With great anguish, I have to ask a serious question...

Here I’ll let the facts speak then. The lower the residual the higher the payment, so if you want a high payment on a lease than by all means go after low residual vehicles. Read the article or better yet find anything can prove anything you’ve said. You know since you deal in facts.

https://www.google.com/amp/s/leaseh...o-calculate-lease-payments-by-hand?format=amp

 

Yeah facts all here
https://financialmentor.com/calculator/car-lease-calculator

 

Well thank you for that calculator to prove how wrong you are. So here is two calculations, I can’t tell is the higher residual a lower payment? That’s weird cause that contradicts everything you’ve been saying.

 

This went off the rails. Back to the OP's original question; what's the best way to get out of this lease? No need to point out previous mistakes.

He just wants to know what to do now. Let's help a guy out here.

 

I actually did a while ago. He pm’d me and I gave him advice and offered more if he needs it. He knows he made a bad deal and is trying to minimize additional damage at this point.

 

If the lease is assumable, there should be no issue getting someone to pay $374 per month with approved credit.

If the truck was in north Texas, I’d definitely be looking at it.

 

That’s what I told him, I said don’t expect what you put down back but people will be all over a 374 a month payment on an Tacoma. If you look at the lease swap sites their all 450+ a month for a lease even on SR5s.

 

@Ronzio are we all good?

 

If you lease you should not be wanting to buy at the end. If you lease you should seek out the highest residual value for your given desired monthly payment. Two trucks cost $30,000. The one with the highest residual value will have the lowest payment. But it will also have the highest buyout at the end of the lease. But you don't buy out. You lease another high residual value truck.

An other option is to buy making payments generally for 60 to 75 months. Inside of that 60 to 75 months you perform some maintenance, buy tires, etc. Then you trade it in and buy a new truck. You gamble that the trade value of your trade will be high and well over the loan payoff. Often however the trade is upside down.

I typically trade my trucks in when the trade-in value minus the loan payoff equals a down payment that gives me a monthly payment that is roughly the same as what I had been paying. I do magical Volt math and when it looks like all the numbers are in line I will go in to a dealership and do that thing that I do. I'm a so-called high information buyer. I am also a person that simply will not own an old vehicle. I grew up poor and I grew up with cars breaking down on the side of the road. I make big bucks so I drive a nice vehicle. It is a lifestyle thing.

Another option is to buy a new truck and then keep it for an extended period of time. Say well after your 60 to 75 month payments are done with. You pay for maintenance and tires and eventually trade it in. You gamble that you do not have substantial damage or a major repair before you go to trade it in. If your old high miles truck is still running then the value of the trade will be fairly low and your payments on your new truck will therefore be fairly high. If on the other hand you're older high mile truck has something substantial break on it. Where it is not worth fixing. Then the value of your truck drops almost to zero. Basically scrap metal cost. The payments on your new truck will be basically starting all over from scratch. You'll have a high payment.

What is the right answer? Hard to say.

 

Are you sure the 36 isn’t the purchase price you had your lease payments from? The residual should be lower than that. Many people are getting new off roads for 36 and under

 

Holy Crap! this information has really screwed my eyes wide open! I have never done a lease and really did not know that you loose so much money doing a lease I figure yea yea some overhead to pay up and you have to watch the mileage <------ main reason I never done a lease because I figure if I wanna drive I'm gonna bloody drive and screw worrying about the mileage.

If I am reading the numbers right (I suck at math BTW - JK) the end cost for a 2018 OR doing a lease comes to $10,000 more than I paid for a TRD Pro? but you turn it in and Loose what you paid or have option of buying it at end of lease for a rather inflated cost? Sure the payments are super low at $375 ish and that makes it very attractive to some folks however to get mine I paid myself payments every payday into a savings account with direct deposit so If I never saw the $$ I never missed it and went with help of a trade in got my TRD Pro done and paid for but I never stopped my biweekly $425 into savings and do not intend to do so. Yes it took a bit of time to get to that point but worth it. If I am wrong about the Lease thing tell me so but it looks scary to me.

 

I lease solely on payment price for set amount of months. why? because I NEVER keep or buy the vehicle at lease end. I also NEVER put money down on a lease. why give them money out of your pocket you have saved to rent their vehicle and still make a payment each month? I have leased numerous vehicles, 2 of the ones we have right now are leases. but we never keep them. we like to drive new stuff, so every 2 years or so, we like to trade. purchasing a vehicle makes no sense for us. my Tacoma isn't leased but my next one will be. I love my Tacoma, but I will admit, I bought it in February and already have looked at trading it. but I talked myself out of it. why? because I put a huge down payment on it and I also spent money on it to get it the way I wanted. all that would be wasted if I traded now. not that I mind that honestly, but with our daughter starting college in August, id rather save a lil money for her to make it easier on her.

good luck with your cause OP. I get it, sometimes we jump into things and need to step away for unforeseen reasons and do something else. I wish you the best.

 

it honestly isn't as scary as it looks/sounds. most people who lease do so because they plan to get something else when they turn the vehicle in. the only real caveat being the mileage stipulations. if you drive a lot, leasing is not a great option. unless you have disposable cash to pay for the overages at lease end.

 

I'm a modifying driving fool......

 

Only a sucker takes over this lease. It’s not just the fact that $374 is the payment. Until the day the owner turns it in, the owner is on the hook for the residual (plus total of lease payments.) to @Ronzio ’s point, You wreck this sucker and you owe someone a LOT of money.
@Sub_Par I’m not trying to be confrontational, but I’ve seen you posting about leases before. You seem to VERY misinformed and confused about leases. OP please be careful about advice you get. Some people are so convinced they’re right they can’t see how wrong they are.

@Ronzio seems to be correct. Anyone saying this could be assumed easily is hoping another sucker takes it over.

My advice...stick out the lease and hope you can continue to make the payments until you turn it in. Option #2. Take it back to the dealer and drop it off and take your credit beating. You’ll lose less money this way but have a very rough time recovering, but you will. Option #3. Find a sucker to take over lease. Anyone with half an idea how to take over a lease will run if your terms are accurate.

 

That’s a common misconception about going over miles. You should always buy out the lease at the end or trade in, why pay a fee to return the vehicle? And if you go over mileage and buy it, then you don’t have to pay for those miles.

 

The numbers I posted were just to prove a point and do not reflect the OPs or anyone’s Tacoma lease. I currently lease my 2018 off road and I pay 341mo for 36mo (12k miles a year) and my residual (buyout) is just under 27k. I also put zero down on this lease. So do not let it scare you, but do know that while not all vehicles lease well, you can always get a “deal” on anything you want to lease.

 

But what psi do I need to off road at the drive through car wash? What offset is too wide ? Dont want to scratch my bro rims .