alir1983

I am in sort of a dilemma here. I have to transfer my parent's Lexus lease under my name but Lexus denied my tier 1 credit for the length of credit history. What other options do I have for the end goal to have the car under my name? I eventually wanted to own the vehicle. I have moved to another state away from my parents and want to have my plates reflecting the state I live in.

rmason

get a loan from another bank and buy it out. Payments will be higher than the lease ofcourse but if your goal is to eventually own it...might as well start now.

crf3973

I did a 3rd party lease buyout from someone in CA. Find a bank that will work for you and give you the APR u want, the amount of months you want the loan to be, and the amount you can afford every month. USAA (my bank) wrote the check directly to Lexus and Lexus in turn mailed me the title.

sears1234

agreed, if you want to own it at last, you shouldn't stay in lease term for higher interest rate.
You can loan from a bank and buy out this car.
I think to own a leased car is not a wise buy, you'll also pay a lease-end fee.

alir1983

I put 7200 on MSD. I presume that will be checked out upon buyout.

alir1983

I agree but I'm way over the mileage. Instead of paying $2000-3000 in overage. I rather just buy the car out.

crf3973

there was no checkout upon buyout... Lexus doesn't care about the car as long as the lease is payed off. There were no end of lease fees at all...

G Star

iTrader: (2)

You could always just pay their lease and when its paid off you can get the title from the finance company.

Most luxury cars are harder to lease transfer a used car than lease brand new, which is insane.

I have heard BMW is far less strict than Lexus and MB for lease transfers.

alir1983

Do they also just return the multiple security deposit upon lease end?

G Star

iTrader: (2)

I guess I can't predict what exactly the dealer will do but yea generally the MSD is only with the dealer until you return the car.