Has anyone ever taken over a lease on a Tacoma?

Thats your opinion . Obviously u don’t have clue how to do the math . If you lease a truck just to buy it and the end of the lease you end up paying more .

 

When I brought my leased 2012 Highlander to Carmax in MD they offered me 6K over my buyout price. They took the Highlander off of my hands and I took a brand new 2015 RAV4 XLE off of theirs. I used that 6K as my downpayment and I never even wrote a check!

 

Excellent answer. Thanks for your insight.

 

Biggest problem is they are usually stuck in a shitty lease so even if you qualify the terms may still suck.

 

I mean you don't pay for the entire price of the vehicle for leasing, you pay depreciation plus interest (which should be low with good credit). You can invest the money that you didn't tie up to a vehicle and earn more.

Average annual return rate for an investment is about 10% in the US. If the vehicle was prices 40k, and the total cost of a 36 month lease to you is 15k, investing the 25k would bring back $2500 a year. So in 3 years ~$7500. That would drop the net cost for the vehicle to you was 15k-7.5k = 7.5k. If you bought the truck and sold it in 3 years, I doubt you can sell a 40k truck for more than 32.5k.

Imo tying cash to assets like vehicles that depreciate in value doesn't make much sense. I would prefer to keep the cash in hand and invest.

 

Right. That is definitely true and one of the reasons against taking over a lease is that if you are not experienced you could get stuck on the terms and they can come back and bite you. What is worse is because you are a step away from all of the details on the lease negotiation you may not even notice until it is too late. And let's be honest -- most people don't have the time, the patience or the expertise to read through all of the fine print and fully assess the situation.

That said, from what I can tell the two biggest drivers on lease swapping is some dumb ass got a lease at a ridiculous monthly (+$700) and is now realizing they made a dumb decision or their financial situation changed and they are stuck. Or, more likely, they saw something else that they just have to drive and want out of their current lease.

Goes to show you that I don't know much. I figured there would not be many Tacomas available for lease swap for a number of reasons. But a quick look on LeaseTrader shows quite a few -- much to my surprise:

https://www.leasetrader.com/search-results?searchKey=Tacoma

 

I wonder why her credit was bad to begin with.

 

OP,

Here is where you have to be careful. Look at this lease takeover:
https://www.leasetrader.com/listing/2019-Toyota-Tacoma-TRD-Off-Road-Double-Cab-326815

Payments are $538 a month for 18 months so you are at $9,000. You are extremely limited to 1,200 miles a month (which is very low). And get this, the buy out is $40,000. So you would be spending $49K for essentially what is a 2019 TRD OR. Would you take that deal if you were standing on a lot and the dealer wanted $49K for a 2019?

On the other hand, if I needed a car for a year while I thought things through this is not a terribly unreasonable deal. You get a 2019 TRD OR (again, the miles are not great but assume you could live with that). If you were in a pinch and wanted to kick the car can down the road for a year (maybe you are waiting for next gen or better pricing and product availability or just can't do it now for a number of financial reasons). In this case you would be putting out $5,000 for 14 months at $372 a month. Not terrible really. Probably wouldn't buy the car based on the residual but might be worth considering if you were in a situation where you didn't want to buy a new car but needed something good and reliable for a period of time until your situation changed:

https://www.leasetrader.com/listing/2019-Toyota-Tacoma-TRD-Off-Road-Double-Cab-325321

Just throwing out options for considerations.

 

That I know of, a crappy marriage/divorce. I know her well so I don't think she's bullshitting..not my business anyways