risri89

Hi

I found a guy who is transferring his 2017 Lexus 350(premium package) with 14 months and 4k miles left. He has put $2500 down and his monthly payment is $440. Lease buyout option is $30,000

His car has got bumper cracked from the bottom(photo attached) and driver side rear view mirror slightly broken (glass and blind spot monitor is all good). He is agreeing to give me cash of $5500 for these damages if I transfer the lease. Also he is willing to let $2500 go which he paid upfront.

Can someone please advise if its a good deal? What option would I have if -
1) I have to return the vehicle once lease comes to an end
2) If I buy the vehicle and keep it for next 3-4 years and get it fixed from my insurance

Any additional advise on it? Thanks in advance for your input

stasek

Run this by an independent shop to see how much the repairs would be, but I assume they shouldn’t be more than half of what he’s offering. If that’s the case, transfer the lease, drive the car till the end and turn it back in OR run the numbers through places like carvana or vroom. There’s a small chance you might have some equity built in, but not much. If the accident was reported to car fax/auto check, the retail will take a significant hit.

patgilm

Are you planning to keep the car or turn it back in? 4k miles in 14 months doesn't give you much use at all.

risri89

I don't mind keeping it but $30k seems high after 14 months of this vehicle. Even current kbb value is around 29K

SW17LS

The bumper will need to be repaired prior to turning the vehicle in or you will get charged. if you buy it out and keep it, it doesnt matter.

The residual is what it is, theres no way to negotiate the residual.

patgilm

I'm trying to understand your motivation for taking over the lease. It doesn't seem like a good deal on the surface. Are you thinking you can fix it cheaply and pocket the cash when you turn it in? Do you just need a short-term vehicle to take short trips where you would drive it less than 4k miles in 14 months? Can you provide a little more information?

premier3IS

The repairs will cost a fortune if it involves sensors in that area.

For your questions:
1) I have to return the vehicle once lease comes to an end. You need to fix the damage or you will get charged. Also you only said you have 4k miles left for 14 months? Seems awfully low. Also the 2500 he put down he is not doing you any favor by letting that go. Down payments aren't returned, only security deposits are.
2) If I buy the vehicle and keep it for next 3-4 years and get it fixed from my insurance. Your insurance premium will go up if you use them.

Residual cant be negotiated. Check the worth on KBB.

I wouldn't take this personally.

situman

It looks like cometic to me. Plus he's giving you $5,500? That's like 11 months of payments right there alone. I suggest you bring it to your mechanic and if it truly is comestic I would take it, after getting a repair est from your mechanic. Lexus dont care as long as it was repaired

tex2670

I'm sorry--you can buy a car with damage and then have your insurance pay to fix it? I didn't think it worked that way?

tex2670

Yikes--I missed that. I do that mileage in 4 months....

SW17LS

Youd have to lie to them and tell them it happened after you bought the car. Also known as insurance fraud

grabber2

It looks like what is tempting is the upfront cash offer.

I don't think its proper to get advice here if your intend is to claim insurance on the existing damage. I'm not sure if it will fly since most insurance require photo inspection on full coverage.

wasjr

Pass.
Current KBB value 29k, but purchase price in 14 months is 30k??? KBB value at that time probably 25k, maybe less if accident shows up on Carfax.
You would only have 4,000 miles remaining on the lease. Charge for additional miles at turn in.
What are the chances the seller has already taken the car to a body shop and knows the minimum repair is the $5,500. Take the bumper cover off and repair goes to $7,500.

Och

iTrader: (3)

How come the current owner isnt repairing it under insurance?

tex2670

Why should he if he can get someone else to deal with it?