Has anyone ever extended a lease?
#1
Has anyone ever extended a lease?
I love my 08 IS350. Lease will be up later part of 2010. I normally get an itch to change cars after a couple of years (that, and business deductions is why I lease), but not the case this time around. I see myself staying with Lexus, and was hoping to enter into a lease for the 3rd Gen IS, but I believe it isn't due until late 2011 (i think??).
I could buy my IS350 for the "buyout" amt next year, but in Illinois you get "double dipped" on taxes. I've looked at the IS-F, but not feelin it...
Anyway, I realize I'm getting ahead of myself, but any lease gurus out there? 'Course who knows what will be available in a years time...
I could buy my IS350 for the "buyout" amt next year, but in Illinois you get "double dipped" on taxes. I've looked at the IS-F, but not feelin it...
Anyway, I realize I'm getting ahead of myself, but any lease gurus out there? 'Course who knows what will be available in a years time...
#2
Lexus Test Driver
iTrader: (11)
DO NOT EVER BUY OUT A LEASE! youll end up paying more for your car than if you ever would have just bought the car in the first place...... I would just recommend finding a different IS350 and buying that one.
What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.
What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.
Last edited by Wierdazndu; 10-11-09 at 10:58 AM.
#3
DO NOT EVER BUY OUT A LEASE! youll end up paying more for your car than if you ever would have just bought the car in the first place...... I would just recommend finding a different IS350 and buying that one.
What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.
What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.
#4
Driver School Candidate
DO NOT EVER BUY OUT A LEASE! youll end up paying more for your car than if you ever would have just bought the car in the first place...... I would just recommend finding a different IS350 and buying that one.
What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.
What i would have recommened is that when you first leased the car roll the sales tax into the deal. Youll end up paying more a month BUT you wouldnt have to pay sales tax on a car that you NEVER really own, and in your situation where you are planning to buy out your lease, youll have to pay sales tax again.
#5
First off, you only pay taxes on the portion you lease. So if you buy the car out, its not like you are paying double the taxes. Anyways, to answer your question....Lexus allows for up to a 6-month, month-to-month lease extension. Just give them a call. Did it with my 06, in order to get the vert.
#6
First off, you only pay taxes on the portion you lease. So if you buy the car out, its not like you are paying double the taxes. Anyways, to answer your question....Lexus allows for up to a 6-month, month-to-month lease extension. Just give them a call. Did it with my 06, in order to get the vert.
#7
First off, you only pay taxes on the portion you lease. So if you buy the car out, its not like you are paying double the taxes. Anyways, to answer your question....Lexus allows for up to a 6-month, month-to-month lease extension. Just give them a call. Did it with my 06, in order to get the vert.
Thanks for the info on extending the lease. Did your monthly payments change at all?
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#8
I wish it were the case that I only paid taxes on the lease portion. Here in IL, you pay taxes on the agreed upon sales price for the entire vehicle (you can roll that into the lease). Then, if you want to "buyout", you pay sales tax on the residual amount = "double dip"
Thanks for the info on extending the lease. Did your monthly payments change at all?
Thanks for the info on extending the lease. Did your monthly payments change at all?
#9
First off, you only pay taxes on the portion you lease. So if you buy the car out, its not like you are paying double the taxes. Anyways, to answer your question....Lexus allows for up to a 6-month, month-to-month lease extension. Just give them a call. Did it with my 06, in order to get the vert.
#10
You can always extend a lease and that should always be the preferred route instead of buying the car at the end (unless you can resell for more than the buyout amount). A lease is simply a monthly rental. All of the principles are the same as a purchase except, you're not buying it, you're renting it.
If you keep a rental longer than the term, you simply extend the rental term. I leased an 07 but, I'm way under my miles so, I might sell the car before the lease is up, pay it off and jump into the 3rd gen. We'll see how it goes.
If you keep a rental longer than the term, you simply extend the rental term. I leased an 07 but, I'm way under my miles so, I might sell the car before the lease is up, pay it off and jump into the 3rd gen. We'll see how it goes.
#11
Driver School Candidate
Join Date: May 2009
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When lease is up, lets say i decide to get the latest IS at the moment. Do i get any sort of credit towards the next car? in other words does any of the money i paid during my lease go towards the next lease?
#12
Driver School Candidate
I love my 08 IS350. Lease will be up later part of 2010. I normally get an itch to change cars after a couple of years (that, and business deductions is why I lease), but not the case this time around. I see myself staying with Lexus, and was hoping to enter into a lease for the 3rd Gen IS, but I believe it isn't due until late 2011 (i think??).
I could buy my IS350 for the "buyout" amt next year, but in Illinois you get "double dipped" on taxes. I've looked at the IS-F, but not feelin it...
Anyway, I realize I'm getting ahead of myself, but any lease gurus out there? 'Course who knows what will be available in a years time...
I could buy my IS350 for the "buyout" amt next year, but in Illinois you get "double dipped" on taxes. I've looked at the IS-F, but not feelin it...
Anyway, I realize I'm getting ahead of myself, but any lease gurus out there? 'Course who knows what will be available in a years time...
Hope that helps
#13
Wouldn't the monthly rate on a lease extension have to be re-calculated based on the Market Value of the car at the time of "turn in" and the projected residual value "x" months later? Then figure the going money factor, etc. In other words, why can't an extension be negotiated??
#14
Lexus Test Driver
The 3IS should be out at the end of the 2010 model year as a '11. A five year model run is Toyota's current program (2006-2010).