Had a baby and wanted a bigger car so leased a 2020 Lexus RX350L in 12/2019 for a monthly payment of $800 with $3000 down, 36 months with 10k per year - haven’t done any research at all and didn’t know about Leasehackr.
Monthly payments are definitely on the higher side so want to get out of the lease asap. Payoff to buy the vehicle as of today is $46,608.68, stands good until 02/19/2021.
The only competitive offer I received is from Carvana for $44,682, good until 01/27/2021.
What would you guys advice? Thanks!!
Planning to get (lease / buy) a mini-van if I manage to get out of this lease.
It would help to know if you don’t need this car anymore, or you are planning to replace it with something with a lower payment.
In order to end your lease early, you would either a) have someone else assume your lease or b) have someone buyout the lease.
Many brands will allow you to transfer out of your lease and assign it to someone else after paying a lease transfer fee and submitting required documentation. Those brands include BMW, Lexus etc.
Some brands will not allow lease transfers at all such as Honda, Mazda, Volvo, Jaguar, Hyundai etc.
A select few brands, such as Audi or Infiniti, allow lease transfers, but keep the original leasee liable. It is generally not recommended to do a transfer as you would remain liable for the car after transfer.
There are some other restrictions that can affect your ability to do a transfer such as remaining months on the lease and regional restrictions. It is best to check with your leasing company by calling them directly.
Once you decide you want to transfer out of your lease, you can post your car for free under LH’s private transfer section:
Alternatively, you can list your car for a fee with www.swapalease.com or www.leasetrader.com which are two large lease transfer marketplaces that have a large user base of people actively looking to assume leases.
You can have a third party buyout the car. In order to do that, you would call your leasing company and get the current “dealer payoff quote” which is the amount of money needed right now to payoff your car which will satisfy your lease agreement. Once you have that number you can take your car to your local Carmax and see what they would offer to buy your car. If the amount is near or above your dealer payoff quote, then you can sell it to them and you would be out of the lease. Alternatively, you can get an online quote from vroom.com or carvana.com who will give you an instant online offer. If you accept the offer, they would come and pick up the car from you and pay you on the spot. Ideally you would get a quote from all sources as they may vary significantly. For more information, please see forum discussions:
For additional information, make sure to check out Leasehacking 101: How to End Your Lease Early
one thing you can do is kelly blue book instant cash offer. their offer is usually on the low end but there are multiple buying dealers and i had one beat a vroom offer by $600.
other thing is i’d calculate how much a new lease is going to cost. between a couple grand in negative equity plus you just paid for registration, adding new drive offs on a new lease that’s a big chunk of change. you would have to get a significantly cheaper car to make it worthwhile to switch out.
i personally would just buy a used toyota siena that you don’t care about the kids pooping all over it. rotten spilled milk that you can’t track down in a nice car would bug me. in our honda odyssey whatever.
that’s what shocked me. i figured it would be a waste of time but the dealer was right next to where i was running errands so i figured i’d stop by. i showed them the offer from vroom which was 3k higher than the KBB offer, they asked me if we round it up would you accept, which was $600 more. i’m sure they made calls and had a buyer lined up but it was by far the best offer i received. YMMV clearly
hah yes thats true. i suppose it was more the fact that that kbb gave me several local car buying services that i didn’t know about, which let me shop the written vroom offer. honestly that $44.6 offer sounds pretty strong already, not sure if you’re gonna top that.
I don’t even understand how the mental math would work for one to sign a lease at $800/mo $2k down on a ~$50k RX350L. I think OP would be doing himself a huge service by either analyzing what he signed to begin with or asking us to do it.
Why would a dealer want to offer you more than what everybody else is offering? You can try, but usually it takes a lot of excuses on the dealer’s end to match or even get close VROOM or Carvana’s offer. You could ask CDJR dealer while working out the new deal.