LS430FL

I know this is a long shot but just out of curiosity has anyone successfully negotiated with Lexus for a reduction in lease payment or credit because of unused mileage due to COVID-19? My wife has an NX and has been working from home since March and may be working from home indefinitely. We have 12,000 miles a year because we calculated it out based on her mileage to and from work 5 days a week. She will have had the car for a year in August and just crossed the 6,000 mile mark. I know it's a risk you take by leasing a car but I am just curious if anyone on here has attempted a credit or renegotiation. It's a shame I am paying for so many miles going to waste now that the car mainly sits in the garage. Thanks!

bitkahuna

iTrader: (20)

Well, covid aside, if someone got laid up in hospital for 6 months and didn't drive a car for example, i doubt you'd get a rebate/discount on a lease. I have a relative who leased a car and had to go into memory care assisted living and thus obviously could no longer drive. We were stuck with the lease.

SNiiP3R

iTrader: (3)

It’s funny how their math works. When you return the car to dealer, you get slapped with a bill if you exceeded your mileage allowance on the lease, but you don’t get reimbursed if your mileage is way lower than what you’ve been paying for. Stealership is like a casino, they always win.

Would be nice if there was an option, to pay for mileage at the end of the lease. This way you make small payments for 3 years and at the end they give you a bill for mileage.

joedaddy1

iTrader: (1)

Perhaps you can give them a call, you never know.. just don’t be disappointed.

another option you may have is to sell the car right now or before you turn it in.

Lexus SUVs are popular and sometimes selling instead of turning in the lease could be worth it.

check what your current buy out is and how much you could get in the used car market.

this might not be a good time as the car is only a year old. But after the 2 year mark, start looking.

Bob04

I would think it would be best to keep it at the end of the lease and sell it yourself if you use way less than the mileage allowed. Should be worth more than what you owe the leasing company.

SW17LS

This option absolutely exists. Get the lowest mileage lease they offer (7,500 miles per year) and pay the mileage penalty at the end.

You can, you can sell or trade in the low mileage car at the end and if you can get more than the residual then you keep that money.

Lexus wont re-negotiate the lease.

Dealership has nothing to do with lease returns. That is between you and Lexus Financial. The dealership doesn't even get to keep your lease return and sell it, they go back to Lexus and dealers bid on them for inventory. They are just forced to facilitate your interaction with Lexus financial during the lease return or buyout process.

bagwell

its worth a try to call them and explain - but unless she lost her job due to Covid-19, they probably won't help you out.

wasjr

I don't know if Lexus has something similar, but with Acura you can rollover up to 15,000 unused lease miles into the next Acura lease. This will enable you to drop the mileage component on the new lease accordingly. Plus Acura will waive the last three months of a lease if you rollover into a new lease. I did this in March with a lease that was to end in June, rolling over 10k miles.

SW17LS

Lexus won't do that. BMW and MB for instance also let you buy miles at a discounted rate when you are over miles during the lease, Lexus won't let you do that either. MB and BMW will also negotiate residuals for lease buyouts, Lexus won't.

wasjr

Acura won't do that either. I forgot to mention that Acura will also waive up to 7,500 of overage miles if you lease another Acura.

pbm317

My friend wasn't able to get BMW to negotiate on a a lease buyout of their current 2017 X5 this month. They want to stick with the residual of $39K, whereas the market value is probably closer to $32K. This despite my friends only having 15K miles vs 30K allotted.

I think technically you have to turn in, have the dealer get their special lower than residual buyout amount, and then buy the car from them. That's the only way I'm aware of skirting around the BMW lease end residual amount. I haven't heard of them working with the end customer and allowing for a lower than residual buyout directly.

SW17LS

BMW will definitely negotiate even without you turning it in, doesn't mean they always will, but they can. Lexus never will.

LS430FL

I'm very intrigued by this idea of buying out the lease at the end if I am under miles and keeping the cash difference by selling it for more due to the under mileage. What would you guys do? Go to Carmax and see what they offer? Would I have to pay Lexus financial off first for the full buyout price or would a company like Carmax pay off whatever the end of lease buyout is to Lexus financial and give me the overage? Has anyone done this?

SW17LS

You can take it to Carmax, you can trade it in on another car, you can sell it privately. You dont have to buy it out first, the buyout is just the payoff.

I have never turned a lease in, I have always traded them in. Just traded the Pacifica in last week with 5 months left on the lease.

92 SC400

I have never leased but friends who have told me think of it like getting rid of a car you're financing but haven't paid off - you sell or trade it for what you can and any difference +/- is your gain or loss on the deal but you don't buy-out prior to that.

I'm guessing there are going to be a lot of great 2018-2021 CPO vehicles in the years to come with really low mileage due to the pandemic...