Need Help With Lease

[LexusLindsay]

I am nearing the end of my car lease. I leased a 2007 LS from Lexus Financial Services.

3 year lease 36,000 miles. My lease expires in one month.

I love my LS and want to keep it. But I don't want to pay retail price $40,000. Anyone know what I should do here? Thanks.

Here's current pricing:

http://www.carsdirect.com/2007/lexus/ls_460

http://www.edmunds.com/used/2007/lex...43/prices.html

[The G Man]

I am nearing the end of my car lease. I leased a 2007 LS from Lexus Financial Services.

3 year lease 36,000 miles. My lease expires in one month.

I love my LS and want to keep it. But I don't want to pay retail price $40,000. Anyone know what I should do here? Thanks.

Here's current pricing:

http://www.carsdirect.com/2007/lexus/ls_460

http://www.edmunds.com/used/2007/lex...43/prices.html

That is the going price for a 2007 LS. If you negociate with your dealer, maybe you can save abother $2000, but not much more.

[LexusLindsay]

We are in the middle of an economic collapse, my wife is not working and my $$$ is not going anywhere with out a great deal. I found a company called Get Your Car Back (www.getyourcarback.com) and they gave me actual auction results.

I got sales prices on similar cars to mine for the past 30 days. The numbers are auction sales for the whole country and what I have found is the average sale price is $33,700.

I do like my car because I know my car better than anyone else on this earth. I took it for service, I drove it and I know the weather it has been in. I will let you know what happens after I speak to these pikers at the dealership. Where did you find the price of the vehicle being the going rate for my car at $40,000? I think that is retail and why would I pay that rate when I should meet the finance company in the middle.

Thanks again.

[1990LS400]

If you can figure out the exact date and location your lease turn in will be auctioned, you could hire someone with a dealers license to buy it for you. That could be a hassle though. Unless your bidder is a trusted friend, he's likely going to want to make a profit on the deal to pay for his time and you may have to trust him more than you want with up front cash. And, of course, if your car is as good as you say, your bidder/dealer will be competing with others. Also, you will have to pay your bidder/dealer sales tax -- $2,040 (Florida 6%) if you buy the car from your bidder/dealer for $34,000.

I bought my 2000 LS400 in 2003 from a semi-retired auto broker who bought it at the auction after it was turned in by someone else after a 3 year/36K mile lease. The guy dealt in cars more as a hobby to fund his racing car restorations. He didn't bid on my 2000 LS400 for me -- he just happened to buy it for his short term personal use because he liked it and I found out about the car from a mutual friend. It certainly was a painless way to buy a car. If I ever buy another expensive used car, I might accompany a broker to the auction and give him a decent commission for this time.

[smooth1]

I would just turn it in and walk away. Leases are for people who don't care about car payments, and just want a new car every few years. Not for people who want to buy them. I wouldn't compound the mistake here by buying the car after leasing. The residual amount is pretty much set by the lease agreement you signed 3 years ago. If you want a good deal on a used LS, just go and negotiate on a completely different car. Don't be afraid to be aggressive also here now, There are alot of really great deals to be had on Lexus' right now seeing as all that is happening in the world and with thier reputation under scrutiny as well. My dad always said, if you want the best deal, you have to be willing to walk away first.

[SW03ES]

I think $40,000 is a great deal for a 2007 with 36,000 miles on it...especially one that you know the service and use history of...since it was yours to begin with. To me thats a no-brainer. I was at Lexus of Rockville today looking at LS430s and they had a 2008 on the floor for $56k.

You can negotiate it too...

However, I am heavy in the market for these cars and they just plain are selling for around that price...nice cars with low miles.

It is true leasing then buying isn't a great idea, but buying that overall will be cheaper than leasing another car of the LS' caliber. Ad to me walking away from a good deal on your own car and buying a used car you don't know anything about makes no sense...even if you save a few bucks.

I'd buy it. In fact if you don't want it I will buy it.

[smooth1]

I don't know Sw. Around here I see em for 35K now all day long. Here, look at this one:

http://www.autotrader.com/fyc/vdp.jsp?ct=u...mp;rdpage=thumb

And that's just walking up to the car price.

[SW03ES]

That car has been wrecked, read the description.

All those cars on Auto Trader in that range have been wrecked...

Here's another one:

http://www.autotrader.com/dealers/dda/deta...aler_id=1032927

All from this "offleaseonly.com" place...I bet all those cars are salvage.

This car is at a Lexus dealer and is probably halfway decent, and its $37k but has no nav which in my experience destroys the resale value

http://www.autotrader.com/fyc/vdp.jsp?ct=u...;standard=false

Lets say you could buy a nice clean LS460 with 35k miles with nav for $37k...even so the $3k is beyond worth it to buy your own car. No questions about the history of that...

[smooth1]

God I should come down there to buy a car! Way cheaper than here...

Thats really incredible...

I know! Remember when I was looking for the ML, and I was hoping to get an LS for under 50k? Now they're giving them away here! Good thing I didn't get one then, I'd be pretty upset right now! That was only 6 months ago!

[SW03ES]

I adjusted my post above after I read the description ;)

[smooth1]

I haven't researched the cars, I've just been seeing those prices more and more, so here's a better example, it has a few more miles on it, but it's CPO and sold by Lexus of Orlando,

http://www.autotrader.com/fyc/vdp.jsp?ct=u...mp;rdpage=thumb

I'm sure there is room there for negotiating.

[SW03ES]

I linked to that car too. No nav...and that DESTROYS the resale value on these cars. Whenever I see a nice looking LS430 at a really great price I always say "No nav" and lo and behold...no nav. In my experience nav adds $3k or so in value. So you add $3k to that car and its...$40,000...with 50k miles which is high for an 07.

Sure its negotiable...but to what extent? Around here these cars don't hang around the lot. Lets say you can get a used car for $3k less than him buying out his car. Is $3,000 worth it to be driving your own car you've had since new, that you have always maintained, and babied in how you drove it? Absolutely no question in my book.

[The G Man]

With the stupid Lexus Navi motion lock out, I rather save a few thousand bucks and get the Lexus with no Navi and just get a Garmin.

[SW03ES]

Obviously the balance of buyers disagree...the nav cars sell much faster than the non nav cars too.

I personally really like the Lexus system, lockout or not. In fact our Prius has the override since we've never upgraded the maps and I've never bothered to use it. I wouldn't even consider a car without nav.

[smooth1]

LOL!! OK, heres one with Nav, not wrecked, pretty much loaded without having the VIP or executive suite,

http://www.autotrader.com/fyc/vdp.jsp?ct=u...mp;rdpage=thumb

Like I said, I see them everywhere now for about this price. I just seem to be picking bad examples. And I think if you walked onto these lots with 32K- 34K(ish) in hand, you'd be driving out with an LS. To keep this in perspective, I did a search 6 months ago, and the very best deal I could find was $49.7K. Lets say we are at 37K now, that's still a 10K drop in 6 months! This Toyota/Lexus recall thing has got to be hurting resale values and scaring new buyers away.

[LexusLindsay]

I am in Florida and typically find that cars go for a bit less than say New York or New Jersey. That is why I have friends that come down here from the north east to buy cars and transposrt them back up there to sell. I would also expect they like this because the car has been in nice weather. Only speculation but it is my guess.

I hired www.getyourcarback.com to negotiate the end of my lease. If it does not work out they will go to auction for me and bid on my car with a preset range. Some of the monies that I paid to them regarding end of lease representation will be applied back to auction representation. $200 dollars they said that some of the work they do overlaps and if you get end of lease negotiation and it is not successful then they will not have to do this again.

I want my car back and I do think it is worth 3k knowing the history of my car. I do not want another lease right now and I am looking at this like a game of poker. Why would Lexus not want to negotiate with me? The best they will end up with is wholesale. Even if they meet me half way I would be happy with that situation. I will let you know what happens.

[1990LS400]

Why would Lexus not want to negotiate with me? The best they will end up with is wholesale.

It could be because whatever company is really behind "Lexus Financial Services" requires your car to be sold at a competitive auction to get the highest price. That was what happened with my 2000 LS400 when it came off lease in 2003 -- the leasing company required the car to be sold at auction.

[SW03ES]

And I think if you walked onto these lots with 32K- 34K(ish) in hand, you'd be driving out with an LS.

Thats just not happening up here...the cars definately sell...

I've decided I am definately going to pick up an LS in the middle of all of this...I just have to wait for the right one and the right price.

Do me a favor down there smooth, keep an eye out for a 2005 or 2006 (preferably an '06) LS430 with nav in white, the cypress green, or that medium bronze color...

I can always fly down there and stay with you for a week or so when I pick it up ;)

[The G Man]

Just did a autotrader search here in the North East, there are 30 2007 LS460 within 300 miles of where I am that is between $30K to $40. I am sure all these cars can be negociate down further considering all mess Toyota is in right now.

I too am keeping an eye out for a last model year LS460, sometimes I see as many as over 50 posted, I highest I ever saw was 70 something.

[smooth1]

And I think if you walked onto these lots with 32K- 34K(ish) in hand, you'd be driving out with an LS.

Thats just not happening up here...the cars definately sell...

I've decided I am definately going to pick up an LS in the middle of all of this...I just have to wait for the right one and the right price.

Do me a favor down there smooth, keep an eye out for a 2005 or 2006 (preferably an '06) LS430 with nav in white, the cypress green, or that medium bronze color...

I can always fly down there and stay with you for a week or so when I pick it up ;)

Sure. No problem. I'll call my guy. B) I'll email you the info on what I find along with pics and details. If you see one you think will work and it's not to far from me, I'll go and do a close up look at it for you first. If it still holds up, then I'll let you know.

[SW03ES]

Cool, thankya!