We have a '18 RX350 fully loaded and the residual is $32,450. There’s 5 months of payment left.
If we make 2 more months of payment, Vroom will offer us $33,500 which means we will literally break even and I don’t have to pay any lease return fees like replacing the tires or fixing some minor curb rash.
Secondly, I just checked KBB and this car private party value is $37,992-$40,503 ($39,215 median) for a vehicle of this condition as of today. It seems to me that I may have got some quality equity out of my RX350 lease.
With that being said, if I buy a private buyer, how would this work? Do the both of us need to go to the dealership? What if the buyer is using a loan? Wouldn’t the buyer’s lender require the title be transferred to them?
To sell it to private party, you’ll need to purchase the car from lexus first. In California, you have a very small window to purchase, get the title, and then sell it before you become liable for sales tax on the purchase amount. There are some very in depth threads on here that a quick search should bring up detailing that process.
I remember when I paid off BMWFS or Honda FS, it took almost a month before the DMV mailed and the title arrived in California. How would I complete that in 10 days to avoid the double taxation?? I assume I would have to visit the DMV then and they print out a title?
Lexus is generally pretty lenient on their returns. Not sure how you drove but I doubt you would need to replace tires and any minor dings or scratches are either disregarded or at most 150 dollars. I recommend just getting it reviewed by Lexus to see what your estimated return costs are if any before you go down the selling route as it could be more headache than needed.
