Buy out my lease or wait?

Think of Toyota as your buyer at the end of a close-ended lease (like the one offered by TFS). Assuming you stay within the miles and otherwise satisfy the terms of the lease, Toyota will take the truck back in satisfaction of that balloon payment. If the truck’s value is higher than that figure, you can buy it and KEEP the extra value. If the truck is worth less, then you can turn in the truck and owe nothing more.

 

I am not sure what you are trying to say or if you are repeating what has already been said.

In terms of write offs a lease is a straight 100% write off as an expense. You own nothing and are essentially renting it. A purchase with a monthly payment or straight 100% purchase in full can be written off as an expense but there is also an asset valuation added. While you still have the EXPENSE there is also a gain in asset value. When calculating taxes on business profits it is often beneficial to take the straight lease payment expenses against your profits to lower your overall tax burden. So even though your purchase makes better financial sense initially when you calculate your yearly taxes on your profits the lessened expense from gaining an asset makes you pay more taxes against profits. Also when leasing there is no hit to your borrowing ability in quite the same way as purchasing / financing. Many businesses need the ability to access credit and financing a vehicle lowers the available credit as you have already used some of your available credit for the vehicle.
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As a private individual we can’t claim these expenses in most cases (some cases like on road salespersons can). Due to the straight up costs leasing isn’t the smartest move financially in some cases. It can be beneficial if you are rebuilding credit or simply need the vehicle but can’t afford the payment. Necessity often dictates your choice even if it isn’t the best financial decision.

 

Guess I fucked myself in the ass real hard leasing.... Guess ill drive it off the cliff and start over

 

This... x 10

 

Yea, I was in the same boat. I only leased cause I wasnt sure I wanted to keep the car but after hitting some offroad trails I changed my mind and mod bug bit me hard. You live and learn. Next time dont lease unless you know arent gonna keep the car.
I feel much better after buying my lease out. Payment anount increased but atleast i wont be paying monthly for 9-10 years.