grouchylaw

In June ended three year lease, 2008 LS 460. I was very busy and paid the lease for the last six months. The residual buyout with Lexus Financial Services (assuming June 2011 lease end, which didn't happen) in my contract is 34,152 (adjusted cap cost purchase price was 59,665). Problem is that my work travel requirements changed shortly after the lease was entered, so I am currently 30k miles over (!) the the 45k miles allowed, at twenty five cents a mile, so that's like 7,500 bucks or something crazy. So I assume that I have to buy. Any advice? Any leverage and/or tips on negotiating? I don't know what I'm doing, all advice is much appreciated. Thanks!

yodanadane

Go to your dealer try and trade the car for a newer model. You already know your excess miles fees. Depending on the equipment and condition of your car trade in vaule should be 29,000 or so . Wholesale Kbb is 30,800 after the dedudtion for high miles. If you are going to lease or buy a new model now is time they work hard for you with December to remember programs.Or if you buy out your lease for thr remaing residual of 34,152 you are buying your car with 75,000 mile at retail blue book vaule wich is 35,330. Good luck

Lextrician

dayum thats crazy for the extra 7500 you could got a commuter so that you would get served by the dealer, but you still have room to negotiate because you have options as long as it is still in good condition the dealer can still sell it minus the profit. but the mileage situation is only a minor set back, you might want to trade up! but the trade value will hurt you as well. just pick your poison.

madlad

You're running an '08 w/75K miles on it. It'll cost $34K+ to buy it or $7.5K to turn it in. How comfortable are you with the car? Is it a hanger queen or running fine? Is it worth $34K to keep it? If not, pay the $7.5K and walk away. The downside is you have to pay the $7.5K plus the price of a replacement car. If you buy it, then trade it in for $30K, you lose $4K on the trade-in but save $7.5K on the excess mileage fee. Net difference: $3.5K loss.

daryll40

This is an old post. So, GROUCHYLAW, what exactly happened?

Nospinzone

Daryll, I don't think you're going to get a response. He/she joined in December, made one post, and never even acknowledged the members who took the time to respond.

daryll40

You are probably right. And he was "too busy" to take care of end lease business. A strange bird!

Lextrician

might as well close the thread!!!!