Maksim78

Can anyone confirm that I can buyout my current lease direclty from LFS? First time I called they told me to go though the delaership I got it from in Brooklyn. I spoke to Lexus Bay Ridge dealership and they are trying to rip me off with fees on the buyout.
They want to charge $2500 Dealer processing fee! I told them I am not even going to finanace though them, I already got the car loan though my bank, which is lower APR than LFS is offering. I will try to call LFS directly again, to see if I can do the buyout direclty though them. What you guys can suggest? Anyone had luck gettign it directly though LFS?

grabber2

Doesn't your monthly bill indicate a buyout price. It does carry a buyout fee but it should not be $2500. Check your lease agreement.

Maksim78

$2500 fee is what they call document processing fee which is not mentioned in lease obviosly. On top of that they are charging tax of this processing fee. Never in my life I had to pay that much money for doc processing. it's usually $75 - $600.
Will talk to LSF tomorrow to see if I can get a buyout from them directly. Will tell them I have covid and can't go to a dealership. If they refuse I will go to a different Lexus dealership for this buyout.

grabber2

Check Lexus Financial page and log in to your account to request a payoff quote. Does not look like you need to deal with the dealer. Dealer are straight out liar.

Purchase the vehicle you're currently driving

All that's left to do is get a payoff quote by logging into your LFS online account or contacting LFS at 1-800-286-0653. If you need financing, you can head straight to your dealer for help.
https://www.lexusfinancial.com/us/en...ur_option.html

Maksim78

You are absolutely right, 1 call to LFS and they sent me the buyout papers. Saved me ~ $3000!

2Kron714

We have a GX460 leased. With the residual way low compared to mkt prices, we are going to buy it. Should we buy now or wait til the end of the lease in 3 months? Is there any difference financially? First time we've ever bought a leased vehicle.

stasek

Are you planning on keeping it? If so - it doesn’t make much difference when you’re going to buy it out (only 3 months left). If you plan on selling it to make profit, I’m fairly certain Lexus/Toyota Financial allows buyouts by third party - in this case, you’d save yourself on taxes.

SW17LS

if you buy it now, you will make all the payments you owe anyways. The payoff is the residual plus all the remaining payments.

vfr700f2

Does LFS finance used cars or will the dealer offer financing from other sources?

Buying out lease on 2019 RX 350, credit union offered to lend at 5.99% with 800+ credit, which isn’t any better than online lenders from lendingtree.

Would like to avoid the dealer BS but I guess we’ll have to go over there and ask.

Does anyone know what to expect?

We’re in Stamford CT, BTW. Leased from New Country of Westport. Previous Lexus was from Darcars Greenwich.

thanks
kevin

vfr700f2

Lexus of Westport says they have 4.5% on used cars, which is better than my credit union. Westport charges $995 for the lease buyout processing, so their rate plus the fee is about equal to the cost of the CU rate over the life of the loan, and it means I don't have to deal with DMV BS. I'll check with Greenwich to see what their fees are.

SW17LS

LFS finances used and certified cars, and dealers will have other financing sources. In a high rate environment often outside lenders will have better rates.

vfr700f2

Long story short, we got a 6-month extension on the lease, which can be done 4 times, so now we continue to pay 0.9% or whatever the mf works out to, I forget, and the principal payments pay down the residual.

The rest of the story: Lexus of Westport mis-quoted the "best available rate," which we surely qualify for, and wouldn't say what their best available rate is, and they added a BS $200 "safety inspection" to the buyout. I went off on the sales manager (which I don't normally do) and we left. Our bank doesn't do car loans, and it takes a week to get an answer out of a credit union, at least, and so far, they're not giving actual rates anywhere near their teaser rates on their web pages. We have 800+ credit scores, BTW. Got more BS from LendingTree. Lexus of Greenwich did not return multiple phone calls - that's where we got our previous RX.

Shoutout to Lexus of Mt Kisco, NY! They charge $175 for the buyout if you finance thru them. I no longer believe any rate until I see it on the contract, but I thought the rate Mt Kisco said I might get was a little high... Then again, rates are probably going up daily and I've been dicking around with this for 2 weeks.

So, we're sticking with the lease and will revisit in 6 months. We're paying the money to ourselves. Us FTW!!