Buyout Lease Early

Good idea. And it looks like you got a pretty good lease agreement yourself. I considered leasing but ended up just buying it outright.

 

I did a ton of research before getting involved in leasing. I used to be like the OP and not understand it and just think oh leasing is terrible and you should never do it. I agree it’s not for everyone but for some it works just fine. OP whatever you decide do to do is up to you, but my advice, do not buy this truck at any point. You will over pay by thousands and be upside for a long time on this one.

 

The Tacoma is the only vehicle I feel comfortable leasing due to the high resale, you can usually sell it off just before the return, pay off the residual and pocket the difference

 

Only thing that sucks is the money factor on tacoma leases is usually high, but the high residual can make up for it. I almost leased a tundra back in August because they had an 80% residual after 3yrs, which is fucking nuts, made the lease about 299 with zero down on a 48k truck.

 

Wow... that could nearly convince me to go Tundra. Jeez.

 

That should have been 2yr lease not 3, but still an amazing deal.

 

Try to sell her before the lease is due and lease another but updated and upgraded, ya know...

 

I'd like to see the dealer giving 39xxx TRD OR leases with 0 down for 300ish a month leases and 45xxx Tundys for 299 a month . I know it's not anyone near me.

 

It’s just a numbers game, these aren’t advertised deals. You do the legwork and research to see where you want to be payment wise and find a dealer to make it happen. Visit leasehackr.com, that site has a wealth of knowledge on how to lease. Not every vehicle leases well, but if you understand how leasing works then you can get a better deal on anything.

 

Also leased my Tacoma, did it for the lower monthly payments. Love my truck, so after the 3 years I'm going to purchase it

 

But to buy it now he would have to pay $36,500. Add that to whatever he paid for already in 7 months, so close to $39,000 all in. I would way rather take my $36,500 and make it go to work elsewhere for me than have it tied up in a truck. The issue here it seems is that there was no negotiation on this lease. Lots of people think they can't negotiate leases.

At this point financially it's smarter to keep making the payments to lease end and decide what to do then. Or, have someone take the lease over if he's lucky enough to find someone to do that and regroup on a new vehicle.

 

I wouldn't buy off of a shit lease deal. I recommend riding it out and starting over. My situation below (I'm not buying the truck, anyway). Your residual is similar to mine and it doesn't even seem like you have negative equity rolled in.

2017 SR5 with tow package, tonneau cover, and steps 12,000 miles/year: $349/month with nothing down except taxes and tags. My residual after a 39 month lease is $28K. Not buying, shit deal, truck sticker was $36K. $349 was right on the money for me as that's pretty close to what I was paying on my previous lease and it fits with my budget, and I didn't have to shell out a check for 4 grand.

My payment and residual are high for the truck because I owed $4K in overmileage on my last Jeep lease, so they rolled that negative equity in. Right now I am under my mileage limit with 11 months in, and plan to be under or on the mark when I trade it back in. Going to wash my hands and then buy certified pre-owned and never lease again -- I was a big supporter of leasing but they turn out to be money pits in the long run.

 

1) You can afford it now
2) You plan to keep it for awhile
3) you love the truck

Buy the lease out now, maybe finance it through the same credit union, so you can negotiate on the fees and whatnot.

 

I only suggest to buy out the lease now if he plans to keep the truck. 36k now vs lease payments and 29k later, the 36k is less money in the long run. If he doesn't plan to keep the truck then see if he can return the truck if the lease allows or just ride out the lease and reevaluate when the lease is up.

 

Hello All.
I am a bit confused here and maybe a little miffed that we might have been "taken" when I thought we were practically stealing our Taco (side note - Is it appropriate to call our vehicles "Taco's"? Don't think I see too many people using the name). We effectively put down $5,500.00 ($2,000.00 down and bought out our trade of $3,500.00 for our beloved Pilot) on a $374.00/month X 39 month X 12,000/year lease for our loaded '18 TRD OR. We too plan on buying after (or during) our lease. Residual is a bit high (just under $30K) I think but again, I thought we had the "deal of a lifetime". We LOVE the truck so please go easy on me if we are indeed "taken"... Thank you. Peace.

Justrfb

 

That seems super high to me with that much money down.

 

Yes that is a terrible deal, but it is what it is and you do have a lower payment ona really nice truck. Worst thing you can do is put money down on a lease.

 

Rolling in negative equity does not effect your residual, only your capitalized cost and your monthly payment. The residual is calculated off the MSRP of the truck and doesn’t ever change.

 

Do the math. Lower TCO vs Investment potential of the extra cash flow. Likely the TCO will win.

 

You are correct. Matter of fact, another user on here explained that to me once and I had already forgotten. Thanks for the clarification!