Has anyone ever taken over a lease on a Tacoma?

I was just curious if this has ever been heard of or tied from anyone on this forum.

Thanks Newbie..

 

Not on a Tacoma but on other cars & trucks I have friends & people I know who have it’s not hard they get a new loan to buy out the lease or go into the dealer fill out a credit application to take over the lease FYi

 

Before you get into leasing (otherwise known as throwing your money away) read the thread(s) on this forum.

 

Your only throwing your money away if you have a bad lease all the $ you pay monthly reduces the price at the end of the lease So on a $40,000 truck your residual value is 26,000 that’s $14,000 less at the end of the lease you paid $14,000 over 3 years 36 months how ever you want to look at it.so you could have bought it put same money down your payments higher but you still pay $40,000 plus taxes & % rate so the only way you don’t waste money is not buy it or lease it at all otherwise make sure you get a good deal either way.FYi

 

If you buy the vehicle after the lease, you might save a small amount. If you don’t, and most don’t, at the end of the lease what do you have?

 

Well if you don’t buy it at the end of the lease & you don’t own a buiness for the tax right off don’t lease it but if plan on buying it at the end it’s a good way to get what you want for less payments per month and at the end of the lease we get it for the residual value which is the remaining balance in most cases

 

I personally would not ... your just throwing your money away. Plus if they did any damage to the vehicle now your responsible for it . Not worth the risk.

 

We need details before we can discuss if this is good or not.


Yes, you can easily take over a lease. The real question is should you?

 

In my opinion leases are only good for businesses, and the elderly. Personally, I drive far too much for a lease anyway. But either way it is a lot of money to throw down on something that isn't yours. Sure, if you buy it it is not as big of a deal. But say you don't like it, you can't then sell it and recoup some of your money. Plus, yes it goes toward the cost of the vehicle should you choose to buy, but I'm already halfway done with my payments, if not more, by the time your lease is up. Plus I can pay extra if I want to reduce the price even further. Plus God forbid you get into any sort of fender bender. Let's not even begin on what you have to show for that money spent should you just choose to do another lease.

Leases are good for one thing for me and that's getting a used car off of a lease. Then I know it was technically one owner and it was relatively well looked after and has already lost the bulk of the new car value.

 

you’re responsible for whether you buy it or lease it if you’re making payments on it whether it’s a lease or purchase you need to have full coverage insurance on it so that way if it’s involved in a crash that’s your fault it will get repaired for the finance company so that argument doesn’t fly and you’re not wasting money if you buy it at the end of the lease for the residual value which is the remaining balance owed after you made three years of payments on it so if you get a good lease it’s about the same because if you would’ve purchased it in the beginning accept your payment would be higher from the beginning & you can switch to purchase anytime you want or get another loan and pay it off FYi.

 

Growing up leasing wasn’t heard about much. Yea, some business’ did it. But folks who grew up in the depression and their kids understood the value of money.
Leasing became a way for folks to put on airs by driving cars they couldn’t afford.

Rather than drive a less expensive vehicle and own it, folks started to lease. The car companies knew a good deal (for them) when the saw it. In advertising leasing numbers slowly crept in. Now you’ll hear commercials that don’t even mention purchasing.

Folks do what you feel is right for you. But decades down the road think about the money you spent on rent and leasing. Then realize you could have had a better life and retirement if you spent money wisely.

Too many want stuff now. And many don’t want to put in the work to get it.

 

https://www.creditkarma.com/auto/i/lease-takeover

If you have to ask random strangers if something is a good idea, it might not be a good idea. But Tacomas are high value, high durability vehicles so maybe that changes the calculus a little.

 

One of my bosses did. He saw mine, liked it, took over someone elses lease. Bought a nice roof rack. Decided he wanted to go back to a RAM. Gave me his roof rack before he turned it in when the lease was up. Profit?

 

Last point, yup..got mine 6600 miles after a lease.

My mother leased a few years ago, but she drives about 3K a year. Reason she did it is she needed max reliability and AWD, since going on dialysis she has to be there 3x a week no matter what.

I do agree that some fall into this trap..or say they will buy it and then don't, because they just have to have the new one.

 

The T&C of the specific lease is what matters, not what the vehicle is.

You should read it closely. If you don't understand it, don't proceed until you do.

 

The only time I’ve considered taking over a lease is when I get the ‘wants’ for a luxury car. Generally a weekend rental from Enterprise cures those feelings.

 

Wow! That’s not about leasing that’s about anything you do spend what you can afford your income allows.leasing is a way to get a lower payment with less $ down and if you buy it at the end of lease the residual value Is left to buy and you couldn’t buy a used 3 year old car or truck that you yourself owns from new for the price of the residual value so all those parents brought down the price no money lost truck still going to cost you $40k taxes still have to pay & if you get a good lease it can equivalent to 1.9% interest rate which is lower than most purchases so if you do your math & look at a good deal or a bad deal you can get both on purchase or lease FYi.

 

All depends on perspective I guess. I’m the type who likes to live within his means plus I tend to keep my vehicles a very long time and like to modify them. For those three reasons I’ve never considered leasing a personal vehicle.

I do have a work truck which is on a lease, but that lease is way different than what the lease on a Tacoma would be.

 

Credit can determine that as well, my friend leased b/c she couldn't manage to buy the vehicle..so she leased and improved her credit, then bought it as that's what she really wanted anyway

 

OP,

The problem with the whole lease versus buy debate is that it quickly turns into a philosophical discussion about people's views on finances. "I pay cash for everything and anyone who doesn't is a dumbass" type of thing.

Let me state that I do not lease (even though I own several businesses). I've run the numbers and the sweet spot for me is to take the total amount of the vehicle, put it in an account, get low financing, pay the car off over time, claim the business deduction and when the car is paid for either extend the warranty or set aside money for repairs and keep the truck a minimum for 10 years and my daily driver for no less than 5 or 6 years. I've run the financial scenarios for my personal situation and that offers the lowest cost of car ownership by far. But that is for me ... based on my situation.

There are good reasons to lease. Yes, for some businesses it makes sense. Personally, getting the mileage deduction after the car is paid off is a far better financial move but again that is just based on what applies to me and my work. That said, I know people who have tons of money in the bank, low mortgage payments and are very fiscally reliable. They are not leasing to keep up with the Joneses ... they simple want to lock in their monthly car costs and always have a new to fairly new car that they are not responsible for. For those folks, fixed budget and reliability are critical. They do also enjoy driving cars with the latest and greatest technology as well. Not my cup of tea but I see their point.

But you didn't ask about leasing versus buying. You asked about taking over a lease. Depending on your situation, there are plenty of folks where this option makes sense. And there are plenty of Web sites out there where people look to sell and get out of their least. If I needed a car for a short period of time -- the length of the lease take over -- and the monthly payments were low it would not be a bad idea at all. Say you take over a four year lease with two years to go and the payments are low. And you are not ready to finance for a number of reasons (divorce, buying a house, rebuilding credit scores, etc.) it might be a smart one or two year play. It is certainly worth considering.

I have one friend who is a real car guy and did this with an Audi. He got it for 16 months and the person who owned the lease was willing to cover some of it -- he had a terrible lease (almost criminally) and so my friend got a great car (even though I am not personally a fan of Audi) for about $300 a month or so. That tied him over while he sorted out some financial things.

I am not sure you could find a Tacoma lease swap though given they are in high demand.

Tell us a bit more about why you are considering this and good folks here might be able to help.

Also plenty of good articles on the financial Web sites about the pros and cons of lease swapping. They all seem to say it could be good, you can get in with no money down, but you have to be sure of how much you will drive as that can really come back to bite you !

Good luck and look forward to more discussion.