Lease Turn In Advice

Good day...

October 2021 my lease needs to be turned in, I am not planning on keeping it or getting into another Toyota right this moment so I'm hoping to walk away without issues. My question is...

My truck is roughly 1500 - 2000 miles under mileage and it is likely not going to be going over the mileage restrictions. What commonly happens when this occurs? Will they give you cash difference?

Also, how strict are they with the appraisal? Anything I should be 100% sure of is done before that date comes?

 

First off, its not an appraisal, its an inspection. But they know what normal wear and tear is and generally don’t care about little rock chips here and there. They look for relatively large dents and scratches that are out of the ordinary. However, your lease should have an allowance on how many and how large that are acceptable without getting charged.

Its not something to overthink. If you were nice to the truck for the most part without mods, it should be a simple turn in and walk away after signing off on it.

And no, no cash difference. You leased the miles so it’s use em or lose em.

 

Get a quote from carvana and possibly sell it for more

 

This too. Might be better to buy the truck then sell it for more and come out ahead a few grand. Resale on these trucks are incredible.

 

Thanks. I might consider doing that...

I do have some damage to the vehicle but it will all be fixed by a professional body shop for cash (not through insurance) in an effort to not get caught lol

 

Did they use OEM parts? They may notice if something was repainted or aftermarket parts used.

 

Yes. It will be all OEM parts, unfortunately the headlight does need to be replaced because of a broken tab. The body guy stated that we MUST replace it with one purchased FROM Toyota to ensure that it is factory OEM. The other few panels will be replaced with OEM parts and painted to match.

 

Check your lease 'buy out' price against the Blue Book value of your Tacoma - if the Blue Book value is higher than your 'buy out' price then that money is yours to do whatever you like with.

 

This or you can trade it in on/at anyother dealer, anytime you want. Values are high on them now. They'll just pay your buyout of lease and apply what extra to new vehicle. Do it every 3yrs, with the girlie's lease vehicle's before lease is up. That is if values are higher on them, then turn in value.

 

2018 TOYOTA TACOMA DOUBLE CAB
Limited Pickup 4D 5 ft
$28,652

Carvana told me to basically go fuck myself lol

 

I returned a Subaru Impreza that had damaged repaired about 3 grand worth. No one said anything. The two cars i leaeed, the other a jeep, they were more concerned with the tire tread depth.

 

im in a similar boat. I am more worried that they are saying due to corona virus its taking longer to process vehicles (after i turned it in). Im wondering if my vehicle sits for 2 or 3 months longer than my lease will it depreciate more then i will need to owe more money at the final buyout. In my letter i received from ally they said they auction the vehicle and pending the auction and the "wear and tear" that will dictate if i owe anymore cash. Honestly if i knew all the hassle i would have never leased. i turned the vehicle in the 1st week of January and it seems ridiculous to wait 3 or 4 months to figure out my final payment or what not.

 

Interesting... I actually am going to see if I can get out early lol the plan is to go down to a single vehicle for a little while.

 

Wow, never heard of an lease like that. F'n ally. Most lease are set turn in walk away, unless damage. That or trading in and value is high than residual set at lease beginning.

 

Carvana over bought months ago, screwed themselves when values were high.They were asking way to much for them. Now paying the price for it.

 

I got out about 11 months early. Paid a early out "fee" and now im playing the waiting game.

 

What did they charge you to terminate early?

 

around 1900.

 

they had some kind of calculation they used to get a buy out of the lease price. who knows what that means. i personally think leases are truly fleases if that makes sense.

 

I mean, they calculate the current value of your vehicle versus what the buy out is, you pay the difference. Leases work if you know what you're getting into in my opinion, for me, the dealership took $5,000 worth of negative equity I had in a pickup truck and got me into this Tacoma at the price point I needed. I knew I was going to be under mileage as my entire round trip for work is 9 miles and we commonly take my wifes car everywhere because it gets 34 mpg. If I didn't have a child, I probably would keep this truck but I need something fullsized.