End of Lease options, 17 RX450h
11-29-20, 10:04 AM
#31
Lead Lap
That's what I thought too, but apparently that's not the case, to me it doesn't make sense and there must be some underlying problems.
The only way I can see and I'm not sure if even this is possible, is to transfer the lease to the other person enabling THAT person, at the end of the lease, to buy it for the residual.
The only way I can see and I'm not sure if even this is possible, is to transfer the lease to the other person enabling THAT person, at the end of the lease, to buy it for the residual.
2. Sell your leased car to a neighbor, friend or family member. This method requires a bit of trust, so it helps to sell your car to someone you know. But you can sell to any buyer you find, and it will get you the private-party price for the car, which is higher than the trade-in price that dealers pay.
Here's what you do: After finding a trusted buyer, have that person mail a check for the buyout amount to the leasing company. Once you receive the title (the leasing company will only send it to the person leasing the car), sign it to release your interest in the vehicle, and give the title to the buyer. The buyer can then register the car and pay sales tax at that time. But be careful: If the buyer waits longer than 10 days, the state might try to charge you both sales tax, which would wipe out your profit.
A way to prevent this situation, according to the Auto Club of Southern California, is to pay the sales tax and DMV fees as soon as possible and then return to conclude the deal with the title in hand. This transaction is called a "lease buyout transfer." Contact your state's DMV for more details.
Here's what you do: After finding a trusted buyer, have that person mail a check for the buyout amount to the leasing company. Once you receive the title (the leasing company will only send it to the person leasing the car), sign it to release your interest in the vehicle, and give the title to the buyer. The buyer can then register the car and pay sales tax at that time. But be careful: If the buyer waits longer than 10 days, the state might try to charge you both sales tax, which would wipe out your profit.
A way to prevent this situation, according to the Auto Club of Southern California, is to pay the sales tax and DMV fees as soon as possible and then return to conclude the deal with the title in hand. This transaction is called a "lease buyout transfer." Contact your state's DMV for more details.
12-01-20, 12:27 PM
#32
Talked to Lexus/Toyota financial today. They absolutely will not sell the car directly to one of my children. The only thing I can do is buy it jointly with one of my children. Then remove myself from the title at a later date. Not sure what state fees there would be at that time.
12-01-20, 12:31 PM
#33
Talked to Lexus/Toyota financial today. They absolutely will not sell the car directly to one of my children. The only thing I can do is buy it jointly with one of my children. Then remove myself from the title at a later date. Not sure what state fees there would be at that time.
12-01-20, 12:49 PM
#34
Driver School Candidate
Talked to Lexus/Toyota financial today. They absolutely will not sell the car directly to one of my children. The only thing I can do is buy it jointly with one of my children. Then remove myself from the title at a later date. Not sure what state fees there would be at that time.
12-01-20, 06:51 PM
#35
Lead Lap
Talked to Lexus/Toyota financial today. They absolutely will not sell the car directly to one of my children. The only thing I can do is buy it jointly with one of my children. Then remove myself from the title at a later date. Not sure what state fees there would be at that time.
The only known cost is a small fee from the buyer and a credit check to verify.
12-02-20, 07:11 AM
#36
In CA, within direct family (not exactly sure what that means) there is no gift tax. I bought and fixed up a 2013 Civic for my grand niece.
Tatiana, 19, is in the Marine Corps, currently deployed to Kuwait.
When we went to the DMV, they did not charge gift tax. In fact, they gave us the Military discount on the sales tax I would have paid.
Tatiana, 19, is in the Marine Corps, currently deployed to Kuwait.
When we went to the DMV, they did not charge gift tax. In fact, they gave us the Military discount on the sales tax I would have paid.
12-06-20, 04:05 PM
#37
I got an offer from Carvana for $23,500 on my 2017 RX 350 lease. The problem is my buyout is $29,880! I was considering replacing it with a 2021 Highlander Limited Hybrid. Went to the Toyota dealer and negotiated my best price. Then asked if they would be interested in my RX. They appraised it at $32,000 leaving me a $2,000 profit! Now I am having second thoughts as the RX only has 25,000 miles. If I buy it, there will still be 12 months of full factory warranty left. It is still a great looking car!
12-06-20, 04:46 PM
#38
Lead Lap
I got an offer from Carvana for $23,500 on my 2017 RX 350 lease. The problem is my buyout is $29,880! I was considering replacing it with a 2021 Highlander Limited Hybrid. Went to the Toyota dealer and negotiated my best price. Then asked if they would be interested in my RX. They appraised it at $32,000 leaving me a $2,000 profit! Now I am having second thoughts as the RX only has 25,000 miles. If I buy it, there will still be 12 months of full factory warranty left. It is still a great looking car!
12-06-20, 05:00 PM
#39
I got an offer from Carvana for $23,500 on my 2017 RX 350 lease. The problem is my buyout is $29,880! I was considering replacing it with a 2021 Highlander Limited Hybrid. Went to the Toyota dealer and negotiated my best price. Then asked if they would be interested in my RX. They appraised it at $32,000 leaving me a $2,000 profit! Now I am having second thoughts as the RX only has 25,000 miles. If I buy it, there will still be 12 months of full factory warranty left. It is still a great looking car!
The new Highlander doesn't look bad at all but there are hard plastics on some areas if it doesn't bother you.
We are thinking about a SUV in the future also.
12-08-20, 04:56 AM
#40
New highlander would get maintenance, warranty for free thats longer then ur current RX. The highlander is mechanically and technologically (TSS v 2.5 with active avoidance and lane change) superior however refinement and driving a Toyota instead of Lexus are food for thought (the badge is only an issue if you think its an issue),
12-08-20, 05:05 AM
#41
12-17-20, 04:34 PM
#43
Well I decided to extend my lease by 6 months. The payment will go up by the sales tax of roughly 8%. Seems like a no-brainer as the residual(buyout) will go down each month by the amount of my original lease payment and at the end by definition the sales tax upon buyout will be reduced because the the buyout is less.
12-18-20, 11:52 AM
#44
Lexus Test Driver
