Out with the old, in with the new.

After my truck having the dreaded rotted frame and the idea of driving a Goddamned Corolla, I traded in my just paid off truck.

I took $13500 in trade and $1600 off a new one and did a lease. My payment? How about $2.41 a month! On month one I'll write a check for about $80 and have no payments. Perfect as its a full four door with the baby coming.

 

Awesome. I would say start putting a little money away every month so you can buy it out when the lease is done, if you want to at the time. If you decide not to do it, you will have a nice down payment for the next truck. It sure is nice to drive a payment free new truck! Enjoy!

 

Awesome and congrats on the baby

 

Congats on the new truck and the new baby. As posted above start saving up for the buy out at the end of your lease. The buyout on these trucks are usually less than the resale. Btw I love the white color.

 

Thanks! I'll have a three year old truck with about 23,000 miles. I'll owe $23k. On the lot a three year old truck with 26k was $28,800 and it was a clone of mine. I'll be in really good shape at the end.

 

I complained to Toyota about having gone through two previous Twcomas and they are sending me a $250 Visa card so I can buy a couple things for my new truck. Probably a hood deflector and window visors so I can crack them open a little bit if it rains. Maybe some hood struts from Redline and then a dinner out. Not too bad.

 

Im going to go complain soon and see what they give me

 

So, in effect. You used your trade equity to pay the lease in full. Not a bad move IMO. How many months on the lease? How many allowable miles?

 

It's 36 months, 12k miles. I do less than 8k a year. I had to go back and redo the paperwork, something about net vs cap cost, blah blah blah.... Now they took $10,000 of trade towards lease and cut a check to me for $3500. My payment is about $150 a month now. Still pretty low. I'll take that $3500 and pay off about 4 credit cards and save money. When you do a lease, the money is borrowed at less than 1% so it will pay off a couple cards at 9.99% and a Lowes card at 24%. All pretty low balances, but still a savings. I really cannot complain.

I guess that the trade amount was more than the depreciation so by redoing it, my tax amount on the lease increased by $600 so that plus the $3500 less applied to the lease increased my payment to the $150.