Purchase option at end of lease
03-28-08, 01:01 PM
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Purchase option at end of lease
Hi,
I'm leasing an 07 IS 250. At the end of lease period, I'm thinking of purchasing the car (at 57-58% of the original msrp as per Lexus dealer). It would roughly come out to $20,000. Can I purchase the vehicle by financing it at the end of the lease term? or does it have to be a cash purchase? Also, would I be penalized if the mileage has exceeded the allocated mileage of 36000 miles even if I decide to purchase it?
I'm leasing an 07 IS 250. At the end of lease period, I'm thinking of purchasing the car (at 57-58% of the original msrp as per Lexus dealer). It would roughly come out to $20,000. Can I purchase the vehicle by financing it at the end of the lease term? or does it have to be a cash purchase? Also, would I be penalized if the mileage has exceeded the allocated mileage of 36000 miles even if I decide to purchase it?
03-28-08, 01:05 PM
#2
Hi,
I'm leasing an 07 IS 250. At the end of lease period, I'm thinking of purchasing the car (at 57-58% of the original msrp as per Lexus dealer). It would roughly come out to $20,000. Can I purchase the vehicle by financing it at the end of the lease term? or does it have to be a cash purchase? Also, would I be penalized if the mileage has exceeded the allocated mileage of 36000 miles even if I decide to purchase it?
I'm leasing an 07 IS 250. At the end of lease period, I'm thinking of purchasing the car (at 57-58% of the original msrp as per Lexus dealer). It would roughly come out to $20,000. Can I purchase the vehicle by financing it at the end of the lease term? or does it have to be a cash purchase? Also, would I be penalized if the mileage has exceeded the allocated mileage of 36000 miles even if I decide to purchase it?
Mileage doesn't mean anything if you buy the car.
You also can get some money off the purchase price in many cases.
03-28-08, 01:59 PM
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Hi,
I'm leasing an 07 IS 250. At the end of lease period, I'm thinking of purchasing the car (at 57-58% of the original msrp as per Lexus dealer). It would roughly come out to $20,000. Can I purchase the vehicle by financing it at the end of the lease term? or does it have to be a cash purchase? Also, would I be penalized if the mileage has exceeded the allocated mileage of 36000 miles even if I decide to purchase it?
I'm leasing an 07 IS 250. At the end of lease period, I'm thinking of purchasing the car (at 57-58% of the original msrp as per Lexus dealer). It would roughly come out to $20,000. Can I purchase the vehicle by financing it at the end of the lease term? or does it have to be a cash purchase? Also, would I be penalized if the mileage has exceeded the allocated mileage of 36000 miles even if I decide to purchase it?
You will not get penalised for mileage, if you are purchasing
04-16-08, 03:19 PM
#4
If it's the dealer, I assume you can go to any dealer and shop around just like buying a new car, right?
04-16-08, 03:41 PM
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04-16-08, 03:43 PM
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So it seems that you negotiate directly with the finance company (presumably over the phone)... That is better than dealing with the people at the dealership for sure... 
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04-16-08, 03:56 PM
#8
The Finance company is usually the manufacturer i.e. Lexus finances. In the rare occasion it might be a different company. If you leased from a broker that would be the case.
If you leased from the dealer then it is more likely manufacturer. You will probably negotiate with the dealership.
If you leased from the dealer then it is more likely manufacturer. You will probably negotiate with the dealership.
04-17-08, 01:21 PM
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If I decide to purchase the car at the end of lease term, do I have the first choice to purchase it or will the car be auctioned off first to see if the car can fetch a higher price than the residual value of $19,000 (57% of MSRP)?
04-17-08, 08:15 PM
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At the end of my 4 year lease I plan on writing Lexus Financial a check and owning the car. If there is a better car out there I may just trade the vehicle in and get another vehicle. If the vehicle is worth less than the residual and I elect not to purchase it, it is Lexus' loss. I signed a lease contract under their terms. It specifically says what I own and how it could change and the most change I can see is from the mileage. Aside from that I don't think there will be any issues taking care of the car. They can't change the terms since I have signed it and they are locked in.
Most of your questions can be answered by simply refering to your contract.
For the most part I doubt I'll find a car I like any better for a long time. I'm fairly content with the car the way it is.
-Joe
Most of your questions can be answered by simply refering to your contract.
For the most part I doubt I'll find a car I like any better for a long time. I'm fairly content with the car the way it is.
-Joe