With great anguish, I have to ask a serious question...

Hello.
Short and blunt, we were the proud and happy "leasers" of a 2018 DC TRD OR back in October. Things have changed and happened such that we are looking for the least painful way to get out of our lease. Could someone (or some people) who have had the unfortunate need to do such a thing please give their advice and opinion on how to best terminate our lease? It is a beautiful truck with only 1,864 miles on it and completely stock. It looks and drives (obviously) like the October evening we happily drove it home. Thank you in advance for your consideration and advice. Happy New Year.

Sincerely,
Rich

 

Theirs options online to have people, assume the lease. By them essentially taking over the payment. Goes through credit ETC. Or trade and take the hit, sell outright. Only real options you have. You have a loan, but since youre paying on a percentage of the vehicle D/T the lease youll take more of a hit.

 

Thanks for your answer... Don't mean to bring the mood down but sometimes, these things happen. Any idea of the "hit" I will be taking on a trade in for another (less expensive, more likely not another Toyota) vehicle? Thank you again for your help. Peace and Happy New Year.

Sincerely,
Rich

 

No idea. I'm just happy this isn't an oil thread.

Good luck though.

 

I imagine there will be used car managers who would love to have your truck on their lot. They can get top dollar for them. I haven’t leased before and don’t know how much of a hit you’ll take but I’ll bet there are plenty of managers who will be happy to answer your question. I imagine you have some room for negotiation, too. Even if it’s not with a Toyota dealership. If you have some time you could try a private sale and see how that goes. Good luck.

 

I leased a Honda Civic many moons ago, and 6 weeks after getting it was given a company car out of the blue. I ended up having someone take over the lease. I ended up losing my lease down payment as part of the process.

 

These sites may help...

http://www.swapalease.com/

https://www.leasetrader.com/

http://www.realcartips.com/leasing/0437-how-to-get-out-of-lease-early.shtml

 

I put my 16 Taco up for sale/lease take over and 2 weeks later someone came with me to the dealer, paid 500$ transfer fee and signed that he was the new owner.

You have a desirable truck and someone will want the lease. You may have to pay some incentives for such an early take over but its worth simply putting the lease up for takeover on kijiji and starting some dialog.

 

I have used Swapalease in the past to take over a lease, and it was easy from that perspective. I am not sure of the fees on your side, but it could be a good option if your payment isn't crazy high.
good luck.

 

Take the residual value add the remaining lease payments and that’s what you actually paid for the vehicle. If that figure is higher than what someone can walk into a dealership and buy for than your going to have to make up the difference because nobody is going to buy or rent a vehicle they can’t own.

 

What are your payments? How much is your residual?

 

$374.00/month payment and $36,920.14 residual...

 

What kind of motor oil are you running in it?


Just kidding...

 

Anything down? And did you mean 26,920.14? Otherwise that residual would mean you paid like 50k for the truck.

 

Do search there was a thread recently asking the same question.

The SAFEST way is simply to sell the car, pay it outright, and take the hit on the loss. Probably a few thousand.

Don't trust these swapalease bullshit sites. You're going to be up sold to put an ad out by spending a few hundred dollars and yea, sure, they run credit and blah blah paperwork, but REGARDLESS you are still ultimately responsible for the lease. Hypothetically, say you someone takes over the lease and 6 months later they die and leave nothing behind therefore unable to pay the lease. Guess who they're coming back to? You.

Either you suck it up and finish the lease off or trade it in for a loss.

 

I lease new vehicles but usually don't make it to end of lease. My previous Honda I got out after 4 months, Previous Tundra after 2 years, Subaru STI after 3 months etc. If you do a lease properly up front you can easily get out of it. I'm not familiar enough with prices in USA, but to me it seems like your $374/m payment is decent and you should have no trouble having someone take that over? Worst comes to worst you can sweeten the deal by throwing 1 or 2 months "free" for the next person, ie give them $374*2 in cash up front as an incentive.

 

No, no and no. That’s not how this works at all. If you do a lease transfer you pay a fee and that person assumes the lease, it never comes back on you at all. Don’t spread misinformation.

 

6 months after I got my truck, I hated it (thank you OVTune). I looked into swapalease and called them to inquire about their service. At the end, I asked them specifically, what happens if the person who takes over the lease for any reason stops paying? I was told it would come back to me as I was the original leaser. That was direct from two swapalease reps I spoke to.

so if that's misinformation then it came directly from swapalease, but OP should do their own research.

Curious, what is it you do to be able to get out of leases early? are these penalty/fee free?

 

Like I said, you contact your leasing bank and you pay the lease transfer fee and the person taking over the lease is now liable. It’s basically like they started the lease themselves, and you are no longer responsible for that lease. Now with that said, some banks won’t allow lease transfers so maybe that’s what they were telling you. I know for a fact that TFS (Toyota financial) will allow it. At 374 a month the OP will have no trouble having someone take over the lease, and worst case they’d be out the money they put down, which was hopefully nothing as it’s the worst thing you can do on a lease.

 

With that residual...you paid way too much for the truck regardless of the term. Sounds like you were shopping base on monthly payment big mistake next time if you don’t understand what your signing for put the words without prejudice UCC1-308b.