Taco Brethren - Taking over a lease, Good Opportunity? Please advise...

OP, You need to make sure you understand the facts. $140 / month for 22 months with nothing down is too good to be true. $3000 total for 22 months is too good to be true. Something is amiss. 3000 down and 140 a month is still Very very good if you have that many miles. I’m guessing there is a lot more to it that you’re not understanding. I’m not being insulting. Just speaking truth.

 

Residual plus remaining lease payments plus taxes title and registration...at that number you could buy a brand new one!

 

Some people like changing vehicles every few years and not paying for maintenance cost.

Financial advisor will always say no to lease becuase their you are basically renting.

But in my opinion with all the technology in these cars its going to change the resale market. Nobody is gonna spend good money on out dated technology. And good luck in your paid off vehicle with outdated tech and high repair cost for it, I wouldnt want to pay to replace outdated technology.

 

This x1000000000.

People downplay leases because at the end you have "nothing to show for it." I don't like this argument and it is invalid. Like you said, a lot of people view it just like you said and it too does not make sense to me.

For example, if I was to buy a truck at 39,000 in cash outright. In 3 years, I just lost 30% of the money spent on the truck because the truck is worth 30% less if I was to sell it. With a lease, you just pay the 30% of the depreciation and be done with the truck and get another one.

So, in this situation, who lost the most money? Ignore interest etc..

 

I definitely agree and respect your logic. I drive a 2005 Nissan Xterra that I paid for in full. My wife drives a 2013 Sienna Van.

 

I hear ya Dk42! I'm talking with the guy this afternoon on the phone. I'm very keen with these kind of things. I also am going to get the VIN# from him and call Toyota Financial directly to discuss the facts.

 

It really depends on the individual. Leasing can be much more economical if you want to swap vehicles every couple of years. Not everyone buys a car with the intention of driving it until the wheels fall off.

 

Also, I don't think its a scam. I've taken over a lease from swapalease before with similar details. Just verify with Toyota Financial what the balance is and go from there. It is likely that he only owes Toyota Financial $3000 something dollars and is just asking for someone to take over the lease. You can pay Toyota financial directly as well.

 

Thanks Trev- Also don't think it's a scam. The only bummer is the residual is pretty high, so probably wouldn't purchase at the end of the lease. What would you do at the end??

 

Why bother giving input on something you clearly know nothing about? lol.

Dude has an opportunity to buy out a 1pay lease for $3k, plus residual of $31,600. Thats $34,600 for a TRD OR 4x4 with some nice accesories and only 2,500 miles.

If you think thats a ripoff you're.... not very good at math.

 

Are you able to negotiate at the end of the lease? If so, the dealer should be fairly realistic what they can get for the truck and want to make an easy sale to the person who already has the vehicle.

 

Unfortunately, no. I called the Toyota dealership it was purchased form this morning. What is written as residual is in stone. Luckily, I only drive 2-5k miles a year so, might still be a good deal at the end of it all. Planning on selling my 2005 Xterra then buying the lease out for $3k. Which would allow me 22 months to put away money for a hefty down payment on this taco or maybe a new one? Just was/am a little nervous as this is my first ever consideration of a lease. Also, haven't had a new (or used) vehicle for myself in almost 10 years

 

Evaluate that at the end of the lease, you might be surprised to find you actually have equity at the end or at the very least it'll be worth buying.

Even if its not $3k to drive an almost new nearly $40k truck for 22 months is fucking nothing... like you stated essentially $140/month you'd be extremely hard pressed to beat that even buying a used truck, very few vehicles in existence can be had for net net $140/month all in... So even if you just give it back to toyota at the end you still made out fine.

The go who leased it probably has more $ than he knows what to do with and just wants to move on to his next toy, if your #s are correct.

 

When you call Toyota Financial to confirm the VIN#, etc. ask them this question as well and see if you get a different answer. I don't see how the number could just be set in stone with no chance of changing. If you turn the lease in and then turn around and say you want to buy, you would enter into negotiations. Just a thought.

 

Thanks Jaque8 ---- good to know and verify IF the numbers are sound it is a good deal. Being new to leasing, purchasing, it's nice to have some additional eyes and validation on the subject.

 

if your looking to take over a lease make sure u get a vehicle inspection at a dealer so you don't get boned at the end if something was damaged while they had it .

 

And you aren’t very good at reading comprehension.

If the deal is great he can pay $34,600 cash today and get the truck. My point is stay away from a lease.

I also doubt that is the deal. There is almost certainly a down payment or fee situation for lease take over.

 

Not sure if Toyota is the same as BMW. But very briefly debated a lease when I was getting stationed in HI several years ago. Correct me if I am wrong but you pay for all required maintenance on a vehicle you won’t get to keep. You’re basically throwing away maintenance costs and “rental” costs of a vehicle you don’t own. At the end, you can purchase it for a portion of what you have already invested. That’s like me renting an apt or house and being forced to pay for lawn maintenance or any thing else that may or may not come up.

Buy out without lease might be a good deal.

Also not sure if $38 cash is a reasonable expectation for the average person. Should it be? Yes... realistic? Not so much.

 

Yeah nothing you could do for the residual since Tacomas have the highest residual of any vehicle on the market today. I would still take it over because the residual is what Toyota thinks the truck will be worth at the end of the lease. So its not like you are losing money.

If the value of the truck is more than the residual you can always buy it out and then sell it and make some money but this scenario is unlikely. But if for some reason the truck is valued at below the residual when it comes time to turn it in, you just walk away OR use that to negotiate the buyout at the end of the lease.

If I were you, I'd take this deal. Just make sure you verify everything with Toyota Financial. Lease takeovers in the next several years in my opinion is growing because this is a good way to get a car you want without paying downpayment dealer fees etc...

Do it.

 

You pay maintenance for a vehicle you own so how is lease any different?