Cocal

Are you absolutely sure?
This is contract law and if so it must be so specified in the lease agreement.

RetireeZ

After having purchased several Lexus vehicles, I decided to lease my 2019 RX. The time has come to terminate the lease and it would be my preference to move into a new vehicle, either the NX or wait for the new RX at the end of this year. We all know the supply of the NX is limited so I plan to buy out my lease but was flabbergasted by the offer from my selling dealer.

They are charging a $295 vehicle inspection fee and a $995 Dealer Fee plus taxes. I have spoken with my long term dealer that I moved away from plus a competing local dealer and neither mentioned any kind of Inspection Fee. They both said that since I paid the $995 Dealer Fee when I leased that I should be able to negotiate that fee away.

Anyone have any experience or suggestions? I have to act by April 13 of be in default and risk repossession. Thanks.

jrobe

It is amazing the "bs" fees that the car dealers can dream up to try to rip off their customers. I would cause them enough grief and irritation that they might waive them just to get rid of you.

The good news is that I have known people that have bought out their leases recently and then turned around and sold the car on the current used market and made several thousand dollars. The used car market is crazy right now and unlike anything in history. Of course, that would leave you without a vehicle but it is worth considering. I am surprised that the dealer isn't doing everything possible to get that car back asap.

RetireeZ

Even the dealer recognizes the value in my car. Just 32k miles (thanks COVID) and garage kept. Trade offer was $40k which is low based on my research. But absolutely no cooperation on any deals. I contacted Lexus Financial to see if there was an alternate dealer and they referred me to the Loyalty Advocate at the dealer - who happens to be the General Sales Manager. No response in 2 weeks to calls and emails.

Cocal

1st off the dealer doesn't own the car, Lexus financial does.
2. The dealer gets paid for processing the paper and since you are buying the vehicle there is NO inspection fee as you buy it as is. This paper processing fee may differ from dealer to dealer.
3. This can be done by ANY dealer, so if you find dealer that can do it for less $$$ go there.

Marqevans

Just bought my leased car directly from Lexus. I bought it directly as I feared the fees you ran into. There were no fees other than sales tax! The buyout in the lease was far lower than market value. Call Lexus directly and find out what your options are and complain about the fees the dealer is asking. Maybe Lexus will give you an option to return the car directly. Another option would be to go to CARMAX.. They may buy it for more than the buyout amount in your lease agreement and handle all the paperwork. I can't believe that dealer would risk losing your car with the current shortage of used cars!

777rx400h

Leasing is a way to LEASH you to the dealership and manufacturer, Hidden fee this,... hidden fee that. Unless you can write it off as a business expense you're always in their grasp. YMMV. MY .02

RetireeZ

Lexus Financial (LFS) told me I had to go through an authorized dealer in Florida and pushed me back toward my selling dealer even though I asked for an alternative place to conduct my transaction.

Aegean

As other people mentioned already returning a leased car is a big NO this year. You can lose between $8,000 and 14,000. Go to Carvana or carmax and get an offer. Then compare the offer with your lease buyout option. That’s the fast way to sell the car the same day you buy it. Other option is to sell it yourself and make $5000 more but it is too much hassle for an expensive car like this.

Bottom line if you care about a $295 inspection fee you should care way more to leave $10,000 on the table!

RetireeZ

Aegean - Thanks for your replly but I am trying to buy out my lease and keep the $10K value above my Residual amount in my possession to enable me to make a replacement purchase when the supply of vehicles increases. - as I said in the original post.

Aegean

Yes I missed that. Actually, I was confused why the dealer would need to inspect a car that you have in your possession and you would buy it. I would expect that sending a check to the lease company would be enough without having to inspect the car. If I understand it correctly probably the bank or whoever gives the loan would need an inspection report not the original lease company.

Marqevans

Press Lexus financial again. That lease contract is between you and Lexus Financial. Tell them your keeping the car until they send you an invoice for it. If they still say no, send a certified letter telling them you intend to keep the car and please send the payoff amount per contract and where to send it.

happychris

another reason I do not lease. too much trouble..

Lexspeed

Based on your complicated leasing ordeal, I'd suggest that you don't lease a vehicle again.

On a more serious note, I wish I could offer some helpful suggestions, but I have no such 'lease contract' experience. I always purchased my new vehicles. Based on your story, it would appear that one must carefully determine an exit strategy prior to entering such a lease if one is to maximize the value of your investment.

lgb0250

I guess the first question I would ask is what does your contract say? Pretty much every scenario is laid out in them.

Then I would go to the Lexus financial website and see what’s posted there. I found this concerning buying your vehicle:

[size=13px]How do I purchase my current vehicle?First, excellent decision. Next, get a payoff quote by logging into your [/size]LFS Online Account[size=13px] or contacting LFS at [/size]1-800-286-0653[size=13px]. If you need financing, you can head straight to your dealer for help.[/size]