Your experience with End of Lease

All, two things...February next year I hand back my truck to my local dealer. Lease is up!

1) I’m most likely going to get a ‘20 but curious about the options you’ve seen in the past. Albeit yours is managed differently, my local (within 10 miles) dealer mentioned to “sell it back to them” and use the market value as a down payment on a new one (not sure leased or financed).

Your thoughts on this strategy?

Seems too easy to me. I guess when it’s time to drop off the truck, we’ll see the exact dollar sign less miles over driven plus any applicable wear and tear.

2) I drilled some holes in the aluminum bar that’s just behind the rear window to hold some eye straps for my gear. Would you replace that part or leave it?

 

1. You can trade your lease in to any dealership and use the additional equity. So don’t let them low ball you because you think you have to go to the dealership that leased it to you. You can do this any time so you have your numbers ready and know what to expect. You can even sell it private party if you want max dollars and don’t mind the hassle.

If it’s “too easy” you probably didn’t negotiate enough and should be pushing them for a better deal.

2. I think you get a free inspection a couple months early to gauge any items you might get charged for. I would do that before you fix anything.

Edit: When you log into the Toyota Financial site there is a whole section about lease end options.

 

Another option if you are considering keeping your truck at the end of the lease is the CPO program. My dealership said it would be roughly $1200 if I want to buy my truck at the end of my lease and have it certified pre owned. I think that gives you an additional 12 mo/12k bumper to bumper and 7 year/100k power train.

 

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Cool thanks for the replies. I’ll get an early inspection and check with some other dealers on what the numbers may look like. Not sure about the private party sales - who would want to buy a car without a title in hand?

Also, have to factor in that drop off fee (ugh) since I’m not keeping this model year.

 

Most private buyers are still financing so you can just let your dealership handle the transaction and let the buyer pay the fees.

If you trade it in just tell them you want that fee covered. It you’re releasing a new one they will waive that fee for sure.

 

DMV and title fee?

 

Yea. If you’re talking private. That’s all on the buyer because you’re never actually taking ownership of the truck.

If you’re talking trading to the dealership on a new lease then I’m talking lease disposition fee. They’ll waive it to keep your business.

 

Sounds good thanks.