Terminating a Lease Early? HELP

Someone can take over the lease for you. You can sell the truck and the cheque goes to Toyota Finance. Trade it in, etc... You will lose money and thats just what happens. It's ironic you are posting this... My truck is currently in the body shop to fix some roof damage and I literally just bought it in December. I have wanted one of these for years and year and love the look of the 2015's. After shopping around and looking at 2015's for $3,000 less than new I bought a 2017... I honestly just can't seem to love this thing and frankly don't even want it back from the dealer. My 3 options were to keep my little city car (Civic), but an Audi S5 (fun car) or a Tacoma (Utility). I made the wrong choice... For what I spent I am heavily disappointed and keep trying to make this thing something it's not. I don't love the look of it and I don't like the ride at all. I cannot find a comfortable spot and I feel like I am driving a fire truck. On top of that my fuel economy is just garbage... and I mean It's worse in the city than my friends F150 which is amazing to ride in and he paid roughly the same. I have a feeling the dream truck I thought I was buying just isn't a dream truck anymore. If I could get $39,000 for my truck I would walk away and take a $10K hit and go buy something that fits me like a glove and is simply a dream to get into. What pisses me off the most and you may laugh... maybe everyone will... The way I park my truck I load my stuff into the passenger side and take it out that side. The smart key feature is completely useless for me. Every morning I am like who Fuking designed this...

In a nutshell, I understand what you are saying...

 

I can agree with this. I'm just sour on leases because I've seen more people hurt by them than help. Leasing gets people into vehicles they shouldn't be in.

 

i get that you had a bad experience. leasing isn't right for everyone or every car. you just have to get educated on the right ways around it and go from there. i've been in the business for like 13 years so i know a lot of the in's and out's with the market, the financing, etc

 

So your $10k down was the equity in your Jeep, but you rolled the balance of the Jeep into the lease? Is that right?

So if you took the 'give it back and walk home' route, my guess is it will cost you cash to do so. Probably the balance you owed on the Jeep + whatever the contract calls for in penalties. (read your contract like @crashnburn80 recommended) There will also likely be the instant depreciation hit that comes when titling any new vehicle.

I know, I know, everyone says 'stupid high prices you make money with these'. That's fine if you're selling privately and can pull down a retail price.

But when any financier is involved, their books don't include the infamous Toyota tax. Nor does your insurance adjuster, if it get's wiped along the way. Depreciation will be there.

Ultimately, we're the wrong group to ask. You're going to have to figure out what you want to replace it with. If that's something new or new-ish, you'll likely work out the financing for a trade, possibly have all the losses rolled into the new loan/lease (again), and be overall deeper in debt.

The real recommendation I have is to take your time and know what you select next will suit you. Be prepared to own it a long time, if you are interested in getting into a good equity position. And be really patient in your shopping / bargaining / financing areas. Get in a panic and you'll get super hosed. IE don't just focus on monthly payments, look at the overall cost of the deal.

 

I've gotten out of leases before, but you need at least 2 years in it to avoid a loss. To your advantage, you have one of the most valued resale vehicles. By putting so much down, you have more equity than a normal 2 years on a lease. They should be willing to take it off your hands reasonably, especially if you go for another Toyota.

 

yeahhhhh don't listen to this dude, just trade it in. you'll be fine. everyone is making this way more complicated than it has to be

 

not accurate, most people can trade out of a tacoma, wrx, or sti lease within the first year

 

Just wanted to add to this, I leased an F-150 before and I paid it off a month early so I can go buy a car on another lot I wanted. I took great care of it and if I was smarter, I could have bought it out and made money off it. However they were decent enough to send a me a full payment back which wasnt at all a bad thing.

I am leasing my Tacoma right now, however my experience is all postive. I plan on buying it out after as I'll probably only have ~24k miles on it in 3 years and it's basically everything that I would like in a vehicle...imo.

 

How do you have 3 years on a 2017 model?

 

I'll probably only have ~24k miles on it in 3 years

Maybe reading it by itself makes more sense...

 

ah shit, i totally misread that. my bad.

 

Selling it outright private party will be damn near impossible unless you find a cash buyer which given the value and minimal difference between what you will need out of it and what a dealer can sell them one for. Since you don't hold a clear copy of title anyone wanting to purchase it through their bank will have a hard time getting them to cut you a check as well as the fact that the bank likely won't loan what your asking for it. A buyer may be able to go through whomever your lease is through and buy it that way but I'd imagine they will still break it off in you in the end anyways. Obviously keeping it till the lease is up, buying it then immediately selling it or trading it is your best bet. But if you hate it that bad go find a new vehicle you want and then go ahead and bend over and grab your ankles. Chalk it up to a life lessons I guess!

 

also bad advice
and the company that did his lease? also a bank
and plenty of people buy cars that have a lien against them all the time. the bank that loans the buyer the the money will make the check directly payable to toyota financial. anything over the payoff amount will be mailed from toyota to you. and tacoma's book out really well, so there shouldn't be any issue with someone getting approved on it.

 

Trade it on a Raptor

 

Everything is better in the south.....

 

Getting out of a lease after one year, however, will not benefit you as much as two years, unless you put a big downpayment on it.

 

what's the difference? hey you have $1,000 positive equity after your first year. let's wait another year though. another year goes by, you make 12 more payments, your truck depreciates even more and less warranty left and at the end of 2 years, you still have the same amount of equity. leases are all subjective. it depends on the car's residual, the terms of your lease, etc etc. if you have $1,000 of positive equity after the first year owning your truck, why wait another year making payments on a car you don't like? and let's say you are taking a loss, often your first loss is your best loss. rip the band aid off and continue on with life

putting a big down on a lease will never benefit you btw, keep liquid money liquid.

 

DoubleRGirl is spot on here. Well, on every one of her posts.

 

You could check and see if the buyout is worth less than the truck and if so buy it, sell it and pocket the difference.

 

There's a buyout price/payoff sitting behind every lease, just like if you'd purchased it with a loan. Assuming not all of that $10K down went toward the payoff on your Jeep (and it sounds like a good chunk of it didn't based on your $200 monthly payment) it's entirely possible that the payoff on the lease is less than you owe. Granted I've never done it myself, but you should be able to call Toyota Financial Services and ask them what your current buyout is.

I'd try getting a KBB Instant Cash Offer. I got a good deal on my 2016 Sport last March and sold it in December using that program for $635 less than I paid brand new (before tax and license fees). CarMax's initial offer was less and they offered the KBB program as an alternative to their own. I ended up using the same offer at a local Ford dealer. About as easy as it gets.