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Anyone know much about leases?

Discussion in 'General Automotive' started by doodle_cakes, May 22, 2010.

  1. May 22, 2010 at 3:15 PM
    #1
    doodle_cakes

    doodle_cakes [OP] Well-Known Member

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    Anyone know what would happen if I went to a non-toyota dealership to buy a truck and wanted to trade my leased taco in there? There is about 20 months left on it. Would they just take over the payments and give me some cash towards a new truck based on the difference between what's left owing and what it will sell for?

    My situation: by the looks of things I'm going to be in Fort McMurray for longer than I thought because my company is taking good care of me and training me on tons of stuff to climb the business ladder. This means that I will be living in a crappy place but have lots of extra cash coming in, both of which I see as a reason to treat myself to something shiney :)

    I am getting more and more tired of my little tacoma for a bunch of reasons and after riding in some of my friends' trucks I want to get something else with more room, power and bells & whsitles. I am leaning towards the new dodge ram 1500 Sport...super sexy.
     
  2. May 22, 2010 at 3:22 PM
    #2
    Koov

    Koov MonStar

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    Lease=no ownership and giving it back

    Purchase=ownership

    Lease is a big waste of money IMO.
     
  3. May 22, 2010 at 3:30 PM
    #3
    07trd4x4

    07trd4x4 Well-Known Member

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    Only if you can write off the lease. I got a buddy who goes threw cars like I go threw beer.

    He leases them and can write it off for business. When he gets bored just trades it in for the next best thing.

    But IMO it is a waste of money!!
     
  4. May 22, 2010 at 3:31 PM
    #4
    doodle_cakes

    doodle_cakes [OP] Well-Known Member

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    ...did you read beyond the title of the thread before replying? I already have a leased taco, and want to trade it to BUY a new non toyota truck.
     
  5. May 22, 2010 at 3:32 PM
    #5
    doodle_cakes

    doodle_cakes [OP] Well-Known Member

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    Ya I would never lease again unless it was for a business. I didnt initially lease it, my friend did and I took it over from him.
     
  6. May 22, 2010 at 4:02 PM
    #6
    Marazzito

    Marazzito Well-Known Member

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    Leases aren't all bad. If you are someone that gets a new vehicle every 3-5 years and finance's it, do you ever really own your vehicle? No! With leases you have options at the end, you can buy it, sell it, trade it or walk away from it. Since you are given your residual when you purchasing, you essentially have a guaranteed future value. If the car is worth more at the end of your term, you can sell it and make some money. You could also trade it in and apply the money above your residual towards your new lease.

    Now getting out of a lease early isn't the best, but neither is getting out of a vehicle you financed after 18 months with little money down. Worst case scenario for getting out of your lease early is to make the remaining payments or have the dealership you are trading it in to make them. Best case scenario is, check with TFS or who ever financed the lease see what your pay off is just like if it was purchased. What ever the dealer offers you below that you will be responsible for the difference anything above is yours to keep. The less payments you have made the worse trading is whether financing or leasing.
     
  7. May 22, 2010 at 4:05 PM
    #7
    Marazzito

    Marazzito Well-Known Member

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    Why are you buying a non Toyota truck, are you real unhappy with the Tacoma?

    Just Curious!
     
  8. May 22, 2010 at 4:53 PM
    #8
    doodle_cakes

    doodle_cakes [OP] Well-Known Member

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    I'm almost 2.5 years into this 4 year lease so thats not bad. What I'm hoping is that this truck will be worth a bit more than what's left owing because my friend put down $5000 when he leased it.

    I just feel like I'm missing out of a lot of things I would like to have in a vehicle, especially after riding in my buddys loaded Ram Sport R/T (I think thats the model). Goregous interior, heated and AC leather seats, wicked alpine sound system included, super fast, awesome suspension, ect.

    I don't hate my truck by any means, but more and more I am noticing a lower level of quality in these trucks than what I would expect from Toyota, especially compared to the 1st gens. I also hate the Toyota dealerships. The few that I've dealt with act like they don't need your business where as a domestic brand dealership will do everything short of sucking you off to try and make you happy with your purchase. I guess what I mean by that is Toyota looks at it as " We got you trapped! HAHA too bad!" where as other dealerships want to keep you happy even after the purchase in hopes of future business.

    I'm not trying to rant or piss anyone off, I just really want a new truck...even if it will cost me around $50k prior to trade in and haggling.
     
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