Extend a lease?

I leased my Lexus LS430 on a 2 year lease. The lease is with Lexus.

Don't ask why, it was a dumb idea.

It's up at the end of this year.

Does anyone know the Lexus policy of extending a lease an extra year or two?

Alternatively, I may just buy it at the end of the lease and keep it for a couple of years.....

Reply to
Helmar Herman
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You do.

You have the contract in your hands. The terms are clearly spelled out. What does it say?

Reply to
Elmo P. Shagnasty

I have 01 GS that comes up in March. I'd like to the extend it another year until the new one comes out. They best they can do is 6 months- at the same price I'm paying now. It's a 39 month lease. Even if I did that I'd be out a car in Sept- still too early. Wish things were more flexible. I have the option of buying and then trading, or I may look at a Infiniti G35.

Reply to
Chip Palmer

If the buy price is decent, I'd buy it. You bought it new, and probably took care of it. Your buying a perfectly maintained, used car that has a known history.

How can you go wrong? The only sticking point would be if the buyout price is ridiculous.

Reply to
mvarchon

We did this exact thing back in the late 80's with a Chevy we'd been leasing. However, on the buyout we contacted and dealt directly with the leasing company on the deal. We paid only the original "residual" price that was set back when we first leased the car. The only sticking point was that the state made us pay sales tax again. I argued that point vehemently but lost. Still it was a very good deal, arguably half or maybe two-thirds of what a dealership would have asked for the same car in the same condition (immaculate/28k miles). We wound up grinding 170k miles on the old buggy before the engine blew.

I would do it again in a heartbeat.

Reply to
New Owner

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