Early lease turn-in
#16
Right on the money Steve. I'll be driving 15k and that would be around $3800 just for the extra mileage which I rather use now to put down on the next car. I know I'll have to pay the lease payment either way.
Normally I would agree 100%, but he's out of miles. So he's paying .25c a mile for every mile he drives it now. It's possible when he gets to the end he may be able to trade out of the car and get out of the mileage penalty, but he may be better off to swallow his losses now depending on how much he anticipates driving it in the upcoming year.
Last edited by alir1983; 04-25-17 at 05:20 PM.
#17
The question is at the end of the lease do you think you could get closer to the residual than $3,800?
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alir1983 (05-03-17)
#18
But if the one SUV doesnt have enough leg room and the other one wont get you the required mileage, why trade for one of those? I had a Honda Pilot thats beautiful. I was just unhappy with the placement of the 9 speed buttons fr the transmission. or a Toyota Highlander.
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alir1983 (05-03-17)
#19
You are right but if I get a highlander with all the options. It comes out to be the same price as the RX350 non sport with all options. In that case I rather just stick to the RX.
But if the one SUV doesnt have enough leg room and the other one wont get you the required mileage, why trade for one of those? I had a Honda Pilot thats beautiful. I was just unhappy with the placement of the 9 speed buttons fr the transmission. or a Toyota Highlander.
#20
^^^ That's correct, at least for the hybrid Highlander. My hybrid Highlander was $52k, and my 2013 RX, when new, was $53k. You can get a loaded non hybrid version though, for around $46k if I recall.
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alir1983 (05-03-17)
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alir1983 (05-03-17)
#22
Correct. More room in the Highlander. We loved our 13 RX so much we would have happily purchased another, but this time around we needed the 3rd row. If you don't need the third row or the extra interior room, I would choose the RX.
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alir1983 (05-03-17)
#23
Dealer took in my '15 ES350 a year before and absorbed all 12 payments. Instead, I ended up getting the Rx350 '17 AWD Mica.
MSRP $53,322.00
$774.99/month (including taxes etc)
MSD $6975
Rebate $1250
36 months 15k/yr miles
Upfront tax, cash down tax, supplemental titling fee, tire tax, doc fee, registration = $3,210
Options
MSRP $53,322.00
$774.99/month (including taxes etc)
MSD $6975
Rebate $1250
36 months 15k/yr miles
Upfront tax, cash down tax, supplemental titling fee, tire tax, doc fee, registration = $3,210
Options
- ALL WEATHER FLOOR LINERS & CARGO TRAY
*** - 12.3" NAVIGATION SYSTEM -inc: advanced voice command casual-language voice recognition system Bluetooth hands free phone and automatic phonebook download capabilities remote touch navigation controller HD Radio w/iTunes tagging SiriusXM NavTraffic NavWeather Sports Stocks and Fuel Prices (1-year trial data subscription included) Lexus Insider and Electro Multi Vision (EMV) display Lexus Enform Destinations Destination Assist and eDestination (1-year trial subscription included) Lexus Enform App Suite destination search Yelp iHeartRadio Facebook Places Movietickets.com OpenTable Pandora Slacker stocks fuel prices and sports Single-Disc DVD Changer
*** - CROSS BARS
*** - BLIND SPOT MONITOR W/REAR CROSS TRAFFIC ALERT -inc: intelligence clearance and back sonar and lane change assist
*** - MATTE BAMBOO INTERIOR TRIM
*** - POWER TILT & SLIDE MOONROOF
*** - ACCESSORY PACKAGE -inc: Cargo Net Cargo Mat SmartAccess Key Gloves Wheel Locks (PPO)
*** - PREMIUM PACKAGE -inc: Rear Armrest Storage Compartment Aluminum Roof Rails Driver Seat/Steering/Mirror Memory - 3 Settings driver's seat Easy Exit (auto away/return)
*** - TOUCH-FREE POWER REAR DOOR
*** - HEATED & VENTILATED FRONT SEATS
*** - 3500 LBS TOW PREP PACKAGE -inc: Heavy Duty Radiator Transmission Cooler Heavy Duty Alternator
*** - HEATED LEATHER STEERING WHEEL
*** - All Wheel Drive
*** - Power Steering
*** - ABS
*** - 4-Wheel Disc Brakes
*** - Aluminum Wheels
*** - Tires - Front Performance
*** - Tires - Rear Performance
*** - Temporary Spare Tire
*** - Heated Mirrors
*** - Power Mirror(s)
*** - Integrated Turn Signal Mirrors
*** - Rear Defrost
*** - Privacy Glass
*** - Intermittent Wipers
*** - Variable Speed Intermittent Wipers
*** - Rain Sensing Wipers
*** - Rear Spoiler
*** - Remote Trunk Release
*** - Power Liftgate
*** - Power Door Locks
*** - Daytime Running Lights
*** - Automatic Headlights
*** - Fog Lamps
*** - AM/FM Stereo
*** - CD Player
*** - Satellite Radio
*** - MP3 Player
*** - Bluetooth Connection
*** - Auxiliary Audio Input
*** - HD Radio
*** - Hard Disk Drive Media Storage
*** - Smart Device Integration
*** - Steering Wheel Audio Controls
*** - Power Driver Seat
*** - Power Passenger Seat
*** - Bucket Seats
*** - Driver Adjustable Lumbar
*** - Passenger Adjustable Lumbar
*** - Pass-Through Rear Seat
*** - Rear Bench Seat
*** - Adjustable Steering Wheel
*** - Trip Computer
*** - Power Windows
*** - Leather Steering Wheel
*** - Keyless Entry
*** - Keyless Start
*** - Universal Garage Door Opener
*** - Cruise Control
*** - Adaptive Cruise Control
*** - Climate Control
*** - Multi-Zone A/C
*** - Woodgrain Interior Trim
*** - Premium Synthetic Seats
*** - Auto-Dimming Rearview Mirror
*** - Driver Vanity Mirror
*** - Passenger Vanity Mirror
*** - Driver Illuminated Vanity Mirror
*** - Passenger Illuminated Visor Mirror
*** - Floor Mats
*** - Cargo Shade
*** - Security System
*** - Engine Immobilizer
*** - Traction Control
*** - Stability Control
*** - Front Side Air Bag
*** - Lane Departure Warning
*** - Lane Keeping Assist
*** - Telematics
*** - Tire Pressure Monitor
*** - Driver Air Bag
*** - Passenger Air Bag
*** - Front Head Air Bag
*** - Rear Head Air Bag
*** - Passenger Air Bag Sensor
*** - Rear Side Air Bag
*** - Knee Air Bag
*** - Child Safety Locks
*** - Back-Up Camera
**
#24
Just to be clear, he did not absorb the payments, you didn't get nearly the discount on the RX you should have so essentially he rolled the negative equity from the ES into the RX, he just hid it into the deal making you think he absorbed it.
That payment on that RX is about $250 higher than it should be.
When you have negative equity, the dealer never absorbs it, you always wind up paying it.
Essentially $10k out of pocket and $775 on a $53k RX, sorry but that's a terrible deal :eek:
That payment on that RX is about $250 higher than it should be.
When you have negative equity, the dealer never absorbs it, you always wind up paying it.
Essentially $10k out of pocket and $775 on a $53k RX, sorry but that's a terrible deal :eek:
Last edited by SW17LS; 05-02-17 at 05:22 AM.
#25
I dont know the ins and outs of leases much, but i know you never win, kinda like a casino, they arent in it for you. I just dont lease..I have before but have just bought for years..As I understood he was over miles a year ahead of time .....before..Was kinda wanting an SUV but the RX didnt have enough leg room..
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alir1983 (05-03-17)
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alir1983 (05-03-17)
#28
Originally Posted by Brent1944
They are not in the business for you to win....maybe someone like u that knows can..but 10 that dont wont
I have no sympathy for anybody who makes a purchase like this without taking the time to understand it and see how the numbers work and why. Caveat emptor.
My issue is the OP was made to think the dealer was "absorbing" the negative equity when that's clearly not what happened. The only positive is at least they get those MSD's back, but my guess is the dealer marked up the money factor so they didn't even need to be put down anyways lol. However, that's the OP's fault.
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alir1983 (05-03-17)
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alir1983 (05-03-17)
#30
Hopefully, you can use this as a learning experience. I'm not sure why you did what you did after receiving the good advice that was offered here. You could've paid the remaining payments for a little bit over $5k. Instead, now you will pay about $9k in negative equity over 36 months and you don't even have the ES to drive for the next year to show for it.
That's the bad - the good is the RX is a great vehicle - I'm sure you'll enjoy it. And you did 15k miles so hopefully you won't have to worry about going over this time.
That's the bad - the good is the RX is a great vehicle - I'm sure you'll enjoy it. And you did 15k miles so hopefully you won't have to worry about going over this time.
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alir1983 (05-03-17)