DallasTFox

Hi, I wanted to see what the best option is for my situation. I have a Lexus IS 200t in which the lease is coming due in just a few month actually 3 to be exact. About 4 months ago I spoke with my local dealership and asked them what my options were because I didn’t have a problem paying the remainder of the payments if it meant I could get into a new car. I didn’t want to go into another lease I wanted to finance. When I spoke to (let’s call him Tim) Tim, he told me I didn’t have any options at this moment. I told him my credits good and I’m looking at buying a Lexus certified used car as my next car (which was a fully loaded IS 350 f Sport AWD and it only had 20k miles on it.) and the guy said yeah sorry I can’t do anything for you come back when your lease has ended. I found this odd but left and just kinda forgot about the whole thing then after a month I’m online and I see a Toyota dealership has a 2017 Lexus IS 350 f Sport AWD fully loaded with just 15k miles for sale at a really good price and I’m like okay that’s the one. At this time I really needed to get a different car because I’m already 18k over my mileage and I got a new job that requires I drive a lot more so I knew I was going to rack up a huge bill at the end. So I went to Toyota and financed the car. Now this is the mistake I made because I should have checked back with Lexus before doing so because I went in for maintenance on my new car and spoke with one of the guys just asking hey what are my options with this other car I have that’s a lease and he told me they have a program where they will pay the last 3 payments of your lease and get you into a new one... and this deal has been going on for the last 6 months from what he said... which I wasn’t told before... anyways I made a mistake and I just wanted to know what my best option is in saving the most money. Do I just bite the bullet pay the large overage fee in mileage and turn in the car or do I buyout the car and sell it to a private party and make money or break even that way because the lease shows I should be able to buy it out for around 19k and looking online if I sell to dealership it says around 19k or if I sell to private party it’s around 23k... sorry this is so long!

mvppadilla

I would say get a payoff quote for the is200t, take the car to carmax and see how much they would give you for it. You might be able to break even this way.

RX_330

I highly doubt you'll actually have any sort of equity in the car given that you're over mileage. The market for sedans is EXTREMELY soft at the moment. As the other poster above me said, get an exact current payoff quote from Lexus (should be able to do this online), and get it appraised by Carmax and get an actual number. You can't rely on KBB or Edmunds figures.

If you try to purchase it, then resell private party, any equity you may have will be eaten up by sales tax and fees.

You need to figure out if the over mileage penalty/disposition fee/and potential excess wear charges will be more, or less, the equity position you'll be in if you sell it to a dealer or trade it in.

GaryJG

You need to try and sell the 2016 for atleast close to the buyout amount. If you simply turn it in at end of lease you will probably get a bill from Lexus for about $4500, since your mileage is over by 18,000.