Modified leased tacoma

To add something helpful -

Buying your lease blindly could go against you, but I'll provide some helpful info.

Your purchase price is your residual which is, whatever the vehicle was projected to be worth at lease end.

For example let's say your truck had a $45k MSRP, and a residual of 55% at 36 months/36,000 miles on a closed ended lease, meaning you will purchase that truck for $24,750 if you decide to keep it (not to mention taxes on that amount and whatever the purchase fee is).

The truck itself however, could be worth more, or less than that figure, as the current market determines that figure. Mileage is the real enemy here because if you decide to purchase your truck and let's say your mileage is about 55,000, the market value may only be worth $22,000 or less. Again, these are just example figures.

Whoever you decide to finance with in the purchase of your vehicle will gather the information of your truck IE vin number, mileage, options, and book it just like any used vehicle. Your wheels are considered 'premium' so they could add value to the vehicle itself (in the lender's eyes).

In the end, it comes out to loan to value which is, how much you're borrowing in relation to how much the truck is worth.

You already have all of this information, with the exception of finding who will carry your loan (you can do this on your own) and having the lender figure the value on your truck.

 

Considering u don’t own the vehicle more than likely they will slap you with fines .

 

There are no fines if he's buying it like he said he is.

 

Until the dealership agrees on a buyout price he doesn’t own it . So he’s at the mercy of the dealership.

 

That's not how that works. The buyout at the end is already determined when you lease, and that price is firm. He could literally call Toyota financial and buy it from them direct.

 

His buyout was determined at time of leasing.

It is in his contract that his residual is "xxx" since a lessee is responsible for "xxx" in depreciation.

I've leased vehicles, and ran a dealership for years as a General Sales Manager, and worked as a Finance Manager and Finance Director.

I'm not speaking on limited experience as it sounds like you are; I'm providing facts to the OP because he obviously wants guidance.

 

C'mon dude. You don't know how this works...

 

I don’t know what the story is outside of my corner of California but here the dealers want the lease hand-ins to sell for themselves, especially if they can CPO them, so they are super picky about everything.

 

Youll be fine since you are buying it out. I dont want to talk about it

 

Thats not how leases work. The contractual buy-out price is known the day you sign the lease, AKA residual value. Its your contractual right to buy out the lease at the end at that price, regardless.

Its typically encouraged not to heavily modify a leased vehicle because if excessive wear or damage can be attributed to those aftermarket parts, then you will be on the hook for them if you decide to return the vehicle at lease end.

If you're buying out though at end of lease though, throw all that out the window. You're effectively buying an as-is used vehicle that you have the benefit of knowing its full from new history.

 

That would depend on the financial institution; some don't like the dealer to obtain the vehicle and actually provide the dealer a higher buyout than what the purchase is for the customer that leased the vehicle.

This was especially true for FCA (now Stellantis) going through Chrysler Capital.

But NMAC was much more forgiving and they actually encouraged us to CPO our vehicles; it went with our other kick backs we got such as having our own rental vehicles and more.

I forget how it was for GM; think we mainly grounded all our lease turn-ins and just had them pick them up.

We had multiple franchises and they were slightly different from one to another as far as grounding/purchase for the dealer.

 

You should be fine if you can buy it out of the lease term and can arrange financing to buy it.
If not, get some used stock wheels with tires and salvage them. Maybe drop a front notch of preload.

 

Wow. Asks Internet strangers, then questions the answers.......

Tip for future you.

Anytime you are going to sign a contract, read it first.

 

Grasshopper may not be ready to grab the pebble ...

 

One thing the Cookie Monster pointed out is that you can negotiate your lease buyout price, but that depends on a lot of things and Porsche is really keen on getting my wife’s Cayenne back as a CPO so it’s going away after the lease is over.

 

They won't care at all if you execute the lease buyout

 

Not to worry. First thing I would do is find out your pay off from Toyota. If you wanted to purchase the car, how much is the payoff (without taxes). Say for example it is $27k. Then go take your car with all the parts on to a carmax or an online company that buys cars like carvana and Vroom. And see what they offer you for it. You may even be able to make money on it.

I used to have a Lexus ES350 F sport which was leased. my payoff was $29k and I sold the car to Carvana for $36000 and made 7k profit. I used that 7k profit as a down payment on my 2023 tacoma and financed it.

tacoma's hold their value and you probably will get more for it than the payoff.

 

I'm in VTA and will have stock OR wheels for sale in mid February with TPMS if you end up in a pinch.

 

OP nothing to worry about if you are buying the truck. Your lease buyout is your residual as printed on your contract.