Swapping a car with one from a different dealership

Oct 19th, 2020 8:43 am

#1

muxcaH [OP]: Newbie; Feb 11, 2014; 7 posts; Richmond Hill

Oct 19th, 2020 8:43 am

Swapping a car with one from a different dealership

Hi all.

I am in the middle of a lease of Lexus, and was wondering if it was possible to go to a different Lexus dealer, break out of my current lease with a new car?

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Oct 19th, 2020 8:49 am

#2

nmiller8787: Sr. Member; Jan 24, 2009; 527 posts; 151 upvotes; Regina

Oct 19th, 2020 8:49 am

If your Lexus is in pristine condition and under your annual km allowance I’m sure the dealer will try and work with you. Most of the time it’s the remaining 12 months where they will forgo any penalties. How long was your lease?

Oct 19th, 2020 8:51 am

#3

muxcaH [OP]: Newbie; Feb 11, 2014; 7 posts; Richmond Hill

Oct 19th, 2020 8:51 am

39 months. About a year is left in the lease.
There are scratches however, so I guess I better deal with the original dealer, since I purchased a protection plan

Oct 19th, 2020 9:01 am

#4

MikeyPyro: Sr. Member; Dec 9, 2004; 975 posts; 37 upvotes

Oct 19th, 2020 9:01 am

Yes, it is possible. I traded in a Honda vehicle at a Toyota dealership with a few months under my lease left. Perfect condition really and low mileage. 39 months is extremely long left on a lease to be trading it in. Not sure you'll get the outcome you want with that long left.

Oct 19th, 2020 9:43 am

#5

koffey: Deal Guru; Oct 6, 2010; 14350 posts; 8747 upvotes; Toronto

Oct 19th, 2020 9:43 am

muxcaH wrote: ↑ Hi all.

I am in the middle of a lease of Lexus, and was wondering if it was possible to go to a different Lexus dealer, break out of my current lease with a new car?

Yes.

DYI difficulty scale:
0-joke
10-no joke

¯\_(ツ)_/¯

Oct 19th, 2020 11:38 am

#6

Canadadesi: Member; Nov 13, 2016; 470 posts; 264 upvotes

Oct 19th, 2020 11:38 am

muxcaH wrote: ↑ 39 months. About a year is left in the lease.
There are scratches however, so I guess I better deal with the original dealer, since I purchased a protection plan

Just to clarify:

Your lease is with Toyota finance/Lexus finance. The individual dealership has no control/interest over it. You can walk into ANY Lexus dealership and negotiate your new lease/buy - just be alert about how they write the Bill of Sale. Different dealerships play around with the numbers and sometimes you don't realize that they roll the early lease return penalty into the new payment without your knowledge.

Good luck.
CD

Oct 19th, 2020 12:06 pm

#7

muxcaH [OP]: Newbie; Feb 11, 2014; 7 posts; Richmond Hill

Oct 19th, 2020 12:06 pm

Thanks a lot. That was a very useful piece of advice.

Oct 19th, 2020 1:44 pm

#8

BandLeader: Newbie; Aug 21, 2019; 12 posts; 10 upvotes

Oct 19th, 2020 1:44 pm

If you look at the registration for your car, it should say it is in the name of the dealer and Toyota Canada. Any other dealer will have to negotiate the buyout with the primary dealer. You are best off dealing with them to get the best deal at any time prior to the completion of the lease. Some dealers are nice and will just give the actual buyout to another dealer, many will not and will demand a premium to try to cheese your deal.
If you buy your new car from them, the original dealer is likely to cut a deal on the buyout in order to sell a new car. They have no such incentive if you are buying somewhere else.

Oct 19th, 2020 2:00 pm

#9

afretes: Deal Addict; May 22, 2009; 4688 posts; 818 upvotes; Caledon

Oct 19th, 2020 2:00 pm

Yes.

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Oct 19th, 2020 2:12 pm

#10

Canadadesi: Member; Nov 13, 2016; 470 posts; 264 upvotes

Oct 19th, 2020 2:12 pm

BandLeader wrote: ↑ If you look at the registration for your car, it should say it is in the name of the dealer and Toyota Canada. Any other dealer will have to negotiate the buyout with the primary dealer. You are best off dealing with them to get the best deal at any time prior to the completion of the lease. Some dealers are nice and will just give the actual buyout to another dealer, many will not and will demand a premium to try to cheese your deal.
If you buy your new car from them, the original dealer is likely to cut a deal on the buyout in order to sell a new car. They have no such incentive if you are buying somewhere else.

This is not true. The selling dealer is nowhere on your registration or on your lease agreement. They are present only on the bill of sale.

CD

+1

Oct 19th, 2020 2:56 pm

#11

kooroshkabir: Sr. Member; Dec 16, 2008; 983 posts; 406 upvotes; Richmond Hill

Oct 19th, 2020 2:56 pm

"Any other dealer will have to negotiate the buyout with the primary dealer"

I doubt.

Oct 19th, 2020 3:06 pm

#12

Inclemental: Sr. Member; Jan 20, 2012; 746 posts; 370 upvotes; Toronto

Oct 19th, 2020 3:06 pm

muxcaH wrote: ↑ 39 months. About a year is left in the lease.
There are scratches however, so I guess I better deal with the original dealer, since I purchased a protection plan

You can trade in with any dealership as long as they are still making money by selling you the new car. Your protection plan goes with your car not dealership.
For 1 year remaining in lease. Dealership would probably covers some of the cost from new car sales, aka less discount on new car, but you will probably have to pay majority to get out of the lease.