I have stumbled upon your site through the many forums that I monitor to find awesome lease deals…….
First of all, bravo for helping so many people out of the kindness of your hearts.
Now, to my lovely little dilemma:
I am 8 months into a 36 month lease of a 2015 Lexus RC F (12k miles/year). I was one of the first folks to lease one here in Virginia and walked off paying $0 down at a payment of $1178/month. Being that my company was giving me a $500 Lexus stipend each year, it seemed like an awesome deal to pay $678/month for an amazing car.
Well, my company has stopped the stipend and now I’m paying the full amount. I am leaning towards either transferring my lease to someone via swapalease (with a huge incentive of $4-5k out of pocket because of the high payment compared to what you can get a new RC F now) or getting into a new lease and rolling the negative equity ($10k approximately) over and walking away when the lease is done.
What would you do if you were me??
I would rather not come out of pocket $4-5k (at least) to provide an incentive for a lease transfer, but realize that may be my best bet…
I would be completely content with a mercedes e-class or some comparable that was listed on Dec 8 recently in your last update……
Unfortunately, there isn’t too much you can do in this situation. A lease transfer will likely end up costing less than the other option you identified, but it’ll also take more time. You’ll need to know how much a new RC F leases for in order to come up with a competitive incentive amount.
If there’s a CarMax nearby, try getting it appraised there. They generally offer more than your standard dealer trade-in, and who knows, maybe they’ll offer an amount close to your current pay-off. CarMax can arrange a third-party buyout.
OMG $1178/month for a Lexus? That’s Porsche 911 territory. Good luck transferring that lease. What’s the payout? What’s the value of the car? Maybe you can buy it out and sell it. Stop by CarMax and see how much are they giving you.
I had a customer who leased an RC-F in December for $900 tax in, 2 weeks later he got bored of it so i put him in a 7 series and he and a negative equity of 10k+.
What i suggest you do is what Michael said, stop by Carmax and see what they say.
That’s what you get for leasing a brand new car with no programs and $0 down (rolled in upfront taxes in… good old Virginia tax laws ) along with 15k miles per year and the optional tire and wheel protection along with wear and tear lease protection upon turn in. Plus, at the time my job was paying for half of my car payment. No longer
Unfortunately, now with the massive amounts of 2015 RC Fs sitting on dealer lots, getting out of this car is virtually an impossibility right now without taking a bath.
My payoff is about $66k (about a year into my 36 month lease) and I’m getting offers of about $55k here in Virginina.
I would love to find a killer lease deal on a vehicle to be able to withstand the $11k in negative.
I remember leasing a 2011 BMW Z4 35is back then and got a 2 year lease for $450 a month with $2k down. That lease deal was ludicrous, but something with a residual in the high 70s or even low 80s and a strong MF could help…
I monitor the forums here to see if I come across something!!!
I reached out to the finance department and I can cancel the add ons but it won’t affect the payment. LOL
It will only decrease my payoff. And since I’m a year into my lease it would be pro-rated.
The net savings on the payoff would be about $1000. Almost worth it to keep since I’ve used the tire protection once already (a nail in a $450 tire on this car ain’t cheap!).
) along with 15k miles per year and the optional tire and wheel protection along with wear and tear lease protection upon turn in. Plus, at the time my job was paying for half of my car payment. No longer