Did I get a good deal?

Without a security deposit I think you did the best possible. I think the security deposit saved me 30 to 40 a month.

I did a security deposit and that was as lowest I could go for a 24 month 15k per year lease. So not bad at all actually. Their might be better deals out there but it would take a dealer trying to hit a quota for bonuses.


Enjoy your truck you got a good deal. Most people that hate on leasing "buy" their truck to later trade it in 2 to 4 years after losing more than 3k in taxes alone. The best financial move would be to purchase and keep it 10 years or longer but the majority dont.

 

Thanks for the reply. I’m not someone that keeps vehicles longer than 3-4 years. Once you count for outgoing payments of a purchase and the loss of value due to depreciation the 3 year total cost of ownership was less on a lease than of I did a purchase.

Now can I change the grill to the pro grill, spacer kit and wheels/tires without them throwing a fit about it. That’s the next question. I’d keep the stock wheels and tire those to put back on it when it gets turned in.

 

I sold my stock tires for $350 and got Wildpeaks for $450.

For me there was no point keeping the stocks since I threw the tires on the stock rims. I can turn it in with the wildpeaks but I think I may try to sell the truck before lease end. Might as well make a profit and lower the total out of pocket

 

This is my first ever lease so ignore my ignorance but how do you sell your lease? I’m not familiar with how that process would work.

Just near the end of your lease would you try to sell the truck for more than the residual value and then you become the 3rd party facilitating the sell? With my residual being $25k I don’t think the truck will truely even be worth that much in 3 years and 36k miles.

 

Yeah you sell it like you own it. You can sell at anytime to anyone but early on it wont make sense. Once you start getting near the end it's when it gets good when selling prices are higher than your residual.

Right now, can you find the same truck you have but 2016 with 36k miles for $25k? Or are they more/less? That would help you imagine your options toward lease end.

Just to be on the safe side keep the stock parts.


Last year I sold my lease to Carvana (website that sells cars). They contacted the bank and took care of everything. Then they sent a tow truck and gave me the difference from the buyout. My residual was 21k and they payed 24k(3k profit for me).

Let's say at lease end your truck is selling for 27k and your buyout is 25k. An interested buyer would need to be willing to pay Toyota for it. If they are buying with financing, their bank will handle dealing with toyota which makes it easier. Then you profit 2k and dont pay the 350 disposition fee.

Dont know if it made sense lol

 

Makes perfect sense. Looking at list prices I’m seeing $27-28k for a 16 with sub 40k miles. That would be cool if it worked out the way it worked out for you.

Makes a lease even more logical if it’s worked out that way. Lol

 

Holy shit! $6000 down on a lease? I've leased many Hondas (for my wife), over the years, and never put down that kind of cash....defeats the whole purpose of leasing.

 

I think you would have been much better off buying with 0 or. 9% apr through toyota and selling after 3 years.

A 4x4 SR shouldn't depreciate more than perhaps 6k over the mileage you would put in it after 3 years.

 

Did they just come out with new incentives on apr ? I did see the tundra at 0.9% but not the Tacoma ?

 

My credit union gave me a 1% lower APR for the automatic payments option.

 

When I was considering a lease on my 18 TRD sport, buy out was 18,300 at the end of 5 years but 5 year old Tacos around are still selling for between 25-30k so seemed like a pretty good way to get some cash in the end to roll into another one. (This is east coast Canada and MSRP on a TRD sport is also about $44,000) Also they have a walk away program at the dealer I went through it was a $2-300 fee at the beginning of the lease but you could essentially walk into the dealer at any time through the lease and leave the keys on the counter and walk away from the truck at anytime without a penalty. In the end I just bought it instead of leasing, because I would have had it in my head all the time I was renting a vehicle which I didn’t like. Walk away program was also available when financed as well though, there were more conditions though, such as job loss or an injury etc.

 

Toyota always has this deal sometime during the year, normally closer to the end of the year and early into the next year.

 

Leasing a truck is never a good deal, pay cash for a vehicle or don’t buy the vehicle. That’s my motto, you’ll be financially much farther ahead guaranteed no if’s ands or butts about it.

 

You nailed it. The OP is paying full list plus. That $6k would be a great down payment with slightly higher monthly payments; however you would fully own the $20k + value at 36/48 month note; then keep driving it for free for 2-3 more years and selling it again for close to 65-70% of original cost. It seems leasing customers worry about the monthly payment which the stealers love!!

 

Who cares about your feelings after scaring the living day light out of the OP. What about emotional distress to the OP?

 

I don't care for the idea of automatic payments as I always try to pay extra on loans to shorten the length of the loan.

 

You leased it, so no.
I will never understand why so many people lease......

 

.0023 is a pretty high money factor, what’s the total rent charge for 3 years? Should be on the 2nd page of you contract

 

Op feel free to pm me and I can go over the details with you on your lease . It appears you got a good deal don’t listen to these other clowns on here. You have a cell phone payment for a truck your 6k didn’t disappear it got you a 130$ payment. You always have the option to buy out your lease

 

He is paying 5.52% Interest rate I agree they made some money on the reserve on this deal
If he has a 720 plus fico score