First time Tacoma owner, Need input on price paid.

Hello Tacoma World. My name is Neel and I just wanted to introduce myself. I have never had a truck before and though what greater truck than the Tacoma! I am here to share my photos and to get your input on my lease rate that I got. I am 27 Years old and I did have some credit problems in the past, My Experian came in at 642 so I knew I was going to be paying a bit more. Tell me what you guys think about the car and the lease rate that I got. Of course the tires are brand new got them installed within 24hrs of Leasing the car.

2017 Tacoma TRD Sport, Silver Sky Metallic, 35Miles on the car (Brand New), Premium package with Tech, JBL, and trunk cover. Also included in the lease price is full leather Katzskin leather that the dealer threw in to sweeten the deal (installation is next week)
$0 down out of pocket
$606.52/Month 36 Month 12k/Year
Cap Cost $38,956.30
Res Value $27,776.00

Please let me know if this was a good deal or not especially with my credit situation. Thanks

 

Congrats on the new truck and welcome to tw! sadly I have no experience on lease agreements. I'm sure there is someone here who has. Lots of great info on this site.

 

I have no experience either, but welcome to TW, glad you joined the community!

 

Do you like it ? And can you afford it ?
If the answer is yes you made a great deal!

 

Welcome to TW!It all comes down to YOU!

 

Welcome! If you’re happy with the deal, then it was a good deal. Enjoy your truck!

 

Hope someone comes on here to explain this lease, as I have no experience.

But it seems like you are paying for depreciation + rental + tax for a total of $22K over 3 years, with nothing to have or show afterwards.

 

That is about the deal. OP will have first dibs on buying it at the residual value which would appear to be possibly a great price. A 3 year old Taco with 36k miles will usually bring more than $27.8k, but again the lessee is more enslaved to that risk than the lessor. The lessor is packaging thousands of leases in a debt instrument that they are usually fairly diversified with.

I leased one time in my life, and would never do it again. But... and there is always a but... if I were leasing something, a Tacoma with a fair residual value is the vehicle to do it with.

Nice truck, and welcome to TW. Treat it like you own it.

 

Welcome and congrats!

 

A good deal is a state of mind! Many variables (including credit rating) are part of the deal that will determine a buyers price. I can offer that the best way to get the best deal is to shop at least 2 or more dealers when buying or leasing a new vehicle. Also when leasing a vehicle the MSRP (window sticker price) usually can be negotiated down the same as if buying outright, unless of course it is a very hard to get truck, in which case full MSRP with dealer add on cost is expected. the lower your acquisition cost when leasing or buying,the lower your monthly payment.

 

I just lease the exact same truck except for color. Same lease at $350 per month with a 740 credit score.

 

Just like my truck same color but I opted for sun roof
$41.000 OTD , I'll have had it a yr next month so far so good.
Enjoy it it's a nice truck, and I love the color

 

Welcome to TW!

 

Thanks Guys for the responses, How did you get that for $350 a month?? Thats just crazy... any trade in credit? any money down?

 

Only $2000 down nothing else.

 

What kind of interest rate or money factor was used. You are financing around $11,000, and costing you almost $22,000 to repay over three years.

 

The lower the residual price VS new the higher the lease, if the residual is high [worth more at lease turn in] then the lease cost should be less unless the manufacturer is trying to move a slow seller off lots and sweetens the pot lease wise.

 

Wtf is that “(f) rent charge”? That’s insanely high, nearly doubling the lease price (257/mo). You could lease a Honda Civic for what they’re tacking on there.

Even if you were to buy out at the residual value, you will have paid nearly 10k more than sticker because of that charge (22k + 27k).

 

I think the 606 At 36 months is a bit high. I pay 483. Which I already thought was high but my terms are 60 months.

My credit wasn't the best. I put 5k down so I maybe i got screwed...

 

The deal is already done, so drive it and enjoy it.