Hello. I am looking to do the 1-day lease then buyout. First time leasing. Being offered a great ‘lease’ deal on a foreign ev (lexus), but don’t wanna screw this up. If i have msrp minus lease discounts/incentives+Doc fees+acqu fees+title fees as my cap cost, With zero down, they are offering me $800/mo payments, 3yrs, resid value of $28,800. Lexus dealer says i have to make 3 lease payments before buying it out. A-is this true, or can i do it sooner? B-if i buyout the lease at day 2 or day 91, do i write a check to lexus for the buyout price (payoff amount?) +taxes + title transfer fees only, or is it residual value + buyout price +taxes + title transfer fees? I can’t find anything this specific online. Thanks everyone.
I have been looking into doing this, and my understanding of the buyout process is as follows.
If you do a zero drive off lease, up front costs like DMV registration costs and the Lexus lease acquisition fee will be added to the monthly payments that are scheduled to be paid for the remaining 35 months of the lease.
When you buyout the lease after a few weeks, you will have to pay the sum of those unpaid monthly payments (less the money factor finance charge), plus the residual value. So it really does not make a difference if you pay the upfront costs at signing or a few weeks later, except for a small extra finance charge for the short period between signing and payoff. Lexus does not collect sales tax when you buyout the lease.
After you make the payoff and receive title from Lexus, you will then need to go to the DMV and pay sales tax on the buyout amount when you register the car. I initially thought you would need to pay the DMV registration fee again, but others have stated that you do not need to do so.
i do not believe you have to wait three months to do the buyout.
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Thank u cruiser…this does not make sense, paying the unpaid remaining payments+ rv. Can anyone w/ 1st hand experience, please chime in?
(When you buyout the lease after a few weeks, you will have to pay the sum of those unpaid monthly payments (less the money factor finance charge), plus the residual value.)
Decided to go straight to the dragon’s mouth. Called 800-286-0653, lexus financial services, said: hi, i am leasing tomorrow a new lexus, but may have a job transfer in 2 months out of state, dealer is giving me runaround, says i must keep lease 3 months prior to buyout. A-is this true? B-what will i be paying as lease buyout in a month? He says, a-not true, there is no 3 month early pre payment penalty. B-call lexus fs, as soon as u are ready to buyout, and we will give u a payoff very close to your cap cost since u have only made 1 payment. Thats it. The car is yours.
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The 3 month thing is so your sales/finance person will get credit/paid for your lease deal…if you pay off before that they will not get paid and won’t be happy if that matters to you.
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Hypotheticals don’t help you get a good deal. What are the actual numbers?
Ok, here are the details:
$62,765
-15k
-10k
+2k add-ons
Equals 39,765
+85 doc
815 acqu
700 regist
Equals 41,365
Zero down lease, $700/mo payment
Plan is to make 1 or 2 payments max, then buyout.
Your thoughts? Thank u.
Do you want to mention the year, model and trim?
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Holy shit, the poor guy just joined today, why do you have to be a nasty asshole to everyone? If you don’t want to answer people’s questions, don’t answer their questions.
@panchovilla if you want commentary on the deal itself, fill out the calculator CALCULATOR | LEASEHACKR it will be much easier for everyone on this site to help you as everyone is used to that format.
But from what I’m seeing you already have your answer to the original question from Lexus directly, so max’s comment is not even relevant and has nothing to do with the buyout to begin with.
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As a heads up to this plan, it’s unlikely to be a 1 day lease. It takes anywhere from 10-15 business days for LFS to receive the file, process and review paperwork for accuracy, fund the deal, and to then have an account set up where you could receive a pay off. May want to add more days if you’re trying to accomplish this over the holidays.
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Thank u apex & logi. Will keep in mind. Happy holidays.
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Those RZ really aren’t moving are they, your LH calculator link is insightful
Yes, correct, but w/ that price i think we’re gonna jump on it. What do yall think?
You mentioned the payment is 700 but your calculator shows 506 per month.
You buyout will be monthly payment (depreciation portion, not rent charge or tax) x remaining payments + residual + taxes/fees.
Thanks for clarifying this. In my post above, I forgot to mention that the monthly tax is excluded in determining the buyout amount.
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Yeah, something is messed up big time…either discounts aren’t as big or his MF/RV wrong because 200/mo off is a big miss…and if buying out and discounts aren’t what he thought the buyout gonna be much higher than he thinks.
Shouldn’t be a problem to payoff first month, have done it several times. No 3 month requirement.
Sign the lease and wait a week for it to be funded. You can then find buyout online and mail them a check to payoff within first month.
Hello steve & gohawk. I am not worried about lease terms as my plan is to buy it out as soon as i can. Am being offered $25k off msrp, cause these cars arent selling, sitting on lots everywhere. I have owned many toy/lex so trust the car/brand, and the range works for us in the city. They have add-ons of $2k (my only issue), so i am not looking at mf, rv, monthly payment. With zero down, They told me payment would be either 750 or 800/mo. As soon as lfs allows me to, i a plan on buying this lease out. Ya think it’s good or not? Thank u.
If there is a $200/mo difference between the deal you think youre getting and the deal theyre offering, you are paying about $6000 more than the deal you think youre getting.
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