Nothing. Expecting a child on board soon - wife wants a van. Life comes at you fast. Do you think I’d be able to put it on lease trader or swappalease and get out of my lease based on what I posted ? Thoughts and what I should do or who I should go to first time trying to get out of a lease - rookie
You need to call the leasing company (e.g. Toyota Financial Services for Toyotas) and ask about transferring a lease.
Many leasing co’s don’t allow it, and even the ones that do, they don’t allow transfers in the first 6 or last 6 months of the contract. You may need to wait ~4 months before being able to transfer out of it.
I happen to be shopping for a compact SUV, but OP’s numbers are not looking attractive tbh. A lot of dealers here are promoting ~$330 monthly payment deals, and considering down payment it’s actually ~$430, but then you can do MSDs. Plus, I’m sure you can do better than dealers’ promotions. So yeah $459 a month is simply too high.
Lexus/Toyota financial are known for being very slow when it comes to lease transfers. In addition they provide almost no feedback on the process. Just giving you heads up, even if they let you transfer out you’re looking at a minimum of 4-6 weeks and you won’t know the status throughout the whole process.
Thanks for the input everyone. I live in cemtral valley - California ---- Believe me, I negotiated with the Bay Area and even local (2) dealerships to get the price that I got in august. Had to go out to - Redwood City to get this deal. For F sport model you’re looking at least 400 a month ( with taxes, reg, license ) unless u do the MSD. I could offer perhaps offer a cash incentive to sweeten the deal. I’m was looking at similar models on swappalease and leasetraders and still feel my lease terms are pretty decent.
@toyota4ever Also as @joey mentioned, your lease number aren’t attractive considering that you could get a better deal just walking into a dealership today without even negotiating. Here are some comments from someone who has done multiple lease transfers:
The point for most people to seek a lease transfer is to:
be in a short term lease and be in and out of cars more frequently than with standard length leases
find a car where someone put a significant down payment which lowered the payment where it’s attractive enough to go through the hassle and take the risk of taking over some else car which is not new anymore.
Your lease falls into neither category. The lease term is too long and your payment is too high.
The only thing you can do is offer what they call “incentives” to take over the car. For example lets say all competitive NX leases are around $400 either at the dealership or on swapalease or lease trader (i’m making up a number here because i don’t know the market well for that car). If you want out of your lease quickly you would have to offer someone an incentive which would bring the effective payment under $400 so that it’s a better deal than going any other route. So lets say you want to make the effective payment $380 which would mean you would have to do 34x$80= $2720 and you might have to offer to pay the transfer fee. So your looking at spending around $3000 to get out of your car if you want out quickly. Again i don’t know the market well to give you better payments to aim for but it gives you a general idea on what you can expect if you were to put it up for lease transfer. Whether or not spending that kind of money on getting out of a lease you just signed is up to you and your circumstances.
@305Hackr and @joey appreciate it guys. Yeah I am sure I will have to offer a hefty cash incentive to transfer my lease. It’s still lengthy and the car is still too new. Still waiting on an answer from Toyota/Lexus.
So talked to Lexus financial… and they said if there is 7 months left in the Lease they will NOT let u transfer it… BUT if its 7+ Months left in the lease…you can transfer the lease no problem. Application fee to process transfer fee is $200 if approved . Applicant needs to have high credit check/ credit score, Driver’s license, …insurance, etc, etc, ball will be rolling… As I am getting the application package…Applicant also responsible for registration fees for DMV.
having a child does not mean u’d need a mini van. mini suv such as nx or rx, from my wife opinion, is enough. In fact, she even dislike the way mini van drive such as odyssey, sienna, sedona, etc. To each their own, i’d guess.
I just leased a customer a Sienna Minivan, a 2017 Limited Premium it was super nice. I actually never really cared for them to much. We have 3 kids and went for a Honda Pilot 2 years ago and since the addition of our 3rd, which she is in a baby carrier and my wife insists to put her in the middle of the second row bench, its actually very hard on the back when you go to pick up the carrier on a higher vehicle.
We went to Hawaii a few months back and wound up renting the sienna and was actually pleasantly surprised at not only the cargo space but the ease of getting in and out with dual sliding doors and it being lower to the ground, was a lot easier in getting the baby carrier out of the car.
Power is good, lots of acceleration in Toyota’s V6 motor and the steering radius is something i was very very pleased with.