis, you'd be getting a real deal. I'd do that in a heartbeat.
It seems to me that if they'd give you an additional 1,000 miles per month - AND NOT CHARGE YOU AN EQUIVALENT TO THE APPROXIMATELY $3,000 that you likely paid for the privelege of making the original contract. That would mean that on a monthly basis, you'd be getting a real deal. I'd do that in a heartbeat.
Lexus Test Driver
Joined: Oct 2014
Posts: 1,266
Likes: 48
From: NY / LI
At the time I was told that I would be given a recalculated residual value based on the additional 6 payments if I went through with the paperwork. Which I never did.
A friend of mine extended his MB lease for 6 months and was told the lease would be month to month. Meaning that he could break the lease at any time during the extension period as long as he leased or financed another MB.
However, if he tried to break the lease sooner to purchase another brand he would be subject to the usual early termination fees.
A friend of mine extended his MB lease for 6 months and was told the lease would be month to month. Meaning that he could break the lease at any time during the extension period as long as he leased or financed another MB.
However, if he tried to break the lease sooner to purchase another brand he would be subject to the usual early termination fees.
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