jk5598224

Hi All. I can't believe its been almost three years since I leased my vehicle. I don't know if this is an appropriate forum to post this question, but I would sure love to hear stories of relatively recent lease buyouts or turn ins that have occurred with a RX330. Also of any scammy type excess wear and tear experiences.

While I haven't checked the buyout price on my lease yet, I would largely be willing to buy it if I could get it at a real fire sale price by 'negotiating' with US Bank leasing company. Fire sale to me would be in the 5-10K range, of which I think I am dreaming.

I have a 06 RX330AWD with Premium Pkg. I originally purchased the lease with 15K mileage allotment. I had a commute change and am now WAY UNDER the mileage allotment.

Thanks in advance.

AM1

iTrader: (6)

my 2005 rx330 lease is set to expire. the inspection is coming up really soon. im under mileage as well. ill let you know how the inspection goes. the residual value is around 21K i think. i have no intention of keeping it.

Who_Me

You guys raise excellent questions. I have never understood why anyone would lease a vehicle, unless they were getting a big tax break on it for business use, but there must be reasons or people wouldn't do it.

From what I have read, it is NOT a good time to purchase the vehicle if it has depreciated more than what was originally projected. Essentially, you are letting the dealership have their loss back to eat. However, if the vehicle has actually gained value, then you ****** it up at a bargain price, even if only to resell it. Most SUVs and trucks have depreciated more than anticipated, so it would be prudent to let the dealership have them back. However, if you have a Prius or Civic, you would be wise to buy it at a fire sale price.

The RX sort of falls in unknown territory. It is a SUV, that uses Premium fuel and gets relatively poor mileage. However, the name plate may prevent it from depreciating like other SUVs. I guess you just have to compare the Blue Book value to the residual price in your lease contract and see which is more advantageous for you. I would really challenge any claim of excess wear and tear made by the dealer. I would read the lease very closely before I returned the vehicle. You know the dealer will try to use every loophole in the lease to try to recoup any loss on the turn-in. If necessary, tell the dealer you want to go to arbitration. That might be enough to make them be more fair with the assessment.

Good luck.

jk5598224

Thanks I would appreciate it. Just curious if the inspection is DataScan as well. My lease owner us US Bank, not Lexus Financial and I am going to make them a lowball offer which I am sure they will refuse, then turn back in the car at the end of Dec.

arima

I don't think they are desperate for you to buy the car, especially if the car has low mileage. The people that contact you are from the bank, they will give you the buy back price. You can low ball them all you want, they are going to tell you "have a nice day" they don't care. Cars goes to auction either way, doesn't hurt them.

arima

i don't know help me figure this one. lets say you lease the RX at about $600 a month for 36 months. that will be $21,600 out of pocket not including cap cost and security ( I know for a BMW X5 its about $4000-$ 5000 for a lease) if the RX cost about $42,000 minus just the $21,600 that leave you at about $20,400 remaining on the car. most 06 RX w/ 36k miles are being sold for more then $20,400. why should the dealer need you to take that car for? a lot of BMWs on nationwide ADs for leases are closed end, no buy back at all. they can get more for that return lease then if you bought it back. My friend works at BMW they make a whole lot more on used cars. please correct me if I'm wrong.

AM1

iTrader: (6)

at first i wasnt sure but i checked and the inspection will be done by datascan. the lease evidentely is held by US Bank buffalo. anyways.

lexuslover

we turned in a lease on our 06 GS430 earlier this year. the inspection company is datascan and the inspection is fair. we had some bumper damage from the stupid dealer and they marked it off as pretty minor and charged me $80. a body shop would have quoted me hundreds to fix the stupid thing since i had glacier frost paint and they'd have to pull the bumper to sand/paint/blend. so yes, i would say that the inspection is fair, no surprises.

i did not try to negotiate to buy the car but i was thinking about turning it into a dealer as a trade. that didn't work out because us bank uses 2 payoff prices, a "dealer" price which they won't tell you, the lessee. so i don't know if they try to jack up the price to the dealer depending on the mileage of your car. i am not sure why they do it this way. lexus financial is much simpler.

anyway, our GS residual was higher than market. we were several thousand miles below allowed mileage as well, and other than the little bumper scratch, the car was in meticulous condition. the entire luxury car market is really soft right now, hence why you can buy all sorts of them at drastically reduced prices. i am sure your RX buyout price is still going to be higher than the market price of a similar used one, but on the other hand us bank may not negotiate and just let the car go to auction, as they typically do (that's where our GS went).

BounceNY

iTrader: (9)

Sort of OT but I'm in a similar situation with a lease on a '07 MB C280. However, I'm giving it back with exactly the number of allotted miles. For sometime I thought about buying it out, but the new generation came out and I feel like the one I have has prob. lost more value. I will see what the dealer/MBFinancial offers me (if anything) as I am also looking for a fire sale!

AM1

iTrader: (6)

trade it for a c63.

BounceNY

iTrader: (9)

HAHA, I WISH!!! maybe in 4 years when my wife finishes her residency for Anesthesia.