Modified leased tacoma

A lease is NOT a rental, it is a rental.... TO OWN. BIG difference.

 

and if the op trades it in on new vehicle dont accept the trade in value as the lease payoff amount.....that will be way too low

 

That doesn't stop people from padding the bill wherever they can.

 

The residual value is in the lease agreement. However, the GM of my local Toyota dealer told me, as he’s a family friend, that he has no obligation to let customers buy out their lease if they did not finance with TFS. With TFS, customer gets first choice. If they brought their own financing, their lease agreement lets his dealership get first choice to take the lease back at the end or let the customer purchase it for the residual value previously agreed upon if the customer wishes to do so. A lot of leasee’s with independent financing were surprised when they went to buy their leased vehicles out during the shortage and the dealer said “nope we want it back.”

In OPs case, I’d imagine the dealer wouldn’t necessarily want a modified Tacoma back unless they were really hurting to move vehicles…. Which a lot of Toyota dealers are at the moment…

People gotta read the details of their leases. It’s all in there, no surprises.

 

Thanks to everyone. Your comment have been very helpful and even to those with their idiotic answers yall gave me a good laugh. To answer the question for some of you, my purchase price is 31,450. Any suggestions on where to get the loan from? I heard credit union is good.

 

Do you have Patelco down there?

 

Thanks to everyone. Your comment have been very helpful and even to those with their idiotic answers yall gave me a good laugh. To answer the question for some of you, my purchase price is 31,450. Any suggestions on where to get the loan from? I heard credit union is good.

Yes but only up north.

 

Shop around 31,450 seems worth it. I’d aim for 5%

 

Go to Logix Credit Union. They handle it all including contacting Toyota Financial Services and paying the DMV registration fees

 

"even to those with their idiotic answers"

Leases a truck, spends thousands on mods, says "OMG WTF YOU MEAN I CAN'T MODIFY A TRUCK THAT DOESN'T ACTUALLY BELONG TO ME," calls other people idiots.

 

+1

Have had good experience using the services of credit unions to convert leases into purchases. They contact TFS, collect taxes, and pay DMV fees too. No need to go into the dealer.

I see you are in California. First Financial Credit Union is another good one. PM me if you needed a specific contact over there.

 

When my gf's Nissan was coming off lease in '09, she was so far over the mileage allotment that my only choice was to buy out the car. There was no inspection. I just wrote a check for the buyout amount and that was that. I owned a piece of crap Nissan which lasted another eleven years, but, as has been stated multiple times in this thread, the lease is a legally binding contract between two parties and you, as the lessee, have the option but not the obligation to buy out the contract and own the vehicle, as per the terms of the lease. There's been a lot of unneeded noise that doesn't help the conversation, but all the answers are in the lease.

 

Piece of crap Nissan lasted about 14 years. Well, that's better than the Yugo usually did.

 

One of the worst cars I've ever driven. Nissan Sentra. Did not do anything well, had no power and got shitty mileage, but my choice, and it was my choice as she didn't have the money, was to turn it in and pay $8500 in overages and have no car at all or do the buyout for $6500, which was way more than the car was worth and then milk it until it died. The 2020 Forester we replaced it with is better in every way and is the perfect car for her.

 

The Sentra was probably the most depressing car I've ever driven. Not the worst car, but by far the most depressing. I was given one as a month long loaner while my Frontier needed a transmission rebuild. Everything about it screamed "I am the sad end result of poor life choices."

 

I could not agree with you more. Her Sentra was the result of allowing her father, who knew nothing at all about either leasing or buying cars to negotiate that lease for her, so that was a life choice that just kept on giving as long as she had that piece of shit. Could not even align the front end on those. Toe and go. The modern day version of an '88 Hundai Sonata.

 

Checkout Bankrate.com to compare loans for the best apr. I've heard navy federal credit union is good; never used them.

Also, you could always sell the vehicle to a dealer or buyer for more than the lease buyout. Then keep whatever profit. I think you're better off going through with a loan and buying it out as mentioned.

 

Hi, I'm curious, given your experience on a few things. I'm looking to buy my lease out as well. I need to speak with Ally (the lessor), but I got mixed messages from them. Their website indicates that I can choose whatever loan provider I want and buy directly from them, but an email I received from them said I need to go to the dealer.

First, have you heard of any of these requiring you to go to the dealer to buy it out? Also, does the dealer tack on huge fees for managing the transaction?

I've also heard of car loan refinance companies like Tresl and Auto Approve who work specifically on refinances and lease buyouts. It seems they at least advertise better finance rates. Do you know anything about these kinds of companies?

Thanks in advance.

 

In my 12 years experience, you'd be surprised if I told you we only assisted in maybe 1 or 2 Ally lease buyouts and maybe a handful of grounded vehicles

The main reason for going through a dealer is for completing the transaction itself

Even though the vehicle is in your possession as a lessee, it isn't your vehicle so you would be going through a dealer to buy it like you would a normal vehicle

As a dealer, it isn't any beneficial for us really and whenever I did one, I would tell people that I'd only do it via appointment

Things like assigning it a stock number and getting a buy out (we can't accept yours unless it's an official one from the lender) takes at least a little while; think Ally faxes in their dealer buyouts.

And to answer your questions, no I haven't heard of either of those companies. As for your buyout fee, it'll be in your paperwork. Disposition fee is if you don't buy it, so look for the secondary fee somewhere on there (could be about $595).

 

Thanks for the response. Appreciate it.