Lexus Lease Ending - Refinancing Process?

[MOSHIE]

My Lexus lease is set to end on 1/12/23. I'm currently wanting to keep the car instead of turning it in. However, my brother will be financing the car under his name as he'll be driving it. 

Now since this is my first lease-buyout, what is the process? Do I go to the dealership and have them finance the car under his name? Completely in the dark here. 

[dunn2500]

you have to buy the lease buyout and finance it to your brother or the dealer does it......

your assumption is correct if you dont want to be the bank for your brother

[youngandcreditwrthy]

@MOSHIE  check your contract to make sure they aren't charging a buyout fee first. many of them are nowadays which is awful and redic but its good to look.

also they might let you do it with toyota financial. 

you should be able to check the payoff amount online or review your contract online to see the residual value and that should determine what needs to be paid to retain possession of the vehicle. 

one thing also I would be concerned about is if you "sell" it to your brother effectively he will have to pay taxes on it again. depending on state/ the contract, you may be better off possibly both being on the new loan at first to avoid having to pay taxes AGAIN. In the states I've bought cars the tax rates are 6-10% which can add up if you're financing a 30,40,50,60,70k car and if the vehicle is being bought by him, I dont see how you get around their lease turn in process in which they can overcharge you for any little scuff or ding/tires etc. Try to keep the vehicle in your possession legally of course so you don't have to go through that lese turn in process where they can overcahrge you for tiny things. I dont know how you do that unless you purchase the vehicle with a loan in your name and your brother's name. Lease turn in charges SUCK!

good luck!:-)

[mavric]

There is a way to do what you need , go to LEASEHACKR and start asking on the forum,  lots of great stuff on leasing.