Should I buy out my lease (Merged Threads)?
10-18-21 | 07:42 AM
#136
Intermediate
Joined: Feb 2011
Posts: 395
Likes: 210
From: CA
Was at the dealership Friday 10/16 and was told that lease rates are even worse right now - if returning your RX and getting a new one is an option. Sales guy said finance are better than lease rates during this time.
10-19-21 | 03:33 AM
#137
Intermediate
Joined: Oct 2009
Posts: 407
Likes: 120
From: NC
Like used vehicles that are now actually appreciating, now is probably one of the few times it will ever be money in your pocket to buyout your lease at end of term.
Since the dealer doesn’t make much money on a buyout their goal is to pump the price by CPOing it and get as many aftermarket financing adds as possible. It will be a new transaction so the first thing they will probably hit you with will be another doc fee. Pure criminal IMO.
Your lease contract will spell out any cost to you such as a termination fee. But, having it CPO’d is not required and being told otherwise is just plain wrong. A person with good credit has many options. Search for the best rate you can get and then compare it to what LFS will give you. In no case should it exceed 3-6%.
here’s a good link to LFS explaining the process better https://www.lexusfinancial.com/conte...ur_option.html
PS. For those of you that have filed their contracts in oblivion, call LFS at the above link.
Since the dealer doesn’t make much money on a buyout their goal is to pump the price by CPOing it and get as many aftermarket financing adds as possible. It will be a new transaction so the first thing they will probably hit you with will be another doc fee. Pure criminal IMO.
Your lease contract will spell out any cost to you such as a termination fee. But, having it CPO’d is not required and being told otherwise is just plain wrong. A person with good credit has many options. Search for the best rate you can get and then compare it to what LFS will give you. In no case should it exceed 3-6%.
here’s a good link to LFS explaining the process better https://www.lexusfinancial.com/conte...ur_option.html
PS. For those of you that have filed their contracts in oblivion, call LFS at the above link.
Last edited by lgb0250; 10-27-21 at 03:33 AM.
10-25-21 | 06:39 AM
#138
Pit Crew
Joined: Jun 2012
Posts: 213
Likes: 9
From: ny
Like used vehicles that are now actually appreciating, now is probably one of the few times it will ever be money in your pocket to buyout your lease at end of term.
Since the dealer doesn’t make much money on a buyout their goal is to pump the price by CPOing it and get as many aftermarket financing adds as possible. It will be a new transaction so the first thing they will probably hit you with will be another doc fee. Pure criminal IMO.
Your lease contract will spell out any cost to you such as a termination fee. But, having it CPO’d is not required and being told otherwise is just plain wrong. A person with good credit has many options. Search for the best rate you can get and then compare it to what LFS will give you. In no case should it exceed 3-6%.
here’s a good link to LFS explaining the process betterhttps://www.lexusfinancial.com/content/lexusfinancial/us/en/end_of_lease_options/your_option.html
PS. For those of you that have filed their contracts in oblivion, call LFS at the above link.
Since the dealer doesn’t make much money on a buyout their goal is to pump the price by CPOing it and get as many aftermarket financing adds as possible. It will be a new transaction so the first thing they will probably hit you with will be another doc fee. Pure criminal IMO.
Your lease contract will spell out any cost to you such as a termination fee. But, having it CPO’d is not required and being told otherwise is just plain wrong. A person with good credit has many options. Search for the best rate you can get and then compare it to what LFS will give you. In no case should it exceed 3-6%.
here’s a good link to LFS explaining the process betterhttps://www.lexusfinancial.com/content/lexusfinancial/us/en/end_of_lease_options/your_option.html
PS. For those of you that have filed their contracts in oblivion, call LFS at the above link.
10-25-21 | 06:55 AM
#139
Driver
Joined: Aug 2017
Posts: 62
Likes: 22
From: Pennsylvania
I agree with everyone on lease buyout. I just completed on my'19 RX. Got a 2.79% rate.
Going to Lexus for financing made no sense. They wanted a $599 upcharge for documentation fees. Even worse, Lexus is asking near $5 over sticker price which negates and upside for tradein.
Wait on the 2023.
David
Going to Lexus for financing made no sense. They wanted a $599 upcharge for documentation fees. Even worse, Lexus is asking near $5 over sticker price which negates and upside for tradein.
Wait on the 2023.
David
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nightdiff (10-26-21)
10-26-21 | 06:49 PM
#140
Pit Crew
Joined: Jun 2012
Posts: 213
Likes: 9
From: ny
I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
10-27-21 | 03:32 AM
#141
Intermediate
Joined: Oct 2009
Posts: 407
Likes: 120
From: NC
I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
Last edited by lgb0250; 10-27-21 at 03:37 AM.
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nightdiff (10-27-21)
10-27-21 | 05:07 AM
#142
Racer
Joined: Feb 2017
Posts: 1,555
Likes: 343
From: Ontario, Canada
I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
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nightdiff (10-27-21)
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nightdiff (10-27-21)
10-27-21 | 06:54 PM
#145
Pit Crew
Joined: Jun 2012
Posts: 213
Likes: 9
From: ny
12-03-21 | 03:45 PM
#146
Rookie
Joined: Nov 2020
Posts: 32
Likes: 6
From: FL
Early Lease Termination
Called Lexus about terminating my lease and purchasing car. I was told I had to do it thru the dealer. Dealer added about $4000.00 to payoff quoted by Lexus. I'll never leave again, at least not with Lexus. Dealer has to "perform" a vehicle safety inspection for a car that I spread have. I'm being charged about $300 for this service. I'll bet it's the fastest "inspection" in history.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.[/QUOTE]
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.[/QUOTE]
12-03-21 | 05:46 PM
#147
Lexus Test Driver
Joined: Jul 2017
Posts: 8,195
Likes: 2,573
From: NJ
Called Lexus about terminating my lease and purchasing car. I was told I had to do it thru the dealer. Dealer added about $4000.00 to payoff quoted by Lexus. I'll never leave again, at least not with Lexus. Dealer has to "perform" a vehicle safety inspection for a car that I spread have. I'm being charged about $300 for this service. I'll bet it's the fastest "inspection" in history.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
I don't lease, never have and never will. Doesn't the lease contractually spell out the buyout price? If so, how can the dealer add $4k??
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12-03-21 | 07:46 PM
#148
Racer
Joined: Feb 2017
Posts: 1,555
Likes: 343
From: Ontario, Canada
Called Lexus about terminating my lease and purchasing car. I was told I had to do it thru the dealer. Dealer added about $4000.00 to payoff quoted by Lexus. I'll never leave again, at least not with Lexus. Dealer has to "perform" a vehicle safety inspection for a car that I spread have. I'm being charged about $300 for this service. I'll bet it's the fastest "inspection" in history.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
Don't let the dealer take you for a ride, everything is spelled out in the leasing contract.
12-04-21 | 04:39 AM
#149
Intermediate
Joined: Oct 2009
Posts: 407
Likes: 120
From: NC
Called Lexus about terminating my lease and purchasing car. I was told I had to do it thru the dealer. Dealer added about $4000.00 to payoff quoted by Lexus. I'll never leave again, at least not with Lexus. Dealer has to "perform" a vehicle safety inspection for a car that I spread have. I'm being charged about $300 for this service. I'll bet it's the fastest "inspection" in history.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
QUOTE=nightdiff;11152418]I called Lexus financial today they told me I could buy the lease out directly from them by sending in a check. They said I don't even have to go to the dealer, has anyone done this before? It seems so simple I feel like the person I got on the phone might be incorrect.
follow the instructions in item 3 of this link. Get your own financing and the dealer is completely out of it. https://www.lexusfinancial.com/us/en...ur_option.html