'20 TRD-OR lease-end ..buyout

Yes, I should've financed the damn thing in March of '20, back in the glorious Covid-less days of rebates and packed lots, I was naive. My magnetic grey TRD-OR double cab w/ tech package and predator steps had been sitting there for a solid month with a $37k sticker (Edited: I was off by the rebates). I had (have) a measly $350 payment. Little did we know how upside-down our world would be here in late 2022.

Now I'm assessing options. I can lease-buyout my current, and favorite truck ever w/ $0 down for about $600/mo. (Edit: much less actually due to forgetting about a Covid lease extension applied). Or I order months ahead sight-unseen something slightly comparable but rebate-less and a marked up sticker pushing $45k. Regardless, my sales guy and I were shaking our heads at what's upcoming in his database, nothing close to what I have currently.

My '20 is still in great shape, and most importantly, I love it as much today as when I drove off the lot 2 years ago. I threw some AT3W's on it but otherwise basically stock (though I'd love the freedom to do more..). I'm not looking for reassurance in my decision, I'm quite sure I have one option (keep her). Anything I've read says this storm ain't ending anytime soon. Anyone else currently in the same predicament? Are you on the fence with anything?

 

The truck stickered for 35K and they contracted a 34K buyout at time of lease?...The buyout should have been calculated at time of lease. Over 12K thrown it with 1K depreciation...anyway.

I think the only way I could make that make sense to me is do a search for used trucks equipped just like yours and see what they are going for. If they are under 34K, buy one of them. If they are over 34K then you pretty much have your answer if you are going to buy a tacoma for the best price.

 

I'm confused. Your residual for buyout is set when you lease the vehicle? Is your problem that you didn't expect to want to keep it? It's pretty easy to figure out what your payment would be for the residual at any time.

 

Something is missing in your story. Lease end buyout should have been disclosed to you at the beginning of the lease, check your lease agreement it's there. Don't let the dealer buy it then resell it to you. Call Toyota Motor Credit if you need help finding that number.

 

your lease residual is set when you signed your lease---theres no way in hell your payout should be that price

 

Your buyout should be about $25k, considering it was a 3 year lease.

 

Something is fucky.

 

op might have rolled in a previous vehicle that was upside down

 

Disregard all numbers, OP is an idiot . My current residual value is far less, making my finance options even more obvious. Either way if anyone forecasts a change to this market or a 3rd option upon lease end I’d be curious!

 

OP get out your contract and look it over. There should be a buy out number, or call Toyota and tell them you plan to buy the truck at the end of the lease term and where do you mail the check. Information should be available when you login to make your monthly payment.

 

My confusion is a result of forgetting that my lender applied a lease extension through Covid while maintaining the same amount of course, so my remaining payments and maturity dates don’t line up at all. Ultimately I’ll end up financing for about $5k less and months later than I expected at first glance.

 

I leased my ‘21. I ended up buying it thru my credit union at 3%. I say if you like the truck keep it. It is so much easier to refi than get a whole new truck. Unless you can make a profitable deal, then make the move. It is all about the money.

 

That’s my new plan, but turns out my lease end is nearly a year away. My residual value will still be around $32k per lease terms. I’ll be watching the market and rates between now and then.

 

You can buy the lease out at any time, Due the math if you want the truck it may make more sense to buy it now vs at the end of the lease, I bought my 2019 out 6 months before the lease end date as I had a ton of equity in it and I wanted to start doing some mods

 

That’s where I’m getting screwed with my pants on. I’m 2/3 through the lease, MSRP was $37k, current buyout $36k, lease-end $32k. I’ll be shopping for a low rate, in the mean time my remaining 12 lease payments are the lowest thing I’ll see for quite some time no matter what I do.

 

Do you know what your MF is? Your rates must be ridiculously high or you rolled neg eq in like mentioned above. No way this math works out

 

I’m calculating it at 7%.

(37k + 32k) x39 months / 8k charges = .0029 x 2400 = 7%

 

What did you do to the wheels? Vinyl overlay?

 

Yep, $30 on Etsy, also got these for the doors, and this for the gate, all have survived 2 years of MI seasons and car washes, impressed especially with the wheels. For cheap, subtle decals I get a fair amount of compliments.

 

Really confused how you thought 37 plus 32k is normal for a 40k truck