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What's all this, then?
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I'd be interested to hear anyone's experiences at lease-end with Lexus. Leasing looks like a great way to save some money & get a new car every few years, but how crazy are they at lease end when evaluating the car? I know that if you go over the lease miles they will charge you. Do they look at service records, etc. and try to jam you that way if they feel you haven't "maintained" the car?
 

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rmbracalente said:
I'd be interested to hear anyone's experiences at lease-end with Lexus. Leasing looks like a great way to save some money & get a new car every few years, but how crazy are they at lease end when evaluating the car? I know that if you go over the lease miles they will charge you. Do they look at service records, etc. and try to jam you that way if they feel you haven't "maintained" the car?
i don't have any lease end experience, but a lot could depend on what your future plans are. If you are going to buy or lease another car from the same dealer, chances are they may "overlook" some items to maintain you as a customer. I've heard of them not charging someone excess mileage fees when they weren't too far over and they were leasing another vehicle from the dealer. If they have a ton of cars coming in off leases and the market value is much below the residual value on the lease, they may be more likely to stick it to you. Knowing a few people who have turned in cars off of leases, it wasn't that rough. As long as there weren't any obvious problems with the car and the car was in good condition - not too many dings or scratches, there weren't any wear and tear charges although one guy i know had to put new tires on the car because the old tires were practically bald.
 

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What's all this, then?
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Discussion Starter #3
Thanks XCstud. Something else I'd be curious about is how much they try to jam you on your next lease. Because basically, all you'll have going into the deal is whatever money you want to put up front. No trade to leverage either, so I wonder if they generally try and take advantage of the situation by not discounting the new car by very much.
 

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I don't think Lexus or the dealer has much to do with the lease end. It's usually the finance company that can negotiate the pay-off price and can offer you a deal to buy it. My lease company told me to contact them about 5-6 months before the end of the lease and they may negotiate a price if you want to buy it.
 

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What's all this, then?
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Discussion Starter #5
I really hadn't considered leasing through anyone besides Lexus Financial Services. They seem to have the best deals right now, at least in my area.
 

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the basically make sure that all 4 tires are matching (they dont want mixed brand tires) and they look over the paint to make sure there are no scratches.

Other than that, the lease end inspection is non-existant. If you buy another Lexus, any mileage overage is waved.

But lets not forget, the buyout at lease end is VERY attractive. You could buy your car and sell it the next day and make a profit. Why let the dealer have this profit?
 

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dmoney69 said:
I'm leasing my 03 sport design for 400 a month and 50% residual after 3 years. pretty good deal
I don't know the exact depreciation schedule of the IS300 yet (anyone?) but if it follows the standard 20% - year 1; 15% - year 2; and 10% - year 3. Then the value of the car will only depreciate 45% and you will have positive equity in your car at lease-end.....that is the money shot. B/c then you can buy the car out and turn around and sell it like HoustonLex said...good deal! (plus I am positive the IS depreciation schedule is less then the industry standard)
 

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HoustonLex said:
the basically make sure that all 4 tires are matching (they dont want mixed brand tires) and they look over the paint to make sure there are no scratches.

Other than that, the lease end inspection is non-existant. If you buy another Lexus, any mileage overage is waved.

But lets not forget, the buyout at lease end is VERY attractive. You could buy your car and sell it the next day and make a profit. Why let the dealer have this profit?
They didn't let me waived my over mileage.

They charged me like $900 for it.

But i did get away with a couple of dings and scratches, maybe cause i was buying another IS.
 

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rmbracalente said:
Thanks XCstud. Something else I'd be curious about is how much they try to jam you on your next lease. Because basically, all you'll have going into the deal is whatever money you want to put up front. No trade to leverage either, so I wonder if they generally try and take advantage of the situation by not discounting the new car by very much.
To me, the best thing about a lease is that you're free and clear at the end of it. A trade will almost always make dealing worse because the dealer can short change you on the trade, or give you alot for the trade and not come off MSRP. No trade lets you focus on the new car price and nothing else.
I've always purchased my cars and I always have the value of the current car hanging over my head when looking at something new. It doesn't help that I get new cars ever 1.5 to 2 years, but I end up being upside down most of the time unless I put alot of money into the car. My next car, 2004 FX45, is going to be leased.
 

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Leasing is a great way to save money, if you have money to throw around.

But buying car is still the best idea in the long run, because you have something to hold on to.
 

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well I leased my car and I am freakin screwed cause I had only 12K a year for 39 months and I have almost 60K miles on the car in a little over 2 years. So I dont know what to do....any suggestions????
 

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^^^^^

find a nice town :wink: and leave it there for a week or so ...when u come back it wont be there and u will be free to go :chill:
 

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JoSchmo_IS300 said:
well I leased my car and I am freakin screwed cause I had only 12K a year for 39 months and I have almost 60K miles on the car in a little over 2 years. So I dont know what to do....any suggestions????
I highly doubt that you can get away with that, i wasn't able to do it, even though, i got another IS.

Try asking your dealership..
 

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JoSchmo_IS300 said:
well I leased my car and I am freakin screwed cause I had only 12K a year for 39 months and I have almost 60K miles on the car in a little over 2 years. So I dont know what to do....any suggestions????
guess u gonna have to buy the car off them. cuz if u pay per mile over ur lease milage.. ur gonna be paying up the arse....
 

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kami121 said:
JoSchmo_IS300 said:
well I leased my car and I am freakin screwed cause I had only 12K a year for 39 months and I have almost 60K miles on the car in a little over 2 years. So I dont know what to do....any suggestions????
guess u gonna have to buy the car off them. cuz if u pay per mile over ur lease milage.. ur gonna be paying up the arse....
well I will maybe trade it in for something else before the lease is up or buy it out. I mean the car has been stellar since I got it. If I buy the car out at the end of lease I dont have to pay my residual up front I can make payments on it until its paid right????
 

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Discussion Starter #17
JoSchmo_IS300 said:
If I buy the car out at the end of lease I dont have to pay my residual up front I can make payments on it until its paid right????
Yes, you can finance the residual if you want. I don't know if they will do that at new car rates or used car rates, though. Unfortunately, you'll pay more this way than if you had just financed it outright, though.

I doubt they would forgive that many miles even if you bought/leased another car from them, but maybe they'd be wiiling to work out a deal where they forgave some of the mileage & it would still be cheaper to lease a new one.
 

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JoSchmo_IS300 said:
kami121 said:
JoSchmo_IS300 said:
well I leased my car and I am freakin screwed cause I had only 12K a year for 39 months and I have almost 60K miles on the car in a little over 2 years. So I dont know what to do....any suggestions????
guess u gonna have to buy the car off them. cuz if u pay per mile over ur lease milage.. ur gonna be paying up the arse....
well I will maybe trade it in for something else before the lease is up or buy it out. I mean the car has been stellar since I got it. If I buy the car out at the end of lease I dont have to pay my residual up front I can make payments on it until its paid right????
Correct. You will get a car loan. ALso, you will get a used car rate because that is essentially what you are doing. Buying a used car at the residual price.

About trading it in early...you will be even more screwed then. See the reason that miles affects a lease in over mileage cost is because you reduce the value of the car with more mileage. So the residual is calculated at (in your case) assuming the car will have 39,000 miles on it. A car with twice that isn't worth as much...hence the over mileage charges. If you trade in your car now you will be trading in a 2 year used car (so you take the biggest 2 year depreciation hit) plus the extreme high mileage for a 2 year old car. Cars suck because once you get behind in a deal you pretty much stay behind and your negative equity will follow you from car to car. The best thing you can do is buy the car out at lease end. Then pay it off to get rid of your negative equity (then you will have positive equity) and then get a new car. Probably not what you wanted to hear.

You have to be careful in leases. They can be great in some situations, but the conditions have strict limits to them. You get outside the "right" situation and you are screwed. Best of luck
 

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So I have the option to buy my car at the end of my lease, 48 months, so sept 2006. the residual will be $12k, think It would be a good buy??
 

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SDuquette said:
So I have the option to buy my car at the end of my lease, 48 months, so sept 2006. the residual will be $12k, think It would be a good buy??
You will have to wait and see, depends on how the resale value of the car holds up then. Although you got a 40% residual (roughly) which seems like it is fairly conservative. If I had to guess I would say it would be a good deal. You know the car will last many more miles to come.
 
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