08IS350

The lease on my car is going to end in May2011. I am thinking about buying and started looking for a loan. I just found out that the rate for lease buyout loan is higher than regular used car loan.

My car is 2008 IS350/Nav/Premium package/18" Wheel. Very good condition with 32000miles on it. All recalls are done. It was leased for 3 yr/15k so I am still well under allowance. Residual is $21488 and sale price was $37000

Can you guys please help me what would be the good thing to do and answer the following questions? Thanks in advance.
(1) Should I buy it out or sell it or just turn it in

(2) If I am to buy it, any of you has experience negotiating the lease buyout loan with dealer or bank or credit union?

(3) Or should I just get a new car and trade it in? I have 1500off coupon from lexus but I don't like any model Lexus is offering now unless there is new gen IS.

Any input will be appreciated.

Sffd103

iTrader: (16)

I leased and bought a car. I did it through my credit union and the transaction was fairly simple. The only down fall I believe is that I had to pay for a car for 7 years and I believe with interest it comes out to be a higher price than buying it. I jus couldn't afford to pay such a high monthly payment if I originally bought the cat outright. Good luck. Sounds like you love the car, so that a good sign.

grondie

I wouldn't just turn it in as even the trade-in value will likely be a couple of thousand higher than the residual.

If you like it and want to keep it, look at it this way, your getting a 08 IS350 that you know for 21488 - which is a very good price.

As far as getting a loan, it's like any other used car. Shop around for the best rate.

Good luck.

ScKcBc

iTrader: (2)

I'd put it up for sale 3 months before the lease is up. ****, you can even sell it now. Just post it for like 28k and see if you get a bite. Your current pay off is the remainder of payments plus the buy out. What do you pay a month? $650 or so? So $650 x 6 is $3900 + 21488 so you owe around 25,400. See if you can sell it right now for 27k-28k and you'll make a few bucks on top. If its in good shape, I wouldnt just return it. It seems like you can make some $ on top.

BORIS350

iTrader: (1)

you have a good point...
it is definitely worth buying for 21500

08IS350

My payment is about $528 a month. Car is in very good shape, no dent/no scratch except for some rock chips on hood. Thanks for the suggestion.

ScKcBc

iTrader: (2)

so then you owe even less, around 25k. Put the car up for sale for 29,500 and see if someone comes and offers 28k for it. Thats what I'd do. Get some of your down payment back from when you first leased it. Then take that 3k and put it down on something else.