Trading car??
08-23-08 | 08:23 PM
#1
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From: NJ
Trading car??
First off I just want to say to the mods, if this isn't in the right place, please move accordingly.
Now, on the to the main issue. I currently own an 08 is250 awd. It's black on black, navi, wood, chrome package, aftermarket exhaust, iPod, handsfree ... Im leasing it for 3 years and I think I want to trade it. Don't get me wrong I love the luxury of the lexus, but I want more power. I was thinking of the mazda6 s Grade Touring among other cars. There are a couple of negatives, I've only had the car for 3 months now, and I owe about 36K to buy it out. If I traded it at the dealer, I would only (potentially) get 31K, leaving me 5K difference, not what I want. If I take out a lone for the cost of the car, I'd potentially gamble whither or not it would sell, so I really don't wanna take that gamble. I don't really know what I should do. Any advise?
Thanks alot guys.
- Steven
Now, on the to the main issue. I currently own an 08 is250 awd. It's black on black, navi, wood, chrome package, aftermarket exhaust, iPod, handsfree ... Im leasing it for 3 years and I think I want to trade it. Don't get me wrong I love the luxury of the lexus, but I want more power. I was thinking of the mazda6 s Grade Touring among other cars. There are a couple of negatives, I've only had the car for 3 months now, and I owe about 36K to buy it out. If I traded it at the dealer, I would only (potentially) get 31K, leaving me 5K difference, not what I want. If I take out a lone for the cost of the car, I'd potentially gamble whither or not it would sell, so I really don't wanna take that gamble. I don't really know what I should do. Any advise?
Thanks alot guys.
- Steven
08-23-08 | 09:15 PM
#2
Moderator
well you're going to eat a lot either way, because lexus isnt going to let you terminate your lease that easily. check your paperwork or go to the dealer and see how much you will have to sacrifice to give the car back to them.
option 2. find someone to buy your car/take over your lease
option 2. find someone to buy your car/take over your lease
08-23-08 | 09:22 PM
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probably finding some1 to take over the lease is the least bad way for you to go
its a bad situation all around when you owe on your car and want to get into something else ... if speed/power is your issue, have you considered simple mods like a chip and/or intake?
its a bad situation all around when you owe on your car and want to get into something else ... if speed/power is your issue, have you considered simple mods like a chip and/or intake?
08-24-08 | 03:59 AM
#4
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From: NJ
Are there chips for the is250?
08-24-08 | 04:01 AM
#5
Lexus Test Driver
First off I just want to say to the mods, if this isn't in the right place, please move accordingly.
Now, on the to the main issue. I currently own an 08 is250 awd. It's black on black, navi, wood, chrome package, aftermarket exhaust, iPod, handsfree ... Im leasing it for 3 years and I think I want to trade it. Don't get me wrong I love the luxury of the lexus, but I want more power. I was thinking of the mazda6 s Grade Touring among other cars. There are a couple of negatives, I've only had the car for 3 months now, and I owe about 36K to buy it out. If I traded it at the dealer, I would only (potentially) get 31K, leaving me 5K difference, not what I want. If I take out a lone for the cost of the car, I'd potentially gamble whither or not it would sell, so I really don't wanna take that gamble. I don't really know what I should do. Any advise?
Thanks alot guys.
- Steven
Now, on the to the main issue. I currently own an 08 is250 awd. It's black on black, navi, wood, chrome package, aftermarket exhaust, iPod, handsfree ... Im leasing it for 3 years and I think I want to trade it. Don't get me wrong I love the luxury of the lexus, but I want more power. I was thinking of the mazda6 s Grade Touring among other cars. There are a couple of negatives, I've only had the car for 3 months now, and I owe about 36K to buy it out. If I traded it at the dealer, I would only (potentially) get 31K, leaving me 5K difference, not what I want. If I take out a lone for the cost of the car, I'd potentially gamble whither or not it would sell, so I really don't wanna take that gamble. I don't really know what I should do. Any advise?
Thanks alot guys.
- Steven
If you are really about power then there are a lot of cars out there that dealers would be willing to work with you on because they chew up gas but you are definitely going to eat some of the cost.
The good news is that you have an opportunity to buy an '08 that dealers are looking to get rid of since the '09's are arriving. Also, you may want to consider a pre-owned just so you don't end up paying so much out of pocket.
Let us know how it goes!
08-24-08 | 06:58 AM
#6
I'd like to know why you'd mod out a LEASED vehicle unless you know you're going to buy it at the end - which obviously doesn't seem like the case now.
Get ready to eat some of the cost - with trying to get out of a lease this early, it doesn't sound like you should have leased in the first place.
Get ready to eat some of the cost - with trying to get out of a lease this early, it doesn't sound like you should have leased in the first place.
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08-25-08 | 05:50 AM
#9
Lexus Fanatic
iTrader: (2)
First off I just want to say to the mods, if this isn't in the right place, please move accordingly.
Now, on the to the main issue. I currently own an 08 is250 awd. It's black on black, navi, wood, chrome package, aftermarket exhaust, iPod, handsfree ... Im leasing it for 3 years and I think I want to trade it. Don't get me wrong I love the luxury of the lexus, but I want more power. I was thinking of the mazda6 s Grade Touring among other cars. There are a couple of negatives, I've only had the car for 3 months now, and I owe about 36K to buy it out. If I traded it at the dealer, I would only (potentially) get 31K, leaving me 5K difference, not what I want. If I take out a lone for the cost of the car, I'd potentially gamble whither or not it would sell, so I really don't wanna take that gamble. I don't really know what I should do. Any advise?
Thanks alot guys.
- Steven
Now, on the to the main issue. I currently own an 08 is250 awd. It's black on black, navi, wood, chrome package, aftermarket exhaust, iPod, handsfree ... Im leasing it for 3 years and I think I want to trade it. Don't get me wrong I love the luxury of the lexus, but I want more power. I was thinking of the mazda6 s Grade Touring among other cars. There are a couple of negatives, I've only had the car for 3 months now, and I owe about 36K to buy it out. If I traded it at the dealer, I would only (potentially) get 31K, leaving me 5K difference, not what I want. If I take out a lone for the cost of the car, I'd potentially gamble whither or not it would sell, so I really don't wanna take that gamble. I don't really know what I should do. Any advise?
Thanks alot guys.
- Steven
08-26-08 | 03:52 AM
#10
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From: NJ
and just like that I've changed my mind ... I'm 95% sure I'm going to keep my car, I'd be losing a lot more money then originally thought. Plus it will put me back on my additional car purchase, some sort of roadster.
Thanks for the input and advice everyone.
Thanks for the input and advice everyone.
08-26-08 | 09:26 AM
#11
Lexus Fanatic
iTrader: (2)
Informative info for the OP & others.. The highlighted should be good news to many.. Read your lease agreement!
The Lexus Lease
There are two basic types of leases available in the automobile industry - Closed End and Open End. Lexus offers only a Closed End lease. To help you compare, both are discussed below:
Open End Lease
Like all types of leases, the end value of the vehicle is established at the beginning of the lease for payment calculation. At the end of the lease the customer, or lessee, may have the option to purchase the vehicle for either the end value determined at the beginning of the lease or the fair market value determined at the end of the lease term. Alternatively, the customer may choose to simply return the vehicle to the leasing company.
The lessee is encouraged to maintain the vehicle's physical and mechanical condition in order to realize the highest resale value at lease end. Any portion of the sale price falling short of the end value is the lessee's responsibility.
Closed End Lease
Unlike the open-end lease, this option does not require the customer (lessee) to "guarantee" a predetermined end value. Instead, the leasing company assumes the risk of estimating the resale price. The lessee agrees to conditions regarding the vehicle's overall condition and kilometer restrictions. Some closed end lease contracts contain an "option to buy" provision for the lessee.
Lexus offers significant advantages over the many competitive lease programs available today.
1. Full Disclosure Lease
The Lexus lease contains full disclosure and is written in plain language. All contract details and components for payment calculation are spelled out up front so you know what to expect from start to finish.
2. No Early Termination Penalty
The Lexus Lease assesses no penalty for early termination, aside from depreciation due to usage. You may choose to return the vehicle under the terms of the lease and assume responsibility only for any deficiency due to depreciation. Alternatively, you may simply purchase the vehicle for the remaining principal balance plus taxes and other related charges. Compare this to some competitive leases that charge additional fees or penalties without giving you the option to conclude your lease by purchasing the vehicle.3. No Termination Fee
The Lexus Lease charges no administrative fee at the conclusion of your lease. In addition, your security deposit is 100% refundable provided there is no excessive wear and tear and the vehicles has not exceeded the allotted kilometres. Compare this to many other leases, which carry a lease termination fee.
4. Option To Purchase
The Lexus Lease is a Closed End lease with an option for you to purchase. The purchase price is based on the predetermined end value plus taxes and other related charges. Should you choose not to exercise this option, your Lexus dealer will handle all the details related to terminating the lease agreement.
5. End Value Guarantee
The closed end Lexus Lease provides the security of knowing that your vehicle's residual or end value is fully guaranteed by Lexus Financial Services. The responsibility for the vehicle's market value is assumed by Lexus Financial Services (Lexus). The customer is responsible only for the vehicle's overall condition as detailed on the lease agreement (appearance, mechanical condition) and charges for kilometres in excess of the allotted amount (excess kilometre charges).
6. Guaranteed Asset Protection (GAP) Insurance
In the unfortunate event of an accident and your vehicle is written off, you are protected by GAP insurance, which is included in the Lexus Lease. GAP insurance covers any shortfall in the gross insurance settlement (the differnce between the vehicle's actual value as determined by your insurance provider and outstanding principal balance), ensuring that you will not incur any additional expenses. Many competitors offer gap insurance only at extra cost and only for a portion of the term.
7. "ENCORE"
The "ENCORE" program was created to reward previous customers of Lexus Financial Services. Qualifying customers may receive a reduction in the annual interest rate and full waiver of the security deposit. To qualify, one must have financed or leased through Lexus Financial Services within the last 24 months with a minimum of 12 months activity. Payments must have been made in accordance with the terms of the agreement and the customer will have to qualify for the lease of a new vehicle.
8. Pre-paid Lease Plan
The Pre Paid lease allows you to prepay the vehicle cost for a specific period of time without having to invest in the entire vehicle. In addition to all the advantages of the Lexus lease, benefits include a reduction in finance charges and the convenience of no monthly payments. Compared to a cash purchase, the Pre Paid lease enables you to retain a portion of the vehicle price which you can use for other purposes.http://www.lexus.ca/lexus/experience...ing_second.jsp
There are two basic types of leases available in the automobile industry - Closed End and Open End. Lexus offers only a Closed End lease. To help you compare, both are discussed below:
Open End Lease
Like all types of leases, the end value of the vehicle is established at the beginning of the lease for payment calculation. At the end of the lease the customer, or lessee, may have the option to purchase the vehicle for either the end value determined at the beginning of the lease or the fair market value determined at the end of the lease term. Alternatively, the customer may choose to simply return the vehicle to the leasing company.
The lessee is encouraged to maintain the vehicle's physical and mechanical condition in order to realize the highest resale value at lease end. Any portion of the sale price falling short of the end value is the lessee's responsibility.
Closed End Lease
Unlike the open-end lease, this option does not require the customer (lessee) to "guarantee" a predetermined end value. Instead, the leasing company assumes the risk of estimating the resale price. The lessee agrees to conditions regarding the vehicle's overall condition and kilometer restrictions. Some closed end lease contracts contain an "option to buy" provision for the lessee.
Lexus offers significant advantages over the many competitive lease programs available today.
1. Full Disclosure Lease
The Lexus lease contains full disclosure and is written in plain language. All contract details and components for payment calculation are spelled out up front so you know what to expect from start to finish.
2. No Early Termination Penalty
The Lexus Lease assesses no penalty for early termination, aside from depreciation due to usage. You may choose to return the vehicle under the terms of the lease and assume responsibility only for any deficiency due to depreciation. Alternatively, you may simply purchase the vehicle for the remaining principal balance plus taxes and other related charges. Compare this to some competitive leases that charge additional fees or penalties without giving you the option to conclude your lease by purchasing the vehicle.3. No Termination Fee
The Lexus Lease charges no administrative fee at the conclusion of your lease. In addition, your security deposit is 100% refundable provided there is no excessive wear and tear and the vehicles has not exceeded the allotted kilometres. Compare this to many other leases, which carry a lease termination fee.
4. Option To Purchase
The Lexus Lease is a Closed End lease with an option for you to purchase. The purchase price is based on the predetermined end value plus taxes and other related charges. Should you choose not to exercise this option, your Lexus dealer will handle all the details related to terminating the lease agreement.
5. End Value Guarantee
The closed end Lexus Lease provides the security of knowing that your vehicle's residual or end value is fully guaranteed by Lexus Financial Services. The responsibility for the vehicle's market value is assumed by Lexus Financial Services (Lexus). The customer is responsible only for the vehicle's overall condition as detailed on the lease agreement (appearance, mechanical condition) and charges for kilometres in excess of the allotted amount (excess kilometre charges).
6. Guaranteed Asset Protection (GAP) Insurance
In the unfortunate event of an accident and your vehicle is written off, you are protected by GAP insurance, which is included in the Lexus Lease. GAP insurance covers any shortfall in the gross insurance settlement (the differnce between the vehicle's actual value as determined by your insurance provider and outstanding principal balance), ensuring that you will not incur any additional expenses. Many competitors offer gap insurance only at extra cost and only for a portion of the term.
7. "ENCORE"
The "ENCORE" program was created to reward previous customers of Lexus Financial Services. Qualifying customers may receive a reduction in the annual interest rate and full waiver of the security deposit. To qualify, one must have financed or leased through Lexus Financial Services within the last 24 months with a minimum of 12 months activity. Payments must have been made in accordance with the terms of the agreement and the customer will have to qualify for the lease of a new vehicle.
8. Pre-paid Lease Plan
The Pre Paid lease allows you to prepay the vehicle cost for a specific period of time without having to invest in the entire vehicle. In addition to all the advantages of the Lexus lease, benefits include a reduction in finance charges and the convenience of no monthly payments. Compared to a cash purchase, the Pre Paid lease enables you to retain a portion of the vehicle price which you can use for other purposes.http://www.lexus.ca/lexus/experience...ing_second.jsp
08-26-08 | 10:45 AM
#12
Lexus Fanatic
Are there chips for the is250?
Not only are they considered a vehicle modification, but also can void the warranty.
DASHOCKER
You are leasing the car right? Well you can end the lease for any reason & at any time prior to the termination date. All you have to do is pay the early termination fee (which is 300 bucks or so) & walk away clean and clear from the deal. This will not affect your credit in any manner. Once you walk away from the deal, shop for the vehicle the vehicle that you seek. Good luck.
If it was me, I wouldn't be all that concerned with power. You leased a non-turbo AWD car, knowing (presumably) that AWD adds weight/drag to the engine and robs both power and mileage. The flip sides to that, of course, are good cornering stability, more even tire wear, and good traction in bad weather.
But if you can't live with its response any longer, go ahead and plan to terminate the lease, and then we can discuss a suitable replacement for it.
Last edited by mmarshall; 08-26-08 at 10:53 AM.
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