Purchasing a Lexus lease in Florida

Ask the Hackrs
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1

We are located in Florida. Our Lexus lease is coming to an end in the next 60 days. We are considering buying or selling our leased vehicle.

  1. Since we are located in Florida, do we have to purchase our car through a Lexus dealership? Will the dealership charge us a fee?

  2. What fees should we expect if we decide to purchase the car?

  3. Can the dealership assist with financing, or can we secure our own financing?

  4. If we want to sell the car to a private buyer, do we need to purchase it first?

  5. Can we sell the car to Carvana? How much time would we need to allot for the process?

2

Yes and YES

  1. Depends on the Dealer, as low as around < $1000 or > $3000 if you want them to CPO it.
  2. Yes and Yes
  3. If it is a SETF, you need to purchase it first.
  4. If it is SETF they won’t touch it.
3

First off, what is the buyout amount, and is it worth buying to begin with? You may want to call the finance company and ask these questions.

1 Like
4

We recently sold a Lexus at lease end. Ours was through Lexus Financial, so we were able to sell it to anyone. My understanding was that had it been through SETF, then a third party would not be able to purchase it. Truth be told, I am far from an expert, but that was my experience…

I should add that the contract buyout amount was the same for both myself and the dealership.

5

Our lease is through Lexus Financial.

Are you located in Florida? If you do not mind me asking, did you sell your leased vehicle privately or to another dealership?

6

I have received one quote from a Lexus dealership and they have the following fees:

  • Inspection Fee
  • Documentation Fee
  • Electronic Filing Fee
  • Tag Fee
  • PTA Fee

We have a few questions:

  1. Are all of these fees mandatory? Can they be negotiated?

  2. Can I contact a dealer outside of Florida to complete my lease buyout in order to avoid the high documentation fee?

  3. Could a broker help with a out of state buyout for lower fees?

7

Yes, I am in Florida. I sold it to another dealership (not Lexus) with no problem at all!

8

If you buyout in Florida yes…(There is a law in florida that allows dealers to give the shaft to car buyers)

Dealer discretion

A way LHers get around this is calling an out of state dealer to do the buyout or calling a broker to help facilitate it.

9

I am located in Florida.

Hoping to buy out my lease and finance the vehicle.

  1. Should I try to obtain my own financing before approaching the dealership?

  2. If the dealership wants to pull my credit to see if they can beat the financing I obtained, will the second pull affect my credit score?

  3. Some lenders appear to offer higher rates for “buying out a lease” compared to the rates for financing a “used car (dealer).” Since I am located in Florida and have to go through a dealer, would I be able to get the lower “used car (dealer)” rate, or would I get the higher “buying out a lease” rate?

10

You should use a rate from a bank or credit union before going to dealership to buy out your lease. You can use that information to negotiate a better rate from the dealer. Second credit pull won’t hurt your credit.

11

Depending on the brand, you don’t even need to involve a dealership.

12

  1. If you don’t want to use the dealership’s finance offer, yes.

  2. Dealership can’t force you to use their financing. If you do both pulls in the same week it won’t affect your credit more than once.

  3. Do you have a screenshot of this? Never seen an asterisk before mentioning lease buyout rates are different.

13

You mixed this up.
Some lenders dealers appear to offer higher rates for “buying out a lease” compared to the rates for financing a “used car (dealer).”

A dealer can send you to a higher rate lender to pad their own pockets. Normal Lenders have one rate for Both Lease Buyout and Used Vehicles. (Depends on the age / mileage)

14

A family member may take over the vehicle eventually. We are trying to avoid paying taxes on the vehicle twice.

Is there any way that I can “gift” the vehicle to the family member even though I will have a loan on it? The family member would be getting a loan as well.

15

Edit In Florida? You can’t gift a car that has a loan on it as there will be a paper trail. Pay the loan off first, get the title, and then ‘gift it’ to the family member. But if the family member has a loan on it, the loan document will show on the title and can’t be a ‘gift’

16

You can’t gift a leased car. Your best option is a dealer buying your leased car and your family member purchasing it from them. Your family member will pay taxes once. You won’t pay anything.

17

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