2020 Tacoma Lease Payment

Sub_Par · Oct 22, 2019

Skythings said: ↑

No disrespect - however such a blanket general statement is not always applicable. Every leasing company is different and every lease is unique and every person is unique. There are times to put money down which do work to your personal advantage or situation. Toyota Canada used to have a interest buy down plan where you could put up to 10 security deposits down on your lease. Each security deposit bought your interest rate down 1/2 a percent. I put down $10,000 to bring my monthly payment on a Tacoma down to $200 per month. Put down another $2000 in security deposits, brought my interest rate down to zero. At the end of the lease I exercised my first right to purchase, got my $2000 multiple security deposits back and put that down towards the truck and bought the truck for my previously agreed residual amount based on a negotiated final price, not MSRP. When I ran the spreadsheets for finance vs lease, the lease was slightly more expensive ($600) over a 48 month term & refinancing the buyout amount over 3 years, but it gave me so many more options than financing at a time of uncertain income. That worked for my specific situation then. Turned out my income was stronger than planned when I originally signed the lease and I paid the buyout in cash.

I love leasing because I can generally tailor a lease to fit my specific situation. To me leasing is simply another way to finance a vehicle with much more flexibility and many more options verses traditional financing. The fundamental key to leasing is the type of vehicle & the type of lease. Vehicles such as Tacoma's hold their values so well that you would be an absolute idiot to return your truck to the dealership at the end of the lease and not exercise your option to purchase. (walk away or closed end leases) I have seen up to $8000 in equity in a Tacoma at the end of a lease. Drop that truck off at the dealership, they ding you for cracked windshield, burns in the upholstery and then they keep your $8000 in equity. If during the term of your lease the Tacoma market collapses, then you have that option to return it to the dealer and make it their problem. If you financed it, it's yours and the banks.

Something to consider also is the annual mileage charges. In most leases these overage charges are only applicable if you return your vehicle at the end of the lease. If you buy it out at the lease end, you do not pay these overages. Negotiate the lease with the lowest annual mileage as possible if you know your buying it out anyways.
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He’s talking about putting money down to reduce the cap cost, which is the dumbest thing you could do. Paying DMV fees, taxes or other fees upfront is different. I always do zero do at signing leases (sometimes I pay the first month) because If you don’t keep the vehicle then you never pay the full amount of those fees anyways. Also leasing for anything over 36 months is a horrible decision, why would you want to pay for a lease that’s out of warranty? And you put 10k down and are still paying 200/no for a Tacoma? Holy shit that’s the worst deal I’ve ever seen. So if you leased it for 48 months you paid 10k + (48* 200/mo) = 19600 plus all the fees and taxes, then you compounded this horrible decision by buying it out at the residual at the end, which would be high because it’s a Tacoma. Please don’t give anyone financial advice ever again.

Skythings · Oct 22, 2019

I don't know you but you sound like a car dealer. Yes sir. Do that 3 year lease and bring it back to the dealership and do it over again and again and always drive on warranty. Let us keep your equity and keep you returning to lease new units over and over again. Something you obviously didn't notice is that I am in Canada. Take my numbers and multiply them by $0.75 to convert them into US funds. See how that math works. In Canada we have a 5% tax which is charged on the monthly lease payment. If you finance, then add 5% of the entire vehicle purchase onto the invoice which is financed. Another advantage for leasing in Canada. You don't pay interest on a tax when you lease.

I will repeat my point. Leasing is simply an option that gives you many more options than straight financing. But it's more complicated and obviously everyone should get your advice before venturing into one.

Cheers.

Sub_Par · Oct 23, 2019

Skythings said: ↑

I don't know you but you sound like a car dealer. Yes sir. Do that 3 year lease and bring it back to the dealership and do it over again and again and always drive on warranty. Let us keep your equity and keep you returning to lease new units over and over again. Something you obviously didn't notice is that I am in Canada. Take my numbers and multiply them by $0.75 to convert them into US funds. See how that math works. In Canada we have a 5% tax which is charged on the monthly lease payment. If you finance, then add 5% of the entire vehicle purchase onto the invoice which is financed. Another advantage for leasing in Canada. You don't pay interest on a tax when you lease.

I will repeat my point. Leasing is simply an option that gives you many more options than straight financing. But it's more complicated and obviously everyone should get your advice before venturing into one.

Cheers.
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You’re too far gone, enjoy burning that money....

troutspinner · Dec 7, 2019

Any opinions are appreciated...

I was offered $385 a month for 24 Months / 12k miles, all taxes and fees included. $450 down (includes 1st month payment) and a $400 disposition fee at the end of the lease.

This was on a 2020 Tacoma Limited 4WD, MSRP $44,023.

Anyone have any opinions if this is a good deal?

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