Lexus Lease Buyout Fees - NJ

Ask the Hackrs Buy/Finance
, ,
1

Looking to buyout / finance residual value of my lease in a few months. I know what my residual value is. I have reviewed my contract.

1- I have looked at my contract and it mentions document fees but it doesn’t specify what they are.

I live in NJ, and i am wondering what those fees are. What does Lexus charge to process a Lexus lease buyout? I am assuming title and registration?

2- It’s not an early termination.

3- There are no excess miles or damage to consider.

4- All payments have been made on time and will be paid.

5- I am already considering be NJ tax rate. What are the extra fees applied?

Yes, i can call LFS and ask but… i am wondering if anyone has gone through this process recently and can share what the added costs were.

2

Look at your online account statement or call Lexus financial services.

3

It doesn’t provide me with those specifics. I have also reviewed the contract and that information is not listed. And yes, i will eventually call Lexus directly, but I was wondering if anyone has gone through the process recently in NJ. I don’t want to call them just yet since I’m not due to end my lease until mid-June and don’t want the dealer to know just yet. I was trying to calculate what my final loan amount might look like. Residual value, plus taxes, plus documentation fees. I know the residual value and taxes but i don’t know what documentation fees Lexus charges. I am also aware that in some states, LFS will direct you to the dealer. However, my lease was acquired in Virginia. I have a dealer I’ve gone to in Nj for service but that’s it.

4

Don’t want the dealer to know what, that you called LFS and enquired as to what your current payoff is?

LFS and the dealer are 2 separate entities. Not that it matters one bit, but the dealer won’t know (and won’t care) about each and every time you call LFS and ask a question about your account.

5

Upon doing some reading, it was suggested not to call the dealer too ahead of time and letting them know you want to purchase the vehicle

https://www.caranddriver.com/auto-loans/a44002437/lexus-lease-buyout/

And i am aware that they are two separate entities. This is actually my 8th lease but its my first time looking into a lease buyout since lease prices are much higher than when i leased this current Lexus

6

I would pay little attention to an article suggesting you negotiate your lease buyout with the dealer.

Call lexus financial, ask them the current buyout and where to send the check. There’s no reason to involve a dealer if not necessary.

1 Like
7

I know that my buyout (residual value) cannot be negotiated since the residual value has already been set on the contract when i leased the car. I also don’t want the dealer calling me a million times asking me to come in to discuss financing, etc. i have 5 months to figure this out and im just trying to gather as much info as possible. LFS is due to call me in the next few weeks based on an email i received.

And yes i am aware i can call LFS and ask what the payoff is and where to send the check. I can also request the payoff online.

I was hoping this would be a good forum for that but i guess i was mistaken.

8

Yes, because doc fees are charged by dealers and there’s no way for an LFS contract to know what doc fee every dealer charges and can change without notice.

All your questions in this thread seem to be built on the premise that you’re involving a dealer and the message that you don’t need to involve a dealer doesn’t seem to be getting through.

Your loan amount (net of any down payment) will be RV + TTL + any purchase option fee in your contract.

No doc fee unless you go through a dealer.