Lease Buyout - Can Dealer refuse me the option?

So got a few years to go on my Sport and man my miles are low...27K kms so far. My buyout residual value is really low compared to the used priced on Tacomas with this mileage...almost seems too good to be true...

Can the dealer screw me in the end by wanting to flip the truck and basically tell me to take a hike? Or is it up to Toyota?

Anyone with any experience on this please chime in.

 

They will offer very low, it was not worth it for me.

 

I want to keep the truck though, so I don't care what they offer. Just concerned about some last minute shenanigans when the sales guys takes a look at the odometer and rubs his hands together.

 

They cannot take that option from you. As a matter of fact, you can get a payoff at anytime and buy it out right. Do it now or at the end.

 

Dude you signed a contract. Contracts are binding. Get it? Whatever you agreed on then is what has to be honored.

 

Good to know, I'm assuming this is written somewhere in my agreement that I can refer back to if they try any tactics.

I know they will for sure try to convince me to get into a new truck but I can't imagine they can offer me a deal good enough to not just keep my truck.

 

You are asking this before you go all the way across the room, open a drawer and look at the contract?

 

The thing is the language used in the contract is a bit loose. It refers to the residual as an "estimate", sort of ambiguous as to whether it means "we estimate it will be worth this much" or "we estimate this is the price we will let you buy the truck".

 

My residual was $23000, they offered me $28500 trade in (that was 2 years ago). I said hell no. I would not take Carvana’s offer of $30k this year.
It’s amazing how much these trucks are worth.

 

Mine is $18500. I estimate my mileage by 2023 will be like 40k km at most. No way am I finding a 5 year old Tacoma with 40 klicks on it for under $20K.

 

Right!
So stop worrying, you’ll be able to get it for your residual-$18,500.

 

Just paranoid every time I set foot on the sales floor. I'm very guarded when it comes to dealerships and this was my first new vehicle.

 

Like I said earlier, you can get a payoff right now and go get a loan for that amount, then go ahead and buy it now if you want.

 

Definitely something to think about, especially if the interest rate will be lower. I'm assuming they won't go out of their way to get me the best interest rate on lease buy outs from the leasing company the same way they do with sales/leases.

 

Why? They don't bite. Most are just average guys. You gotta do your research and then you are more knowledgable than them. Believe it or not people actually make good deals every day. Sure, the dealer makes a bit of money but the buyer also can save money.

 

I used my credit union and got 2.9 for 60 months. My Payment is lower than my lease payment was.

 

Not bad, usually used cars get around 5% or higher from dealers. If I can get 3% or lower this would be a no brainer.

 

Rather than asking a bunch of random dudes that live in a different country what your contract says, I would instead suggest just read the one you have ;-)

 

Getting you to sign the lease "IS" the tactic. It's game over at this point.

Your contract should give you an indication of how hard they will screw you but expect the buyout to be high, since they prefer to get this vehicle back and sell it free and clear.

They will do their best to do the worst to you.

 

Let's be realistic, you are not winning, just not losing as much. Had they given you a higher residual value because you took a lower mileage option, your payments would have been less. Basically you just paid more up front so when you turn it in, you get your over payment back in the form of a lower buyout price. Unless of course Canadian contracts are different than here in the greatest country on earth.