ATLgs4

my lease will be up soon and i am considering just buying my 2000 gs400. its in perfect shape and has low miles and there really isnt anything on the market today that appeals to me. well, the amg e55 appeals to me, but i couldnt realistically justify it. anyway, does lexus negotiate on lease buyouts, or are you limited to the residual stated in the original contract? do youthink they would be willing to give me an extended warranty if i buy the car? or will they be happy to just take the car back? it seems in this economy, they would be more than happy to get me to buy this car. any thoughts? TIA.

GS4Will

it all depends on whihc bank originated your lease...if it was TMCC, 99% no...so are most other large banks..as they can sell the lexus lease return very easily

DrewGS4

Atl - when lease is about 1months from coming due, the bank will call you. They will ask you a series of questions regarding condition of vehicle, current mileage on car, etc.

If you plan on buying or negotiating the buyout than what you should say is that the car is in good condition but you are right at the mileage you are suppose to be at. You do not need to disclose the actual mileage. DO NOT SAY YOU ARE UNDER OR OVER the required mileage.

If you are under they can sell the car used and make a profit. If you are over than they can collect the extra mileage penalty. In either case, it would benefit the bank to take the car in and you lose your leverage for a buyout.

Also, when they call tell them you might be interested in purchasing the car at little above wholesale value. Do not stress the point but casually express interest in this option. Most of the times they will bite.

If they take the car in, most probably they will sell it at auction and get around wholesale price for the car and during these bad economic times sometimes below wholesale price. The bank prefers not to send the car to auction so use this to your advantage when negotating the buyout at the end of your lease.

Good luck....let us know what happens.

blackgs

I just bought my 2000 Gs400 off the lease in febuary, the lease was ending in april, I negoiated and got 1000 dollars off, that was after alot of begging, so good luck, but hey! It's possible

Ex996

Was it a Lexus Financial lease or a bank?

mdw131

Im pretty sure you can get out of your lease. My mom decided to get an LS430 less then 6 months after getting her stripped LS430. They let her out to sign the new lease....

Ex996

Totally different issue. The dealer and/or LFS will let you out of your lease anytime you want, as long as you pay the price. They'll especially do it if you're going to lease another Lexus- that way they get you coming and going!

mdw131

Heres what I meant to say. My mom had a basic LS430, she decided that she wanted an UL LS430 6 months into her 36 month lease. She still had 2.5 years left in the lease and they let her break it. Granted you are right they allowed her to do it b/c she was getting another LS430. She didnt pay any fees though, although they tried to make us pay a 1500 dollar penalty.