freshwater

I lease a 2017 RX350 for 3y/30k miles. I have 9 months left on the lease but already drove 31.5k miles so I am above the required mileage.
I am expecting to drive ~6k in next 9 month. My MSRP was ~55k and negotiated price was ~51k and my RV is ~35k.
SUV is in great shape and no issues except one wheel has a slight curb scrub.
I start getting emails from Lexus Financial and Lexus dealer and they already offering me a new lease with 3 month payments waived on the current lease.
I dont want to lease another RX350 and thinking either to Buy this out at ~35k or just take this to another dealer like Audi and lease a Q5 or Q7.
Current Buyout price is ~$39k
Does LFS negotiate the RV price since this Vehicle will be easily 8k above the 30k miles limit.??
I dont mind paying 30k-32k for this SUV but to me $35k is a bit extreme on a 38k miles SUV.

Now I did negotiate the deal for 36k miles but my Bad I never saw the Finance guy somehow use a 30k miles on the final lease doc ( honest mistake or an old trick, dont know).
I find that out after 1 year and they swear to me that paper shows 10k miles per year.

Any one has prior experience with LFS offering a better RV price then the original RV price. ?

ravenuer

I negotiated a higher mileage allowance and before I signed on the line I asked him to show it to me. And he did.
Do you have the paperwork for your lease?

freshwater

I dont have the original paper work which was like a piece of paper and numbers handwritten where we start with 10k and got a monthly payment, then I moved to 12k and make few changes like bigger wheel size, etc..
So Finance guy used the final numbers monthly payments but somehow used the 10k as compare to 12k. The official lease says 10k and thats what he put in from those papers.
I blaming my self since I never verified the 12k and that number was on page 2 of the lease, I was too occupied with Taxes, Fees and other $ amounts.
So that is over now and may be he made an honest mistake or did it intentionally I have no way to prove it.

mikemu30

Car dealer make an honest mistake🤔 How do you know they're lying? Their lips are moving.

JDR76

freshwater

Thanks JDR76 for your answer .
I guess I have only 4 options left .
Return the SUV at the end of lease and pay the mileage penalty .
Buy the SUV at the end of lease at the RV price of $35k .
Lease another Lexus car like IS 350 before 3 months into end of lease to get the 3 month credit of my old lease . Not sure they will still penalize me on my extra mileage since I am leasing a Lexus again from same dealer.
Last option is to take to other dealer and trade in for their SUV .That means they be buying my Lexus at the buyout price .

johnandkri

We just turned our 350 in early and purchased it at 2% for 5 years. We wanted to keep it as we loaded it with all options and 2% was pretty cheap money.

freshwater

When you turned in early you paid the current Buyout price and stop paying the monthly lease payments.
Were you going over the mileage limit ? If you decid to keep the Car then 2% is a very good rate.
Sometime % also depends upon which Tier you fall under, I believe 1.9% is for Tier 1..

PeeVee

What? My dealer is offering me 5.5% to finance the balance!

freshwater

May be Rates are different between Canada and USA.
Currently many Car manufactures in USA are advertising 1.9% financing for top tier on Certified vehicles.
1.99% are very attractive rates on these cars..

PeeVee

These are the rates for a lease, and financing a purchase is around 3.4 to 3.9%, and once it is used, it is 5.9%, they made a cut of 0.5% for me...

Marqevans

As the interest rate is usually low in a Lexus lease why would you buy it out early instead of waiting to the end to buy it. Is there a financial advantage I'm missing?

Cocal

How did you do that? You purchased it for the residual value & Toyota Credit gave a loan or did you go and got a loan from a bank?

PCW

I just went through this with my 2016 RX. The RV is set at the beginning of the lease and cannot be lowered.

coolsaber

Whats your appraisal value from a Lexus Dealer AND Carmax/similar third party?