Getting screwed into single exhaust. Cheapest way to sound louder

Huh? Buying out the Platinum is going to be $606/month for 72 months.

 

I wouldn't mention to them, get it done yourself. DIY, maybe get a friend to help.

 

Some advice... stop focusing on the payment. That's a dealer trick to get you to pay too much. Regardless of whether you are buying or leasing, always find out what the total purchase price is and what interest rate they are charging. If leasing, also find out the buy out price. Those numbers are the only way to figure what what kind of a deal you are actually getting?

The dealer had to provide those numbers to you in your lease contract. Do you still have your contract? if so, I suggest you pull it out and give it a close reading.

So what is the actual buyout of this lease? Based on the numbers you are providing, looks like they are saying the buyout is ~ $42.5K? That sounds really hard to believe or if its true, you really got boned on the lease?

Also, 4.6% is not that great of a rate with your credit score but if you know or can find on the actual dollar amount of the buyout, you can shop around for better financing. Don't know if you will find something low enough but its worth looking into if you really want to keep your current truck?

Good luck man

 

Yea, I really hate hearing folks that seem to focus on the payments only. The Dealerships prey on those types. Usually the 1st words out of salesman's mouth after hello, "so how much you planning on spending a month......"

 

I get that. I meant to say that he is basically going to be paying out the rest of his lease payments whether he keeps the truck or not. Either 12 more payments or the same amount of money split up over the next 72 months. So trading in the lease early is a pointless endeavor.

Ride out the lease, it’s only a year. Then buy a truck when that obligation is done.

 

If you like the TRD System, save for it. I tried the "economical" route and did a muffler swap with the biggest Magnaflow offered. The damn thing droned hard right at 1,500 RPM. I couldn't believe it. After a week, I said screw it and got what I originally wanted- the TRD System. No regrets.

 

^^^^THIS! You need to know your residual price. Because the numbers aren't really adding up. And depending on your state, you may have to pay sales tax now on the entire buyout price.

 

I have to admit I've never leased before, but he said that his lease is up today. Why would he need to make another year's worth of lease payments? If that's the case, leasing sounds terrible.

 

@Dean85 You can also extend your lease another 6 months. Pay exactly the same as you are now and it will deduct out of your residual so in 6 months if you decide to buy it out, you'll have a little less to pay. It'll buy you some time to decide what to do. That's what I did. But it's probably best to do that if you think there's a good chance you'll buy it out.

 

You are correct. I focused on the later part where he said lease buyout. Which typically refers to an early turn in. You are correct

 

If you added the TRD out of your pocket that swapping to the used truck is a reasonable expectation. I was going to have the dealer add a TRD exhaust to mine but that truck deal fell apart. I just picked the truck up bought a Flowmaster Special 50 and had it along with duals (same side exit) with black tips done at custom exhaust shop. Less than half the price of TRD system. Tried to work a deal with Keith but shipping killed it.

 

Hey guys,

Thanks for all the additional comments.

Hbjeff, yeah the lease is up June 11th of this year - so in approximately two weeks.

Everyone else - Residual is $35,797. They are saying it is worth $35,000. Lease buyout is $38,192. They want $606 for 72 months, or $712 for 60 months.

 

With your credit at almost 800 you need a competitive credit union to weigh in on your interest rate and not settle for some ridiculous Apr. Your in superprime territory 3.68% to 4%

Its the interest that's killing you. I'd wager your feeling anxious about turning in your truck and not having another. Chances are high a platinum or limited is within 50 miles of you and the numbers will line up.

Stop obsessing over the damn exhaust and get what you want first (a suitable replacement) at a decent price/Apr.

Start looking! https://www.cargurus.com/

 

What is your residual if they are asking for 600+$ a month on the buyout. I’d say that isn’t a lease issue but rather a misinformation issue. After I signed my lease I felt a lot of regret but then started doing more research. Ended up leasing or 4Runner as well. I pay the same amount per month for my SR5 lease with bench seats and all. So if I had to guess, your residual is probably 35k which is about 4K less than the cost of my truck retail. Fact is though, my residual is 24k which at 60 months after my lease will be around the same as my lease payment.

I think taking on the platinum in the beginning because it was such a banging deal is what got you, not the leasing itself. Knowledge is power, but you have to set yourself up for success.

Sorry it’s not working out for you, I would just lease another platinum for the same price if you can.



Correction, just saw your detail post above.

 

Tierhog - Yeah I am going to apply at the credit union today and see what they say.

DecalsbyDesign - Best they will do is $533 a month for a 2019 SR-5 3 year 12,000 mile lease. Really really don't want to lease again so I don't get trapped in this all over. No way I'm getting a Platinum for $480 again. I stupidly put $5,200 down to get that price on the lease. I don't have that kind of cash this time around.

I'll get something to stick, I'm sure.

 

You really haven't learned anything from this whole experience have you?

 

I’m right there with you, I put 4K down. I’d do anything I could to keep that platinum. I’m sorry that happened to ya, it’s definitely a shitty feeling and I had the same one after I signed my papers. I was so mad. But I prepared for this for 3 years now and have put myself in a position to not stress. Wish you the best of luck buddy.

 

That’s why I Bought mine and not lease. Figured I didn’t want miles restrictions and also modding restrictions. Also with the apr being 1.9 for new and also the resale value it made buying new an easy decision. If I ever got bored of it I could sale it and recoup most of it back but I’m planning on giving it to my 4 year old when he turns 16. Figure it will last us longer

 

I started out planning to only get an sr5 but once I started looking I went from wanted a pro to getting a platinum

 

Lots of great advice here. Throw away every paper that has the payment on it.

You know the truck in question. It is a rare opportunity that you know the full history and maintenance on a 3 year old used truck. Do you want to pay what they are asking for it?

You can compare it to the price of other similar trucks and have a picture if you want to pay that

 

No matter how you look at or what manufacturer is making them.... Truck prices are down right offensive. Though I believe an SR5 is the best deal out there. Get a SR5 and add what you want. Even if you have to pay it off first.

That said, there is no way I'm even going to try to pay for a new truck without having some serious equity to work against the balance. I mean we're talking $800 payments on $60,000 vehicles now. I remember the first $200 payment I had. I tried to undo the deal because I didn't want to have to make that type of payment on a vehicle......