Currently leasing 2016 Lexus ES 350, base model. No navigation package.
I got this car in June 2016
$3000 down + 1st monthly payment
Monthly payment $375.89
I have been driving this car for 20 months, already have 21k miles on it.
So I would like to return it or change to different car. What is the best option u guys can recommend? I’ve read that there is early lease termination fee, and I have to pay for the rest months left(22 months in my case).
You can transfer the lease if you find someone who will take the car. Check swapalease or the other big sites
Yes, that is a lot of money to eat to get out for convenience. As @Siejammy mentioned try to get someone else to take over the lease (craigslist can work to find potential lessees too).
Your better option is to see if there is equity in it by selling it to another dealer (Carmax/someone else who buys used cards/lexus dealer) or trading it in on you next purchase/lease with the dealer buying it as opposed to treating it as a lease turn in. If what they will give you is within $8k of your payoff, it will be better financially than to pay the remaining payments ($8272). What is your payoff? KBB shows $26K trade in for a 2016 ES350 with standard options and your mileage.
You definitely got a fleece not a lease. When you sign on something like this you have to realize that pretty much you are in it for the long haul which is 42 months. That is a terrible lease BTW. Within 42 months the tires go and that is a big bill. I seriously doubt anyone will take that car over for 22 months base model at at that price. Unless you get somebody to assume the lease (doubtful) you are driving that car for another 22 months. To me it makes no sense to lose many thousands to try and sell it because the numbers will not work out
Thanks for the advices. My pay off $28600.
I’ll try to put it on Craigslist or take it to CarMax to see how much they can give. If they will agree to give 28 or at least 27k in this case will I still own for 22 lease payments?
Your pay off represents the residual value they set at the time of lease plus your remaining payments. If you sell for X price, if it is lower than your pay off, you will have to pay Lexus the difference. If it is higher, you can pocket the cash, but that is not common.
Ikr, when I was signing for this deal, I was just worrying about the monthly payments, but not number of months (42). And now after driving this car for 20 months I feel like it’s already ready to go, but don’t know what’s the best financial option for me.
Do u recommend to keep it till I hit 42 months?
I was a little blunt there. That is the way dealers are,and many brokers. . They always want to know how much you want to pay. That is how people end up with 6-7 yr car loans. They amortize the loan to the very max so the monthly payment looks low. Typical Lexus leases are 24-36 months, not 42. In fact when I used to drive more I never wanted more than 36 months because I could sometime get away with no tire replacements. It is like a dealer offering me a high price on a E class Mercedes. Oh you want to spend less,.we will lease you a c class. Its a lower price of a lesser priced car, not necessarily a better deal.
When you say you feel like its already to go, does that mean you think there is a mechanical problem with it or that you are just tired of driving it?
Doubt it’s a mechanical problem. ESs have always been bulletproof mechanically. 2007 to 2009 had some problems with window clips but that’s the most severe problem they’ve ever had aside from Takata airbags
No problems at all, not with engine not with other parts of the car… I enjoy driving it. just got bored. Looking for next car MB E300 or bmw 530
I’m actually in the process of assuming someone’s 2016 ES350 lease that’s one-pay.
What don’t you like about the car?
Front wheel drive
Don’t feel the v6 power, accelerates very slow.
Above mentioned are not the reasons why I want to return it, as I mentioned previously, just got bored. I feel like car wasn’t build for my age (25).
I’m looking to take over a lease for a 2015 and newer Lexus ES350. Please contact me if you have one. Thanks