Taco Brethren - Taking over a lease, Good Opportunity? Please advise...

Hi Taco Fam,

Recently came across this opportunity from someone who has outgrown their Tacoma and is asking to take over their lease. Basically $140/mo. for 22months. I'd have to fly from Denver to MN to get it. So.......good deal?????????? THANK YOU SO MUCH FOR YOUR INSIGHTS! It is $3,000 down and $0.00 per month.

Here are the details:

‘18 Tacoma TRD Offroad Double Cab Short Bed - Cement
Minneapolis, MN
‘18 Tacoma TRD off-road Double Cab Fully loaded:
- Cement Color
- All Options
- Leather
- Tech & Premium
- Moonroof
- Automatic
- Toyota Safety Sense
- Bed Cover
- Mint
- 2,500 Miles
- Had Pro Grill and Black Tacoma Emblems, otherwise stock.

Asking $3k Cash 1 time payment plus you Lease Transfer fees to Toyota. 22 mos left on lease, 24,500 miles remaining. Lease is paid in full already, just looking to recoup a bit of the loss at $3k.
Residual is $31.6k at lease end buy out.

 

Basically $276 a month. Not a bad deal to drive for 22 months and turn in. Residual is high. Will be worth about 25-26 with 24000 miles. Good deal for temporary transportation. Bad deal if you plan to purchase.

 

Agreed...

 

Wouldn't it be $140 a month?

 

He is taking the 3K upfront divided by 22mon and adding it to the 140. so 276 a mo effectively.

Let me know if you decided to pass. On the fence about a Tacoma. This might be a option being that I am local to original owner and would easily put on less than mileage remaining.

 

No, it is $3,000 down and $0 per month

 

Ah, well damn that is a good deal.

 

Will you also need to drive it back to MN and fly home at the end of the lease? If so, don't forget to account for at probably $500-$1000 in costs to get and then return it.

 

No.

Never lease a vehicle. Its never a good idea.

Only take it over if you can buy out the lease in 100% cash.

Thats $37,680 for a Tacoma plus taxes. Thats fucking insane.
You turn it in at the end of the lease you lost $6k and have nothing to show for it.

Don’t fleece vehicles.

 

Thanks for the insights, new to leasing and was just a little freaked out. I think I'm going to pull the trigger and fly out this weekend. Nice to bounce things off some fellow enthusiasts for an insanity check form time to time

 

The lease was already bought out in cash. I'd just be paying the remaining $3,000 for 22 months and that's it. Still a no go PackCon?

 

Other than what Buddy said, going to have to return it to the dealer. Own the truck for 22 months for 3K isn't horrible.

 

No, I can turn it into a Toyota dealer in Denver. Very good insights to remember thought! Thanks BuddyS

 

My res is 27,500 after 3 years as a comparison, I'm happy with my lease, i should be able to sell it and make money or buy it at a good price.

 

The lease was not bought out, you are taking it over.
Your paying $3k in a down payment plus taxes and fees and then $140/month for 22 months.
Thats $6k plus what ever taxes and fees are.
So you spend over $6k and in 22 months you don’t own a truck. You have nothing to show for your hard earned money.

To buy the truck you have to pay $31.6k.
Do you have $38k in the bank right now to purchase the vehicle 100% cash no lease?
If the answer is no then you can’t afford the truck.

Don’t go into debt to buy vehicles. You end up working hard to pay a bank and make it harder for you to be successful.

Leasing is always a no. Always.
It never works out in your favor.

 

Thanks Pack - that's what I've always thought as well. However - it wouldn't be $140 a month it would just be the $3k, period. Thoughts?

 

A leased vehicle from Toyota can be returned to any Toyota dealership of the lessee's choice!
Leased a Highlander in NJ and returned it in MD without any hassles - I even made out on the deal!

 

I doubt its just that. But even if it was. No.
You are giving away $3,000. Then 22 months from now you have no vehicle and are $3,000 poorer. Doesn’t sound like a good deal to me.

I’m a believer pay 100% cash for cars. I hate reducing my monthly income for a depreciating asset.

Just out of curiosity what are you driving now and is it paid for?

 

I too agree that it simply can't be 3,000 dollars to drive an almost brand new car for 22 months. That is just too good of a deal.

But if it were true (which I don't think it is), you can't simply look at the situation as being 3,000 dollars poorer when return time comes. You are inferring that in 22 months you cannot extract 3,000 dollars worth of non-monetary value out of the vehicle. That to me just doesn't make any sense. Just two trips in my truck have extracted more than 3,000 dollars in memories alone. (I understand this is impossible to measure empirically, but nonetheless, point still stands).

That's like saying you should never take a vacation, because at the end of the 6 days you are 7,000 dollars poorer and you have no vacation left! But that's not the point of the vacation!

 

Sounds like a scam to me. Where in MN is it? I'm in the Twin Cities.