Lease Turn In Advice

Take a trip and use up those miles.....they are use or lose. You paid for them and the leasing company pays you nothing if you are under.

 

Hell, pull a reverse Ferris Bueller and grab the jack stands!

 

Eh. I wonder what the truck is worth to sell on here lol

 

If I remember right the standard turn it in and walk away fee is 500 bucks. At least it was for me. The fee is waived if you either purchase it or roll into a new lease.

Agree with getting a quote from carvana. You might find it advantageous.

 

I did get a quote from Carvana, $28,000.... I am unsure of my exact buy out but I believe it's in the 30's....

2018 DCSB Limited Cement Gray

 

Toyota financial website will tell you what your exact buy out is. I strongly suggest you update that figure and have it on your phone during turn in.

Not saying your experience will be like mine, but when I bought mine out my dealer tried to tell me my buyout was 35. The website said it was 28.5. Sales guy went away for two minutes, came back and said "yeah ok, were willing to waive 'damage penalties' and honor your figure..." Gee, thanks.

 

This does not sound like a lease end situation. Is this a voluntary early turn in? Your situation sounds more like a repo than a turn in.

 

The value of the truck at lease end should have been determined on the lease agreement (residual value). That is your maximum liability at lease end. It doesn’t matter how long it is before they inspect it.

 

ha!

seriously though... you already need to replace and paint a few panels? go on a trip and take some pictures for Instagram fame. 1500 miles is 750 round trip.... where can you go?

 

Accidents and parts used (OEM/after market) don’t matter with leases. That’s the one advantage to leases. All you need to do is return the vehicle in the same condition it was leased, minus normal wear and tear. So you can get in an accident and repair with cheap aftermarket parts if you want. They don’t check car fax reports and charge more if the vehicle has been in an accident.

 

Coronavirus: Lease car returns tough as lenders refuse to accept autos (usatoday.com)

Lots of people were having issues on lease returns during this stupid virus, maybe it has something to do with that.

 

That was from april 2020... when everyone in the car industry was in a panic... The situation is much different now (Cars are flying off the shelves and used cars are hard to come by...)

 

Ordered a 2021 Tacoma DCLB sport to purchase at the beginning of Dec. 2020 & received delivery on Jan 16/21. I had already been leasing 2018 4runner OR on a high mileage lease (knowing I wouldn't be putting miles on it). The buy out is less on a high mileage lease then low mileage. My buy out ended up at $25000 cdn+ I paid the lease out 4 months early so that was approx another $4000 cdn+. The 4runner was mint with only 22000 km & I was able to sell it privately for close to what I paid for it in 2018. These vehicles do hold tremendous re sale value so that is a huge incentive to buy Toyota however, I don't think I'll ever lease again. It was a massive hassle at the end that ended up costing extra money for inspections, insurance change, fees & more fees. I did do well on the 2018 lease but probably would've done better on a purchase to buy.. just my thoughts

 

Never return a leased vehicle as a “lease return”. This only applies if you’re buying/leasing another vehicle and you haven’t been in an accident in your leased vehicle.
At the end of a lease, all the leasee cares about is getting the buyout amount or the vehicle back. If you’re buying/leasing another vehicle, never do a lease return. Just trade the car in and use it to negotiate your next purchase or lease. Tell the dealer what the buyout amount is and this is what you expect at a minimum. If the car is worth more than the buyout amount, than ask for the positive equity amount to be used towards the new vehicle or get a check for the difference. This way you don’t have to worry about excess wear & tear charges, miles, or lease return fees.

 

When I went to turn in my 2012 Highlander lease the Toyota dealership (CARMAX in Laurel, MD) inspected the vehicle, did cartwheels and offered me $3000.00 above my buy out price. I took the deal and bought a 2015 RAV4 with the cash as the down payment. I could have walked away with the money as well.

 

Check with your insurance company and see what the difference is between a single car policy and multi car policy. You'll be surprised.

 

As someone who has leased before (4 vehicles), I will say I won't ever lease again. The process can be really smooth and painless or it can be a royal PITA, and unfortunately it depends on the person who does your inspection. It depends on the manufacturer, but most set guidelines such as 2-3 door dings per panel, etc as considered normal wear. I believe 1 rock chip is ok, cracks must get fixed. The biggest thing to watch for is your tire wear. I almost got burned on my first lease return because with a month left of my lease they wanted to charge me $900 for 4 BRAND NEW tires because mine were "below" the return level. So i scrambled to find a used set online and swapped it over for $250.

With this said, my last lease was an S4 about 4 years ago and the guy that did my inspection could careless about anything, he came, took pics and signed off. So unfortunately, it really does come down to how much of a dickhead your inspector is and how much of a power trip he's on that day.

 

YEP this...at least get a quote. YOu may get a check after payoff if any. I'm currently leasing and will pay it off before the lease is up and sell to Carvana.

 

My 18 sr aclb utility
41 k miles
Lease ends april
Buy out 17700$

sold it last week 21,000

 

I clicked on this thread for the thumbnail of the girl... disappointed