Turning in my lease

My situation:

I took over my buddy's lease on his 2008 SR5 access cab 2x4 tacoma last year. He drove it for a year so I have had it for about 7 months. At the time it was the perfect truck, I was in school and just needed a nice little truck for moving stuff around town and it was very affordable and good on gas (4 banger).

However I am now done school and working up north making good cash. I want a better tacoma for one, I like them more, and two I want more power and 4wd come winter time up here.

I think the financial situation on the truck is something like this. He put $5000 down I think, I need to call and verify this (27000 retail) and a years worth of monthly payments into her; about $2800 - 3000 for the year.

I gave him $4000 and I have put about 7 months of lease payments ($1800) into her. I think the value of the truck according to the lease agreement is somewhere around $17,500 right now, give or take.

There are still 2 years remaining on the lease. How much do you expect I will get hosed if I take the truck in and tell them I want to get a newer more expensive one instead of this truck? Im thinking because my buddy took a loss of around $4000 when he gave the truck to me, I shouldn't get raped by the stealership too bad.

I want to go in and chat with them but it will still be awhile before I get a day off work.

 

Look at Carmax, IN MD , they sell NEW Toys , depending on how you wanted loaded up , 4dr or access cab , I would get the Sport I like the hood scoop. Do not let the dealer talk you into GAP==Guaranty Auto Procetion, You can get it with Most car ins for 20.00 a year. No Life ins..Extened warrinty, if its more than 1300.00 they are making money off of you. If you want an ext warrinty Call Lexus of Grenw CT at 800-969-5398 , the guys name is David & you can get it for 50.00 over cost. I have bought 3 of them from him, 2005 4Runner 4X4 Sport V8, 2006 TC & the 2007 Tac 4X4, he dose not need to do an inspection what ever you tell him the milage is he puts it down

 

umm not really relevant to much of what I posted but thanks for the reply

 

Haha atleast he's kinda trying. Still good luck on finding what you want

 

don't know much about how the lease works, but i'd expect that you should be able to roll it over with minimal effort.

 

Heyyy your from nashville, Im from brentwood, nice to see a fellow tennesseeian on here

 

I think the way it would work is they look at the amount still owing and work that into the price of the new vehicle. Which means that there is an additional $6000 dollars being added onto the new price? If thats how it works wouldn't I just be better off selling it privately, I could probably get around enough to cover the remain cost of the truck.

On the toyota website they have an appraise your trade in section and for a lease it says to enter the amount owing...is this just how much is left on monthly fees and not including the optional buy out price?

I'm just trying to figure out what my loss would be and if it would be a good idea since my friend already paid about $8000 towards the truck prior to the $4000 that I paid him (I think I overpaid).

This seems like a simple thing which for some reason I'm struggling with.