Should I buy out my lease (Merged Threads)?
10-18-21, 07:42 AM
#136
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
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
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
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
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
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
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)
10-27-21, 10:36 AM
#144
Your are correct. I dealt with Lexus Financial. Only difference was I took an auto loan through USAA bank. Lease relationship is between you and Lexus Financial, not a dealer.
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nightdiff (10-27-21)
10-27-21, 06:54 PM
#145
12-03-21, 03:45 PM
#146
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
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
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
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