Lease option

ctor3527

I have 6 payments left, at $519 a month, on my lease, 2013 Toyota Highlander, fully loaded, 26k miles, Went to Lexus bc my brother just bought a vehicle there, an RX 350 2016, I was trying to get one my self, they told me they will take my car, with the remaining payments minus $1000 that I will payoff, basically two car payments I will reduce, I will still have to come up with $2600 down for a 36month lease at $670 a month, msrp is $53,000 and they are willing to take $2000 off, I feel like they can do a lot better than that so what you think, I'm from RI, let me know pls thanks

kyfdx

ctor3527 said:

I have 6 payments left, at $519 a month, on my lease, 2013 Toyota Highlander, fully loaded, 26k miles,
Went to Lexus bc my brother just bought a vehicle there, an RX 350 2016, I was trying to get one my self, they told me they will take my car, with the remaining payments minus $1000 that I will payoff, basically two car payments I will reduce, I will still have to come up with $2600 down for a 36month lease at $670 a month, msrp is $53,000 and they are willing to take $2000 off, I feel like they can do a lot better than that so what you think, I'm from RI, let me know pls thanks

So.. $3600 upfront and $670 a month... to get out of your $519/mo. lease, six months early?

The two models are virtual twins. I wouldn't do it.

ctor3527

So do think, waiting for my lease to end will be a better thing to do? Or why wouldn't you do this deal? Is it a bad deal? Or bc the cars a similar? 

kyfdx

ctor3527 said:

So do think, waiting for my lease to end will be a better thing to do? Or why wouldn't you do this deal? Is it a bad deal? Or bc the cars a similar? 

Why switch now to pay more? RX leases aren't that great of a deal, right now. Nothing to be lost by waiting.

ctor3527

Thank you so much for your input, really appreciate it!!!

karhill1

Try to trade or sell your leased Toyota. Go to Edmunds, KBB, and NADA to get the value of the Toyota on a trade or private sale. I do this with my leased vehicles. Simply negotiate a trade value with the dealer the same as you would if you had purchased the Toyota.

For example, if my lease buy out, there is one at any given time, is $24,000 and the trade value is $25,000, I gain a thousand. If the trade value is $23,000, I lose a $1,000.

ctor3527

So wait, even though I still have payments left, 6 to be exact, I can ask the dealer to buy it out as if the car was mine? I never knew that!!! Wow!!! The thing is the dealer is saying I have negative equity in my car which I think is impossible, the truck only has 26k miles on fully loaded, and when I did check Kelly blue book, that same truck went as high as 33 thousand and as low as about 26 thousand, so you think they are just being car salesmen and trying to get me?? I'm in no rush to get out of the vehicle and they called me yesterday to bring my truck in so they can have a better look at it lol, let me know what you think?? Thank you!!!

Michaell

ctor3527 said:

So wait, even though I still have payments left, 6 to be exact, I can ask the dealer to buy it out as if the car was mine? I never knew that!!! Wow!!! The thing is the dealer is saying I have negative equity in my car which I think is impossible, the truck only has 26k miles on fully loaded, and when I did check Kelly blue book, that same truck went as high as 33 thousand and as low as about 26 thousand, so you think they are just being car salesmen and trying to get me?? I'm in no rush to get out of the vehicle and they called me yesterday to bring my truck in so they can have a better look at it lol, let me know what you think?? Thank you!!!

Yes, you can trade your lease in, as noted.

Yes, it's likely that the dealer is low-balling your trade value.

If you have a CarMax close by, take your Highlander to them for an offer. I did this when I traded in my wife's Mazda for a Subaru last year - CarMax offered $12,500, Subaru dealer first offered $10,500. I pulled out the CarMax quote and the dealer matched it.

ctor3527

What I'm confused by is, my car is a lease, and that's still doable?? I just want to make sure I can do that?

Michaell

ctor3527 said:

What I'm confused by is, my car is a lease, and that's still doable?? I just want to make sure I can do that?

Yep. Your car has a payoff value and a trade value.

ctor3527

That's awesome!!! Just learned something new lol, thanks @michaell