nsg1000

I have a 2006 GS 430 with 49,000 miles on it and have one more year left out of a total of 4 year lease. My residual is around $26,400 and they allowed 15K miles per year. What are my options if I want to return the vehicle early? I spoke to someone at a lexus dealership and they told me that I may be able to give it back without having to take a hit. That sounded crazy, but maybe I am wrong? By the way I leased it straight from a lexus dealership through toyota financial, and the car has never been in an accident (very good condition).

Net Junky

iTrader: (4)

why are you returning it? Just curious. Looking for a newer model or maybe getting another car? LS maybe...

The G Man

Whats the catch?

Joeb427

iTrader: (1)

I see Lexus dealer ads for letting one out of a lease 6 months early if you buy or lease again but never one year.

Modeler

Do a Google search for "lease swapping"

SteveH35

call and find out what your buyout is. then figure out what the car is worth and you'll have your answer.

Bushwack

Lexus & Infiniti dealers will allow a lease return within 6 months of end of term if you re-purchase/re-lease from the dealer. Otherwise, you're on the hook.

The G Man

So the catch is you have to lease another Lexus from that dealer

ntran18

iTrader: (27)

I doubt that you will be forgiven for that 6 months. Most likely it will be rolled into the next lease.

nsg1000

Well the reason why I am going to return it is because I need to get a car for my wife, and I was thinking about a RX. So some of you have heard of giving the car back within 6 months of the lease with no strings attached, as long as you lease/buy another car from them? Also can I return my leased GS to any dealership, or does it have the be the one that I leased it from? The dealer I leased it from was in Cali, but I am moving to the midwest.

Joeb427

iTrader: (1)

Any Lexus dealership.

lexuslover

you can return a leased car anytime, the question is what kind of "penalty", if any, you will have to pay.

call toyota/lexus financial for your lease payoff (which is basically residual + the present value of your future payments). then go to the dealer and see what they offer you. it's just like selling a used car. if your payoff is 35k and dealer offers you 32k, you are upside down 3k which you will have to pay up front or roll into another lease/finance.

it doesn't matter who takes the car, any dealer can do it (lexus or otherwise). they just send the payoff to lexus financial and that's that (lexus will send them the pink slip).

the reason you may not have to take a hit is if you are under mileage (looks like you are right at the mileage you should be) and the market value of the GS. i think the market is pretty soft right now for the GS430 though. i tried to get rid of ours in january about 2 months early and the residual on my lease was far higher than the black book value any dealer would offer, and we were a few thousand miles under where we should have been ...

good luck!

I8ABMR

Theyb will tell you anything you want to here, and will just tac it on to the new payment for the new car. Get an ISF. They are nice looking. Then again it is a first year model. Id stay away for noww. let them wo=rk some of the bugs out. Usually by the third year or the fourth year you get cosmetic improvements and hp increase to maintain interest