Currently leasing but want to keep the truck at the end of the lease?

Do This.........Talk with as many dealers as you can, don't just go with the closest dealer or the guy who you leased from, Do what's good for You!! Good Luck.

 

Agree. Especially in today’s crazy times. My local dealer is charging anywhere from a $2,500 to $5,000 over MSRP for a “shortage fee”. I would say “I need an extra $2,500 for my Tundra as a shortage fee too.” Especially if you are going with another Toyota. If I decide to go the Gen 4 route I’m looking at getting $10k down towards it by trading in my current leased Tundra. If not, I’ll walk away and purchase my current Tundra. Tundra’s hold their value well and you should be in the positive no problem.

 

Due to the chip shortage and effects of COVID-19 on transportation. Many manufacturers are not allowing you to turn in your lease vehicle to a different dealership. Toyota is one of those that has not made this change as of yet. It seems you still have the option to have any dealership appraised your truck for equity. You can then take that equity and put it toward a new truck. Some people are making $2,000 to $4,000 in equity for driving their vehicle two or three years. I would jump on it though; If that's what you want to do.

 

Even though some have mentioned they had a low rate for purchasing their lease. Awesome! Typically it is about 3% to 5%. With that, you will normally keep the same payment you were making for your lease when you buy out, via finance, your vehicle. Because you will now be buying a 2 or 3 year old truck.

 

Just bought my Tundra this past June, after leasing for 2 years. MSRP was 49k, buyout was 38k. Lease was through US Bank.

 

This is exactly why we are saying don’t wait until lease ends. Make your arrangements prior. Of course the leasing dealership is going to tell you something that benefits them. Take the vehicle to another dealership and they will handle all of the paperwork.

The leasing dealership doesn’t get to decide if you sell the truck. That deal was made when you signed the papers. You have the option to buy it at any time by paying the entire lease balance plus the residual. The dealer can’t simply say - No, sorry- you can’t buy it at that price because the market says the truck is worth more.

So if you owe 2 payments at $500 each and the residual is $35000- you need at least $36k to break even. Also remember, no wear and tear is taken- that alone is reason not to turn it in to your lease dealer. You would be surprised how they will nickel and dime you if you decide not to buy it out from them, buy a new car from them, or take another lease.

 

Some dealerships may buy back the vehicle at the end of the lease, but others might not. If they do, they'll usually just resell it to you at the current market value. If they don't, you'll have to pay the buyout price on the lease agreement, which is typically negotiable. In any case, it's always a good idea to do your research and check with the dealership to see what their policies are. And if you're feeling unsure, a Mortgage Advisor London might be able to give you some guidance on the best financial options for you in this situation. Good luck, and I hope it all works out for you!