Lease options what's the low down

For those if you who have leased a tundra what's the low down...

I know nothing about leasing a vehicle.

After endless attempts at trying to purchase with a low payment one dealer where I bought my last 3 Toyota's from is offering a lease option on a sport 4x4 crewmax. Funn5thing is back in. November/ December they wouldn't even give me the time of day but with everything going on now, they have been non stop messaging me with so called deals.

2020 Sport 4x4 crewmax ... 24 months 500 down and 299 a month 12k miles a year.

Originally was 0 down and 380 a month .

I need 18k miles a year and my plan is to keep the truck after the lease is up....

Worth it or not? Sorry for the winded post.

 

It depends on the price at the end of the lease. Its simple math from there

 

I did a lease once and lost my ass. Never again.

That seems like an ok deal but with low payments...if you plan to buy after you are looking at a higher loan then.

It could make sense for some people...especially if they are running the car/truck through a business and trade every 2 or 3 years, staying within mileage.

Dealers are hurting right now....deals on sales going on for sure. TV ads showing no payments for 3-6 months, others making several months payments for you...and the discounts on price, special financing.

 

Keep in mind, those payment numbers are without tax and title included. If you plan on buying it out after the lease is up, then your mileage usage is irrelevant. Just know what the residual price is at the end of the lease and determine if that is a good price that you would want to pay and if you can afford to pay monthly.

 

Thanks for the helpful information. I'll do a little more research and talk with the manager today on numbers.

 

ive leased my last 3 toyotas. 2 tundras and a tacoma. Im a huge fan of leases, but i cant keep a truck very long. I hurry up and do everything to them that i want to do, then i get bored with them. so this allows me to trade as often as i want, usually with a check in my pocket afterwards. (Except for the 2020 Tacoma i just lost my ass on. You have to have a lease for more than 3 months, believe it or not.....)

I have never done a 2 year lease, so i cant say what your residual would be. couple weeks ago i leased a 20 sport CM 4x4, my residual is 35k. I've also never leased with the thought of buying afterwards. Like others have said, find your residual and compare that to Tundras now that are 2 years old. Can you buy and '18 right now cheaper than your residual? If so, you better pay more than minimum payment your first 2 years to make it worthwhile in the end. Not exact science, but gives you idea what retail will be on yours in 2 years.

Your lease payments are set up so that you will be at or below your residual by end of the lease. I have heard more than once people have got burnt on a lease, but from my experience, as long as you keep it long enough, you shouldn't ever loose money.

Its good time to lease, its $2750 rebate right now till end of the month.

hope this helps. or at least makes sense.

 

I am currently leasing a 20 SR5 CM Off Road 4x4. I started the lease at the end of February and I'm doing a 24 month 12k/year lease and my payments are at $331 a month, taxes included with only first months payment due at signing.

Only thing with my lease is it won't make sense to purchase after the lease is up. You'll either have low payments and a high residual or high payments and a low residual.

Let me know if you have any questions and I'll be more than happy to help as much as I can.

 

I have leased several tundras.

The last one was a inferno trd off road, came near the end of the lease, and hell I could buy a new 2019 with 0% for 72, vs buying the 2016 lease end and paying interest for only $50 more a month.

I dumped the lease and bought the 2019, 0%/72 TTL included.

Sucked since I sunk some money into the 16, but the dealer did comp me a portion of the mods.

If you do lease, don't mod, and if you do, save the OEM parts to reinstall when you turn over the lease.

Sometimes you can do very well on a lease, others not so well, its a roll of the dice. One key point is at lease end if the bottom falls out of the market for the vehicle you leased, you can toss them the keys and walk away, owing nothing.

 

What part of the country are you in? Try the leasehackr site for your area. They have some insanely cheap tundras right now through no bs brokers. I leased before and the dealer screwed me over. Almost sold mine for a 2020 but I’m waiting to see what the 2021 will be.

 

Ive leased my last 2 toyotas including this one...love it!
If you need 18k miles and you're POSITIVE you're going to buy it just get 10k or 12k
Much cheaper monthly and it doesnt matter if you go over cause you're buying at end.
The sticker on mine was $51,7xx
I put down 1500 cash traded in my 2017 tacoma and they paid it off. I got 12k per year, same as my tacoma and with it, after 3 years I was 7k miles under on mileage.
I got them down to 377.64 and I bought the insurance ( paint, interior, and wheels up to $7500) for an extra 22 and some change ...they wanted 27 for it but I talked them down.
My over all payment is $400.07 per month
Asked them about mods and they said as long as they were done right they had no problems. And as long as I bought it or traded it in early, incould do anything unwanted to it. It would be treated like any other trade in.
To buy the truck it was going to cost me $880 for i think it was 6 years.
You have to have toyota change oil
Plus free oil changed for life at my particular dealership

 

My dealer also doesn't ding me for mods, to a certain point. I've read about these cmc and BMC things people have to do because their tires don't fit. That's not a good idea on a lease. I've put Bilstein 5100s on mine. Hopefully finding wheels and tires that fit soon. Been thinking about dirty deeds exhaust deal he has right now. Not really mods, it all just bolts on. But mine is a princess, not a toy.

 

Save your money for 5years

Don't know what your current situation is but..
I find it's always better to pay cash & know you own everything in your life.
when I was young I drove a paid for car while saving my money to pay for a very good used rig....never looked back.
also rented a cheap house, worked hard... & wore old clothes while saving my pennies to buy my house with cash.

That being said, I would be very cautious signing for Anything in todays un-predictable economy.

Look at how much all of our lives have changed in just the past four weeks.

There is way too much un-certainty... unless you have no problem or have no self honor if you go bankrupt due to a possible poor decision making situation in these un-known times.

just my humble opinion ... Slayer

 

Do what makes the most financial sense.

If you go the lease to buy route, make sure you get the dealer to show you what your out the door price and residual will be. The real risk you're taking is your interest rate at the end of the lease period, should you choose to take out a loan for the purchase. If your credit remains good enough, the dealer MAY give you something below 3% after the lease. If I was in this situation, I'd be doing everything I can to buy out the lease in cash at the end of the term.

 

You're missing one very important thing and that's the money factor (interest rate on a lease). If it's crazy high, walk away.

With a lease I never look at how many miles per year. That's bs as you can trade/sell the truck just as you would if you paid cash or a loan. Go for the lowest millage possible. Never just turn in a leased car/truck.

https://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html

Also another thing to remember is you can still negotiate the price. Your goal should be at least invoice (minus TRD Pro) plus any Incentives Toyota has going on in your region, but some maybe the great lease payment over a rebate.