GX550 & LC250 Tracking Thread (2 Viewers)

[SledDogRacing]

But who gets the title!?

If I pay for it outright I want the GD title. Wife is outraged over this aspect.

We are walking away. We appreciate the dealer doing an MSRP deal but they need to have the legal flexibility to draft a different agreement.

I have established service history at this dealer and they recognized that. But I'm not going to beg and contort and overpriced new Lexus.

Finance the car then pay it off. I don’t think the bank will put the dealers name on the title. Or just finance the car and don’t pay the loan since the dealer wants the name on title.

I was presented with it once and told the dealer no. They didn’t press the issue. Sucks that you are going through this and they are not thinking through it to try to stop local flippers and flipper exporters.

 

[TheLCProject]

Finance the car then pay it off. I don’t think the bank will put the dealers name on the title. Or just finance the car and don’t pay the loan since the dealer wants the name on title.

I was presented with it once and told the dealer no. They didn’t press the issue. Sucks that you are going through this and they are not thinking through it to try to stop local flippers and flipper exporters.

Yeah. We walked away. They wouldn't budge.

"Our policy will not change on the GX anytime soon. We have done this for the LX for the past four years. We have to protect the interest of the store and be consistent with our policy for the salespeople and guest."

I'll keep enjoying my old Tundra until things settle down.

 

[gearguywb]

Insane. It's one thing to ask you to not flip the truck , a completely different thing to hold the title. Hell, if you finance the truck the dealer CANNOT hold the title as it belongs to the lending institution.

"We have done this the last 4 years...", doesn't make it right by any stretch of the imagination.

 

[MeWantLC]

Wait, what ? It is my car and I paid off. Why are they holding titles ? That's is absolutely crazy !

Yes. That's why it SUCKS.

 

[TWILLY]

Is this Lexus policy, or dealership policy?

 

[Fort9378]

Is this Lexus policy, or dealership policy?

I feel like if it were standard for Lexus, mud of all places would be aware of it. Sounds like a dealer thing.

I do wonder if that specific dealer has gotten in trouble for selling to exporters and now has to do this. However if someone is willing to export, I don't feel like waiting a year really does anything to prevent it.

 

[TheLCProject]

Is this Lexus policy, or dealership policy?

It might just be the family of Hendricks dealerships.

I'm not sure what they think they're protecting or needing to protect by having this policy. I appreciate them being a dealer group that sells at MSRP, but this isn't the right legal agreement to do it with.

 

[muzzleflip]

4/20/24 - Just put a deposit on a GX550 Luxury+, expected delivery late June.

 

[carboncycles]

Has anyone gotten a earth OT+ yet?

Wondering if they have gotten to that batch...I know I'm early on my dealers allotment list with a target of June/July. Would be good to see if anyone else has received confirmation.

 

[MACFJ60]

Has anyone gotten a earth OT+ yet?

Wondering if they have gotten to that batch...I know I'm early on my dealers allotment list with a target of June/July. Would be good to see if anyone else has received confirmation.

My local dealer has one, but pre-sold.

 

[MountaineerLC]

I don’t see how this holding the title nonsense is even legal. I don’t know about CA law, but in WV you’ve got 60 days to hand the title over to the purchaser. I would think Cali along with every other state would have similar laws.

 

[OSS]

How many people are going to pay cash for a $60,000 and up car? Likely not many.
It’s standard practice everywhere for the dealer to hold the title until the car is paid off.
Google it.

“When a car is purchased new or used from a car dealership, you will receive the car title if you pay cash and purchase the vehicle outright. If you finance the car, the dealership will hold the title until the car loan is paid off.”

 

[Fort9378]

I was always under the impression that the financing company holds the title.

 

[WkndProject]

I was always under the impression that the financing company holds the title.

That’s how it is in Louisiana. Last time I financed, the bank mailed the title upon payoff.

 

[Phillyd2]

How many people are going to pay cash for a $60,000 and up car? Likely not many.
It’s standard practice everywhere for the dealer to hold the title until the car is paid off.
Google it.

“When a car is purchased new or used from a car dealership, you will receive the car title if you pay cash and purchase the vehicle outright. If you finance the car, the dealership will hold the title until the car loan is paid off.”

Umm no, unless it's the dealer who is financing the loan. When you get a loan from anywhere else or even lease the dealer gets their money from the lender.

And more than you think buy cars outright. Last I read it was something about a third.

 

[jdam]

My bank holds the title - and when it's paid off I will need to have them release the title (and the lien against it in their name). I doubt banks will want additional lienholders against the title when it's their money/property. This sounds a bit sketchy.

 

[TheLCProject]

My bank holds the title - and when it's paid off I will need to have them release the title (and the lien against it in their name). I doubt banks will want additional lienholders against the title when it's their money/property. This sounds a bit sketchy.

That's what so frustrating. It's a GX for crying out loud, not some limited run Ford GT or something else exotic. Here's part of my response to the dealer:

"We don't carry debt and we have been waiting for the opportunity, after having owned several Land Cruisers and an LX570, to buy our first one brand new and outright. To have the title not be in our hands really cheapens that experience and our hard work."

 

[M1911]

How many people are going to pay cash for a $60,000 and up car? Likely not many.

We’ve paid cash for the past six cars that we’ve purchased. All but one were purchased new. If I purchase a GX or LC 250, I will pay cash and I will not buy from a dealer who tries to hold onto the title.

 

[M1911]

I was always under the impression that the financing company holds the title.

Yup.

 

[Leelanau]

Very few people need to “Google it” to understand that the title conveys legal ownership; whether that’s partial or in full. The only way that could possibly be legal (for the dealer to hold title on a vehicle that a customer paid for in full), is for the customer to sign an agreement giving permission for that arrangement. Anyone who does that is a fool.