Turning in car before lease is up??
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Lead Lap
Joined: Jan 2006
Posts: 535
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From: Anchorage, Alaska
Turning in car before lease is up??
I just found out that I may be moving near Sun Valley Idaho, which has a lot of snow and ice. A place my IS350 will not do very well. Have any of you turned in a leased vehicle early? If so what kind of penalties did you get, does Lexus financial allow you to lease another car, say an RX or a Toyota truck if you agree to the full 36 months?
TIA
TIA
Pole Position
Joined: Oct 2005
Posts: 342
Likes: 1
From: MN/WI
You are still responsible for the remaining lease payments. You may be able to get the dealer to help out, but really all you're doing is rolling the lease into the next vehicle. I have turned two vehicles in early, both I had a coupel months left and the dealers paid them off for me. (of course it was buried somewhere in the price of the car, but who cares.) For my GS I talked them down $1k, then asked them to pay off the remaining 3 months on my Accord lease, which was about $1k. So in a sense I talked them down $2k.
You may be suprised how your car does in the snow. A set of snow tires and my GS handles as good as my 4wd truck. OF course more than 6" of snow at once and it gets a little tricky!
You may be suprised how your car does in the snow. A set of snow tires and my GS handles as good as my 4wd truck. OF course more than 6" of snow at once and it gets a little tricky!
I used to sell Lexus and what the other guy said is true. It is possible to get out of a lease early with Lexus because resale value is high and the dealer can buy it out from you, but you have to be about 2/3 of the way done with your lease and I see you have a new IS so you've had it for less than one year. Sorry man but you're stuck for awhile. Only other option is to have someone take over the lease but they have to have same credit score as you and if they don't pay you are still responsible. This can be done straight through Lexus Financial Services, if you leased through them. Good luck.
Thread Starter
Lead Lap
Joined: Jan 2006
Posts: 535
Likes: 0
From: Anchorage, Alaska
Just an FYI, my dealer is giving me a few options. They will let me out of the lease if I lease a brand new Lexus, or lease/buy a new Toyota. They have been very helpful, which actually surprised me.
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