Hi guys, I bought a USB RCF last November as a lease deal. I have never done a lease before, so basically have no knowledge about them.

Anyway, I love the car. Best car I've ever had. First car that I've ever had in which I have no regrets or complaints after a few months of ownership. And, I can easily afford it, at least according to my philosophy on lifestyle up to this point.

I stumbled on mrmoneymustache.com while researching on whether it's better to pay off mortgage early or invest, and i have been reading it for several hours a day the last few days. So, despite finally having such a great car, I'm seriously considering letting it go.

However, I have no idea how to do that with it being a lease. Also, considering they way things have been since the launch of this car, would I be better off waiting until things stabilize?

 

You have a few options that I know of. You can find someone to take over your lease which would probably be the best bet in getting rid of it without loosing much money (or any at all) except for whatever you have paid already as far as down payments etc... Another option is to trade it in at the dealer for another, cheaper car if you want to replace it (I think only at a Lexus dealer though, if you go with another brand they might not do it but I'm not too sure) but being that it's not even been a year on the lease, your payoff is probably much higher than what they are going to appraise the car so you'll be upside down and loose a bunch of money. Another option is to buy the car yourself now for whatever your payoff is at the moment and try to sell it privately (you can see this if you log in to your Lexus account where you manage your payments etc) Now again, your payoff is probably going to be higher than what the car is worth now so you'd have to take a loss on it as well. The only advantage is that you can sell it for a little more when you sell to a private owner so the loss would be less. Your payoff depends on what you gave down and how much you pay a month and how long the lease is etc so finding out what your payoff is the first thing I would do. Financially, unless you are hurting for the money and can't afford the car at all, it is extremely unwise to get rid of it, specially if you are doing it because of some financial website advise where it says that paying for a car is not the best investment 'cause then you are going to loose money on it. There might be other ways unknown to me but I think either way, getting out of a lease is not easy and almost always you loose money on it.

Besides, if you can easily afford it and it is in the right priority order (this means, for example, you are not living with room-mates in a tiny hole to easily afford the car) Then enjoy the car, specially if you love it because later on in life you might not have another chance to get one or you might not enjoy things now because you're only planning for the future and then it might be too late when you realize that you are too old and retiring or retired and you missed on life. Just my opinion


Enjoy life... enjoy it more with an RC-F

 

leasetrader is probably an option to look at

like the poster above said, it all depends on how much you owe on the car or what the numbers look like if somebody is looking at taking over your lease.

 

Yeah, dude, I totally hear what you're saying. I have just started entertaining the idea.

It's just that I have never thought about things from such a perspective. If 10 bucks compounded at 7% ends up being 10k, then what about 65k!!!

I'm still not sure if that guy is full of **** or not, but it still is an interesting perspective.

At any rate, yeah, I think I'm 'stuck' with the rcf for the time being.

 

After inflation (think about the value of $100 100 years ago vs now and future), management fees, taxes, you are barely breaking even

 

Trade it in. It still has a payoff.

 

I am in the market of looking to take over a lease. Please pm me if you are interested. Thanks!!

 

You can check out swapalease.com also. I've seen more than one RCF there already. That site is basically people trying to unload their leases for all kinds of reasons. Some will incentivize with cash on the hood, others require a bundle of cash up front to cover the owner's cap cost reduction.

I'm not sure how much the lender gets involved but I would imagine they'd be involved enough to run a credit report and all those details prior to finalizing the transfer. Worth a look. The site seems to be successful.

 

I'm also thinking you will get short changed to let go your lease now so early on.

How long is this lease? If only for two years, then you are almost half way? Maybe just enjoy the RCF until lease end and turn it in and then buybor lease a "more financially sound vehicle"? Keep in mind "a more financially sound vehicle " is different for everyone depending on each individual's situation. For example, if one owns a legit business, then the majority of the car maybe written off either as a lease or purchase. So if so and one's business operations can indeed afford the price tag, then I would personally go for the "BEST" vehicle to fit the intended purpose snd JUST ENJOY THE CAR! For example a RCF won't work well for a realtor if needing to take potential clients (and his or her family members ) to see houses. Hence, a four door sedan or SUV will be better suited. On the other hand, if for a lawyer just driving around from office to courthouse or client's office/house, then the RCF (or any enjoyable vehicle) will work. Actually in both examples, I would think the projection of a "SUCCESSFUL VENTURE" will be important. Certainly it would be unusual if in the above examples, the realtor or the lawyer showed up in a 20 year old beat up car with multiple dents and none of the body panels matched and each body panel has a different color. .....well you get the picture.

From you post, you said you can easily afford the car. If true, then if I were you, I would just carry on to the end of the lease and reevaluate the situation at lease end. Remember, the car dealers are COUNTING on people's impulse/emotions when buying a car. In America, cars are sold as a lifestyle venture. I mean, do I really need a RCF with some 475 hp? Probably not, but I like the way it drives and looks and most importantly it is UNIQUE AND VERY RARE.

Juse enjoy the RCF. USB is an amazing color!!!

 

I used Swapalease.com to get rid of my GS350 when I decided to get the RCF, it's a pretty good tool. Lexus allows full lease transfers so once the process is finished the car will be completely out of your name and all liability is transferred to the new recipient.

 

If you love it so much & it's the best car you've ever had & you can afford it, not sure Why you're wanting to get rid of it so early in the lease. Did you ever say Why you wanted to get rid of it. GL & keep us updated!