Here is the issue. Called TFS, the leasing bank for my Lexus SUV. They told me that in FL I have to go through a dealer to do the buyout process. Now I am in the process of buying out a Tundra also, through SETF. I called them and specifically asked if I need to go to a dealer to buyout my Tundra lease. They told me no. I clarified that I live in FL and she once again said no. Just mail the paperwork and check to SETF. I am confused. Has anyone heard of this through Lexus or TFS? The TFS rep told me that’s a FL law that the vehicle must be bought through a dealer. Is there any truth to this and f so, a work around? Dealers what $900 dealer fee to do this.
Yes
I don’t know, but assume that SETF’s HQ in Deerfield beach must count as a “branch”, and they have a dealer’s license?
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I recall reading a thread awhile back stating that Nissan was allowing direct purchases in Florida. This was in response to all the bad publicity Nissan was receiving due to its dealers fleecing customers in Florida with bogus fees on buyouts.
I wonder how Nissan got around the apparent law, and if other Manufacturers/lenders could do the same thing.
Yeah, I don’t know where they are but the final payment goes to Mobile AL. But if what you say is true then that’s probably why.
When I was looking up the law, it just so happened that all the news stories were about Nissan ripping people off.
Nissan probably just got a PO BOX or decided to use one of the Nissan dealerships as a “bank” address lol.
SETF and TFS are different banks, doesn’t make sense to me, but it is what it is. I just find it odd that you can sell a TFS to Carmax but not a SETF, but that the buyout process is different for personal buyouts. If you do have to go thru a dealer, Earl Stewart in PBC has no dealer fees, so hopefully they can soften the blow there.
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Sometimes Carmax will list banks they “can’t” buy from, but really it’s a case of they “won’t” buy from them because the bank is a pain in the ass to deal with.
Weird, I sold my last lease, Tacoma SETF, to Carvana with no issues. Unless Carmax is different. Either way it is weird that they have different banks and rules. I call the Lexus dealer I leased from, JM Lexus, and he told me, yes I have to use a dealer. I will go in this weekend and see what they offer as far as interest rate and dealer fee. If no I will call Earl. They are both close to each other.
I thought that JM Lexus had no dealer fees but I’m sure there will be some sort of fee if they need to process the buyout.
It is $499 to buy out the Lexus lease if that Lexus was not purchased from JM.
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I looked at the lease agreement and purchase sheet and you might be right. I don’t see a dealer fee. Like I said I will be going this weekend to see my options.
I would also try to reach out to Anthony from DSR leasing. He might be able to help facilitate the purchase without you leaving your house. He’s awesome to deal with and replies in minutes.
DSR Leasing - Broker / Dealer / Transporter / Lease Return Buyouts?
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Also meant to ask, you may have a TON of equity in your car depending on your buyout and dealer purchase option. I would suggest maybe exploring that route just to get an idea if it makes sense. You may have nothing, but you may have 5k+ in equity that you could use towards the purchase of a new car if your budget allows. I am in the process of downsizing to one car, and have a little over 4k in equity on one lease and 3.5k on another. Get quotes from Carmax and Carvana- takes less than 1 minute each- just to get an idea. I got an offer from AutoNation, and was able to haggle with them to come up about 1.5k from their initial offer.
LOL, I wish I could afford 2 vehicles. Tundra is mine and Lexus IS wife’s. Any how, that was another option. I did a Carvana offer about a month ago and I was in the ballpark of $10k in equity. Only downside for right now is that even with $10k down, Its still higher payment than buying hers out are the ridiculous interest rates. Not to mention it would have to probably be a NX250, which engine wise is a down grade. She likes the takeoff speed of the 4cly Turbo. The NX250 is naturally aspirated with less HP than hers so it might not be to her liking. She would have to go to the NX350 and those like any vehicle theses days, are overpriced.
Well, I got rid of the Lexus. Turns out that there is no way to buy it out through a bank and you have to go through a dealer. Wife always wanted the RDX so we made a deal on a 23 RDX. JM Lexus wanted too much for the base NX which is in my opinion not a big advancement over her 2020. The RDX, when compared to the base NX, is a way better SUV. So I thought I would post in case anyone else ever comes asking about a TFS lease buyout.
How did you get rid of it? Returned it to Lexus or traded it in for the RDX?
Traded in for the RDX. Had about $7k in equity
Hello, sorry to bring you back to this topic, but I am 2 months due to either return or buy my lease from Lexus. So you are telling us here, that I cannot finance the buyout of my current lease with any other bank? That it has to be through LFS? Or, if a bank has physical offices in Florida, then I can finance through this other bank?
How about the extra fees after the purchase price? Are they ridiculously high?
I appreciate your input.
Shopgirl13
You can finance it with whomever you’d like, but you’ll have to go through the dealer to buy it out.
They can’t legally charge you anything not listed in your original lease contract. You may need to hold them to that if they try. If they insist it needs to be inspected, CPOd, etc., the attorney general would like a word with them.