Did I get a good deal?

I just leased a 2019 Tacoma SR 4x4 with the 4 doors for 12k miles a year and 3 years. I got it for $6000 down and $130 a month. The msrp was $33,XXX and the sale price was $29,100. .00223 money factor I think.

I’m excited to have a Tacoma. I slightly question if I should of tried to price a lease on a OR though. If the residual value was high enough to offset the sticker price difference it may of not been much difference in payment?

Thoughts?

 

Welcome to TW

 

Can you elaborate on that please?

 

What do you mean lease end fee?

 

I've never leased a vehicle, but is it typical to put that much down payment into a vehicle? Seems like a lot especially if it's not something you'll own.

 

Leases are never a good option.


Save cash buy with cash, done. Your income is your greatest wealth building tool.

 

I have the paperwork in front of my and I see nothing about a $2500 lease end fee. I have 5 vehicles,

1990 miata
1993 miata (time trails car)
2002 Celica GTS (champcar)
2014 4Runner SR5 prem.

All paid for. The $6k down was because the totaled out my Civic SI that was my daily driver and had the free cash. I do well enough that I didn’t need the $6k over 3 years but to me it made sense to not have a $350 truck payment a month and then it still depreciate over the course of 3 years. Paying out $130 a month wouldn’t be missed or noticed and I’ll just reevaluate my truck needs in 3 years.

 

Nothing in my agreement says anything about a lease end fee?

 

Could you tell me where or under what section? I just read the whole thing from front to back (9 pages) twice and I see nothing about any sort of been when I turn the truck back in.

Are you trying to say they are going to hit me with a $2500 fee at the end of 36 months when I go to turn the truck back in? I was never told any such thing and it’s nowhere in the paperwork.

 

I looked at the lease over a purchase as:

Total cost to lease is $10640 for 36 months.

If I did a purchase I would of paid out $7200 more in payment over the course of the 36 months, the truck would of depriciated atleast $5k. If the purchase was sold at the 36 months, once you look at outgoing monthly payments and depreciation the a purchase total cost would of cost me more then just paying the lease fees over 36 months.

 

My contract has zero mention of a lease end fee. At the end of the 36 months I just simply turn the truck in and assuming it has zero damage I owe them nothing. Where are you getting this information that I’ll be charged a $2500 fee when I turn the truck in. That makes zero sense and was never mentioned to me nor is it in my paperwork anywhere.

 

Maybe a 250$ disposition fee but not $2500 fees don’t vary like that my friend . I work in automotive finance and have worked at Toyota stores and done thousands of leases

 

@Crodell6 why are you commenting like it's a fact?

There is no $2500 lease end fee. The lease end disposition fee is $350 if you dont buy it out or lease another car.

It's also impossible for the truck to be worth 25000 at the time of lease end. The residual values are set in stone by the bank so a dealer cannot mark them up.

My SR5 will be worth 26100 after my 2 year lease according to toyota. A SR and a 3 year leasewill be worth less.


Either way the deal is not so great and it's never a good idea to put money down on a lease

 

I reread your op and looking at the MSRP I guess your deal is ok.

I'm at $275 per month for 34k MSRP and zero down or drive offs(they covered my first month too) for 2 years. So only 23 payments equals $6325

If I was at 35 payments it would be $9625 vs your $10640 so not bad actually. But you could have done a bit better. Possibly instead of down payment you could have used 2k for a fully refundable security deposit that would lower your money factor.

 

I see the $350 disposition fee.

If it wasn’t a good deal then what would a good deal look like? Can you give me those numbers? How far off “a good deal” could my deal possibly be for a lease?

 

Did you do a security deposit?

 

There are two fees that come with every lease, acquisition fee and disposition fee. Acquisition fee is paid at the lease inception and is around $300-$800 (depending on vehicle). Disposition fee is paid after the lease end and is usually around $250-$400, definitely not $2500.

I lease vehicles all the time and I always pay just the drive-off fees (tax, reg and first month) with the lowest possible monthly payment.

 

No security deposit at all

Acquisition fee was $650, Disposition is $350 as I posted the picture above. Dude had me freaking out Thai somehow missed a $2500 fee that no one ever told me about.

Looking at your deal Vs mine yours would be slightly better 8-10% less than Im paying ($1000).

 

You're looking at this all wrong. It sounds as it's a done deal, right?
If so, as long as you're happy, what does it matter? Maybe you could have paid more, maybe you could have paid less, but at this point just enjoy the truck. If at the end of the lease things don't seem to work for you, don't do another.