Pulled the trigger

Welcome to TW!

 

Rent fee is something new to me. I wasn't charged any fee for my lease

 

Whats crazy now is the deals people are getting leasing these trucks. 183/month for a 36,900 MSRP truck.

Read here- https://forum.leasehackr.com/t/2017-tacoma-double-cab-trd-sport-4x4-manual-183-mo-plus-tax/18060/58

 

I sorta like the pinstripe. Not something you see much of anymore...

 

A lease basically is a rent fee. Payments X Term = Rent fee.

It also does pay down the capitalized cost though.

 

Your lease payments are coming directly off the purchase price. purchase price minus lease payments = buyout amount. Nothing lost here.

Simple math the way I see it. You just opted to do the buyout earlier, which in turn made you pay more now for the truck. If you add up the numbers the only extra you might pay is more in interest if you lease 3 years and then buy it for another 5. So 8 years total. But then I got a lower lease interest rate than toyota was offering for financing.

 

I agree with you, and have adopted the same principal- I was just clearing up what Jessrin meant

 

10-4. I must have got you two mixed up. Jessrin was misleading stating he saved $4200 in "rent fees". Unless there's something im missing.

It's good to have options.

 

Minor.... LOL

 

Yes. There's a rent fee. I'll go get my contract on my lease and show ya. I found out when I was making my 405.00 dollar payment and noticed that my buy out was coming down slowly. Which confused me. With my small 0.0 interest rate and the monthly taxes. My buyout only came down 200.00.

 

Oh. Well that sucks. My payments (minus interest) directly come off purchase price, equalling buyout amount.

So 50% of your monthly payment was a fee? Did they use petroleum or water based?

 

Your money factor must have been through the roof then....which explains your 405/mo payment.

Regardless, different strokes for different folks. A lease works for me in many ways and has worked out especially well for me on this tacoma.

 

Look at section 9.f... rent charge. 4281.48. My payment was 383.50+23.01tax. 406.51. I was making that payment and then looking at how my buyout went down. It didn't add up. So I called Toyota Financial and asked question. They told me the rent charge was 4281.48 /36 months was in the payment. OH REALLY. OKAY.

 

Maybe I was singled out. But, I would look at your contract. This was on page two

 

Then to really put me in a spin. I looked at my wife's 2017 RAV4 SE AWD lease. Finding out that her rent charge was only 100.45. So, again I called Toyota Financial and asked why my Tacoma rent charge was so high and the RAV4 was so low. Because of the supply and demand. The Tacoma was more in demand. OH... OKAY

 

That equates to a MF of roughly 0.006, or an APR of around 15%. You did right to pay that off, assuming the buyout amount didn't include the rent charge...Problem is, it usually does.

 

I almost fell over. I went strait to my bank and got my payoff balance plus Michigan tax and overnight the payment to them in Cedar Rapids IA... my loan for my truck is 3%

 

Nope. That rent charge was not in the buyout. Trust me. I made sure of that.

 

You got lucky, then. The TFS published MF for a lease of your type looks to be 0.00190, which is still high - but your dealer didn't think it was high enough so they marked it up by 3x. They basically snuck an extra $3k of profit into the paperwork, and by getting a buyout that didn't include the rent charge, you shafted them right back. The assholes deserved it.

 

Completely agree. In my experience, even for no-lease options, usually if I want later to trade in the vehicle with a dealer or go the "Carmax" way, anything that is not original (OEM) to the truck will cause a drop in the final price. I know that for most of TW folks those heavy mods are the way to go; so be prepared to lost some money at the end or try to sell it later to other TW enthusiast that value your ride as is.