Lease Buyout - Can Dealer refuse me the option?

Toyota Credit (or whoever holds your lease) actually owns the truck. The dealer would simply be doing the service of receiving it on their behalf and either buying it back from the lease holder to then resell it, or then doing something else with it on their behalf like sending it to auction. You can return it to any dealer willing to do the transaction (not necessarily the one from whom you bought it) or buy the vehicle from the lease holder without ever visiting a dealer at all.

 

Gotta agree...seems like one phone call to the Lessor would clear things up <shrugs>.

 

Dude, just call and get payoff on lease w. Purchase price. If you like that price, drive pretty truck to your bank. Ask to speak to a loan officer. Explain situation and price, ask if they would like to make money instead of someone else. The answer is almost always yes. Sign paper work, submit, enjoy your truck.

 

This.

Toyota Credit owns the truck. The dealer has no interest in the car after they have your money (in your case from Toyota credit).

I had leased a car at one point and talked to them about keeping it beyond the lease by a couple of months. They were very straight forward on what was allowed and what wasn't. I ended up not keeping the car any longer and when I called them about returning it, again extremely straight forward. It couldn't have been easier. The fact is they lease 1000+ cars a day across the country and get that many back. It's not worth their time to systematically try to screw each individual customer during the return. They outsource that to the dealers and their finance departments when you're buying.

 

If the buyout amount is on your contract they can say all they want and it doesn’t mean shit .

 

You won't have a buyout on your contract, this number fluctuates and needs to be requested. The residual at the end of the lease is what's on the contract since it plays a factor in calculating payments.

 

I've leased many cars in Canada.
OP, you're worrying for no reason. Leasing in Canada is very simple compared to USA. In Canada you can only lease through Toyota Canada, there is no negotiating the residual or interest rate, they are set by Toyota Canada. If you go to end of lease your will have the right to buy your Tacoma for $18,500 + $300 (admin fee mandated in the contract) + tax (this is 5% in my province, but I think it's 13% in yours?), so You will have a chance to buy it for $21,244.

Either way, your truck will be worth somewhere in the low $30,000 range. You will have around $10,000 in equity in the truck. Do not give it back, Do not trade it in.

Post it on kijiji about a month before lease is due. These things are very popular, you will have no issue selling it for $30,000 with those kms, privately. Take the $30,000, pay Toyota Canada the $21,244 and put the rest in your pocket. I've done this on 2 Toyota leases so far.

 

I just bought my lease today. As it turns out my dealer tried to negotiate the buyout price. Tried to hide that little fact too. He kept presenting what my new monthly was, and I kept circling him back to the buyout. He gave me an out-the-door figure on a Post-It that was about 3000 higher than I expected. I pulled up my account info on Toyota Financial, showed him the screen, and said, "so here's the payout that I was expecting before tax. Can you walk me through how you arrived at your figure?" He says he would go check, then came back 30 seconds later and said "we'll be willing to waive some fees to match your figure."

Well shit, maybe I should have tried to negotiate something lower than my payout.

 

Hey I haven't read through the entire thread...but you can skip the dealership. Just give TFS (assuming your lease is with TFS) a ring and tell them you wanna buy our your lease. They'll check the paperwork and you send in your check. Easy peasy. The only bad thing is you'll have to deal with the DMV yourself.

 

Read the agreement you signed.

 

Save up and pay cash then you don’t have to worry about all this.