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What Should I Expect When I Buy My Lease?

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Old 08-11-2012, 10:17 PM   #21
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Quote:
Originally Posted by KenLyns View Post
If you leased it, you can walk away at the end of the lease.
Not always without writing a check.

Again... ask BGR how leasing worked out for him.
Granted, he's a bit of an extreme example, but the same thing will happen, same as if you go over on your miles.
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Old 08-11-2012, 10:40 PM   #22
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Originally Posted by KenLyns View Post
If you lease, you pay sales tax on the monthly payment during the lease, and pay sales tax on the LEV when you buy it out. If you finance, the sales tax for the full price of the vehicle is included in the principal, so you are paying interest on the tax too. In a high-tax state like Calif, the difference amounts to $200-300 on vehicle in the Tacoma's price range.

Leasing also protects you in case something catastrophic happens during the lease period that would diminish the market value below the LEV. Hypothetical example: your truck got into a rollover but the insurance co. refused to total it. The collision shop pulled out the cab and repainted half the body panels on the truck. If you tried to sell the truck yourself, it would ring up all kind of alarm bells on Carfax. If you leased it, you can walk away at the end of the lease.

I was a Finance Manager at a Toyota dealership for over 10 years. I would like to think that I know a little bit about this subject. Without getting into this debate, I will say this. My wife's 2005 4Runner was on a 3 year lease. 2 years in she was hit while sitting at a light. (she was fine, but shaken up). Insurance company would not total vehicle out, body shop bill was a little over $12000. I will tell you that in this case, leasing worked out perfectly, as at the end of the lease, I simply returned the truck to TFS.
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Old 02-23-2014, 08:41 PM   #23
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Originally Posted by Jimmyh View Post
I'm sure any mod would have to be removed. I do not know about the negotiation as I would never lease a vehicle.
Then why comment, we all know you wouldn't lease (good for you), OP was asking how to work his lease, not be lectured. geez.
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Old 02-23-2014, 08:56 PM   #24
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I am a former finance manager as well..
do the math..it's simple. th
total your lease payments up..add that to any down payment you provided at lease beginning...add that to the residual. that is your total cost of owning the vehicle, unless you finance the residual, then you will have to add that interest.

use a payment calculator and figure out what your payments would have been if you had bought the car instead of leasing it....total those up...

compare the two....
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Old 02-23-2014, 09:15 PM   #25
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Quote:
Originally Posted by ZZBlueComet View Post
Then why comment, we all know you wouldn't lease (good for you), OP was asking how to work his lease, not be lectured. geez.
You really had to revive a 2-year-old thread to add that?
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Old 02-23-2014, 09:29 PM   #26
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Originally Posted by ZZBlueComet View Post
Then why comment, we all know you wouldn't lease (good for you), OP was asking how to work his lease, not be lectured. geez.

Go screw yourself. Geez.
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Old 02-23-2014, 11:12 PM   #27
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Quote:
Originally Posted by steviestyles View Post
This is the faulty logic with people who think they make money off a vehicle they purchase at the end of the lease. Factor in what you paid monthly over the course of that 36-48 month period and subtract that from from that so called $7K "profit" you don't come out ahead and you have no equity.

I would venture to bet even when leasing a Tacoma you would still come out behind than purchasing. As one of the other posters noted, there is a reason dealers like to push leasing as an option onto a buyer. When I bought my truck in December 2006, the dealer tried to push leasing on me when I was adamant I wanted to purchase the truck outright in cash. A dealer and his staff are well trained to make sure you leave as much money as possible in that building when you walk out the door. Anyone who thinks leasing is beneficial is foolish. Leases are only good for companies who replace a fleet of vehicles every 2-3 years like a rental comapny, or business.

Agreed! go to www.daveramsey.com he will teach you everything you need to know about leases
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