mikemu30

Duh a basic concept built into the leasing formula.

JDR76

freshwater

I read this at the LFS about selling your leased vehicle to someone else .

"We will only sell your lease vehicle and release the title in your name. Once you purchase, you may sell and transfer the title to anyone that you'd like " .

Is that means I just cant give the car to some other manufacturers like a trade in and they will buyout the car. Looks to me they want me to buy the car from them and pay taxes and then sell or trade in to anyone outside.

mikemu30

I've never leased but are you asking if you can trade the leased car you don't own to begin with???

coolsaber

Dont know how taxes in IL work, but if sometimes CarMax may surprise you on how close they get to making the you an offer that yields zero out of pocket. The biggest factor here, is how your state tax operates, and whether or not a 3rd party can offer you more then buyout.

In addition, if your over mileage and condition, thats another thing LFS will hold you accountable for.

JDR76

You can trade in a leased car, yes. I've done it many times. The money from the trade goes first to buy out the car outright from Lexus Financial Services. If it is more than the buyout amount, you keep the extra. If it is less, then you have to pay the difference.

Cocal

Don't forget that the car is NOT yours, it belongs to company and unless written in the lease you must return it or buy it out.

freshwater

Car is leased but it still has a buyout price like in my case ~$39k.
If I decide to buyout myself I can buy this car tomorrow at the buyout price of $39k regardless of being a lease vehicle .
So i was thinking If I can buy then other manufacturer like BMW or Audi can buy this too and sell or lease me their SUV which might be higher in price then mine..
But seems to me LFS is not giving me that option to go outside and let them buy their vehicle.

IL Tax, I can get the tax credit if I already paid tax on this and tried to trade in with their car. I will only pay Tax on the difference of their selling price and what they paying to buy mine.
e.g If i buy a car from BMW for $50k and they paying $35k for mine then I be paying taxes on the difference which is $15k.

Cocal

I looked into this and tried to buy a car for the residual value. Lease holder paid my money and the sale in my name, but leasing company said no go. He'd have to buy it and then sell it to me. Two separate transactions. Not very easy to transfer ownership till paid off.

freshwater

Looks to me I have 2 option left.

1) Take the vehicle to the Lexus dealer 3 months before lease expiring ( get that 3 month payment credit ) and lease another Lexus ( IS300, IS350 or RX350 F sport). I might have to pay for extra mileage which might be 4k-5k miles. Not sure dealer can waive that ?
2) Keep paying the lease till its finish and then buy this vehicle and then decide to keep it or trade in for some other vehicle like Q5, Q7 or X6.

I like my vehicle no issues but its not that sporty so thats why i want to get out of this and moved to a much sportier vehicle. We should have bought the F sport at that time but never realize it will be that different suspension.
Interestingly we took the Test drive in RX350 F-sport and bought non-sport.

guxu

I never leased any car. So for this specific vehicle, if you buyout it for $35k, what is the total cost of this RX? Thanks.

freshwater

If I do end up buying this car for $35k the total cost will be (35k+22k (lease 36/10)=$57k).
Actual MSRP was ~$55k but negotiated price was ~$51k. So I should have bought this car 3 years ago for $51k and now I am actually paying $57k.
You will always loose if you try to buy a lease car at the end of lease. Thats why I normally don't buy at the end of lease. If its been any German car like BMW or Audi I would never buy after a lease due to issues those cars see once the Warranty expired.
Lexus I think can hold on much better then Germans manufacturer .

GoHuskers

In Nebraska you do NOT get the tax reduction if you trade in a leased vehicle (since you don't own the leased vehicle).

In you case I would get another Lexus, be it an fsport this time. Dealers times over times will get you into a new ride and take over your lease when they really need to move units. Try many dealers as possible.

imrank24

ok so i was in a similar situation with my 16 es 350. got tired of the car wanted a 18 accord 2.0 stick. so 4 months before my lease was up i visited my honda dealer they ate my remaining payment and they didn't roll them into the new lease send a check to lexus financial. account got cleared dropped the car off and i was done with it for good. so wait a few more months and see if a dealer is willing to eat your payments.

LovMy2017R

Here is what happened to me. I live in CA, Leased a 2015 NX, Lexus Financial sent me a a special offer with the payment coupon for the next lease payment. Lexus will waive the last 3 payments and disposition fee if you lease or finance another Lexus through LFS. I wanted to buyout the lease for the residual. The Lexus dealership said, no, you have to turn it in. The salesman told me to sell it myself on Craigslist and make a few thousand dollars since the residual is low. He even told me what to sell it for over the residual. He also told me the current value if they sold it on their lot. He also told me to go to CarMax to see what they would give for a fast and easy sale. Went to CarMax. I told them my lease was expiring soon and wanted to know if they were interested in buying my NX. They made me a written offer good for 7 days. Decided to take it avoid the issues of showing it to private parties. CarMax asked for my last payment coupon and we called LFS together to get payoff. Disposition fee waived. CarMax cut me a check for the difference over the residual on the spot. Easy transaction. I went back to Lexus and leased a 2018.