Lease trade in experiences

A lease buy out typically refers to buying the vehicle currently being leased. I think the OP is asking about turning in a leased vehicle early in order to start a new lease on a different vehicle.

There’s a lot of variables. If they all go your way you could fare ok. The market value of the leased vehicle would be a huge factor. A vehicle that holds value could offset penalties. The skill of the buyer being able to negotiate the price of the next vehicle will play a big role. And sometimes there’s significant incentives from the financial institution, I.e. lease specials.
The automotive industry is bracing for a grim 2020, and Toyota’s sales numbers have been off, so you may see some good incentives in the coming months. Tacoma’s have been one of the stronger models though, so it’s possible Toyota limits specials to passenger cars.

The finance company has to make their money somewhere, and If they let everyone walk away from a lease early without penalties they’d lose money. And they HATE losing money, especially TFS.

But again, crunch the numbers and take everything into account that you can think of. You may do ok

 

Yea you understand what to do, don’t listen to some of these people. It seems some of them just don’t understand leasing and have been bent over by dealers in the past. It’s easy to get screwed in a lease deal when you don’t do any research. Get quotes from Carvana, vroom and carmax if you can, and then take the highest to any dealer you choose, doesn’t have to be a Toyota or even the one you bought it from, and then have them beat it. Dealers love used Tacoma’s because they can mark them up and they still sell, they don’t sit on lots in my area very long.

 

So Carvana and Vroom both offered $32,000 for the truck in stock form. Haven’t made it to Carmax yet.

I can’t get into the dealer for a quote for another week or so. They did say the suspension isn’t going to get any extra so I might as well swap it back.

They also told me all fees associated with the current lease will be waived if I release another Toyota. I’m sure they build all this into their profit margins so nothing unexpected yet. Sounds like there’s nothing special to expect here and it’s all just going to come down to negotiation.

At this point Here’s where I see my value for sale/part out.

Truck - $32k
6112/5125/Dakar’s- $1000
Shell- $750
Tonneau -$100
Bed mat -$50
Sleeping platform -$40
I could probably net a couple hundred more trading the Duratracs for stockers too.

So equivalent private sale would be just about $34k plus the lease buyout fees to match the trade offer.

I may list it privately. What do you guys think realistically I should ask given the market?

 

Ahhh!!! The luxury of paying someone to borrow a car. Leasing still and always the dumbest way to get into a vehicle. There is a reason so many dealers lease now, they never lose money on a lease.

 

^^^^
To say dealers love a lease is a understatement. Why in the heck do you think solar companies push leases?

But best way to price a vehicle is KBB.com and your local craigslist. Kbb isn’t accurate for all the makes, like Dodge, but runs pretty darn close on Toyotas.

 

I traded in my 2017 DCSB TRDOR4x4 lease for my current 2019. They gave me $1k over my lease buyout and sold me the pro for under MSRP.

 

Sorta like financing? Which for some reason is so widely accepted while leasing isn’t. But that’s not what this thread is about. There are plenty of lease vs buy threads out there if you’re just looking to push your misunderstanding or personal preference on others.

 

He doesn’t get it, anyone who leases and doesn’t just negotiate the purchase price of the vehicle doesn’t get it. Residual is set in stone, money factor is set in stone, negotiate purchase price like any other vehicle.

The bottom line is if the dealer will pay you your buyout or more than you did fine. If they won’t, then you move on.

 

I agree, then again I’ve never financed or leased a truck, simply pay cash, cash is king.

 

Actually it’s not, if you finance vehicle for 3 yrs when you make the final payment you get this piece of paper called a title, when you make your final payment on a lease you hand them back the keys and say thanks for letting me use your truck.

 

Once again.....you clearly don’t fully understand how a lease works.

 

So at the end of your lease they handed you a title?

 

No. But I’m so happy for you that you live in such a simple black and white world that that is the only way you believe finances are logical.

 

If you do this you’re an idiot and shouldn’t be leasing.

 

There is no hope for you, probably why you drive a prerunner.

 

Oh man! A second gen lifted prerunner. How did I miss that. Now it all makes sense.

 

You clearly don’t understand what you’re talking about. A 36 month lease payment will be ~40% of a 36 month finance payment. You aren’t doing all of the math. At the end of the lease you have the option to pay the rest of the unpaid balance of the vehicle if you wish (buyout), or get rid of it.

It works for some people’s situations, doesn’t for others.

 

OP, one tip is to make sure you call the lease company and specify that you want the payoff for a dealer, not an individual.

When I called Subaru for my lease payoff, they gave me my payoff plus sales tax for my address, as I wasn’t charged sales tax for the total purchase up front. This is correct for an individual to buyout but not with a trade situation.
You want the payoff without tax factored in, as you are trading it to a dealer. The difference for me was 8.5% that I could have fudged by telling the dealer the wrong payoff.