Buy Out Lease ... Nightmare

I leased a 2017 Lexus ES 300H in July of 2017. Let’s just say things didn’t Pan out for me professionally and personally and therefore I’ve racked up a 130000 miles as of today. My lease payment is $565 a month (12k miles per year). 3 month lease. I put no money down. I believe the value of the ES300 on my docs was $54K.

I have approximately 18 months remaining on the lease. I intend to purchase the vehicle for sure. I just don’t know how to go about planning this and preparing for it.

I thought about overpaying the lease starting in December because I won’t be able to get a loan on this vehicle as I will be encroaching on 300,000 miles by the time I turned it in. I use this vehicle for transportation services and average about 8000 miles per month!

So given my current circumstances and also what I’m projecting, I’m curious to know how the community would suggest I handle this situation?

Thank you!

you drive 8000 miles a month?

8k/mo is insane. My advice is to just continue paying what you are and save any extra cash you have for maintenance/repairs that might come up. When the lease is up, find a CU that offers a low APR to purchase it out.


You’ll be lucky if it makes it that long. Toyota is known for reliability, but 300k is a big ask.

wouldn’t getting a loan regardless of high apr and then selling/trading the car be a better idea? im not so sure 300k miles on a 3 year old car is such a great thing. Tons of negative equity though.

He’ll be in the cycle forever though. Unless he rolls it into new lease that offers unlimited miles, but those are usually only on EVs and it won’t meet his driving needs.

true, tough situation I guess.

what are you using the car for Uber?

You would be surprised! The company that I contract with has over 900 Toyota Prius, Camry, and Avalon vehicles… They have minimum 200-250k miles, some upwards of 400-500k miles. No issues with the hybrid batteries as well. Suspension systems need to be updated around the 200,000 mile mark.

I work for the largest suburban executive car company in the suburbs of Chicago. Similar to Uber, but most of our clientele are executives and namely airport runs.

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I get it…there are Silverados out there that have 750k on the clock…that doesn’t mean they’re guaranteed to go that long, and the odds are stacked against you.

Good luck though.

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KBB says the trade in value is about $14,500. What is the buyout right now? Can you somehow borrow or scrape up enough cash to pay off the difference?

KBB says a 2016 with 230,000 miles trade in is $8,000, so there you can get an idea of driving it for another year is going to cost about $6,500 in lost value.

I don’t understand how I would be able to get a loan on the remaining value of the vehicle when lease is up in 2019? I believe I will owe somewhere in the ballpark of $30,000 plus, so therefore I don’t see how any bank will loan me those funds based on the mileage on the vehicle?

My thoughts were to begin paying $1800 additional every month starting in January come of that way I would have paid off the value of the vehicle by the end of the lease. This would be in addition to the $565 I’m already paying every month. I can afford this by the way. I just don’t know if it’s allowable in the lease, I thought about calling Lexis and asking them, but I don’t want to have that conversation with them yet without getting all of my ducks in a row before the phone call.

If you buy the vehicle at the end of the lease from Lexus, you do not have to pay mileage overage. If you can make an extra $1,800 per month payment, you should be able to save that and payoff the balance in 18 months. If your RV was 50%, that is only $27,000 you would owe at lease end. 16*$1,800 is $28,800, more than enough cash saved to pay it off.

Am I missing something here?


I’ve only paid approximately 10k of the 54k. I’m not sure how to estimate the buyout. I just know that in my lease documents the vehicle was valued at $54,000 on the day leased the vehicle. So correct me if I’m wrong, but my understanding is I will have to pay them the remaining balance of the 54k less what I paid over the 3 year lease; $20,340 less the value of $54,000, or $33,660 due at the end of lease?

@Jacob1430 Reach out to Lexus Financial to get a buy out price… You can buy out the vehicle today vs waiting till the end of the lease.

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I was wanting to pay them that amount every single month, opposed to saving it in my bank account. Reason being I have creditors that might be coming after me, and therefore my goal was the send Lexus Financial those funds every single month opposed to saving them in the bank and then paying them one time (28k) at the end of the lease.

That’s still risky business, especially being a driver of 8k/mo. What happens if you total it in that timeframe? You will have lost all that $$$ based on the current market value of the car.

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Well if you have other debts you can’t pay, I’d suggest looking into a bankruptcy attorney and get their advice instead of throwing money down the toilet on this lease? It seems like you make enough to get yourself out of trouble based on this limited thread though.

Not getting personal but just trying to help.


I just called Lexus and they advised me the payoff amount is $34000 today. I think you guys are right, I’ll just go ahead and save those funds and pay it off at the end of lease.